Randy Gridley - Real Estate Boise, Real Estate Meridian, Boise Real Estate - Blog

Beware of Mortgage Scams: #1 - Reel Them In

With mortgage rates that have not been seen in years comes new and improved mortgage scams. In this 5-part series, we will talk about mortgage scams to beware of as you head out into the sea of lenders in search of a good mortgage rate for your next (or first) home.

#1 – Reel Them In

This mortgage scam is one that has been around, in every service industry, for as long as scams have been around.  In this “Reel Them In” scam, the prospective buyer is reeled in with a promise of an exceptional deal.  It may be a great incentive, a low monthly payment, skipping payments, or even no points.

The prospective buyer gets excited about the rate, gets everything ready for the loan application, jumps through all the hoops put in front of him, and supplies an endless stream of paperwork.  Once everything is FINALLY to the lender, the lender states that the terms have changed or the rates are suddenly unavailable and offers a typically much less desirable deal. This deal, incidentally, will usually work out better for the lender.

In most cases, the prospective buyer will go ahead with the loan because they feel either there are no other options or they have put so much work into submitting the application and its accompanying forms that they don’t want to start over. The lender is hoping for this.

Beware of these types of mortgage scams. Make sure you get deals in writing, understand the terms, know of deadline dates, and go with a recommended lender.  This can help you ensure you are working with a reputable lender and are truly getting the deal.

Read about more scams in our ‘Beware of Mortgage Scams’ series.

Memorial Day Weekend is on Its Way – What’s There to do in the Boise, Idaho Area?

The Memorial Day holiday weekend will be here before we know it. What does this mean? It means the first holiday of the summer, the beginning of summer vacationing season, and time to enjoy the outdoors.

As you plan for your Memorial Day weekend, here are some things going on in the Boise, Idaho area that you might want to consider.

Meridian Speedway Racing – May starts racing season at one of Idaho’s oldest racing tracks in Meridian, Idaho. Consider the Napa Auto Parts Treasure Valley 100 on May 19^th or the Naylor Crow Memorial Classic 50’s on May 30^th.

Les Bois Park – May begins horse racing season at Les Bois Park in Garden City, Idaho with 36 races scheduled from May to August. Check out the website for events.

Concerts/Comedy – There are several concerts and comedy shows schedule for May. Ray Price will be at Cactus Pete’s in Jackpot, Nevada on May 12^th and Jerry Seinfeld will be at Morrison Center on May 17^th.

Circus Gatti – Circus Gatti is back in town on May 28 and May 29 at the Idaho Center.

There are many things for you and the family to do in the Boise, Idaho area throughout the month of May as we gear up for the summer and Memorial Day weekend. Be sure to plan something fun and get your summer off to a great start!

Saving for Your Down Payment

You have decided that you want to buy a home.  Whether it is your first home or you are looking to upsize to accommodate your growing family, buying a new home means saving for a new down payment. 

Down payments today are typically between 10% and 30% of the total sales price of the home.  This means that, in order to plan for your down payment, you need to know the approximate price range you plan to purchase in and then make plans to save for the largest down payment that you can afford.

There are many ways to begin a down payment savings.  Here are some tips to help you start saving for that new home.

Budget – The first thing you will want to do is ensure you are on a budget and then find room for cost-cutting.  Having a budget allows you to see where all your money goes and where you can save money.  For instance, if you have a large amount of your budget going to discretionary areas like entertainment and eating out, you may be able to find some extra room each month to move some money to savings for that down payment

Savings Account – A good way to save and not worry about spending the money you are saving for the house on something else is to open a separate saving account for the down payment.  This will help you keep it separate and not think its ok to spend it if something comes up.  Putting just a little each month in the account will help you track it and build the savings up quickly and safely.

Extra Income – If you are serious about saving for your new home, a good way is to increase your income.  Even the slightest increase in income can mean a lot toward a down payment.  Consider odd jobs or part time jobs that can give you a little extra each week that can be put directly into your down payment savings account.

