Boise Meridian Eagle Idaho Real Estate - Homes Sales and Boise Investment Properties

Michael Hon, CEO, The Iron Eagle Realty Team Assoc. Broker, Silvercreek RG The Iron Eagle Realty Team is a Full Service Real Estate Company. Our mission is to assist our clients in the successful acquisition and sale of their personal homes and/or investment properties in the Boise Idaho Real Estate Market. We have successfully helped our clients with short sales, investment properties and foreclosed / bank owned properties in the Boise Idaho Real Estate Market.

Tuesday, July 26, 2011

Tamarack - The Ponzi Scheme of All Ponzi Schemes

I found this article re: Tamarack on The Republic website. It's a shame really; Donnelly values have been decimated BUT there are great deals as well. One man's loss is another man's gain. The cycle goes on!

BOISE, Idaho — A Swiss bank has ended exclusive talks with an Idaho investor over Tamarack Resort, but homeowners with property at the failed vacation getaway say they have been approached by new suitors.

The details were disclosed in an internal email by the Tamarack Municipal Association obtained Friday by The Associated Press.

Credit Suisse Group is no longer talking exclusively with Green Valley Idaho, the investor group led by Matthew Hutcheson of Eagle, after weeks of discussions failed to reach a deal to buy control of a $250 million construction loan that's in default.

The loan is a key piece for anybody looking to resurrect Tamarack's ski and real-estate operation.

Now, newcomers with an eye on picking up Tamarack assets for pennies on the dollar, including its unfinished retail and condominium village and more than 2,000 vacation home sites, are jockeying for position as a foreclosure case advances through the courts.

"Green Valley remains in the hunt although not as Credit Suisse's exclusive offer," Tamarack Municipal Association attorney Steve Lord told homeowners in the note obtained by the AP. "Staff have been approached by several new, prospective buyers all of whom seem to be interested in finding a path to aggregation of all assets and getting the resort restarted."

Lord told the AP that none of the prospective buyers had agreed to be disclosed publicly.

To win control of the resort before it goes to a foreclosure auction, prospective buyers like Hutcheson must come up with money to buy the loan but also convince roughly 40 members of the Credit Suisse-led lending consortium to all sign off on the final details, including a price destined to be a fraction of the original loan's value.

Hutcheson originally offered $40 million.

Resolving those difficulties has complicated completion of a transaction for the property that's still viewed by investors as extremely risky: The speculative vacation real-estate in isolated central Idaho with ski-and-recreation operations is unlikely to produce significant profits for years to come.

Hutcheson said Friday he still wants to buy Tamarack, despite expiration of the exclusivity agreement on July 7.

"Credit Suisse has always been able to discuss this matter with others except for a one-week period earlier this month," Hutcheson said. "We have seen interested parties come and go, and are not concerned about that either. We have, and always will be, committed to final acquisition of Tamarack."

Credit Suisse declined to comment on discussions with any prospective buyers of the loan.

The future of the resort 90 miles north of Boise in the central Idaho mountains has been in doubt since 2008 when it defaulted on the Credit Suisse syndicate's loan. Its French-born majority owner, Jean-Pierre Boespflug, remains on the lam after skipping a state court hearing in June. He is racking up court fines of up to $5,000 a day.

Meanwhile, Bank of America is still trying to tear out two ski lifts it owns but hasn't been paid for.

Earlier this week, the bank's leasing division won permission from a planning commission in Valley County to remove the lifts without going through hearings to get special permits, though Bank of America first must fulfill 11 provisions designed to protect homeowners who desperately want those lifts to stay put.

The Tamarack homeowners could still appeal the commission's decision, a move that could delay Bank of America from tearing out the lifts for weeks or even months. Lord said he was still weighing the options.

"In the meantime, several interested parties have approached (Bank of America) about buying and leaving the lifts in place as part of their efforts to acquire the entire resort," according to his internal email to Tamarack Municipal Association members.

Brad Goergen, Bank of America's lawyer in Seattle, didn't return a phone call.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

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Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, July 20, 2011

Home Affordable Foreclosure Avoidance Program

Home Affordable Foreclosure Alternatives (HAFA) Program

If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale or deed-in-lieu of foreclosure.

Eligibility*
You may be eligible to apply if you meet all of the following:

You live in the home or have lived there in the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Tuesday, July 12, 2011

Home Affordable Foreclosure Avoidance Short Sale Approval for our Listing

We just received an approval from Bank of America for one of our HAFA short sales. If you are not familiar with HAFA, it stands for Home Affordable Foreclosure Avoidance Program, a subset of the HAMP or the Home Affordable Modification Program, which less than 10% of those who apply actually receive a modification that works. Therefore the US Treasury created HAFA. You may be eligible to apply if you meet all of the following:

You live in the home or have lived there in the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

The best part about the HAFA program is the seller can get up to $3000 at closing and is relieved of all future deficiencies. Your servicer must be a HAMP participant in order the seller to benefit from HAFA. If there is a 2nd lien holder that is not a HAMP participant, then they can ask for finds from the seller at closing in cash or a promissory note and/or maintain the right to pursue you for a deficiency in the future. Click here for a HAFA brochure. Please call or email us if we can be of assistance.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Bad Things Happen to Bad People!

From the AP posted on July 12th

Real estate agent from Meridian gets 15 months in prison for mortgage fraud case

BOISE, Idaho — A Meridian real estate agent convicted for lying to a lender has been ordered to spend 15 months in a federal prison and pay more than $333,000 in restitution.

