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, October 18, 2011

It's a seller's real estate market in Boise

It's a seller's real estate market in Boise
Real Estate Market Report
BY GILBERT MOHTES-CHAN, TUESDAY, OCTOBER 11, 2011.
Inman News™

Metro Boise home sales in August jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a seller's market. Even so, home prices continue to sag under the weight of distressed properties across the region. Short sales and bank-owned properties account for nearly half of all home sales.
At the same time, more than a third of homes with mortgages were underwater in the second quarter of 2011, according to CoreLogic, a real estate research firm.
This report highlights real estate market statistics and trends in the Boise metro area and includes a chart with detailed market data and commentary from local real estate professionals.
Overview
The average August sales price of an existing home in the greater Boise region fell 3.8 percent compared to a year ago, to $149,095, according to statistics from the Intermountain Multiple Listing Service.
Home prices are squeezed by a glut of distressed properties across the Treasure Valley -- which includes Idaho's two largest cities, Boise and Nampa. The result: Home values have fallen more than 36 percent since peaking in 2007, according to an August economic report by Moody's Analytics.
Real estate experts say a below-average level of for-sale inventory has created a seller's market. In Ada County, for example, the number of homes available for sale dropped below 2,500 for the first time since March 2006.
In a separate report, Re/Max reported that August home sales climbed 25.4 percent year over year, to 1,016 transactions, while the median sales price fell 7.3 percent from a year ago, to $125,000. However, the median price is up 4.2 percent from July.
Local data can differ because of differences in methodology, including housing types and geographic coverage. Despite the different methodologies, there often are parallels between percentage changes over time.
The Boise region is comprised of five counties and of two major and distinct housing markets: Ada County, anchored by the city of Boise; and Canyon County, whose largest city is Nampa. As the state capital and hub for commerce, the city of Boise is by far the state's largest economic driver.
For Ada County, August existing-home sales climbed 43 percent from a year ago, to 605 transactions, according to the Ada County Association of Realtors. While the median sales price dropped 7 percent year over year in August, to $156,000, that price is the highest so far in 2011. For-sale homes spent an average of 81 days on the market in August, down from 90 days a year ago.
In Canyon County, August sales rose 11.5 percent on a year-over-year basis, to 258, according to the Intermountain MLS. The median sales price fell 13.1 percent compared to August 2010, to $76,000. For-sale homes spent an average of 78 days on the market in August 2011, up slightly from 74 during the same month last year.
"The average and median prices have started to rise while inventory continues to fall," said Greg Manship, CEO for the Intermountain MLS.
Like many fast-growing communities hit hard by the real estate downtown, a backlog of distressed properties is hampering the Boise housing market.
"We have so many of those short sales clogging up the marketplace. The short sales tend to be 10 to 25 percent less (in value)," said Darrin Jaszkowiak, owner and associate broker for Re/Max West.
On the positive side, distressed properties in Ada County made up 45 percent of total sales in August, compared with 57 percent in January.
Indeed, August foreclosure activity in Ada County tumbled 35.2 percent from a year earlier, to 628 properties in some stage of foreclosure -- or 1 in every 250 housing units -- RealtyTrac said. In Canyon County, foreclosures plunged 43.9 percent year over year, to 397 -- or 1 in every 173 units.
Regionally, "the distressed market has fallen from a high of about 59 percent this year to about 44 percent this year," Manship said.
During the second quarter, 34.8 percent of homes with mortgages (45,278) in the Boise region were underwater, meaning the borrowers owed more on their mortgages than their homes were worth, according to CoreLogic.
Another 5.7 percent, or 7,354 homes with mortgages, were near negative equity. Overall, Idaho ranked ninth nationally with 23 percent of mortgages upside down.
In 2010, lenders repossessed 11,289 homes (1 in every 21 units) in the Boise City-Nampa area, a 2.5 percent increase from the previous year and an eye-popping 108.5 percent surge from 2008, RealtyTrac reported.
Last year, Boise ranked 20th among top U.S. metro areas in foreclosure rates, while the state ranked eighth nationally.
Re/Max pegged Boise's current active inventory in August at nearly 3,872 properties, down 65.4 percent from a year ago. In the past year, days on the market increased 6 percent compared to August 2010, to 88 days.
Intermountain MLS reported total for-sale listings in August dropped 14.7 percent year over year, to 1,674, while the average days on the market for for-sale properties dropped 4.5 percent.
"There's a shortage of inventory. Properties that are pretty well priced can sell quickly," Jaszkowiak said. He said homeowners aren't selling because of two factors: Either they are underwater with their mortgages or they're skittish about the economy.
Other real estate experts cite the collapse of new-home building in the past several years. Only now is new-home construction starting to pick up.
Economists and real estate experts said they believe the local housing market will see a marked improvement as the inventory of distressed properties diminishes and the local economy recovers.
Moody's Analytics predicts home prices will bottom out this year and then steadily rise each year, to $168,500 by 2015, a 25.4 percent increase from 2011.

