BevBoeck

When a Registered Contractor Won't Repair a Construction Defect in Idaho

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Dec 2009 13:33:13 -0800

Clients frustrated? Feel ripped off and can't call the police to file a report? For starters, go HERE. Read up on the "Notice and Opportunity to Repair Act" in Idaho; it is constructed in a way that is similar to an inspection contingency in a Purchase and Sale Contract, with sensitive time-limits (so that your or your clients' problem does not go on, and on, and on--part of the original problem, right?)--Just read through it, and you get the idea that there is help for you or your clients, on the shiny side of the badge (law).

We all know that sometimes construction defects, major and minor, just never get fixed by the builder because it is supposedly "expensive" for that builder, and enforcing what is right for the new construction buyer is major-league expensive too, right? Well, someone working for the State of Idaho, perhaps following other States' lead (California has laws like this, and takes it a step further: if you are a senior citizen homeowner with this problem and the builder blows you off, watch out! And maybe that is "coming soon" to Idaho...stay tuned) put this law into place, thereby potentially making "enforcement"/legal costs less expensive for consumers.

Contractors in Idaho must register with the Idaho State Contractors Board, as provided by Idaho Law. There is a short pdf handbook entitled, "Residential Construction" that you can download, and it tells you how to check out the contractor ahead of time, how to file a complaint if necessary (which goes on the contractor's registration--not good), and supplies phone numbers and links for your clients to get help.
Here's a link to the Idaho Consumer Protection Manual, and it even includes info for problems when a contractor repairs or remodels your home.

Great resources, right under our Idaho noses, right?

Idaho: Get Help from "The Law" in Idaho for a host of issues, including Foreclosure

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Dec 2009 12:28:45 -0800

Go to the Office of the Attorney General's site for help on issues such as Foreclosure, Mortgage Modification, etc.--there are links all over the page and the entire site that might help. Check the tabs on the left, including the ones marked Consumer Protection, Idaho Statutes (and there are some doozies involving housing), and even that ever elusive Concealed Weapons info tab. (What? You can have a concealed weapon in Idaho? Hmmm...)

"Recovery in the [Housing] Market"--Oh Please...GET REAL!

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Dec 2009 10:57:53 -0800

Seriously...
You know the questions your friends and clients ask you all of the time: "So Bev, 'they' said on the news that the housing market is improving--what do you think?"
Well if, for example, you scratched your head and were scepticle when the recent "news" of improving employment numbers made you wonder, "Hmm, what about temporary holiday jobs?" Then this post is for you:

Check out this revealing article, and use what you know, as well as any market intuition (or any other intuition--i.e. "common sense") you may possess to put it all together and determine whether you believe it down to your toes...our clients need us to get real, and stop parroting the insane-stream media, whose data and information just does not add up! Do your own research--I know many of you have, and I encourage you to write about it here at AR, and construct our very own "main-stream," particularly about this subject; one that we hold near-and-dear and are counted on to know the most about already.
Kudos to Karl Denninger of the Market Ticker, for posting aptly titled "Fraudie/Phoney", and providing for us a sobering smack on the side of the head, that even reveals by the end of the post, the fact that the gub-mint will now be handing out multi-million dollar bonuses, yes "Wall-Street" style, for Fannie Mae and Freddie Mac's executives! If that cliffhanger doesn't make you click on the link (which you better hurry and click, lest it leads to a virus or gets pulled off the internet toot-sweet...) how about phrases like "double counts," the reality of ""33% foreclosures," or "organic transactions/meeting of the minds," or one of my favorites, "underwriting quality."

C'mon, get real, and get to clickin'!

Zillow Announces Rental Listings!

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 22 Dec 2009 07:26:19 -0800

Excellent service resource for unexpected seller needs: Powerful Rental Listings!

Via Sara Bonert {Real Estate Internet Marketing} (Zillow):

I have an investment property in Florida. In the last three years, twice I’ve listed it for sale. Twice I’ve ended up renting it. Twice I’ve relied on my agentto help me with the decision making that took me down this path to simply get the home occupied. It is a big reality that today’s real estate market is forcing many people, like myself, to wear the landlord hat because of market conditions.

Today I am excited to announce that Zillow is expanding its marketing services to not only include homes FOR SALE, but now also include the ability to market homes as being FOR RENT.

Zillowhas always been a little different than other real estate sites because our foundation is a data base of ALL homes, not just homes that are currently on the market. Today we have about 93M property records on the site, with about 3.6M of them having been flagged as being for sale. Because of this, we get people in all stages of home ownership, from renting to buying to owning.

According to the U.S. Census American Housing Survey 2005, there are 34M rental households in the US, with 53% of rentals being 4 units or less and 30% being single family homes. And when we look at the 8M+ people that visit Zillow each month, nearly 1M of them are exclusively renters with untold others “on the fence” on whether to buy or rent.

So what is Zillow’s new product?

Zillow offers a Featured Rental Listing for just $9.95 for 180 days. Featured Listings are sorted to the top of search resultsand receive six times more views than non-featured listings.

Rich rental listings can be created with unlimited photos and detailed property information, and you only have to post this information once for up to 180 days.

