Wednesday, January 30, 2013

BANK OWNED FOURPLEX BOISE ID - JUST LISTED!!!

This BANK OWNED FOURPLEX in BOISE ID was just listed this morning. This was built in 2005 and is very close to a major employer in the area, St. Alphonsus Regional Medical Center. This property will not last. Click here for more information about this and other Boise Investment Properties



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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
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

Monday, January 28, 2013

4 Ways to Hater-Proof Your Home, Before You List It

Here's a great article that I found on Trulia; how to hater proof your home before you list it. By Tara-Nicholle Nelson | Broker in San Francisco, CA


In my experience, there’s one fundamental truth about haters:  you can never fully escape them. The only way to live a 100% hater-free life is to never stick your neck out, and never do anything because, as the saying goes, you simply cannot please all of the people all of the time.

And this is particularly true with real estate and putting your home on the market - because homes, locations, aesthetics and such are so much a matter of personal preference, some people will find something to criticize about even the most perfectly staged, priciest properties on the market.

As a home seller, your job is not to try to make your home be all things to all people.  That said, you don’t want to be the house that nearly every buyer and broker sees, rolls their eyes and utters the same few, predictable deal-killing criticisms. Fortunately, what is predictable is avoidable. Let’s explore the most common things buyers hate about listings they see. In the process, you’ll get equipped to sidestep those issues and, in large part, hater-proof your own home.

House Hater Complaint #1:  Odors. Some of you might think I’m beating a dead horse, here. But as long as house hunters keep emailing me to ask why, in the name of all that is sacred, they keep seeing homes that smell like all sorts of madness and mayhem, I’m going to keep repeating this message.

Viewing a home sounds like it’s all about the visual of the experience. And visuals are critical - your home should be in its Sunday best, so to speak, when it’s being shown, in terms of being spruced, staged and clutter-free. But when a buyer comes to see your home, they don’t turn off the rest of their senses. And there is nothing that can turn a buyer off from a home, they’d otherwise like, quicker than a powerfully bad odor - in particular, cigarette and pet odors in a house that seems to have been well-cleaned create the concern that they might be permanent and that the buyer might not be able to get rid of them without dropping some serious cash on cleaning or even removing wall, window and floor coverings.

If you are a seller and you know that someone has been habitually smoking in your home or that you have had a “challenge,” let’s say, with pet accidents, do not ignore the problem. And do not think that because you had the carpet shampooed or the drapes cleaned, or because YOU can’t smell anything, that the problem is gone.  The fact is that the human sense of smell very quickly gets used to smells that it lives with or is surrounded with on a regular basis.  So it’s critical to get your agent, stager or even your friends and family members - who don’t live with you and love you enough to be honest! - to help you detect bad smells and odors, and make sure they are eradicated by any means necessary, before you place your home on the market.

House Hater Complaint #2:  Glaringly extreme overpricing. There’s the kind of overpricing that makes a buyer say, “Hmmm - seems a bit high. Let’s go see it, but we might have to offer a little less than the asking price if we like it.”  Then there’s the kind of overpricing that makes buyer say “I’ll wait until a price reduction” or worse, hold their sides from laughing.

When overpricing is glaring, many buyers and buyer’s brokers will comment on it or inquire about it. What they are less likely to do is actually come out and see the place - especially if they weed it out online after comparing its specs to all the other homes in the area and the price range.  Often, homes this severely overpriced simply don’t sell, or not until after they’ve had some serious price cuts or have been on the market so long buyers begin to feel confident about making lowball offers.

In fact, the goal is the opposite - you want your home to stand out as a property that is not dirt cheap, but does present a good value for the money - that’s what motivates buyers to get out of their chairs and into the property for a viewing.

Here’s how to hater-proof your home’s listing against this issue: fixate on the comps. Smart sellers deactivate their emotional attachment and very human tendency to overvalue their precious homes by poring over the sales prices (not list prices) of similar, nearby homes that have recently sold. Your agent will be happy to help you walk through this data and will almost certainly recommend a list price, but ultimately you make the decision about the price point to list your home at.