Known for its potatoes, picturesque rural setting and highly touted recreational activities, including skiing and whitewater rafting, Idaho has been one of the fastest-growing states in the nation in recent decades.
Indeed, the Boise region saw a 92 percent surge in population growth from 1990 to 2010. Personal incomes also doubled over that same period.
New-home "construction was fast and furious and demand was even faster. Our numbers went way up over $250,000 and that couldn't be sustained," said Marc Lebowitz, executive director of the Ada County Association of Realtors. Communities to the west of Ada County were hurt more by the real estate downturn.
An economic rebound could be on the horizon. Boise is positioned for "slightly better than average" growth in 2012, Moody's Analytics predicts.
"The strong performance of health care and other consumer-driven service industries will drive the near-term recovery as the drag from housing lessens. Longer term, (Boise) must transition away from tech manufacturing for stability," wrote Moody's analyst Tim Daigle.
Over the next three years, Boise's population is projected to reach 710,000, up 15 percent from 2010. The majority of newcomers are forecast to arrive from Southern California and the Phoenix area, experts say. In its annual rankings this summer, RelocateAmerica named Boise the eighth best U.S. city to live in.
Boise should benefit from its low cost of living and pro-business climate. An April 2011 Moody's Analytics report lists Boise's cost of living at 96 percent of the U.S. average, while the cost of doing business was 78 percent of the national average.
Its employment growth ranked in the top quarter of the country and is predicted to rise to 84th out of 392 U.S. regions within four years. Its per capita income ranks at 85 percent of the U.S. average.
"I see unemployment being the key factor to the (housing) recovery. We have so many people who are underemployed or worried about keeping their jobs. They are hesitant about buying," Jaszkowiak said.
Lebowitz said new leadership and strategy at the Boise Valley Economic Partnership -- the region's chief business development group -- is starting to pay off. In the past, the group focused on recruiting large companies with huge payrolls. Today, officials are targeting smaller employers that could create several hundred hew jobs.
"We have pulled in two to three employers to the valley with 200 jobs," Lebowitz said. "We have passed recovery into moderate growth."

Boise metro area data

Population (2010)	616,651
Population growth (2000-10)	32.6%
Total closed sales (2010)	9,154
% change closed sales (2009-10)	11.5%
% change closed sales (August 2011 vs. August 2010)	30.7%
Sales per person (2010)	1 in 67 people
Average sales price (August 2010)	$149,095
% change average sales price (August 2011 vs. August 2010)	-3.8%
Foreclosure activity rate (August 2011)	1 in 220 units
% of sales distressed (2010)	about 50%
% homes affordable to median-income households	82.5%
% unemployment (August 2011, not seasonally adjusted)	9.0%
Walk Score	44

Sources: U.S. Bureau of Labor Statistics, Intermountain MLS, Ada County Association of Realtors, RealtyTrac, Walk Score, National Association of Home Builders/Wells Fargo, U.S. Census Bureau.

Sam Strickler/Shutterstock

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.

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

The Iron Eagle Realty Team and Guild Mortgage, Boise Idaho Short Sale Rescue

Dennise Sandquist from Guild Mortgage rescues ANOTHER Short Sale Deal for The Iron Eagle Realty Team at the last minute.

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.

Wednesday, September 28, 2011

Selling? Waiting Until the Spring Makes No Sense

Check out this blog. Interesting.

Selling? Waiting Until the Spring Makes No Sense
by THE KCM CREW on SEPTEMBER 27, 2011 · 4 COMMENTS
in FOR SELLERS, FORECLOSURES

Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. We are currently waiting on a settlement between the banks and the state attorneys general which will establish what penalties will be assessed.

Once this settlement is reached, the banks will again move forward on many homes which are currently stalled at some stage in the foreclosure process.

How many homes are we talking about?

