short sale: Dealing with a the big bad BPO in a short sale. - 01/24/10 01:19 PM
Do enough short sales and you're likely to get burned by a BPO agent or two.  The majority of agents I run into doing these are not what I'd call qualified to give market values in the first place.  The first issue is it stands for Broker's Price Opinion.  If you're an agent, Idaho State law says you're not supposed to be doing them anyway.  The problem, it's not being enforced.
So how do you handle a bad BPO
Here's a couple things that might make sense depending on how far you want to take it. 
1. If your laws are the same you could … (7 comments)

short sale: Straight from a short sale negotiator - How to make sure they won't respond to you. - 01/06/10 01:01 PM
I finally heard back from the negotiator on one of my short sales today.  One thing I always like to do is establish some rapport with them and see what kind of insights I can glean from them about their process and best practices in working with them.
This particular one has been extremely difficult to get hold of and although I've been persistent in my efforts, I've been careful not to cross the line to obnoxious.  I couldn't resist asking him to tell me what's the best way to a negotiator to respond.
Apparently the answer is not repeated attempts throughout … (8 comments)

short sale: Short sales as a financial strategy not a necessity - 12/18/09 09:41 AM
Short sales as a financial strategy not a necessity -
A question I've been pondering lately, what do you do with a short sale client that is using it more as a means of financial planning than out of necessity?
I end up dealing with both and I wonder what approach are you supposed to take with someone in this scenario.  That being, a client comes to you requesting help for them to perform a short sale even though they technically have the income or assets to cover the loss they are taking on the real estate investment.
Do you take … (16 comments)

short sale: A long over due than you to my friend Janna - 12/06/09 02:04 PM
It's long over due but I still feel I need to say than you to my friend Janna for helping out a client I referred to her months ago.  When the client called me and told me about her situation my heart sank.  It was a nasty investment scheme that had her headed into foreclosure.
I told her I would put her in touch with someone who could help her out in the local market area.  Not one to just hand out referrals to anyone I asked around but in the end decided I would go with who I felt had … (3 comments)

short sale: Idaho short sales and foreclosures - Common myths about Idaho foreclosure - 11/15/09 01:49 PM
There's a lot of information surrounding foreclosure in Idaho.  Separating fact from fiction is not always so easy.  We created a site dedicated to helping Idaho homeowners understand the foreclosure and short sale process in Idaho. 
Start here with common myths about foreclosure in Idaho
For more inforamtion about short sales and foreclosures in Idaho visit www.HopeForIdaho.com.
(1 comments)

short sale: Idaho short sales - 7 Mistakes to Avoid in Pre-Foreclosure - 11/15/09 01:36 PM
Idaho short sales - 7 Mistakes to Avoid in Pre-Foreclosure
For Idaho homeowners at risk of losing there homes to foreclosure, a short sale can be a win-win for both owner and lender.  There are, however, some common pitfalls that can be detrimental to avoiding foreclosure in Idaho. 
Here are seven mistakes to avoid:
1. Waiting too long to do something.
2. Choosing to spend thousands of dollars to have an attorney file bankruptcy assuming it will make a foreclosure go away.
3. Choosing to sign away your Deed to your home to a third party and to give your home … (2 comments)

short sale: Idaho short sales - 6 Keys to successful short sales in Idaho - 11/15/09 01:19 PM
Idaho short sales - 6 Keys to successful short sales in Idaho
As a listing agent handling a fair amount of short sales in Boise, Idaho, these general guidelines tend to increase the likelihood of your short sale success:
Only accept realistic short sale offers. Work with a qualified short sale agent to negotiate with the lender on your behalf. Avoid inexperienced agents and scams. Save time, hire the right person to represent you the first time. Maintain the home and make it as appealing as possible to potential buyers. Be proactive in doing your part of the short sale process. … (0 comments)

short sale: If you represent yourself as a buyer in an Idaho short sale purchase, can you demand the bank pay you a commision - 11/15/09 11:16 AM
If you represent yourself as a buyer in an Idaho short sale purchase, can you demand the bank pay you a commision?
First and foremost, the money you think you're saving by doing this is not worth it.  These are complex transactions and having an experieced agent to help you navigate it is worth far more than you're going to save.
If you're not an agent, I would say it's highly unlikely you'll get the lender to give you the commission. This is probably an instance where representing yourself is not going to net you anything extra.
In a short sale … (1 comments)

short sale: Not even the federal government can get loan servicers to act - 11/10/09 07:54 AM
I had to share this.  For all of us frustrated by non responsive loan servicers you're not alone. 
In the The Daily Real Estate News email from Realtor Magazine there was an article published by Alan Zibel with The Associated Press stating economists have concluded that the goals set by the Obama administration to help 3-4 million troubled homeowners is not going to be possible.
"Federal officials say they are doing their best and blame loan servicers for dragging their feet." (Zibel, November 10, 2009)
My question is, if the federal government can't get loan servicers to act, who can?
As … (9 comments)

short sale: Idaho loan modification help - Knowing which offers to help are legitmate. - 10/25/09 01:25 PM
Idaho homeowners behind on the mortgage should exercise caution when reviewing offers to help.  Knowing which offers of help are legitimate and which are designed to take your money, could save you thousands of dollars, and your home. 
When faced with prospect of foreclosure in Idaho a loan modification may be an option.  Chances are your bank is not going to offer this willingly.  I encourage homeowners to contact their lenders directly.  In fact paying someone to do a loan modification in Idaho won't give you any more chance of success.
Loan modification letters that various companies are sending Idaho homeowners … (0 comments)