Thirty-three-year-old Melody Redondo was also ordered to serve five years of supervision after prison and perform 80 hours of community service for her role in the mortgage fraud scheme.

Federal prosecutors say Redondo made false financial statements on an application for a $200,000 line of credit filed with a bank.

She was charged by prosecutors last October along with her husband, Paul Redondo. He pleaded guilty to a misdemeanor and was sentenced in May to three years of probation.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Friday, July 08, 2011

How to sell your home in a challenging market

First off the first thing you need to decide before selling you home is one of the most important decisions in the home selling process. You must hire a professional agent. Hiring a licensed real estate agent will save you headache and heartache when it comes to selling your home. It’s best to use someone who has great referrals from multiple sources. The cost in commission to the agent is well worth the money. Professional agents have access to buyers, market expertise and selling strategies that make it much easier to sell your home. Once you have found your agent here are a few tips on what you can do to ensure a successful home sale.

Know your market and set proper price expectations.

In a stable market home prices do not fluctuate very much over time. In a challenging market however prices can fluctuate from town to town or even from subdivision to subdivision. Take the time to do some research on your own so you can set realistic expectations on your asking price. You can research other homes in your area and this information can be found on most realtor websites. Understand that while the price of the home is important based on other homes in the area that your home is unique and may attract potential buyers beyond the price alone.

Property condition

The condition of your property is sometimes the main motivation for a buyer. If the buyer can not see themselves living in that home chances are they will not be interested. Here is where we take into consideration those extra features your home may have that others do not. What makes your home unique and how well those features are displayed. For example if you have hardwood floors, are the floors clean and visible or are they covered with clutter and rugs that detract from the displaying the floor fully. If you have repairs that can be accomplished for little money and time, fix them prior to showing your home. Little details both positive and negative can affect the decision of potential buyers. That is why it is such a good idea to put your home in prime selling condition before you put it on the market. Remember to show of the positives and repair any issues that could hurt your chances of selling your home.

Trust your agent

Your real estate agent is your best ally. Trust their judgment and let them input into what they feel will give your home the best change to sell. If you have secured a qualified agent with good referrals, allow them to do their job in assisting you. They understand the market and potential buyers well.
Notable statistics

Here are a few additional notable results from HouseHunt.com member-agents in the fourth quarter of 2010.
- 87% reported their market reflects a good supply of homes on the market (the highest percentage posted in 2010)
- 13% reported a limited supply of homes on the market, which represents mostly healthy and active communities where prices are also steady or slightly rising.
- 59% of agents reported that sellers are getting under 95% of their asking price (the highest percentage recorded since the first quarter of 2009)
- 54% reported that listings are getting multiple offers while on the market (the lowest amount reported since the second quarter of 2009)
- Only 6% of agents reported their home values as decreasing 15% or more from previous quarter

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

US Treasury Blowing More Modification Smoke Up Our Skirts…

Check out this video. Another lame attempt by the US Treasury to throw more money at the failed HAMP Program.

US Treasury Blowing More Modification Smoke Up Our Skirts…

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Thursday, July 07, 2011

Treasury to reward servicers for quicker mortgage modifications

Interesting article I found on Housing wire today. It's always about the money.

written by John Prior
Wednesday, July 6th, 2011, 3:01 pm

The Treasury Department will pay mortgage servicers more for modifying loans in an earlier stage of delinquency and less the longer the process takes, according to guidance released Wednesday.

The Treasury said these same guidelines, effective Oct. 1, will be adopted by Fannie Mae and Freddie Mac when the Federal Housing Finance Agency aligns the new mortgage servicing fee structures that same month.

Through HAMP, a servicer receives $1,000 when a homeowner is placed into a verified income trial modification that would last three months before turning permanent. Since the program launched in March 2009, servicers started 1.6 million trials and started roughly 731,000 permanent modifications through May.

Effective Oct. 1, mortgage servicers will receive $1,600 if the trial starts before a loan becomes more than 120 days delinquent. The servicer will get $1,200 for loans between 121 days and 210 days delinquent.

But for mortgages put into a trial stage after 210-days delinquent, the servicer will actually see less money. Instead of the $1,000 the bank received before, the Treasury will pay $400.

The Treasury banned servicers from requiring a borrower to make past-due payments before entering a trial in order to collect the higher fee.

Treasury officials and servicers found seriously delinquent borrowers were falling out of the program because the months of interest accruing over an extended period of time needed to be capitalized into eligibility tests. As a result many borrowers were found ineligible for the program.

Also, the further into delinquency a borrower was before the trial stage, the greater the possibility of redefault. According to the Treasury, mortgages modified through HAMP beyond eight months delinquent redefaulted at a rate of 28%.

That's compared to a 16% redefault rate for loans modified before five months delinquency.

HAMP will not reach the 3 million to 4 million borrowers the Treasury initially estimated. Officials say the program set the standard for private initiatives, and the Treasury has made a variety of changes such as documentation requirements and a single-point of contact to boost numbers and performance.

"We want to encourage servicers to reach borrowers early and modify loans before they are seriously delinquent," a Treasury official said. "If we can reduce the delinquency time we should incrementally increase the amount of modifications through the program and reduce the likelihood of redefault. We want to get a trial modification started within four months of it going delinquent."

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

Saturday, July 02, 2011

Boise Idaho Real Estate - Mid Year Market Statistics July 1, 2011

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.