There are millions of homes in this category. Calculated Risk quantified the situation:

“There are a large number of seriously delinquent mortgage loans in limbo waiting for this settlement. According to LPS, at the end of August there were about 1.87 million loans seriously delinquent and another 2.15 million loans in the foreclosure process. This is only down slightly from a year ago when 4.4 million loans were seriously delinquent or in-foreclosure. Once the settlement is reached, the pace of foreclosures will pick up sharply.

The pace will “pick up sharply”.

Bottom Line

As more foreclosures come to the market at discounted prices, there will be greater downward pressure on all housing values. Waiting for the spring selling season to put your house on the market may not make sense this year. The increase in demand may be overshadowed by an increased supply of distressed 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!
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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, September 21, 2011

Goodbye, curse? We can only hope…

Another interesting opinion from The Idaho Statesman.

Goodbye, curse? We can only hope… - Idaho Statesman
Published: 09/21/11

We’ve been here before — standing at the precipice of Boise’s most famous pit, hoping for a void-filler of some kind and lamenting the setbacks of the past.

With words like this. “The Boise Tower project has been frustrating for all parties.”
We wrote that in an Aug. 18, 2003, editorial. Frustrating? We must have been going through our masters-of-understatement phase. Then again, it would have been hard to imagine that, more than eight years later, the hole at 8th and Main streets would remain unfilled.

On Monday, the next best hope emerged.

Zions Bank announced plans for a $60 million, 15-story building that would include retail, parking, a top-level “Founder’s Room” for receptions and public meetings, and office space for the bank’s Idaho headquarters.

The news came with all the requisite political hoopla. Mayor Dave Bieter exhorted developers to tear down the wall blocking off the pit from the rest of Downtown, and urged them to make the building a reality. (It is, after all, seven weeks until city elections.)

But more importantly, it has been 24 years since the historic Eastman Building was destroyed in a suspicious fire, after it had stood vacant for nearly a decade. So it has been more than 30 years — a generation, believe it or not — that this prime piece of Downtown real estate has gone unused. For as long as many Boiseans can remember, the corner has been stalled in stasis, with rebar and the start of a foundation the lingering legacy of the ill-fated Boise Tower project.

With a losing streak like that, is this a “cursed” site? Or merely a cursed-at site?

The Zions Bank project may not be an economic game-changer. The bank, which has office space just a block from the 8th and Main site, expects to employ 60 to 100 people in its new headquarters. Construction will create an unspecified number of jobs.

The project’s most powerful effect may indeed be psychological. And don’t dismiss that. For far too long, 8th and Main has been left behind as much of Downtown has come back to life. Let’s check this corner off the to-do list — or is it a bucket list? Then, let’s see if it creates some momentum.

For now, there finally appears to be an owner with a vision for this site. For two years, California-based Capps Holdings LLC held the land, acquired at a foreclosure auction, content to wait to flip this pit.

Now, it’s time to fill this pit.

“After all these years, it’s easy to become accustomed to this empty site as is. We can’t stop expecting more.”

We said that in a July 23, 2010, editorial. The sentiment still stands. Let’s just hope we’ve said it for the last time.

“Our View” is the editorial position of the Idaho Statesman. It is an unsigned opinion expressing the consensus of the Statesman’s editorial board. To comment on an editorial or suggest a topic, e-mail editorial@idahostatesman.com.

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, September 20, 2011

Zions Bank announces plans for a 15-story downtown Boise building

Repost from KIVITV Website

Zions Bank announces plans for a 15-story downtown Boise building
By Steve Bertel
CREATED SEP. 19, 2011

Zions Bank and the Gardner Company Monday announced plans for a new development at the corner of Eighth and Main Streets in downtown Boise.

Mayor David Bieter, members of the Boise City Council, Capital City Development Corporation representatives and Ada County Highway District commissioners were present at the announcement.

Popularly known as “The Hole,” the block in the center of downtown Boise has been vacant since a fire demolished the Eastman building 1987. A new 15-story development at Eighth and Main Streets will serve as the headquarters for Zions Bank in Idaho and will be designed for office, retail and restaurant space. With more than a quarter-million square feet of Class A-business space, the building will be LEED-certified, environmentally responsible and sustainable, and constructed with recycled and recyclable materials. The project is valued at $60 million.

The building’s developer will be Idaho- and Utah-based Gardner Company. Construction is slated to begin in Spring 2012, and the building will be completed in 2014.