Also, consider using your broker’s first Open House as an additional hater-proof measure: if the agents overwhelmingly comment that they think the home is significantly overpriced, listen.

House Hater Complaint #3:  Dirt and messes. Possibly the single largest source of House Hater Complaints I’ve ever heard are the dirt, messes, piles and personal belongings that buyers find so distracting, when they walk into a home for a viewing or Open House. Obviously, homes that are filthy from floor to ceiling are fertile fodder for haters, but often those homes are bank-owned or otherwise distressed so that the sellers aren’t likely to do much.  What is underestimated is how often even savvy home buyers are distracted (and disgusted) by relatively clean homes that just have a few outstanding messes, like piles of dirty dishes in the sink, piles of dog poo in the yard or even piles of papers, mail, books or clothes lying out in plain view.

Will one or two such items ruin the sale of your home? Perhaps not. But a few of them (or more) can certainly distract a buyer enough that they fixate on your messes and, in the process, fail to see what is so great about your property.  And as I see it, cleaning up, meticulously, before every single showing is free - so it makes no sense to even run the risk of turning off a prospective buyer by letting messes get in the way of their ability to visualize themselves and their families flourishing in your home.
 
House Hater Complaint #4:  Lots of little malfunctions.  All of us tend to think our homes are in fantastic condition.  After all, you have the furnace maintained regularly, you’ve got granite and dual paned windows - maybe you even had the floors refinished or the walls painted in preparation for putting your place on the market.

That’s all fantastic - all the non-cosmetic work you’ve done to maintain and improve your home should be trumpeted in your marketing materials, and the cosmetic items will (or should) speak for themselves. But here’s the thing: buyers who visit your home won’t be running your dishwasher or testing the furnace (at least not until inspections).  What they will do - almost unconsciously - is:
    •    flick light and fan switches
    •    open or close window coverings, closet, room and entry doors,
    •    open and close drawers, cupboards, gates and fences and
    •    hold the handrails as they walk up and down the stairs.
They will hear leaky faucets and point out water spots from long-ago repaired leaks, and they will notice (or potentially trip on) uneven exterior tiles, paths and walkways. And even though these items might be vastly less expensive to fix than the roof or sewer line you had replaced, they are much more visible and noticeable to a buyer.  In fact, buyers don’t always even know that the little malfunctions and repairs that need doing are little or inexpensive. And when they notice a bunch of these sorts of things in a single property, they can jump to the conclusion that the whole place is rickety.

Since these little fixes are inexpensive to make, have them completed before you list, if at all possible. You might even ask your agent to walk through the property with you and to give you a handyperson reference for someone they know works efficiently.


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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
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, January 23, 2013

Avoiding the Dirty Dozen Barriers to Short Sale Success

Here's great blog post on KCM by BRANDON BRITTINGHAM


Short sales often take three times longer than a traditional transaction and sometimes never close at all.  By hiring an agent who knows to avoid these twelve barriers, the process can be less stressful.

1.) Poor short sale candidate

Establish objective criteria
Conduct an extensive interview with homeowner
Ascertain seller is motivated and cooperative
2.) Agent lacks familiarity with the lender’s requirements and procedures to complete the short sale

Harvest and maintain lender and investor guidelines
Secure individual forms required for each lender/servicer
3.) Title exam not obtained in the beginning

Identifies individuals on deed and mortgages
Determines all lien holders
4.) Incomplete package submitted to the lender/servicer

Focus on the quality of the package at time of submission
Detail orientation is critical
All docs completely executed
Complete package allows process to flow faster
5.) Short sale not begun prior to receiving a contract to purchase

Adds 30 to 60 additional days
Lender never looks at buyer contract until seller candidate is approved and market value has been determined
6.) Complete package not maintained throughout the short sale process

Must keep all required homeowner financial information current and forwarded to the servicer every 30 days
7.) Lack of communication with the lender