short sale: Short sale market snap shot for Ada County, Idaho - 10/04/09 02:47 PM
Short sale market snap shot for Ada County, Idaho
There's no shortage of these not so aptly named types of sales in Ada county - Idaho.  Of the approximately 4400 active listings showing in the MLS, 1100 are short sales.
The current absorption rate for short sales in Ada county, Idaho stands at approximately 16 months.  Compared to an overall absorption rate for Ada county of 10 months, the scales are still tipped to toward a buyers market despite pending home sales being on the rise.
A contributing factor to the large amount of short sale inventory in Ada county, Idaho … (4 comments)

short sale: Is The FDIC Killing Short Sales? - 09/29/09 04:54 AM
I only like to re-blog posts that I think are timely, important, and need to be shared beyond the reach of the original blog.
Bob has written a few of such posts that would be very beneficial for people to read.  I would reccomend following the links he put in this blog and educating yourself about what he has stated here.  It's very concerning.
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate.  To read the blog, click here.  Basically, IndyMac Bank (now OneWest Bank), is … (2 comments)

short sale: Bank approved short sale in Star, Idaho - 12137 W Darkwood - 09/27/09 09:28 AM
Bank Approved Short Sale in Star, Idaho - 12137 W Darkwood

 
 
 
***The bank says they can have an answer in 24 hours. If you're looking for a quick close on a short sale, start here. No worries about your 8K tax credit expiring before you can close.***
Bank-approved short sale! Can close in 30 days! * Great "Salmon" floor plan by Big River builders. Desirable main-level master bedroom. Main-level den or office, too. Tile flooring and tile back splash in the kitchen, and granite counters/breakfast bar in the kitchen (*also matching granite in the master bathroom!) Charming … (0 comments)

short sale: A word of caution to short sale flippers in Idaho - 09/27/09 09:07 AM
There are right and wrong ways to do property flips in Idaho.  Right now, I'd be very careful in doing any type of real estate transactions that may be construed as unethical or illegal.
The current state of the real estate market in Idaho is producing no shortage or opportunities for investors looking to cash in.  What I would say is this:
Be very cautious of what your getting into.  Especially in the realm of short sales.  The Idaho Real Estate Commission is currently investigating these transactions.  
It's not to say that there are not valid ways to invest in … (2 comments)

short sale: Bank Approved Short Sale in Star, Idaho - 12141 W Gambrell - 09/25/09 11:27 AM
Bank Approved Short Sale in Star, Idaho - 12141 W Gambrell


***The bank says they can have an answer in 24 hours.  If you're looking for a quick close on a short sale, start here.  No worries about your 8K tax credit expiring before you can close.***
Bank-approved short sale! Can close in 30 days! * Great "Salmon" floor plan by Big River builders. Desirable main-level master bedroom. Main-level den or office, too. Tile flooring and tile back splash in the kitchen, and granite counters/breakfast bar in the kitchen (*also matching granite in the master bathroom!) Charming interior columns … (3 comments)

short sale: Short Sales - know when to hold 'em and when to fold 'em - 09/20/09 03:01 PM
Short sales are can be difficult and time consuming and that's when they go well.  While some banks have gotten better some are worse than ever.  In my area short sales have become such a prevalent part of our market you really have two choices, work them, or go find something to do besides real estate.
That being said, you can quickly ramp up to capacity working short sales.  Once you've reached that point, you really need to start qualifying your short sale clients so you're not stuck with a bunch of listings with little chance of them going anywhere.
This … (2 comments)

short sale: Super clean little home in Nampa, ID - 7742 Arlington - 09/20/09 02:15 PM
The great little home would be perfect for a first time home buyer or as an investment property 7742 Arlington MLS # 98406601
Nice neutral colors throughout this home and it has a unique split bedroom floor plan. Large back yard and it's fully fenced with hassle-free automatic sprinklers. Move-in ready - just set up a tour!
Call for a private showing.
This is a short sale and final approval from the lender is required.
(0 comments)

short sale: Your seller was mean to me when I showed up unannounced! - 09/08/09 11:41 AM
I got a call from an upset potential buyer this weekend who happened to see my sign at a property out in the country and took it upon himself to head down the driveway and announce to the owner that he wanted to see the house. 
I wasn't there so I don't know what exchange took place but according to him the owner refused to show him the house, and asked that he leave.  He also said there were some expletives exchanged. 
Now I'm not condoning the seller's behavior if he was a bit gruff with a potential buyer.  He may … (10 comments)

short sale: Will the lender pursue a defeciency on my short sale in Idaho? - 09/01/09 04:32 AM
I recently received this question from a concerned homeowner in Idaho who had recently completed a short sale on their Idaho home in Canyon county:
 
Q: Just completed a short sale on our home in Canyon Co. Trying to get some specific answer as to when/if we might see a "Release of Liability" from the mortgage co. Some people have said we will see it at closing, some said we will need to keep looking behind us for the next couple of years.....some have said we will see it by the end of the year with a 1099. Any specific … (3 comments)

short sale: Loan modifications, great in theory but lenders still need some practice - 08/26/09 10:29 AM
Do loan modifications work?  The short answer is yes and no.  A better questions is what kind of loan modifications work and that's an easy one to answer.  Loan modifications that reduce a borrower's monthly payments far and away are more successful than any others.
You might be asking "don't all loan modifications reduce payment?"  Nope, the overwhelming majority of loan modifications performed by lenders in a report by the Office of the Comptroller of currency and Office of Thrift either left the payments the same or increased them.
Yep, 32% of loan modifications actually increased the borrowers payments.  Only 29% … (3 comments)