The corner of Eighth and Main Streets in Boise was first developed in 1864 as the Overland Hotel and the site thrived as an early landmark and gathering place. In 1905, after demolition of the Overland Hotel, the Eastman office building was completed and quickly became the most fashionable business space in town. Nearly 70 years later, the Boise Redevelopment Agency purchased the site with plans for a downtown center. Yet the building remained vacant until it burned to the ground 24 years ago.

“Gardner Company is proud to be a part of the long history at Eighth and Main. In restoring the site’s original luster and giving the bustling corner a modern update, Gardner is eager to welcome Idahoans to this prestigious building,” said Kem Gardner, the Company’s chairman.

“We are thrilled to help revitalize this key block in downtown Boise by moving our headquarters in the state to this beautiful new building,” said Anderson. “For us, this is the start of a new chapter as we expand our services to support small businesses, corporate clients, agriculture, resort communities and consumers throughout Idaho.”

“Zions’ choice to invest in Boise shows that our future will offer new opportunity and renewed prosperity,” Mayor David Bieter said. “Filling this hole with an attractive new building proves that we can solve even our most difficult problems if we maintain our faith in the promise of Boise. With an experienced developer and respected regional bank, I’m confident this project will be successful and will forever redefine this famous site.”

Zions Bank operates 26 full-service branches in Idaho and 105 branches throughout Utah. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 135 years.

One of the largest developers of commercial real estate in the Intermountain West, The Gardner Company has developed more than 25 million square feet of retail, office, medical and industrial space. For many years, Gardner has had Idaho offices developing in Idaho Falls, Rexburg, Meridian, Eagle, and Nampa.

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, September 16, 2011

Avoid RE Surprises

Here's a great article I found in Realtor Magazine written by Vanessa Goggins about the pros and cons of REO's

Avoid REO Surprises: Prepare buyers for everything that might happen in the process of closing on a bank-owned property.
JUNE 2011 | BY VANESSA E. GOGGANS

Just when I thought I’d seen it all, my law firm recently encountered an REO transaction with an interesting twist. One day before the closing, a person filed a complicated 14-page affidavit of ownership against the home, proclaiming rights to the property under a “sovereign nation” theory that has little support under real estate law here in Georgia.

This person, whose name had never appeared in the chain of title, sought to unilaterally declare himself exempt from the laws of the United States. He had even gone so far as to break in, change the locks, and rent the property to an unsuspecting tenant. This claimant, who was eventually arrested, and others like him are targeting foreclosed properties because the properties are often unmonitored and easy to identify. This is an extreme example, but it illustrates an important point: REO closings are prone to unusual surprises.

An REO closing is one in which a lender or bank is reselling property following foreclosure. The property is usually one of many, perhaps even thousands, in a bank’s asset portfolio, and the asset manager’s chief objective is to get the property off the bank’s books as quickly and cheaply as possible without subjecting the bank to lingering liability. These asset managers rely heavily on listing agents and form-contract addenda to manage their heavy caseloads.

Because these are not standard transactions, it’s your job to manage the buyer’s expectations.

First, remind buyers that they’re negotiating with an institution, not a warm-blooded seller. Banks do not have an emotional stake, so they’re unlikely to enter into complicated negotiations or be swayed by a buyer’s hardship.

Second, a bank’s asset manager is usually someone who has no knowledge of the property’s history and is in no position to give assurances about the property’s condition. The bank’s primary goal is to make as few representations as possible and to be completely done with the property once it’s closed. That means no lingering responsibility for repairs, no tax reprorations, and no follow-up calls about where to find the water shut-off valve. Buyers need to be thorough in addressing issues prior to closing, because they lose their right to object to property defects once the ink on the deed is dry.

Third, it’s unwise to assume that title to the REO property will be clean. While it is true that a foreclosure sale will wipe out subordinate liens and the bulk of any problems caused by former owners, it won’t work to extinguish the liens of ad valorem taxes or problems that were missed when the previous owner bought the property. It’s smart for anyone purchasing an REO property to buy a policy of owner’s title insurance at closing.

When listing or selling REO property, consider adding the following items to your checklist:

Make new keys, ASAP. The lock box key is likely to be the only one available to the buyer, but as always, there is no telling how many people have a copy. Advise the buyer to have the property rekeyed after closing and to reprogram the garage door opener and security gate.
Buy a home warranty. Suggest that the buyer purchase a one-year third-party warranty, or negotiate it into the purchase contract, to compensate for the seller’s limited responsibility.
Check the title early on. Request that the closing agent provide a clean title report early enough to give everyone time to react to problems before closing, and urge your buyer to purchase an owner’s title insurance policy if it’s not provided.
Above all, encourage patience. Allow time between contract execution and the closing date for the sellers to get documents to the closing agent. Warn buyers that they may need to be flexible if the closing date should need to be postponed a day or two, because the seller’s documents might be buried under a mountain of others.

