Sun Valley, Idaho

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Short Sale 101

Here is a pretty interesting article from a mortgage broker in Boise, named Shanna Wroten-Tucker.  If you want to give her a call here is her contact information and bio. Enjoy this guest article:

Is it better to give my house back to the bank or short-sale it? As a mortgage professional, I hear this question all the time from real estate agents and frightened homeowners.

I have to preface this article by stating that loan guidelines and credit scoring algorithms change frequently… please bear in mind, what’s true today might be different tomorrow. Adding to the confusion is the fact that many lenders impose more restrictive guidelines than those referenced below. Having said that, here is a basic guide for those facing short-sale or foreclosure:

Short Sales and Short Refinances

When a bank agrees to settle for less than the full amount owed on a loan, otherwise known as a “short sale” or a “short refinance” it will typically Read the rest of this entry »

Sell or Rent?

No one wants to sell their house at a loss, but in this economy, no one is coming out on top. What can one do? What many people don’t realize is that selling isn’t the be all, end all. An increasing number of homeowners are starting to rent their properties. But how do you know whether you should take the plunge and rent your house or stick with selling? Vera Gibbons from Real Estate on msnbc.com outlines the factors you must consider:

Crunch the numbers

Calculate your carrying costs: your mortgage payments, taxes and insurance. Compare that number to how much income your are expecting to receive from renting out your place. Would you come out ahead? Ideally, the rent should be at least 125 percent of your mortgage payments to make it a sensible option. Read the rest of this entry »

Welcome Summer Intern Kate Brittingham.

KateSo I posted an ad in the  Sun Valley Online classifieds.  Looking for a summer intern who was interested in learning all about real estate in exchange for helping me with some of my work around the office.  I never really expected to get any response.  However, a few weeks later I received an email from a girl in Nigeria who said she would be in the valley for the summer and would be interested in the job.

My first reaction is she was posing as the niece of the Prince of the Federation of  Zumbajari and she needed to immediately transfer $14,000,000 into my account before hostile warlords raided her palace.  The African email scam deal you may have seen.   I was wrong.

Turns out she was really a high school student in Nigeria and her parents had a second home here in Hailey.  Right next door to my house, in fact.  I even knew her parents.  Her dad works in the oil industry, and they were actually living in Nigeria for his work.  Small world.  Even smaller valley.

Once she was back in town, we met and decided to Read the rest of this entry »

Done Deal…301 Industrial Park Way Bellevue

light Industrial commercial property in Sun ValleyLight industrial vacant land.  Not exactly a hot bed of activity in the local real estate market.  Not too many developers (read: none) are breaking ground on new speculative projects.  Even fewer owner/users are expanding or building new facilities for their business.

Which is exactly why my client got such a great deal when he purchased this lot.

Way out Glendale Road in southern Blaine County is a nice little light industrial park called the Brown Subdivision.  It’s near Webb Landscaping, Burks Excavation and Frankin Building Supply.  It used to be next to KD Excavation and Starheat Masonry but they have left (another story Read the rest of this entry »

Second Home Mortgage Interest Deduction?

Question:  Can a person deduct the mortgage interest on a second home or condo?

Answer:  In general, yes.  As long as the debt on the first home and the second home combined does not exceed $1,000,000.

It Was An Inside Job.

You should check out the movie Inside Job.  It’s  a documentary about the mortgage mess we have been dealing with for the past 5 years.  Government deregulation, greedy bankers, academics posing as financial consultants and the “Wall Street Government”  that has driven national and global economics condition into the ground.  Both in the past and evidently, even today.  Curl up on the couch with a bowl of popcorn this week end and let me know what you think.  It’s narrated by Matt Damon, too.

Do Home Buyers Have Amnesia?

Does the world have amnesia?  I don’t understand why I am still seeing advertisements for 100% mortgage financing.  Did everyone forget what happened a few years ago?  What is still happening today?  Our global economy darn near collapsed because of 100% financed, adjustable and seriously questionable lending practices.  Why would financial instituions even consider offering mortgages of this kind?  Even Fannie Mae still has a 3% down payment program.  In my opinion, loans like these stand to throw consumers back into the fire that they are still smoldering from.  It’s nuts.

The good thing is that we do have some new rules, regulations and restrictions that should help to shape lending practices going into the future.    Hopefully, higher down payment and mortgage insurance requirements will be necessary to keep consumers from getting mixed up with an economically foolish home loan.  Don’t get me wrong, I want people to be able to buy a house without excessive fees and costs, but not if it will cause the nightmare many of us are currently living.  New regulations and documentation requirements will hopefully  ensure consumers are informed about what they are signing are comfortable with their commitment to pay.  It could cost timing for a loan to be processed and approved and fees might be higher but I think it will be worth the extra effort and will be good protection against another mortgage crisis.  That being said… want to go check out a few properties?!

Sweet Sun Valley Aerial.

This is one of the best Sun Valley Aerials I have seen.  Great views of all of Baldy, Warm Springs, Big Wood area and golf course,  Saddle Road, Northwood area, downtown and West Ketchum and the White Cloud golf course in Sun Valley.  Now that’s some real estate.

Sun Valley Idaho Aerial Photograph

Rates Are Driving the Deals.

rate increaseIt seems to me interest rates for mortgages are new jobs are going to be what helps to drive our market forward and get people off the fence.  Because even though our market is improving, it’s not improving at warp speeds.  So what’s going to get buyers off the fence and into the market?  The fear of rising interest rates.  In other words, mortgage interest rates stand to increase quicker and higher than prices of homes.  So buyers are more likely to jump into the market to hedge against rising interest rates rather than rising home prices.  Make sense?

477 Emails!

Real Estate Email Deal in Sun Valley On a recent deal I closed, there were 477 emails sent as part of the transaction.  477 emails.  That’s a lot.  Most of the emails were  between the buyer and me.  But there were also quite a few from the listing agent and the title company towards the end of the deal.  And that doesn’t even count emails I sent to other agents about other properties during our search period before we found the property we actually bought.    By the way, I didn’t count them all myself.  Microsoft Outlook does that automatically.  Want to try to top that number?  Email me at jamie@coulterproperties.com

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