Idaho Mountain Living

Imagine your little portion of heaven with timber lined views of Natures Mountains. Historic Idaho City offers the amenities you will enjoy for years to come. Scenic landscape and quiet pleasure await you when you arrive.

Short sale or foreclosure?

Depending upon the seller situation, the type of sale they choose to pursue my have a greater affect on their credit score.

 

Foreclosure is a legal name given to describe a process of the lien holder taking control of the property.  Depending on the area you live, the timelines could take from 30 days up to months.

 

Short sales are properties being sold were the seller attempts to dispose of the property with the third party lien holder having to agree to the terms of the contract prior to sale.  The bank my may or may not choose to agree to a lesser amount recovery and let the seller off the hook. 

 

I will talk of the ways the lien holder may resolve the mortgage in a future post. 

 

What is the possible affect in a foreclosure and short sale when pertaining to your credit?

a)      Being foreclosed could cause up to a 200 point drop in your credit score and it may be difficult to purchase property or anything on credit in the future.

b)      Short sale may cause as little drop as 50 points in your credit score and could keep the door open for buying in the future.

 

There are many reasons for homeowners distress in the current times, life changes, job changes and health problems may lead to these situations.  Not all can be helped. My advice would be for the owner to seek the advice of your attorney and accountant if your situation is dire. Consult a realtor to assist and give guidance through short sale questions.

 

 

 

Tax Day also Homeowner exemption day

Today is not only tax day, but it is also the deadline to file for your tax exemption through your county assessor…

 

 

Team Work

It is the best thing in the world to know that you have helped to make a family’s dream come true.  Closing time for my client meant lots of work by several individuals. First of all it takes a client that is able and willing to go through the work of the transaction and then the other professionals to assist with the flow of timelines and deadlines.

 

It is the many hours of time from contract to signing.  The out come is the culmination of the lender, title and transactions services.  Then there is the seller and agent that knows what it takes in today’s market to give and take.  The final result is a family that made the effort and will now move in to their new home next week!

 

The Month After

If you have been looking for a home anytime within the last 2 years, you realize that the market prices are probably the lowest in recent years.  What happens after the tax credit and first time buyer incentives are gone?

 

First of all let’s consider the final days of April, is there still time to have a contract in place before the 30^th?  There is time, the key is to have your lender and financing in place, a letter of qualification is needed for all contracts submitted to the short sale or bank owned handlers.  Next, realize that most home prices are probably at bottom line.  Don’t waist time trying to under bid or low ball at this point.  Doing so will add to days to the approval if it is accepted at all.  Then move fast and watch your timelines.  Have a realtor that you can depend to work full time.

 

Now we know there are still lots of homes to come on the market in the future as short sales and bank repossessions.  The fed has indicated that interest rates will likely hold for at least a while.  It will take some time for the inventories of homes on market to come down.  Prices will probably bottom out and begin a slow climb out.

 

Bottom line, take action now, don’t sit on the fence, have professionals working for you that know how the process works and home ownership will still be the American Dream.  

 

 

 

18 Days left

Only eighteen days left to place a home under contract to get the tax advantage!
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Idaho City's Warm Springs Resort could re-open

Good News for Idaho City!