How will people find my Rental Listing on Zillow?

Of course we’ll have the standard search, but we couldn’t just stop there.

Zillow has built the industry’s first search by monthly payment– allowing users to simultaneously search for homes for sale and for rent based on a monthly payment they can afford. (monthly payment on homes for sale will be calculated using that day’s mortgage rate for a 30-year fixed mortgage rate, assuming 20% down)

Zillow’s goal is to help people make intelligent and informed choices in all stages of life – whether they are renting, deciding whether to rent or buy, shopping for a home today, refinancing, remodeling or just dreaming. With the addition of rental listings and search, we are giving our users another tool to help them throughout their decision making process.

Click here to experience the For Rent search on Zillow.

Announcement on the Zillow Blog.

Post a home for rent.

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So, Bank of America is Washing Little ACORN Bits From Its Proverbial Hands? Naah....Couldn't Be!

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Sep 2009 15:49:36 -0700

Read this article, which is noted (not linked) by Realtor Magazine to have come from Associated Press (?) and if you know nothing about the ACORN videos, better turn to YouTube.com for the video part 1 and video part 2 and get up to speed on the organization. You won't be bored, and you might even send the link around to your friends!

Fiction or Non- Accounting Fraud is a Felony? What Does This Have to do with Homes In Foreclosure?

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Sep 2009 10:32:26 -0700

Fantastic article by Karl Denninger on Market Ticker shows how distressed homes are the "visible side of accounting fraud," and calls for stopping "the looting, and start prosecuting."

"Mark to Myth Losers: Americans" pulls back the curtain on the Wizard of Banking-Oz, defines terms, and points out many of the slimy realities behind the question for so many Short Sales: "What is taking so long for the bank to decide?"

After I Pay Off My Mortgage, What Else Do I Need to Do?

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 29 Sep 2009 10:19:00 -0700

Here's a great article that was also credited as the source for another piece on NAR.com: Click Here to read the original article, "Satisfaction Piece" by Lew Sichelman, and find out about the legal document you need to file with the county so that title companies can verify that you own the house! Helpful information, don't you think?

The Next Wave of Foreclosures: Option ARMs

Bev Boeck (My Idaho Place Real Estate, Inc.) — Tue, 01 Sep 2009 10:23:44 -0700

Hmm, somebody telling it like it is? No way... ;-)

Via Mark MacKenzie Real Estate Planning:

Whoever said, Jim Cramer, that the housing market has bottomed doesn't know anything about Option ARMs. Those loans are represented by the light yellow bars in the graph below, the ones that surge in 2010 and 2011.

Never mind that a record 12% of all mortgages are 30 days late, or that the real unemployment rate is 16.5% and that there is a relationship between job losses and foreclosures, the Option ARM loans represent the next major obstacle to a housing recovery, and the problem with them is that they are not easily diffused with a refinance. Sorry, President Obama.

By design, Option ARMs were created as an affordability product that would defer interest payments into the loan balance. The phenomenon is known as negative amortization.

In other words, most owners of these products made a monthly payment that was less than the interest-only payment. Refinancing these Option ARMs into a historically low 30-year fixed rate mortgage will actually increase the payment.

The longer the loan was held, the larger the loan balance would be. Now the problem is that the longer the property is held, the more the home value declines. Rising loan balances and falling home values don't mix well.

During a rising tide in the housing market these products were risky, during a housing depression with falling home prices, they are radioactive.

Admittedly, while the volume of Option ARMs is smaller than the sub prime tsunami that we saw in 2007 and 2008, keep in mind that we didn't have 467,000 people a month losing their job in 2007 and 2008 either.

The Housing Bottom We've Reached Is Quicksand

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 31 Aug 2009 09:56:18 -0700

Great Title for a Great Post:

Via John Mulkey, Housing Guru (TheHousingGuru.com):

Recession over? Recovery on the way? Housing on its way back up? Don’t prepare for the boom just yet. While the talking heads—they’re called that for a reason—are focusing upon a few bits of positive economic news, the economy still continues its slump.

I think it’s important that we be aware of our economic reality rather than to ignore the facts, focusing upon “rosy” news reports and wishful scenarios that may never come to pass. Awareness of the reality is fundamental to making rational and prudent business decisions. I want the facts, and will create my goals based upon what I KNOW to be true.

Here are a few of the reports and the facts behind them:

The jobless numbers have slowed their rate of increase. While the unemployment number isn’t climbing as fast as it was, according to Atlanta Fed Chairman, Dennis Lockhart, we now have 16% unemployment, when you count those who are no longer drawing benefits as well as the underemployed. And a number that no one reports is the huge number of self-employed who are either out of work altogether or who have experienced dramatic reductions in income.

Millions of the unemployed and underemployed cannot make their mortgage payments. They are not in the market for new homes, cars, or other consumer items. The loss of spending power from this group is in the hundreds of billions of dollars. Many of the jobs lost in manufacturing will never return, according to experts. And with the government and others predicting unemployment to remain high throughout next year, any recovery will be slow and painful.

