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Purchasing Property With A Prior Short Sale In Your Past

by Randy Gridley


A couple of years ago, when interest rates fell as low as 3.5%, a large number of home owners grabbed the opportunity to refinance their homes. It was almost too good an opportunity to miss. It's great for the home owners, but not so good for the mortgage brokers and home loan lenders. Once someone buys or refinances at an incredibly low rate, they no longer need to get another loan for a very long time, if ever. 

Naturally, nobody would want to miss out on a 3.5% interest rate and be stuck with a rate of 5%. This is great news for new borrowers. Since lenders have lost the chances of new business from those who took advantage of the interest rate dive; they are now turning to targeting new prospective borrowers, many of whom have short sales in their past - and even foreclosure in some cases. 

It is important to realize that regardless of your past credit history, your credit needs to be in good standing now, today. You may have had short sales a few years ago, but lenders expect you to have repaired your credit by now. To be considered for an FHA backed home loan your credit score ideally needs to be at least in the 700 bracket. 

The second thing to consider is that the date of your short deal is important to the lender. Although many will only consider borrowers who experienced a short sale more than three years ago, there are a few who will accept borrowers whose short sale was as little as two years previous. 

You need to check this aspect with your home loan credit officer. In order to avoid a last minute stipulation that ends your chances of closing an expensive transaction it is VITAL that the lender is fully acquainted with the complete details of their financial specialist (the party to whom they are offering your credit) guaranteeing rules. In fact, it is wise to keep a duplicate of the HUD-1 from your short sale handy, to submit with your loan application. 

Finally, there are a few lenders who will want to know what motivated the short sale. The most common reason for a short sale is hardship involving a misfortune, for example a death in the family, reported loss of pay, illness, separation or divorce. Naturally, if your particular hardship was using your second line of credit to buy another new car or a yacht, you won't be acquiring a new home loan for a while; certainly not an FHA approved loan program. 

It is best to consult with loan specialist who has experience with FHA loans, and make sure you do not take any chances with failing to give your lender all information. If in doubt, disclose. Rather disclose information they don't need to know than not disclose something because you think they don't need to know it, and then find out later it lost you the loan. 

The good news is that this is a win-win all round. The customer has the ability to buy a home despite having a short sale in their history, which means they can stop wasting money on paying rent; while the bank gains a new customer who in many cases is a more secure borrower after the recession.

Are You Doing Some Spring Updates?

by Randy Gridley

Are You Doing Some Spring Updates?

Sping 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.

Look for an Increase in Short Sales in Boise, Idaho This Summer

by Randy Gridley

Look for an Increase in Short Sales in Boise, Idaho This Summer

With a $25 million settlement between the government and five of the biggest mortgage lenders reported, short sales in Boise, Idaho may be on the agenda for the real estate market this summer. 

Though it is not expected that the settlement will help a large number of homeowners, it is expected to assist the overall real estate market in the area.  By moving vacant homes and boise-meridian-bankowned homes, the real estate market may find itself in much better shape as banks accept lower offers and vacant homes are moved more quickly through the foreclosure process. This will likely increase the acceptance of short sales in Boise, Idaho, which, in turn, increases the property movement.

Read  about the settlement and its predicted effect on the real estate market as a whole here

All current short sale homes in Boise Idaho furnished by IDX/MLS.  Any homes listed below are current as of the morning you are reading this blog.

 

Home Price Recovery May Be On the Way

It’s March, and that means time for home buying season. With trends showing home buying on the upward trend, it may mean that this spring will be a better spring for home buying then 2011.

According to the National Association of Realtors, the improving economy, rising rent prices and job developments are contributing to the home buying market improvements.  It is anticipated that credit will open up over the course of the next few months and therefore assist in the increase in home buying and recovery of the home prices.

Read the full article at...

View a few houses for sale in Boise Idaho under $200,000 with 3 bedrooms +, 2 bathrooms +, furnished by IDX/MLS. These listings are current and updated daily so it doesn't matter when you view these listings:

Short Sales in Meridian, Idaho - A Deal to Consider

by Randy Gridley

Short Sales in Meridian, Idaho – A Deal to Consider

The housing market is finally making a turn for the better.  However, the aftermath of the housing crisis has left most real estate markets with a high volume of bank-owned properties. Meridian is one of those markets.

Bank owner properties in Meridian, Idaho are numerous. However, boise-meridian-bankowned and pre-foreclosure homes can be a great place to find good deals for a potential homebuyer.  If you hoping to purchase a home this year, you may want to consider purchasing through a short sale. Buying a bank owned property through what is known as a short sale can be a great way for a potential homebuyer to pay below market value for a home.