REOs provide a great opportunity for buyers, but the process can be frustrating. Make it go more smoothly by preparing for the pitfalls.

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 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.

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

Thursday, June 16, 2011

Idaho family abandons snake-infested house

This is a really weird story about a snake infested home in Rexburg, ID re-posted from the Seattle Intelligencer. The moral of the story is "Inspect the house before you buy it"!

Shortly after buying their dream home, Ben Sessions and his wife discovered it was infested with thousands of garter snakes. They abandoned the property, but the home briefly went back on the market more than a year later, and they fear it could attract another unsuspecting buyer.

REXBURG, Idaho — They slithered behind the walls at night and released foul-smelling musk into the drinking water. Ben Sessions once killed 42 in a single day.

Shortly after buying their dream home, Sessions and his wife discovered it was infested with thousands of garter snakes. Their growing family lived as if in a horror movie for three months. They abandoned the property, but the home briefly went back on the market more than a year later, and they fear it could attract another unsuspecting buyer.

The five-bedroom house is on nearly two pastoral acres in rural Idaho, about 125 miles southwest of Yellowstone National Park. Priced at less than $180,000, it seemed like a steal to the young couple.

But they soon learned they would be sharing the home with reptiles at least two feet long that had crawled into seemingly every crevice. At times, there were so many in the yard that the grass seemed to move.

If he rapped a stick against the roof overhang, he could hear dozens scatter, their scales sliding against the aluminum. Dozens of snakes popped out after he removed panels of siding. When he made his way through the crawl space to investigate further, he found snakes everywhere.

That's when he realized his family probably was living atop a garter snake den where the nonpoisonous reptiles gather in fall and winter.

Sessions quickly developed a daily snake-fighting routine. He would do a "morning sweep" through the house while his pregnant wife and two small boys slept to make sure none of the snakes had entered.

"I was terrified she was going to miscarry," he said of his wife.

When they bought the house, the couple signed a document that noted the snake infestation. They said their real-estate agent assured them that the snake story was invented by the previous owners to leave their mortgage behind.

They soon learned nearly everyone else in this college town knew the snakes were real. Among locals, the property is known simply as the "snake house," said Dustin Chambers, a neighbor.

"I felt bad," Chambers said. "By the time we knew someone had bought it, they were already moving in. It was too late."

Because of the paperwork they had signed, the couple had little recourse when they decided to flee the home. They filed for bankruptcy, and the bank foreclosed.

The couple left in December 2009, the day after their daughter was born.

"We're not going to pay for a house full of snakes," Sessions said.

"It was just so stressful," his wife, Amber, said. "It felt like we were living in Satan's lair. That's the only way to really explain it."

Now owned by JP Morgan Chase, it was listed at $114,900 in December, according to Zillow.com, a real-estate data firm. That price fell to $109,200 in January.

The Animal Planet network then featured the couple's story in its "Infested" series. The listing was removed, and it has stayed off the market while Chase decided what to do with it.

Darcy Donahoe-Wilmot, a Chase spokeswoman in Seattle, said the bank has contracted to have the snakes trapped and released from the house. Once the infestation is gone, the house will be up for sale again and a report will be issued to potential buyers.

"We can't list the house until its been taken care of," Donahoe-Wilmot said.

An estimate of how much it would cost to remove the snakes and how long the process would take was not available.

Sessions said he and his wife still have nightmares and have not recovered financially.

The home probably was built on top of a winter snake den or hibernaculum, where snakes gather in large numbers to hibernate, said Rob Cavallaro, a wildlife biologist with the Idaho Department of Fish and Game.

Since the family moved out, others have looked at the house. One day, as a real-estate agent showed the property, a farmer warned them, Chambers said.

"Now, if anybody sees anybody, they kind of will let them know," he said. "Just so that somebody else doesn't get caught in the same trap."

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, June 14, 2011

Why location matters when buying a home

Why location matters when buying a home

When purchasing a home, especially in a community like the Boise Idaho area, its important to remember three things...location, location, location. The term "local neighborhood" is defined by wikipedia as a geographically localized community within a larger city, town or suburb. Neighborhoods are often social communities with considerable face-to-face interaction among members. This may sound trivial when looking to purchase a home in Idaho, but it’s more important than you think.