Most negotiators overwhelmed by the number of individual cases they are working on
Misunderstandings, loss of documents, and/or lack of familiarity with files are very common
Agent must continue to follow-up with the servicer twice a week to reduce unnecessary delays
8.) Poor record keeping /documentation by agent

High probability of changes in processing personnel
New person often lacks familiarity with case.
Has to rely on the quality of notes in the file
Information is often lost or missing
Agent’s role is to help fill in the gaps
9.) Professional relationship with the negotiator never established

Stressful environment
Lots of frustration
Lack of respect and trust are common
Begins with building rapport
Can be a big game changer
10.) Failure to meet BPO/Appraiser at the listing

Without a detailed inspection of the property inside and outside the value will be distorted
Meeting BPO at property provides great opportunity to share information that  might not otherwise be  discovered
11.) Fair market value dispute

Common in most markets
Negotiators lack current relevant information on most markets
Forced to make decisions based on the data provided by BPO and information in the lender package
Agent must be willing to provide additional current, detailed, relevant information (ie. local market, economy, demographics, and property condition) that can have an effect on value.

 12.) Failure to “escalate” to higher authority when communication breaks down

Escalation is part of the short sale process
Escalating to a supervisor can be the key to moving forward
Upper levels of every lender’s short sale department are working toward one goal– avoiding another foreclosure
Avoiding these dozen pitfalls will increase your odds of success while reducing everyone’s time and stress.



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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
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

Friday, January 04, 2013

Mortgage Debt Forgiveness Act Extended



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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
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

Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives


The mortgage industry can breath a sigh of relief with the final fiscal cliff deal bringing back a popular tax break on mortgage insurance premiums and debt forgiveness for borrowers who go through a short-sale or some other type of debt reduction.

A topic that is still up for discussion and likely to surface later in the year is whether the popular mortgage interest tax deduction will be part of a long-term deficit reduction plan.

Still, the deal passed by the Senate and House on Jan. 1 is one that leaves room for hope in the housing market.

The American Taxpayer Relief Act of 2012 apparently extends a law that expired at the end of 2011, which allowed for the deductibility of mortgage insurance premiums, according to a research report from Isaac Boltansky with Compass Point Research & Trading. The law now applies to fiscal years 2012 and 2013.

"The law dictates that eligible borrowers who itemize their federal tax returns and have an adjusted gross income (AGI) of less than $100,000 per year can deduct 100% of their annual mortgage insurance premiums," Compass Point said.

"Certain borrowers with AGIs above $100,000 may benefit from the deductibility as well but are subject to a sliding scale. The tax break covers private mortgage insurance as well as mortgage insurance provided by the FHA, the VA, and the Rural Housing Service. In 2009, about 3.6 million taxpayers claimed the mortgage insurance deduction," the research firm added.

One of the more watched provisions of the fiscal cliff was the Mortgage Forgiveness Debt Relief Act of 2007, which was set to expire on Dec. 31.

The fiscal cliff deal extends it for another year, meaning homeowners who experience a debt reduction through mortgage principal forgiveness or a short sale are exempt from being taxed on the forgiven amount.

"The amount extends up to $2 million of debt forgiven on the homeowner's principal residence," Compass Point Research & Trading said. "For homeowner's to qualify, their debt must have been used to 'buy, build, or substantially improve' their principal residence and be secured by that residence. The law, which was passed in 2007 with a 5-year sunset provision, will now be in effect until Jan. 1, 2014."

Another minor win for housing is a provision tied to the government's plan to increase the capital gains tax rate from 15% to 20% for individuals who earn more than $400,000. While in theory, this is harder on higher-income homeowners, Compass Point sees a silver lining through an exclusion.

Compass Point notes the law "states that only gains of more than $250,000 for individuals ($500k for households) are subject to taxes on the excess portion of capital gains. Point being, in order for an individual homeowner to be impacted by the increased capital gains tax rate they would need to have an adjusted gross income above $400,000 and gain more than $250,000 from the sale of the property. Since this exclusion threshold remained intact, the impact of the capital gains tax increase is limited."



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
Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
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

Search This Blog

REC News Center