Short sales in Meridian, Idaho are more common than you might think. With a large percentage of homes being in the early stages or foreclosure or already owned by banks, many potential homebuyers may find that a short sale is a good way to go when making a home purchase.

A short sale is when a property is in the process of foreclosure and it is about to become owned by the bank that provided the home loan. The bank does not want to own the property; they want to sell the property.  Therefore, they are apt to sell it under market value to transfer ownership quickly. The advantage to the bank is that they are no longer in ownership of the property and you, the owner, will begin making payments on the property. If you pay cash for the home, the bank is no longer taking a loss; if they lend you the money to own the home, you make payments on the home to them; and if you go with another lender, the other lender pays the current bank with ownership the purchase price. Therefore, even if the bank loans you the money, they are still in a better position than when they are sitting with a vacant property.

Though it may sound complicated, it really is not. With so many bank-owned homes, short sales in Meridian, Idaho have become common and therefore banks and real estate agents are experienced in moving through the transaction. This means they can help you navigate these unchartered waters, if that is the case. You do not have to feel uncomfortable if you are interested in a short sales purchase because the professionals can help you through the purchase quickly and efficiently.

If you are looking to purchase a home and want to get the best deal for you money, you may want to consider short sales in Meridian, Idaho. You will be surprised at how easy the purchase may be.

A few Short Sales in Meridian, Idaho to view always current list provided by IDX/MLS:

Short Sales in Boise, Idaho - A Great Deal

by Randy Gridley

Short Sales in Boise, Idaho – A Great Deal

Though we are at the down side of the housing crisis, the market is still full of distressed properties. That means that you can find boise-meridian-bankowned properties in many neighborhoods throughout Boise, Idaho and its surrounding areas. If you are in the market for purchasing a home, short sales in Boise, Idaho continue to be a great way to get more home for your money.

What are short sales?

Short sales are simply when a property, typically owned by a bank due to foreclosure, is willing to take a lesser amount for a property to get it off their books.  They will go "short" on the price to unload the property.  That means that you can get a great deal on a property for less money.

Why are short sales in Boise, Idaho a good buy?

Short sales in Boise, Idaho are a good buy because there are so many bank owned properties that the banks are willing to give great deals on their properties so they can start receiving money for the property again.  With so many foreclosures over the past 5 years in Boise, there is an influx of bank owned property. That means that the banks want to give you a deal so you can own the property and not them. So short sales in Boise, Idaho are a great deal..

Some homes need some work due to having been vacant for some time; but, in most cases, the homes are in the good shape. They just need to have utilities turned back on and some cleaning done.

If you are looking to get more house for your money, then short sales in Boise, Idaho are something you may want to consider. Even if you have never purchased a short sale property, you can find assistance from your realtor in navigating the short sale market and be on your way to purchasing a great house for a great price.

Here are some current short sale home listings in Boise, Idaho that are furnished by IDX/MLS:

Granite Countertops – Care and Stain Management

by Randy Gridley

Granite Countertops – Care and Stain Management

Granite countertops can be a beautiful accent to your kitchen. However, with this type of investment comes the worry that if something happens how will you clean it properly and keep the beauty of your granite countertops looking new.

Agents that Stain your Granite Countertops

As a granite countertop owner, or someone that is considering the installation of granite countertops, you will want to make sure that you understand how your countertops need to be treated.  Knowing what can damage your granite is the key to keeping it looking good.

Some of the most common agents that can stain your granite countertops include blood from raw meats, acidic foods like lemons and vinegar, and even wines, especially light or white wines. All these items can soak into the pores of the granite leaving stains and possibility producing a foul odor. Other common staining items include orange juice, coffee and cream.

Preventing Stains on your Granite Countertops

Once you have installed granite countertops, you will want to do a few things to ensure you are protecting them from possible staining. One of the best ways to do this is to seal your countertops biannually or as needed. You can find granite-sealing products where you purchased your countertops or even local hardware stores. Granite is extremely porous so without being properly sealed, you can risk having you countertops easily stained or watermarked.

It is also imperative to clean your granite countertops regularly after each use. Never use abrasive sponges or cleansers on your countertops. Clean granite with mild soap and water and a soft towel. Cleaning immediately after use will help keep your granite in good shape.

Stain Removal on your Granite Countertops

Of course, no matter how careful you are, you may eventually end up with a stain on your beautiful granite countertops. Should this happen it is best to address the stain as quickly as possible to have the best chance of effectively removing the stain.