Home location matters to your lifestyle.

One of the great aspects of living in Boise is the opportunity to spend most of it outdoors. Boise and the surrounding area is home to some of the best climbing, fishing, hunting, biking, and skiing in the Pacific Northwest. Depending on your everyday lifestyle, choosing a home near Boise’s urban downtown district might be a consideration as well. No matter what your lifestyle you will want to consider your next Boise home not only an investment, but a home that fits your lifestyle and everyday needs.

Location matters for resale

It’s true that home values and future equity is greatly affected by the location of the home. For example if your home if you purchased your home in Surprise Valley subdivision or Columbia Village, you probably haven't felt the negative effects of the recent decline in home values. These areas are so desirable that home values have held relatively strong in these areas. The same is true if you purchased a home in say Charter Point Subdivision. While the homes are adequate, so many of them were purchased by investors who didn’t know hat they were doing and so the values have plummeted. So when looking for Boise real estate it’s important to remember that location matters and even more important the need for a qualified Boise real estate agent is essential.

Location matters for your real estate agent.

Is your real estate agent positioned to know the markets and areas that will bring you the most value on your investment? If there is anything that is critical to the success of your next Idaho home purchase it’s a qualified agent who is positioned with a firm of top producing agents. There are far too many agents who have good intentions to provide you with the best of services, but are not connected to the type of real estate network that will ensure your get the home and location that best suits you and your family. Be sure to seek the professional advice and guidance of a well positioned real estate agent.

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, June 10, 2011

Data show home sale rebound slow to hit Idaho

Repost of an Article from The Salt Lake Tribune on 6/5/2011

BOISE, Idaho • Idaho home prices in April were down 15.2 percent from the same month a year ago, real-estate data company CoreLogic Inc. says.

CoreLogic said that’s more than twice the national decline of 7.5 percent. Excluding distressed properties, the price decline in Idaho was 9.5 percent.

“You have to include the distressed sales,” said Brian Greber, director of the Center for Business Research and Economic Development at Boise State University. “If you exclude them, you’re just fooling yourself.”

The properties, often in need of repair, typically sell at a discount, weakening prices for other types of homes.

He said that in southwest Idaho, housing values declined 14.21 percent in April from the previous year, or 8.35 percent not counting distressed properties.

The Intermountain Multiple Listing Service said 63 percent of home sales in April in southwest Idaho, 560 of 885 transactions, were distressed properties.

He said some sales were also to people who sold homes in other states and moved to Idaho.

“Until people can sell a home elsewhere at a reasonable value, Idaho is not going to see that kind of in-migration because people will have no way of moving a family or business here,” he said.

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.

Wednesday, June 01, 2011

Rental House Market Booming in Boise Area

Interesting highlights from an article about rentals in Boise from the KTRV website.

Boise, Idaho -- A lot of people who have gone through the foreclosure process have turned to the rental market for housing. There are slim pickings out there since many former owners are transitioning to renting.

"Everything seems so unstable. People have lost a lot of faith in the economy and renting is really hassle free," said Julie Suitter, co-owner of Apex Property Management.

Hassle free enough that it seems more people than ever are renting.

"Renting is a lot more appealing than home buying right now. For a lot of people , home ownership is a large commitment," said Suitter.

Suitter oversees more than one hundred single family homes. Only three percent of her company's properties are available to rent.

"At the beginning of the month, we had a about 14 available properties. And now, we're down to three," she said.

That's typical in the home rental market in Ada and Canyon Counties right now. There's only a little more than two percent vacancy rate. Compare that to nearly 11 percent back in the first quarter of 2006. Suitter says half of the people she rents to have come from some sort of home ownership problem, whether it be foreclosure or short sale.

"There are just a lot of people who can't qualify to buy a home anymore. So, they do need to get into rentals for a while before they can clean up their credit and become homeowners again," said Lindsay Dofelmier, owner of the real estate company Urban Agent Team.

Dofelmier and her company are just getting into the rental management game as home sales remain soft.

"I think that's where the market is headed. Really, ultimately," said Dofelmier.

Dofelmier's company only manages three properties right now. Plans are in the works to bring on more. They would like to generate more business by renting to people and then helping them when they're ready to become homeowners again.

"Hopefully we can gain their business on the buying end as well," she said.

The average rent for a three-bedroom single family home in Ada and Canyon Counties runs about $907 per month.

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.