There are many ways to cut expenses and save money as you take on the heavy task of saving for a new down payment.  Be creative and be determined and you may find your down payment savings growing more quickly than you expected.

Here are a few active homes to view in Ada County under $150K that are 10 years old or newer furnished by IDX/IMLS.  These listings below are updated daily early each morning.

What You Need to Know About Buying Your First House

Buying your first home can be a very exciting time. However, to many first time home buyers, the process can be scary or, at the very least, intimidating. You may not be sure what to expect or how to proceed.

When buying your first house you will want to keep a few things in mind as you learn to navigate the process of buying a home.

• Hire a Realtor – Unless you have a family member who is a Realtor, you will be much better off having a realtor on your side to help your through the process of finding a home and going through the buying process. 
• Make sure you are ready – Just because everyone says you should buy a house now, because it’s a good time to buy, does not mean it’s a good time to buy for you. Run your budget, ensure you can afford a home, and make certain that you are ready for the commitment of home ownership. Home ownership costs much more than the sales price of the home.
• Assistance is available – Make sure that you speak with your lender and realtor about the programs that are available for first time homebuyers. These programs can be useful if you do not have 20% for a down payment or you want to purchase a fixer-upper that typical lenders won’t lend you the money to buy.
• Get pre-approved – One of the best things you can do to prepare for your house hunting days is to get pre-approved. Being pre-approved by a lender means that you have turned in your financial paperwork and application, your credit report has been run, and your credit score has been determined. This allows the lender to let you know how much of a loan you will be able to secure thus allowing you to determine how much house you can purchase. Just don’t forget that just because you “qualify” for a specific amount does not mean that is how much loan you need to secure.

Buying your first house is exciting. Be sure to do your research and hire a professional to help you navigate the process. This will make the home buying process go much more smoothly and help you be in your dream home as quickly as possible.

Here are a few short sale listings provided by IDX/IMLS under $150,000 that are available in Ada County that are updated each morning Monday through Friday.

The 1862 Homestead Act – 150 Years of Settlement

This year commemorates the 150^th year since President Abraham Lincoln signed the 1862 Homestead Act.  The 1862 Homestead Act enabled heads of the household, regardless of gender, race, or citizenship status, to claim up to 160 acres of land for the price of the filing fee.  During the years of the Homestead Act, almost 10 million acres of land was homesteaded totaling 18% of Idaho being homesteaded as a direct result of the 1862 Homestead Act.

As the state of Idaho celebrates the 1862 Homestead Act, and its grand effects on the great State of Idaho 150 years ago, there will be many activities going on throughout the state during the month of May. If you are looking for some fun, historic activities for the whole family, you are in for treat this month.

Beginning May 2, 2012, there are many presentations, workshops, and events taking place in Boise.  Whether you are interested in a tour of the Historic Bown House on May 5, 2012 or want to listen along with your children to an oral presentation of the history of Idaho taking place at the Idaho State Historical Museum on May 5, 2012, you are sure to find something new to learn about the wonderful state of Idaho.

Archeology Days takes place May 17-20, 2012 at the Cyrus Jacobs-Uberuage House, which is sure to be a treat. There are many events and presentations taking place throughout the state, including a presentation on the history of Meridian, Idaho on May 10, 2012 at the Meridian City Hall, and a brown bag luncheon presentation regarding Notable Discoveries in Idaho Archeology sponsored by Boise State University, which will take place at Lake Lowell Park in Nampa, Idaho.

No matter what your interests, you are sure to find some wonderful activities and learning experiences throughout the state this May in celebration of this historic time in Idaho’s history. You can see everything planned in commemoration of the 1862 Homestead Act on the Idaho government website. Be sure to look for yourself and plan some great fun for the whole family.

5 Questions to Ask Before Your Hire a Real Estate Agent

Hiring a real estate agent to sell your home or help you find your next house can be a cumbersome process.  If you have never used a real estate agent before, or do not have any recommendations from friends to consider, you will want to ask an agent you are considering a few questions before you decide to have them work for you.