Home prices have risen in many areas around the country. Yes, but in others prices continue to fall; with some areas having experienced price declines of as much as 50%. Nationally, home prices are projected to decline by 13% in the current quarter; and no one is predicting a return to pre-recession prices for many years, perhaps decades. With approximately 25% of homes with mortgages now worth less than their mortgage balance, a problem that has been projected to affect one-half of all mortgaged homes within the next two years, mounting foreclosures will continue to keep home prices depressed.

New home sales in July experienced the largest increase in 4 years. Here again, the positive news is overshadowed by the reality of where we’ve been. New home sales dropped off a cliff last year, and have remain sluggish in most areas around the country. Don’t forget that this has been the worst housing market since the Great Depression, so even slight improvements seem dramatic.

Sales of existing homes rose in July to the highest rate in 2 years. Dramatic reductions in prices, coupled with the new home buyer tax credit, accounted for much of the increase; and for those who want or need a home, there have been great bargains available. Buyers have been attracted by opportunities to purchase $500,000 homes at half price; and such deals abound in many parts of the country. But, experts have expressed concern that the end of the tax credit may signal a corresponding drop in sales.

Even if the numbers reflect that the recession has ended, statistics mean nothing to those who are out of work or are facing foreclosure. The number of consumers continuing to struggle is the truly important number. Until the employment numbers show significant signs of improvement and until we can stop the rising tide of foreclosures, the housing bottom we’ve reached will provide no more stability than quicksand.

The Housing Guru: The one source for all your housing questions

"Mortgage Meltdown"...Sound Familiar? This Time Commercial

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 31 Aug 2009 09:04:19 -0700

In their article, "Commercial Real Estate Lurks as next Potential Mortgage Crisis," LingLing Wei and Peter Grant of Wall Street Journal online outline how this is happening. "CBMS" is an acronym for Commercial Backed Mortgage Securities, and a very telling line in the article, "...many property developers and investors complain there is no way to identify the investors that hold their debt and that it is difficult to negotiate with CMBS servicers." --Wow, "no way to identify" investors? "Difficult to negotiate...?" No...really?

You know how economic experts will tell you that if "they" are talking about trends such as the market finally reaching the bottom, they can do so because the market is coming off of the bottom and you can look back and definitively see that is true? Well, "they" are just talking about this "lurking" as the "next potential mortgage crisis..." --Hmm.

6 Reasons why your house won't sell.

Bev Boeck (My Idaho Place Real Estate, Inc.) — Thu, 20 Aug 2009 08:53:53 -0700

(I especially like the hand in the top of the photo below :)

Via Alan May, Coldwell Banker Evanston Realtor, North Shore Realtor (Evanston Real Estate, Evanston, IL):

1. Your photos are unimpressive. The vast majority of home buyers start their search for a home on the Internet, your house had better look great in print. Not just nice... downright fabulous. Today we are considering internet views as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... We consider that your SECOND showing. Today's buyers are expecting good quality photos (and lots of them... just 1 shot from the street won't cut it!), a virtual tour, maybe even a floor plan, if applicable.

2. It's overpriced. You've got to view your own property as objectively as possible. Look at the home like a "buyer"... if necessary, go out with your Realtor and view other homes that are priced comparably to yours. Be objective. Given the other options on the market (and yes, you DO have to include short sales and foreclosures on your list... your potential buyers are!), would YOU buy your home, over the others on the market?

If no, then you either have to "update" your home to meet or beat the competition... or lower your price to adjust for it. if you can't afford to sell for the price, that you KNOW it sell for, you may want to consider just removing it from the market.

3. It shows poorly. This could mean almost anything... from the barky, barky dog, to the smell of the diaper pail. Maybe the carpeting is a bit worn, or the woodwork shows a lot of wear. All things that don't show up on the internet, but whoa.... once you get inside the house... they show up, like a cat-urine-smell on a 95 degree day in New Orleans!

4. You're invisible. Today's buyer comes from the internet, almost exclusively. Have you (or your agent) simply plopped the property on the MLS, and started praying? Are you on all the websites...(Trulia, Zillow, Craig's List, Google Base, etc...) all the places that buyers are searching? If not, you want to be.

5. Your listing is tired and stale on the market. Okay... yes, you overpriced your home initially when you first came on the market 2 years ago. But since then you have reduced your price almost monthly... constantly chasing the market down.... Now, finally you're truly priced where you should be... but your listing is tired and stale. Everyone looking for your type of property (ie: 3br/1.1 bath) in your area has already seen it, sometimes twice... and they remember that there was "something" about it that they didn't like... but what they don't remember is... what they didn't like.... was the price. Time to take the listing off market. Let it cool off (3-6 months), and bring it back on fresh in the Spring. Yeah, you'll have 6 mos. worth of holding-costs... but you'll more than make up for it in your purchase price.

btw... Avoid the temptation to bring the house back on at a higher price, than when you left the market. Just "don't do it"!

6. Your house won't appraise. The house looks great... you've finally gotten someone to bring you a bid on your slightly over-priced, but beautiful pied-a-terre. But the bank appraiser says it's worth $20,000 less than what they've agreed to pay. Heavy sigh... bite the bullet.... negotiate with them. If you have to drop the price $20,000 to make it work.... "make it work"... chances are, anybody else trying to buy your house will run into the same problem.

