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.

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.

Tuesday, May 31, 2011

Husband and Wife Sentenced for Mortgage Fraud

Here's a repost from Idaho RealEstate Rama.

May 27, 2011 - (RealEstateRama) — Former Treasure Valley residents Shane M. Hymas and Laurie Kreschelle Hymas, both age 32, now of American Fork, Utah, were sentenced today in district court in Boise for bank fraud, announced U.S. Attorney Wendy J. Olson.

U.S. District Judge Edward J. Lodge sentenced Shane Hymas to five months in prison followed by three years of supervised release. Laurie Hymas was sentenced to one month in prison and will also serve three years of supervision. While on supervised release they will each be required to serve five months of home detention and perform 100 hours of community service. Restitution will be determined at a later date.

The two pleaded guilty to bank fraud on April 1, 2010. According to court documents, they admitted to submitting a false and fraudulent residential loan application to obtain a mortgage from a lender.

The case is related to the ongoing Crestwood mortgage fraud, which involved multiple defendants who bought and sold real estate in order to “flip” it, or gain profits from the sales.
To date, six people have been sentenced in related cases, including Michael J. Hymas, Shauntee K. Ferguson, Christopher R. Georgeson, Stanley J. Ferguson, Brent Bethers, and Paul Redondo. Paul Redondo’s wife Melody pleaded guilty in February to making a false statement to a financial institution. She is scheduled to be sentenced in federal court in Boise on June 13.
The case was investigated by the Federal Bureau of Investigation with assistance from the Idaho Attorney General’s Office and the Idaho Department of Finance.

Contact:
United States Attorney’s Office
District of Idaho
Contact: (208) 334-1211

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, May 26, 2011

10-Mile Interchange Means Convenience & Job Creation in Meridian

Hey, finally, the Ten Mile Interchange should be open by the end of the month (May). Here's a repost of a story from the KRTV-TV website.

MERIDIAN, ID - The opening of the multi-million dollar Ten Mile interchange project will boost business in west Meridian.

Officials at City Hall say the $33 million interchange should bring even more cash to the community. In fact, new construction is already happening. Real estate values have increased, and more properties are for sale.

Plans for the Meridian Crossing Commercial Center are also underway, as Mayor Tammy DeWeerd explains. "It is a high-density area for employment and commercial," she says. "So there should be some extremely positive exciting job creation as the interchange opens we anticipate seeing business interest increase."

The city also plans to put more money toward connecting trails and smaller roadways for future housing projects.

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, May 19, 2011

Should You Make a Lowball Offer on an Overpriced Listing?

I recently had a client that was looking at homes in the $400K to $500K range in the Boise Idaho Real Estate Market. They came across some listings that were well out of their range but wanted me to to do some research on whether or not they would take a lower offer. In doing this research I found a couple listings that had been on the market for over 2 YEARS!

When I come across these types of listings, I ask myself the following questions:

1. Does the owner really want to sell the property?
2. Why would an agent have a listing for over two years?
3. Is there something unique and special about the property that justifies the price?

I am sure that most buyers have run across these type of listings, laughed and went on to other properties. But since I come across these more often than not, I think it takes a combination of a VERY unrealistic seller and a Realtor that took the listing just to have it. We are in the business of selling homes, aren't we? Why would an experienced full time Realtor allow a seller to list at a price that is OTHER WORLDLY???

So the answer to the the question is MAYBE! If the buyer and the Realtor have the time to write up a lowball offer and submit it, then the answer is YES! I typically try to steer clear of these types of listings as you know you'll be chasing a rabbit down a hole.

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, May 18, 2011

Get Your Short Sales Approved Instantly

If only this were true! Short sales are a lot of work; there is no secret way to get them closed. Please call us at 208 939 9033 if you have any questions.

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, May 12, 2011

Massive Backlog Freezes Foreclosures

Interesting article from UPI.com about foreclosure delays. If your doing a short sale, you may have a higher probability of getting it done.

Published: May 12, 2011
By Steve Cook Real Estate Economy Watch

Massive delays in foreclosure processing brought the number of new foreclosures to a 40-year low in April, extending the average foreclosure timeline to 400 days but reached 900 days in some states.

RealtyTrac reported foreclosure filings in April 2011 fell 9 percent from March and decreased 34 percent from April 2010.

"Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low," said James J. Saccacio, chief executive officer of RealtyTrac. "This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

"The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives," Saccacio continued. "Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process."

Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007.

The foreclosure process took much longer in some states. The average timeframe from initial default notice to REO in New Jersey and New York was more than 900 days in the first quarter of 2011, more than three times the average timeline in the first quarter of 2007 for both states.

The average foreclosure process in Florida took 619 days for foreclosures completed in the first quarter, up from 470 days in the first quarter of 2010 and nearly four times the average of 169 days it took in the first quarter of 2007.

