Boise Homes For Sale

I am not a financial advisor so this is not financial advice.  But, with what’s going on with mortgage rates &  low valuation on homes for sale, this seems to be a great opportunity to invest in property whether it’s owner occupied or investment property.  I have seen loans for investment property at all time low and with the rental shortage it seems to be a win win situation.  Please talk to your financial advisor and if you decide buying is right for you, please give me a call, Trish Stephenson  American Realty 208-388-4653 or send an email with any questionsyou may have.  I can send you a list of available homes in the area of your interest.   And again, it is always wise to get pre-qualified.  You can call Judy Bauer with US Bank, 442-5001, for any lending questions.

In today’s market you will find many HUD homes listed.  These homes have been taken back by the bank and had an FHA, government guaranteed loan on the property and will not sell to anyone other than owner occupied.  This means that the buyer plans to occupy the home and plans to occupy within 30 – 60 days.  If you have any questions, please contact Trish Stephenson, American Realty, 208-388-4653 or Judy Bauer, 442-5001 with US Bank.

I have been asked several times to explain what a short sale is and how it works.  A short sale is used when a seller can not sell his or her home for the amount they owe due to the economy.  When this happens, the bank is usually willing to negotiate a lower pay off.  The seller’s real estate agent will set the price to market the property at fair market value which is most often way below what the seller’s owe.  Then they wait for an offer from a buyer.  When the seller and buyer agree on a price, the offer is submitted to the bank for approval.  The paperwork will be sent to a negotiator at the bank and the process begins.  It can take up to 6 months or if one is lucky it can be done in a reasonable amount of time.  Usually, with a short sale, the buyer can terminate the contract at anytime in writing.  If you have any questions, please feel free to contact Trish Stephenson with American Realty at 208-388-4653.

The end of the tax credit for the home buyer seems to have slowed the increase in home sales we were seeing.  We are still flooded with short sales and foreclosures but prices of existing homes seem to be rising.  Interest rates remain low which means you can buy more house for your dollars.  More and more sellers and especially the short sales and bank owned properties are asking for letters of loan approval with any offers so it is a good idea to talk to a lender before you begin your home search.  This way you know exactly what you can afford and your offer is stronger.  It is still a good time to buy.  If you have any real estate questions, please contact Trish Stephenson 208-388-4653 Silvercreek Realty Group.  There are many affordable homes out there.

Today’s mortgage rates still remain at all time lows.  30 year fixed rate is at 4.5%,  15 year fixed rate is at 4% and a you can find an ARM rate  as low 3.5%.   You may contact Judy Bauer  with Prospect Mortgage for more information on loan programs.

Just because it is a buyer’s market does not mean it is not a good time to sell.  For more information on buying or selling please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.

People often ask what is the difference between a “real estate agent” and a “Realtor”.  Both are licensed but a realtor belongs to a membership requiring a higher ethical behavior.  They pay dues to be a member.  Some things to expect from a realtor are:  1. Loyalty to clients, 2. Fiduciary (legal) duties to clients, 3. Cooperation with competitors (other listing agents), and                  4.  Truthfulness in statements and advertising; and non-interference in exclusive relationships that other Realtors have with their clients.  When buying or selling, it is a good idea to look for a Realtor, not just a licensed real estate agent. 

Some information provided through Realty Times

There seemed to be an increase in sales in April in both existing homes and new contruction.  This may have been due to the tax credit  which ended April 30.  We have yet to see what May has in store for us.  Interest rates continue to slowly drop which is helpful for buyers.  Short sales and foreclosures are still flooding the market making it hard on the sellers.  But that makes it an excellent time to buy a home at a very low price.  If you are interested in buying or selling, please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.

There are several things to consider when getting ready to buy a home.  Your credit is one of the most important things.  To help you with your credit score, there are several things to avoid.

1.  Don’t move assets from one bank account to another.  This can complicate the application process because the transfers show as new deposits.  You must then explain to your lender the source of funds and it can slow down the process.  You can do any consolidating later after you have closed on your loan.

2.  Don’t change jobs.  Most lenders prefer that you have been with your present employer for at least 2 years.  If you must change jobs, it is best to stay in the same line of work.

3.  Don’t assume your credit is good.  Inaccurate information can occur without your being aware of it.  Or sometimes, an item that you believe to have been taken care of will still show up on your credit report.  Experts say you should review your credit report at least once a year.

4.  Don’t attempt to consolidate bills. Consolidating and closing credit cards can lower your cumulative credit history and therefore can lower your FICO score.  Contact your lender, or Judy Bauer with Prospect Mortgage with any questions before making any financial changes.

5.  Make sure you don’t pack or ship information needed for your loan application. When packing, don’t pack important paperwork such as W-2 forms, divorce papers and tax returns.  Duplicate copies can take weeks to obtain and this can stall the closing date on your transaction.

6.  Don’t make a major purchase. Don’t buy new furniture or major appliances for your new home.  A large payment can greatly impact your debt to income ratio and prevent you from qualifying for a home loan.  This has  happened the day before closing when the buyer’s credit was rechecked.  At the last minute the loan was denied.   If you think you can afford it, make the purchase after the transaction has closed.

If you have any questions regarding financing, please call Judy Bauer with Prospect Mortgage 208-377-7246 or if you have any real estate needs please contact Trish Stephenson with Silvercreek Realty Group at 208-388-4653.

A short sale is when the sale of a home sells for less than what the borrower still owes on the mortgage.   In 95% of the cases, the debt is usually forgiven.  In a foreclosure though, the borrower may be obligated to pay the difference between the amount the home sold for and what the borrower owes.

If you find yourself in a situation where your dream home has become a financial burden, please give your lender a call.  They are almost always eager to get started on a short sale rather than starting foreclosure proceedings.  If you find yourself in dire straights, this seems to be a much better way to solve your mortgage problems.  But do talk to your lender as soon as you realize there may be problems.

Last month has brought some more good news.  Numbers of sales for homes rose significantly in March, and the average price has  increased a bit.  This is a definite change from the trends of the last few years. More good news includes a drop in new construction inventory, and a slight decrease in the days on market for all homes.  This  include short sales and foreclosures. These are all positive indicators, and we can hope we keep going in this direction. Remember that to receive the wonderful buyer tax credits, you must have an accepted offer by April 30 with a closing by June 30. It still seems to be a good time to buy.  Interest rates are still low, there is money out there and plenty of homes to choose from.  For more information and any help on your real estate needs, please contact Trish Stephenson Silvercreek Realty Group 208-388-4653.