SOLD! Gorgeous Single Level Boise Foothill Home...$249,900

Bev Boeck (My Idaho Place Real Estate, Inc.) — Wed, 05 Aug 2009 20:44:27 -0700

10426 W Sawtail, Boise, ID. No backyard neighbors makes for fine Boise foothills living in desireable EAGLE SPRINGS sub. Beautifully REMODELED single level home w/large bdrms+office; gorgeous slab granite kitchen w/new stainless appliances, full tumbled tile backsplash+metal decos, refinished hardwood, brand new interior +exterior paint, new carpet, new crown molding, wood-blinds, large full-fenced north-facing backyard, RV PAD, own gate to expansive common area. Turn key, and live well in this spotless home. Sub boasts COMMUNITY POOL, tennis, playground, Ridge-to-Rivers Trails access.

Well Priced, Beautifully Maintained Eagle Idaho Home $224,900

Bev Boeck (My Idaho Place Real Estate, Inc.) — Wed, 05 Aug 2009 20:36:25 -0700

Welcome Home to this light, bright, well maintained Eagle Home, only 2 blocks from velodrome + access to Boise foothills Ridge-to-Rivers Trail system.
Inside: seller provided home warranty, new stainless appliances, tile floors, vaulted ceilings, security system, spacious maters suite w/jacuzzi tub+ ovrsz walk-in shwr, finished-insulated garage w/storage cabinets.
Outside: auto-irrigation fed lanscaping w/drip lines, curbing, north-facing back covered patio, and fully fenced.

Understanding and Using All of Your First Time Home Buyer Options

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sun, 12 Jul 2009 18:19:32 -0700

Via Steve Kappre, Gloucester County, NJ Loan Officer/Mortgage Planner - 856.419.3561 (Treasury Mortgage):

With all the excitement of the first time home buyer tax credit, buyers often get confused and miss out on other important options.

As a first time buyer, don't let the excitement of the $8,000 tax credit cause you to miss out on many other home buying options. It isn't uncommon for a buyer to confuse the federal tax credit with seller credits, down payment assistance, or first time home buyer grants.

First time home buyers have many options. Utilizing one option does not hold a buyer back from utilizing one or more other options allowed to them as a first time home buyer. This article is written not to go into great depth on each option, but to help you realize the different options available as a first time home buyer and how to utilize each/all of these options.

Read on to understand some common terms and how to take advantage of each option.

Tax Credit

The federal tax credit is the $8,000 incentive that everyone is talking about. Most home buyers that haven't owned a home in the last 3 years will qualify for this. In general, this credit is realized as a credit for you when you complete your taxes in the spring of 2009 (for 2008's income).

For example, if you would have normally received $2,000 back after completing your 2009 tax returns, the tax credit would add an additional $8,000, to make your total amount received $10,000. For additional information and guidelines, go directly to First-Time Home Buyer Credit: Answers.

Seller Credit (Seller Concessions)

A seller credit, better known as seller concessions, is a scenario when the seller agrees to pay a certain amount of your settlement costs. The seller may pay a percentage, such as 2, 3, or 6% of the purchase price, or they may pay a dollar amount, such as $2,500 or $5,000.

For more information on understanding seller concessions visit Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist.

Grants for First Time Home Buyers

Many people miss out on first time home buyer grant options. Once a buyer hears about the $8,000 tax credit, they sometimes go deaf to other options, either out of excitement or because they don't realize they can utilize more than one option.

A grant is a program often issued by a county or state that offers funds to the home buyer for the purchase of a home. Either a flat dollar amount or a percentage of the loan amount is used to calculate the funds offered. A typical grant percentage would be 2, 3, or 4% of the loan amount. For instance, 4% of a loan amount of $100,000 would give you a $4,000 grant.

Grants can be utilized for down payment requirements and/or to pay for closing costs. Depending on the purchase price and the grant selected, a grant can sometimes even cover all requirements the buyer has concerning both the down payment requirement and closing costs.

Down Payment Assistance

As of the date of this article, down payment assistance in the traditional sense is not available.Down payment assistance programs (DAPs) were an option where the seller would indirectly give a buyer the money needed for down payment requirements. These transactions in general had a higher default rate then most, therefore this option is no longer available. Examples were the Nehemiah program or the Genesis program. There is a movement to reinstate these programs. The mentioning of DAPs here is simply to help you differentiate and not confuse them with other options.

How to Utilize More Than One First-Time Home Buyer Option

Here's where the rubber meets the road. A common example of utilizing all of the above options is as follows:

Buyer meets with grant official or loan officer for qualification requirements pertaining to a specific grant option. In our example the buyer will use an FHA mortgage, which requires a 3.5% (of the purchase price) down payment. The purchase price is $100,000, therefore the down payment requirement for this would be $3,500.