Here are five questions to ask before you hire a real estate agent to work with you on your home buying or selling adventure.

#1-Do you work full-time or part time and do you have a backup? – It is important to understand how the agent you are considering hiring works. If they only work part-time, what kind of system do they have in place to take calls about your property or take your call about a prospective property when they are not working? Do they have an assistant? Do they work for a big real estate company that handles calls at other times?

#2- How many sales did you have last year? – A new real estate agent may have under 10 sales in a year. The average real estate agent has between 10 and 20 sales per year. A well-performing real estate agent has between 20 and 50 sales per year and if you have a real estate agent that has over 50 sales per year, you are looking at a highly motivated, superstar agent. You may also want to ask what kind of experience they have with the type of property you are interested in, i.e. short sales, high end residential, or investment properties.

#3- What are your fees? – Understanding an agent’s fees from the beginning is important. Ask about their fees and how they are paid. You will want to understand if they have a minimum fee to collect, which means that if you accept an offer on your home where the buyer will only pay a certain amount of the fees, you may be responsible for the additional percentage of the fees if this is the case. Make sure you understand these caveats up front.

#4- Do you have any references? – Asking for written references from clients who have used a particular agent is a good thing. You will want to follow up with these references. When people find a good agent, they will use them again and refer them. Look for references that have used a realtor for more than one purchase or sale.

#5- Are you a Realtor? – Becoming a Realtor takes additional steps than just becoming a licensed real estate agent. The term “Realtor” relates to a licensed real estate professional who is a member of the National Association of Realtors. Though it is not imperative to have a Realtor rather than simply an agent, being a Realtor shows dedication to the field of real estate. Members take an oath to put their clients first and follow the guidelines and rules of the National Association of Realtors.

Should I De-Winterize A Property for the Home Inspection?

With so many people buying vacant, bank-owned or foreclosed-upon properties, it is important to keep in mind that many times these homes are winterized.  When purchasing a winterized home it is essential to understand what this means and be an informed buyer before deciding to make your final purchase.

When having the property inspected, you will want to consider some of these reasons to have the house de-winterized before your inspection.

Pipes – Just because a property has been winterized, it does not mean that it did not have damage before it was winterized.  Damaged, leaky pipes cannot usually be detected without running water. If the property has been winterized it is a good idea to have it de-winterized and then to have the water company turn on the water to the property. It is best to have someone at the house when the water is turned on if it has been off in case faucets were left on or pipes are broken.  Don’t forget about outdoor faucets.

Plumbing – To ensure you have an operating plumbing system in the house, you will want to have the house de-winterized to have the plumbing inspected.  This includes water pressure, under sink pipes, and toilet operation. Be sure to allow time for the water to be turned on and have toilets cleaned to be able to see the water and the water flow after the water is turned back on. Check inside the tank to ensure there is do no debris or damage before you start flushing toilets.

Crawl Space – Home inspectors check the crawl space for damage, including evidence of flooding. However, if the home has been winterized, it is possible that any flooding has evaporated or returned into the ground. Be sure to have the water turned on after de-winterization so that the pipes running through the crawl space can be inspected thoroughly. Remember, sometimes, in the case of vacant property, pipes may also have been removed.

Loan Requirements - Be careful to ask your lender if there are requirements regarding winterized properties. Some lenders require that a property that has been winterized to be de-winterized before inspection. You want to be sure to follow the guidelines of your lender to ensure there are no issues with your loan.

If you are seriously considering purchasing the home, it is a good idea to have it de-winterized before the home inspection. Though a winterized home can have an inspection done to it, several things that a home inspector would typically inspect cannot be inspected properly if the house is winterized.  If you are truly hoping to purchase the home, you may want to consider having it inspected after being de-winterized. This expense can be a small expense up front compared to the expense of repairing damages that you did not know about.

Are You Doing Some Spring Updates?

Spring is a great time to do some updating around your house? If you are making a list of those much-needed updates, consider this list of 10 Home Maintenance Tips for Spring on Yahoo! Real Estate by Paul Bianchina.