A common agent that helps to remove stains from granite countertops is acetone. Acetone is helpful in removing peanut butter, cream, and fruit juices as long as you follow specific directions on how to use the acetone effectively on your countertops.

If you have decided to have granite countertops in your home, understanding how to use them and clean them properly can be the best way to ensure your granite countertops stay beautiful for years to come.  This video can help you see how to remove stains from your granite countertop as well as cleaning tips for basic upkeep. 

Tips for Choosing a Home Inspector

by Randy Gridley

Tips for Choosing a Home Inspector

Finding a home inspector can take some time. If you have never used one, then you may be a little confused about how to choose a home inspector that will be the best for you. Consider these tips when choosing a home inspector for your home.

Experience – You will want to hire a home inspector that is experienced. This means that you want someone that is a full-time home inspector and has logged hours conducting home inspections.

Knowledge/Training – When hiring a home inspector, it is good to ask them about their credentials. You will want to know about what certifications they have attained and what training they have received. Some may have a degree in engineering or architecture or a background in general contracting. Professional affiliation is something to ask about as well. Many reputable home inspectors are affiliated with professional organizations such National Association of Home Inspectors.

Referral – It is best to pick a home inspector that someone you know has referred to you. If you have someone that has used a home inspector in the past, you will want to talk to him or her. If you do not personally know someone that has used a home inspector, you can talk to your real estate agent, as he or she likely will have a list of home inspectors from which you can choose.

Cost – Cost is always a factor to consider when hiring a home inspector. Generally, there will be a common “going rate” in your area for a home inspector. Almost all realtors will tell you to get a home inspection and, if you choose not to, they will ask you to sign a form that says you do not want a home inspection. Cost is a factor, however, so go with your gut feelings and pick the one with the most knowledge and experience.  Buying a home will probably be one of your biggest investments in your lifetime. It is a good feeling when you know there are not issues with your new purchase.

Once you have considered these factors, you will be able to find a home inspector that will be able to provide you with a professional report.  This report will give you a clearer overall understanding of the condition of your home so you can make an educated decision on any necessary repairs, renovations, and updates.View below some current short sale listings updated daily provided by IDX/MLS under $250,000 within the last 10 days:

Short Sale Homes in Boise Idaho

3 Things to Look at When Viewing a Home

by Randy Gridley

3 Things to Look at When Viewing a Home

With a few clicks of your mouse, if you are in the market for a new home, you will likely be viewing many homes available on the market. It is good practice to make yourself a list of things to look at when viewing properties so you don’t miss anything. Consider adding these three things to your list.

  1. Location. Do you like the location? How near is it to amenities you like to utilize? Is the school close?  How close are the highways?
  2. Neighbors. Who lives next door? Are the surrounding homes comparable? Are there any run down homes nearby?
  3. Homeowners Association. Does the neighborhood have a homeowners association? What are the HOA limitations, requirements, and costs?

When you go to view homes, make sure you take notes of things you notice about the property as well as the surrounding area. Drive by the home during the evening and look at the house in the dark. Also consider visiting the neighborhood on the weekend. This will give you a better idea of what goes on in the neighborhood when everyone is home. Don’t be afraid to drive around the neighborhood and stop and talk to neighbors. Speaking to the neighbors can be a great way to find out if the area is one that you and your family will love.

Here are a few home listings in Boise, Eagle, Meridian Idaho market within the last 7 days from IDX/MLS that are active, current, and updated daily under $200,000:

Fannie Mae Predicts 2012 Growth

by Randy Gridley

Fannie Mae Predicts 2012 Growth

According to Fannie Mae’s Economics and Mortgage Market Analysis Group, 2012 should bring “moderate growth” to the US economy. With an improved job market and a good start to the 2012 housing market, it seems that the economy is on the upswing.

What does this mean to the homebuyers and sellers? It means that 2012 may bring a better housing market to both sides.  The seller may find he can finally command a little higher price and may have more buyers vying for the sale.  While the buyer may find a little less of a buyer’s market but the availability of more conventional homes as people begin to sell again.

Boise Real Estate - Meridian Real Estate

View some home listings under $200,000 that have been listed in the last 7 days from Boise real estate and meridian real estate market furnished by IDX/MLS that are active, current, and updated daily:

Displaying blog entries 1-10 of 13

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Randy & Doyelene Gridley
Silvercreek Realty Group
1099 S Wells St. Suite 200
Meridian ID 83642
Randy's Direct Office: 208-859-7060
Fax: 208-323-8081

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