Loan officer and buyer determine that the use of a 4% grant would be the wisest choice. Since the down payment requirement is $3,500, the financed amount will be $96,500 ($100,000 - $3,500). Based off of $96,500, a 4% grant would be $3,860 (loan amount x 4%, or $96,500 x .04)). Compare the grant amount with the buyer's down payment requirement of $3,500, and the grant amount is $360 more than the required down payment amount. This type of grant covers the down payment requirements and some additional funds to be applied towards the closing costs.

Assuming closing costs are $5,000, here is how you can determine what to request from the seller to get the closing costs paid as well. We can subtract the extra money left over from the grant, in this case $360, from $5,000. Our sum is $4,640. FHA requirements allow the seller to pay up to 6% of the buyer's closing costs. We don't need all 6% (or $6,000), we only need $4,640 from the seller. So when the purchase of the home is negotiated, the buyer's agent negotiates with the seller's agent that the seller will agree to pay $4,640 towards the buyers settlement fees/closing costs.

Buyer goes to settlement needing $0 to close, and in fact they will get back the money already deposited with the real estate agent and lender.

Lastly, the buyer can still maximize the use of the federal tax credit and receive their $8,000 after filing their 2009 tax returns.

All-in-all, in our scenario the home buyer will receive $16,500 for purchasing a home ($3,860 grant + $4,640 seller's concessions + $8,000 tax credit). The buyer is able to utilize three separate home buying options and in the end, still have their own money in the bank, which will then get boosted in several months by the $8,000 tax credit. Now THAT is the kind of lending and buyer representation that creates solid, well founded home owners, which is exactly what we all desire.

By working with knowledgeable professionals, you can utilize multiple buyer options to make your home buying experience an amazing event!

If you would like more information, as a buyer, seller, real estate agent, real estate office, financial planner, college or other party, feel free to contact Steve Kappre directly on his cell at 856-419-3561 or via e-mail at steve@stevekappre.com.

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

People Facing Foreclosure Don’t Have Time to Wait

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 06 Jul 2009 09:21:48 -0700

Via Judy Chapman, REALTOR® ~ Specializing in Short Sales (Coldwell Banker Residential Real Estate):

So why do some real estate agents allow Short Sale listings to hang in limbo with little or no adjustments to listing price?

On a daily basis, I study listings in the Orlando area. Every day I see Short Sale listings being served poorly by their listing agents. So poorly and so ... okay, I’m going to say it ... unprofessionally ... it makes me want to do two things.

Bang a fist on my desk in anger.

Cry tears at the utter sadness of it all.

A listing agent MUST understand that when it comes to the threat of foreclosure, time is of the essence. Let me repeat that. TIME IS OF THE ESSENCE. And one more time ...

If a Short Sale absolutely positively has to sell before the gavel comes down on foreclosure -- and it does -- the short-sale-challenged listing agent has only 2 options:

Refer the listing out to someone who understands Short Sales

Read up or get advice on how to do a Short Sale, and then do it right

Obtaining a strong contract on a Short Sale within a few weeks isn’t difficult. It’s easy. Easier, in fact, than getting a contract on a regular listing.

Getting a contract to the closing table isn’t quite as easy, but it must not be that diffcult, because in June of 2009, over 400 homes in Orlando, FL, were sold as Short Sales!

Granted, agents have to learn a new set of rules. They have to jump through a few extra hoops. They have to learn new terminology. Commissions can be at risk. There’s more work involved. There’s a time element to consider. Lenders throw up obstacles and hazards and traps. However, none of these problems are beyond any agent’s ability.

At the end of the journey, guess what. You did more than help facilitate the sale of a house from a seller to a buyer. You saved the homeowner years of heartache and financial ruin.

Do you think that isn’t worth a little extra work?

Do you think it doesn’t add another dimension to an agent’s profession, something close to philanthropy?

Do you think it doesn’t give an agent a deep sense of satisfaction?

Do you think it doesn’t matter that you established a special connection with someone who desperately needed your services?

Do you think it doesn’t count that you helped people through one of the most difficult times of their lives?

You bet it does.

* * * * * *

Proudly selling real estate in Oviedo, East Orlando, Winter Springs, Lake Mary, City of Orlando, Maitland & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs and many others

Neighborhoods in Winter Springs - Tuscawilla, Parkstone and many others

Neighborhoods in Lake Mary - Heathrow, Magnolia Plantation, Timacuan, Woldunn and many others

Neighborhoods in the City of Orlando - Baldwin Park, Lake Nona, Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park and many others

Neighborhoods in Maitland - Dommerich Estates, Lake Sybelia, Lake Colony, Maitland Club, Maitland Forest, Minnehaha Shores, Stonehill and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

To put your home on the market, please feel free to reach me direct at (407) 227-7763. Questions about the Orlando real estate market always welcome.

A Reminder To Stop Complaining - There Are Happy Endings In A Tough Market

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 29 Jun 2009 07:49:39 -0700

Nice post, from one of my former primary Naval Aviation flight students!

Via Marvin de la Vega (Real Estate Pros, Inc.):

Just when I noticed myself complaining, this came from a client overseas. He's a Navy service member and successful short sale client. He was also one of my first clients ever, I sold this home to him several years ago, unfortunately he had to sell short. From the time he signed the listing to the time it closed, 15 months had passed. We had almost given up hope.