The average foreclosure process in California took 330 days for foreclosures completed in the first quarter, up from 262 days in the first quarter of 2010 and more than double the average of 134 days in took in the first quarter of 2007.

Default notices (NOD, LIS) were filed for the first time on a total of 63,422 U.S. properties in April, a 14 percent decrease from the previous month and a 39 percent decrease from April 2010. After spiking 16 percent in March, default notices in April dropped back down close to the 48-month low hit in February.

Scheduled foreclosure auctions (NTS, NFS) hit a 31-month low in April, with a total of 86,304 U.S. properties scheduled for an auction for the first time during the month — down 7 percent from March and down 37 percent from April 2010.

Lenders foreclosed on 69,532 U.S. properties in April, down 5 percent from March and down 25 percent from April 2010, but bank repossessions (REOs) were still above a 22-month low hit in February 2011.

States with a judicial foreclosure process registered a 3 percent decrease in overall foreclosure activity from March and a 47 percent decrease in overall foreclosure activity from April 2010. States with a non-judicial foreclosure process posted an 11 percent month-over-month decrease and 26 percent year-over-year decrease in overall foreclosure activity.

Nevada posted the nation's highest state foreclosure rate for the 52nd straight month in April, with one in every 97 housing units receiving a foreclosure filing during the month. Overall foreclosure activity in Nevada decreased 9 percent from the previous month and was down 27 percent from April 2010. Bank repossessions increased 23 percent from March and were up 12 percent from April 2010 to 4,606 — an all-time monthly high since RealtyTrac began issuing the report for Nevada in April 2005.

Arizona REOs decreased 3 percent from March but were still up 22 percent from April 2010, helping the state maintain the nation's second highest foreclosure rate for the fifth consecutive month. One in every 205 Arizona housing units received a foreclosure filing during the month, and overall foreclosure activity decreased 15 percent from March and was down 17 percent from April 2010 despite the year-over-year jump in REOs.

Overall, foreclosure activity in California was down monthly and annually in April, but a 22 percent month-over-month jump in REOs helped keep the state's foreclosure rate at the third highest among all states for the sixth consecutive month. One in every 240 California properties received a foreclosure filing in April.

One in every 322 Utah housing units received a foreclosure filing in April, the fourth highest state foreclosure rate, and one in every 325 Idaho housing units received a foreclosure filing in April, the fifth highest state foreclosure rate.

Other states with foreclosure rates ranking among the top 10 in April were Michigan, Florida, Georgia, Colorado and Oregon.

10 states account for 70 percent of total foreclosure activity

Ten states accounted for 70 percent of U.S. foreclosure activity in April, led by California with 55,869 properties receiving a foreclosure filing during the month.

A total of 19,649 Florida properties received a foreclosure filing in April, the second highest state total despite a 59 percent decrease from April 2010. Florida overall foreclosure activity in April was still up marginally from a 46-month low set in February, and default notices and scheduled auctions increased from March.

Arizona tallied the third highest state total, with 13,419 properties receiving foreclosure filings in April, followed by Michigan, with 12,996 properties receiving foreclosure filings, and Nevada, with 11,761 properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation's 10 highest in April were Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379).

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, May 10, 2011

Why didn't my home sell? - It's not always about price!

Why didn't your home sell?

Yes it is a tough market dominated by REO's and short sales (By the way 62% of all solds during the first 4 months of the year in the Boise Idaho Real Estate Market were distressed properties). That doesn't mean that your home should not sell. Unfortunately, 9 out of 10 Realtors in our area have no idea How To Market a Property.

Here is a property description taken directly from a recently cancelled property listing:

"THE BEST OF THE BEST - IMACULATE HOME AND LANDSCAPING IN ONE OF THE NICER SMALLER SUBS - HARDWOOD FLOORS WITH CERAMIC TILE - ROOMY 3 CAR GARAGE WITH SINK AND WATER FOR CLEANUP - ALL WINDOW ARE LOW E-RATING AND SOLAR BLINDS INCLUDED- SFI SILSTONE KITHEN COUNTER AND GRANITE IN MAIN BATH - PAVED RV PARKING AND 20X10 STORAGE SHED WITH ELECTRICITY AND GARDEN SHED WALKING DISTANCE TO GREENBELT AND LIBRARY AND..."

Yes, all CAPS?!? Is the Realtor yelling??? Was their caps lock key broken? Hmmm. Here's a couple of pictures from the same listing.

Does the "BEST OF THE BEST" include all the owners crap in the living room and the sandwich in the kitchen???

Most agents don't realize that pictures need to POP OUT (yes I am yelling) when a potential buyer pulls it from the Internet. Why would I want to view this home? It's disheveled. It's CLEARLY not the best of the best but it could have been if the agent took their time to market the property PROPERLY!

If you are looking to sell your home, give us a call and we will show you what a Home Marketing and Sales Plan looks like. Listing your property on the MLS and taking crappy pictures does not sell a home in todays market.

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, IERT logo

Michael Hon
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

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