Whether you plan to start with cleaning up the yard or getting up on that roof and taking care of those neglected gutters, these tips are a great start to getting your house ready for the beautiful spring and summer months.

Here are the highlights from the 10 Home Maintenance Tips for Spring article:

1. Inspect Your Roof – Winter snow, ice, and even wind, can wreak havoc on your roof. Make sure you check it to ensure all shingles are intact and don’t forget about places that leaves build up.
2. Gutter/Downspouts – Check for leaf and debris buildup as well as any loose fasteners.
3. Fences and Gates – Winter weather can do a number on any type of fence or gate. Check your fencing to ensure posts have not been dislodged or for any rotting of fencing or posts.
4.  Clean up your Yard – Make sure you get rid of any debris left over from the fall and winter months. Prune trees and inspect for damage.
5.  Air Conditioners/Fans – Make sure you have your central air conditioner serviced before the summer. If you have a whole-house fan, you will want to have these inspected as well. Check fan ducts for damage or debris buildup as well.
6. Built-in Sprinkler System – If you have an outdoor sprinkler system, run a full cycle with all sprinkler heads to inspect where they are hitting and if they are working. Replace and adjust as necessary.
7. Vent blocks and Facet Covers – You crawl space vent blocks should be removed as soon as the threat of winter weather is over. You can then inspect the surrounding areas for damage and make certain that excessive dirt has not been displaced around the vents over the winter months.
8. Yard Tools – Now is the time to see if any of your spring/summer yard tools are in need of repair or replacement. Check handles, fittings, blades, and belts to see if they are working correctly or need serviced.
9. Furnace Filters – It is always a good idea to replace the furnace filter before beginning with the summer months. It keeps you on a good rotation with the filter so you can remember as well as get rid of the excess dust from the winter months.
10. Smoke Detectors – Checking your smoke detectors at least twice a year is very important. This is a good time to check them to ensure they are in working order. Replace batteries as well as clean to ensure proper working order.

Homes for sale in Canyon County, Idaho furnished by IDX/IMLS between $65K through $120K. These listings below are up dated daily Monday through Friday early each morning.   

Housing Price Categories in Demand in Ada County, Idaho

As the market takes an upward turn to some of the best days we have seen in over 5 years, certain price categories are more sought after more than others to potential buyers. In demand price categories are something to consider if you have been trying to decide when to sell your house.

As the inventory of available homes in desirable price ranges remains slim, the demand for good homes in these price ranges remains high.  This makes listings very desirable. The most sought after price range is less than $120,000.  This price range still has a short supply of available homes in Ada County and therefore has more demand than supply.

The next most popular sales category is homes selling between $120,000 and $160,000, which accounted for almost 25% of all sales in March. Under $120,000 account for about 30% of all March sales in Ada County, Idaho. As you can see, over 50% of all March sales were of homes selling for $160,000 and under.

The more-demand-than-supply issue means that most sellers, especially those with houses listed below $120,000, are more likely to receive competing offers from potential homebuyers.  This can be good news for the sellers if they are lucky to have competing offers made on their house.

As a homeowner deciding whether you are ready to sell, you may find that now is finally the time to list your house. Especially if you are listing your house between $100,000 and $160,000, now may be a great time to list your house in Ada County, Idaho and get ready for some great offers.

Short Sale Homes for sale provided by IDX/IMLS in Ada county, Idaho between $100,000 and $160,000.  These listings are up dated daily Monday through Friday early each morning.

677 Brookside Ct., Mountain Home, Idaho 83647

Fresh interior paint, Vinyl siding, wood stove fireplace, newer vinyl windows and patio sliding door, newer carpet great room and stairs, new vinyl in kitchen, bathrooms, eating area, utility room, newer central air conditioner. Covered patio, Home inspection finished with all items fixed. Very clean townhome on a larger lot, fully fenced, storage shed, no back yard neighbors. Walk out your front door and have access to Mountain Home City Park with covered tables and play ground area.  What a home for only $54,500...MLS # 98493135