Yes 15 months. Don't ask. Now it's all done and this came in the mail today from one of the Navy's finest west coast aircraft carriers, from my client Larry. It made my day and validated why I'm in business.

This card is on my desk. Next time I think about whining I'll have my good friend and client Larry to remember.

Have a great weekend.

Marvin de la Vega

Don't Sell the SHORT SALE Short

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 25 May 2009 10:09:57 -0700

Via Judy Chapman, Realtor® - Greater Orlando, FL (Coldwell Banker Residential Real Estate):

How to handle pre-foreclosure and short sale properties is still a mystery to many real estate agents. We certainly didn’t learn about short sales in real estate school, and when the foreclosure crisis reared its ugly head, many of us buried our own heads in the sand.

Short sales are not going away. Negative equity has overtaken the American real estate landscape. It certainly has in Orlando, Florida. What started as an isolated problem pinned on subprime mortgages has escalated into a full-scale war. And now, with the economy in turmoil and unemployment affecting more and more homeowners, the war has turned into a battle royale.

Sellers need you. And so do buyers. As a Realtor®, you may as well face the problem, roll up your sleeves, and go out there to lend a helping hand.

For those who can afford the time and money, check out these Short Sale designations that can be earned through formal in-class or online study.

Certified Distressed Property Expert (CDPE)

Certified Short-Sale Professional (CSP)

For those who can’t afford the money but can afford the time, there’s always self-education. Right here on ActiveRain, many veterans of the Short Sale Wars are happy to impart their wisdom, methods, and madness. They’ve already been through the trial-by-fire route, and the experiences they relate are extremely informative. By using their advice wisely and well, you’ll be a step ahead of your peers!

In the end, only experience gained firsthand—by listing and selling short sales—can turn inexperienced agents into full-fledged experts.

When agents represent homebuyers, they should understand the pros and cons of purchasing Short Sales and advise accordingly.

When agents represent homeowners, they should treat the Short Sale property as they would any other house for sale. They shouldn’t skimp, shortchange, or sell short either the seller or the hoped-for buyer.

Marketing - Market a short sale the same way you would a regular listing. That means multiple photos, a virtual tour, direct mail, and everything else. Buyers still need a reason to see your listing as opposed to the one down the street. If this means literally showing dirty laundry, do it. The price will justify the condition of the house.

List Price - Run a comparative market analysis and list the house at current market value. It doesn’t matter if the house is a Short Sale. It’s still a property with value. If it’s in a bad way, reflect that in the list price. If it shines as a move-in ready house, reflect that as well. Whatever you do, don’t throw a dart or deliberately try to undercut every other house in the neighborhood, not unless the condition of the house warrants it. A low price may generate interest, showings, and offers, but it doesn’t necessarily get the mortgage lender to approve the Short Sale package.

MLS Listing Information - Don’t skimp on inputting full information. Include ALL details and description that you would normally include for a regular listing. Sellers deserve no less for the house they call their home. Likewise, buyers deserve no less for the house they want to make their home.

Apply an Aggressive Short Sale Strategy to the List Price - Once the house has been listed at a price reflecting current market value, don’t let the price hang out there in limbo forever. Homeowners facing foreclosure don’t have time to wait. If the house doesn’t immediately get showings, lower the price. If the house doesn’t get an offer, keep lowering the price. There’s no reason a Short Sale house can’t be sold in a reasonable amount of time, not unless the mortgage lender rejects the offer out of hand.

* * * * * *

Proudly selling real estate in Oviedo, Winter Springs, East Orlando, City of Orlando & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in Winter Springs - Tuscawilla and many others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs, Lake Nona and many others

Neighborhoods in City of Orlando - Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park, Baldwin Park, Lake Nona and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

JUDY CHAPMAN

Florida Licensed Realtor® and Sales Associate

Certified Negotiation Specialist (CNS)

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

To put your home on the market, please feel free to reach me at (407) 227-7763. Questions about the Orlando real estate market always welcome.

New Appraisal Rules are increasing costs for borrowers

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sun, 24 May 2009 23:26:40 -0700

Via Roger Howell (Trinity Home Mortgage, Meridian Idaho):

The new Home Valuation Code of Conduct that became de facto law on May 1st has already started to increase the appraisal costs to the borrower. One of my lenders is now asking for $450 for an appraisal that used to cost $375. Another one of my lenders, Idaho Housing is asking for a $500 check up front to order the appraisal. In one case we have an appraiser quote $675 for her fee on one of our loans.

For those not yet familiar with the HVCC, it requires the loan officer to be disconnected from the appraisal ordering process. Most wholesale lenders have taken this a step further and have a separatedepartment or an appraisal management company that orders the appraisal for the loan. This eliminates the ability to choose known appraisers who have demonstrated a level of competence and service in the past. The appraisal may not be assignable to other lenders should the loan have to be moved. It is possible that a borrower will get stuck paying for multiple appraisal on a property.

How do we plan on avoiding this? On purchase transactions, the bulk of my business, we submit the loan with out an appraisal. If the lender doesn't like it, too bad. The appraisal will be ordered after we have underwriting conditions back and have reviewed the conditions. This will slow down the process as I have typically sent in a complete package to the lender.

It sounds like a mess, but as ususal we will rise to the new challenges that our industry faces.

How many Active Rain Members are Veterans? Stand up so we can salute you.

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sun, 24 May 2009 23:20:59 -0700

Via Sally Dunbar Fair Oaks Realtor (916) 535-0356 (Lyon Real Estate, Fair Oaks ('burb of Sacramento) CA):

You may be at your desk, or your kitchen table right now, but slide your chair out, stand up and let us give you a hand for your service.

When I think of Memorial Day, I usually think of crusty old codgers, like my Dad, who fought the shores of Iwo Jima, Normandy, Tripoli, Omaha Beach...

But last year I attended a seminar with about 40 Realtors. The presenter asked all veterans to stand up and be acknowledged for their service. The lone veteran was a 20-something blond gal, who looked like she had just returned from America's Next Top Model. Caution...Mind expansion in progress.

Michael Thornton has been

acknowledged today by Vegas Bob.

But who else deserves the recognition? Stand up, get your cheer, then log on below, and tell us about it.

And thank you....

flickr photos by US ARMY KOREA-IMCOM, and jmtimages

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Check out my other posts that might be of interest.....

HOME BUYERS AND SELLERS..........Buying a Home, Selling a Home, Loans, What Happens if....

LOCAL INFO................................. Fair Oaks, Carmichael, Sacramento, Folsom, Citrus Heights

ABOUT SALLY DUNBAR.................. How I learned to...., Personal stuff, My Wordless Photos

OTHER STUFF............................... Inspiration, Attitude, Humorous Stuff, Charity, the Economy

TECHNOLOGY, BLOGGING ............. Active Rain, Technology

"The Bottom," Energy, Activity, and All-'round Good "Stuff" in Ada County

Bev Boeck (My Idaho Place Real Estate, Inc.) — Wed, 20 May 2009 14:03:16 -0700

"Is it here? Have we reached the bottom, Bev?"

Hey, I don't know about the "bottom," but I do know that things have picked up tremendously here in the Treasure Valley, and I'll just attribute it all to extremely cheap money/low interest rates, loads of great properties to choose from, motivated sellers, and outstanding, well-qualified, highly communicative real estate agents to work with.

I also know that the only time you really recognize the magic bottom is, after things truly bottom out and you start working your way back up. Seems like we're doing that now, don't you think?

Yep, everything's going to come up roses... :)

Boise Area Real Estate / Ada County Market Report for April 2009 (as of May 11)

Bev Boeck (My Idaho Place Real Estate, Inc.) — Mon, 11 May 2009 10:36:01 -0700

Below is a market report grid for Ada County. Data pulled from Intermountain MLS. If you would like additional information on a specific city within the county, please write Bev@AccentIdaho.com and I'll gladly oblige. Boise and Meridian both are great examples of areas so large that they are broken into several pieces, such as "NE Boise" or "Boise Bench," etc., so if you're interested in info for a specific area, please just let me know! Eagle's average price decreased once again, but you'll notice, not quite as much as from February to March. NW Boise on the other hand, stayed nearly the same in average price, while chocking up nearly the same amount of sales; 20. Of the 20, 3 were new construction, and 17 existing homes. Similarly, Eagle's break down of their 27 solds was 4 new construction and 23 existing.

ADA COUNTY	April 2009	March 2009
SINGLE FAMILY Number for sale	3896	3852
Total Number Single Fam SOLD	419	369
SOLD New Construction/Existing	83 /336	71 / 298
Average Price	$200,135	$197,026
Days on Market	94	101
Eagle Sold	27	24
Avg Eagle Price	$298,125	$307,727
NW Boise Sold	20	22
Avg NW Boise Price	$208,142	$212,504
Out of ALL Ada County Homes Actively for Sale May 2009	4849	4798
Foreclosures Active	239	233
Short Sales Active	1004	948
REO's Active	192	214

Altos Research: If you are into graphs and up-to-the-day data on your market, give this a try...

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sat, 25 Apr 2009 23:06:09 -0700

Check out the site here. I went to Eagle, ID where it says, "Try it now. Enter your city:" And then I clicked the button/link "More Info..." and captured graphs for price trends in the area, price per square foot, and even the number of homes for sale for Eagle on that given day.

Here's Boise, ID

Meridian, ID

Star, ID

See how you like it; I checked it against our Intermountain MLS data and it does appear to be pretty accurate. Might even link it on my Active Rain forum here, and would appreciate your feedback in the comments section below.

Pinebrooke Place: Location, Location, Location...View, Peace, Lawn Maintenance, and a Well-Built ENERGY STAR HOME!

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sun, 19 Apr 2009 10:51:15 -0700

--Fantastic Energy Star Single Level Townhomes and Single Level Patio Homes with view of the Boise foothills! The townhomes are attached only at the garage wall, and yard maintenance is provided. There are also building lots to choose from to have yours custom built. Outstanding floorplans with choice of granite counter tops, stainless appliances, hardwood floors, tile, fireplace, 10' ceilings, covered patios, full vinyl fencing, and front and back landscaping. Downtown Boise and Eagle are nearby, with easy access to parks, trails, shopping, and playing int he foothills. Move in ready, and available for quick close! (photos similar)

BEV Boeck | Accent Idaho Real Estate, Inc. | 208-353-9876

8604 Utahna, Boise, ID

Gorgeous Energy STAR single level home in NW Boise's Foothills. We have "LOTS:" for TownHouses Connected only at the garage, AND Patio Home

3BR/2BA Townhouse

offered at $249,900

Year Built	2008
Sq Footage	1,682
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	.12 acres
HOA/Maint	$60 per month

DESCRIPTION

Fantastic Energy Star Single Level Patio Homes + Townhomes with view of the mountains. Attached only at the garage wall, ENERGY STAR RATED! No Yard Maintenance. Townhomes -OR- Patio Home available, plus build-to-suit on your choice of lots. Outstanding floor plans w/ granite, stainless appliances, hardwood, corner fireplace, 10' ceilings. Outside: covered patio, full vinyl fencing, landscaped w/ auto-irrigation sprinklers. Downtown Boise & Eagle nearby w/ parks, shopping & convenient to foothills. MOVE IN READY! PHOTOS SIMILAR.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Office/Den	Dining room
Dishwasher	Stove/Oven	Microwave
Granite countertop	Stainless steel appliances	Attic
Laundry area - inside	Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking

Guest parking

OTHER SPECIAL FEATURES

PINEBROOK PLACE Patio Home and TownHome Community has 1 Townhome + 1 Patio Home currently available

17 LOTS to choose from for your built-to-order home!

YARD MAINTENANCE PROVIDED FOR!

View of the Boise Mountains

ENERGY STAR 2X6 CONSTRUCTION; Townhomes attached only at garage wall

Brokers available to help with your questions: 208-353-9876/890-6555

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 1	Photo 2
Photo 1	Photo 2

Contact info:

BEV Boeck

Accent Idaho Real Estate, Inc.

208-353-9876

For sale by agent/broker

Equal Opportunity Housing

Posted: May 25, 2009, 8:16am PDT

Boise Area Real Estate / Ada County Market Report for March 2009 (as of April 19)

Bev Boeck (My Idaho Place Real Estate, Inc.) — Sun, 19 Apr 2009 10:23:18 -0700

Below is a market report grid for Ada County. Below that is the February + January grid, I've left on here for ease of comparison. Data pulled from Intermountain MLS. If you would like additional information on a specific city within the county, please write Bev@AccentIdaho.com and I'll gladly oblige.

As yet, IMLS does not break out the foreclosure/short sale/REO data in their monthly/quarterly reports, but perhaps that is coming soon; our local listings just began utilizing these classifications for ease of searching. Boise and Meridian both are great examples of areas so large that they are broken into several pieces, such as "NE Boise" or "Boise Bench," etc., so if you're interested in info for a specific area, please just let me know!

Could "Spring-Springing" explain the large jump in total SOLD single family homes since last month? Meanwhile, notice the larger increase in the number of SOLD new construction single family homes. Eagle's average price took a hit, while the number of Ada County single family homes actively for sale rises steadily from the beginning of this year...

ADA COUNTY	March 2009	February 2009
Number for sale	3852	3863
Total Number Single Fam SOLD	369	265
SOLD New Construction/Existing	71 / 298	48 / 218
Average Price	$197,026	$202,768
Days on Market	101	93
Eagle Sold	24	16
Avg Eagle Price	$307,727	$354,331
NW Boise Sold	22	12
Avg NW Boise Price	$212,504	$182,304
Ada County Homes Actively for Sale	4798	4708
Foreclosures Active	233	193
Short Sales Active	948	835
REO's Active	214	242

ADA COUNTY	February 2009	January 2009
Number for sale	3863	3764
Total Number SOLD	265	232
New Construction/Existing	48 / 218	51 / 181
Average Price	$202,768	$210,928
Days on Market	93	94
Eagle Sold	16	16
Avg Eagle Price	$358,912	$354,331
NW Boise Sold	12	14
Avg NW Boise Price	$182,304	$240,670
Ada County Homes Actively for Sale	4708	4683
Foreclosures Active	193	162
Short Sales Active	908	835
REO's Active	255	242

Whoa! Will the Water Sources Run Dry Due to M-3 Eagle Development in the Foothills?

Bev Boeck (My Idaho Place Real Estate, Inc.) — Wed, 15 Apr 2009 19:34:59 -0700

See the Local Boise News Channel Six Video here, and read the related article from the same source as well. Lots of concerned citizens of Eagle (and beyond...Star) watching this, and attending meetings such as the one held this morning at the Department of Water Resources, to voice their opinions.

Have you driven up that way lately? Head up Highway 55, and shortly after you pass Shadow Valley Golf course, you'll see where the planned 6000+acre development is proposed to be. It does look like they've gotten a bit further with it than the proposal stage; you can't miss it.

Keep your eye on the ball--the issue is the water. How will Eagle's property values fair if we have a water shortage, or even a lengthy battle over water? Hmm.....