Sun Valley, Idaho

Archive for the 'Seller Information' Category

Tales From The New Guy!

Brian Kriesien Head ShotAfter 16 years of being my own boss as a restaurateur, I’ve changed careers and am now a licensed realtor!  Everything is new.  New products.  New lingo.   New protocols.  New associates.  The list is long, but I’m excited, enthusiastic and eager to become a high producing agent.

Last week, I took some new clients, along with their four year old daughter, out and showed property for the first time (yet another new).  Naturally, I was a bit nervous, but mostly thrilled, as I pulled up to my very  first showing.  These days, most homes have electronic lock boxes that open with a key you insert into your Iphone.  Once your key registers on your phone, you simply point (and shoot) at the lockbox, the lockbox opens and out drop the keys to the house.

As fate would have it, I couldn’t get my key working properly and consequently, couldn’t get the lock box open.  Yikes!  Starting to stress and hearing my internal dialogue, “Are you kidding me?!?”  “Is this really happening?!?”

Well, because of my experience as a business owner, I’m used to problem solving on the fly.  So, trying to keep my cool, I began checking the doors for the off chance one was unlocked.  No such luck.  As I made my way around back, the four year said, “What if I go in there?!?” as she pointed to the doggie door.  YES!!  She crawled in and with a little guidance from outside she unlocked the door.

Shazam…we were in!!!  Needless to say, we had more than a few laughs.  The clients ended up loving the house and are about to write up an offer….all because of the dog door.

Accelerated Reverse Auction Starts Today!

Sun Valley Log Home Most everyone is familiar with a traditional auctions.  Well, reverse auctions are a different and interesting sort of beast. As a leading and widely accepted real estate site states, “The popularity of reverse auctions in recent years has increased, as auctions in general are becoming the preferred way of buying real estate and goods of all kinds.”

As the name suggests, reverse auctions are those transactions in which the roles of buyers and sellers are reversed.  For example, en a traditional auction, most commonly known as a forward auction, buyers compete to obtain a property, with the selling price increasing as the buyers keep raising their bids in an effort to outlast each other.  A real estate reverse auction, is just the opposite.  In the case of a reverse auction, the seller steadily drops their price until they find the price point. Sellers drop their price until they reach market demand.

Aside from the distressed property sales, the “reverse auction” is essentially Read the rest of this entry »

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 »

Buyer’s Market. Why Sell?

I think we can all agree we are in a buyer’s market.   So why sell your house right now?  Why would it make sense?

Selling in today’s means SELLING for less than you would have sold for several years ago.  That’s a given.  But buying today means BUYING for much less than you would have a few years ago.  In other words this market cuts both ways.  It can be a neutralizer or perhaps even an improved situation for a home owner.  What you may lose on the selling end, you can make up for on the buying end.

Possibly an opportunity to move into a better home in a nicer neighborhood for an equivalent monthly payment.  Plus, since mortgage rates are at all time lows, there is a good chance you would be able to lower the interest rate on your mortgage.

Would this make sense for you?  Would this be a good time to find opportunity in a tough market?  It’s something to think about.

It’s the ABC’s of real estate…..Always Be Creative.  Give me a call to roll around some ideas.

Done Deal…250 Cranbrook Road, Hailey

250 Cranbrook in Northridge Hailey Idaho250 Cranbrook in Hailey.  Located in Hailey’s most popular neighborhood, Northridge.

I like everything about this deal and here’s why.  The property hit the market on February 25th, 2011  at $585,000.  My clients had been seriously following the Hailey market for a long time for just the right property.  Nothing had quite fit the bill.  We dismissed this Cranbrook property because it was overpriced at $585,000.  So, we didn’t even look at it.

A few days later I was meeting them in front of a house in Deerfield.  Sitting in my car checking the “hot sheets”  on my i phone, I noticed Cranbrook had been reduced to $499,000.  Down from $585,000, which was a huge drop for just a few days after it was listed.

Needless to say, we flew over there to check it out.  And it turned out to be a great property match.  So we made an offer that same day and struck Read the rest of this entry »

All You Need to Know about Property Taxes and Assessments in Blaine County

If you are a homeowner in Blaine County, Idaho you may have some questions about the way your property is assessed. The assessed value of your home helps to determine how much tax you pay. All assessments should be accurate so that all taxpayers pay their fair share of the total property tax.
Most frequently asked questions about property assessment and taxes:

HOW IS PROPERTY ASSESSED?
Idaho law requires that all taxable property be assessed at market value each year. To do this, the county assessor develops valuation guidelines based on the sales prices and some of the features of homes that have recently sold. Some of the features that often influence what a buyer would pay for your home and land include size, quality, age, condition, and location.
The county assessor uses this information to estimate how much a buyer might reasonably pay for your home if it were to sell on January 1 of the assessment year.

WHAT IS MARKET VALUE?
Market value is the value that property would sell for in the open market. It is the amount of U.S. dollars or equivalent for which a property would probably exchange hands between a willing seller and an informed buyer.

HOW OFTEN ARE PROPERTY VALUES ADJUSTED?
The value of your property may change each year depending Read the rest of this entry »

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?

Done Deal. Win. Win. Win.

Hailey Idaho Commercial Real Estate and Property For Sale  Now this is a deal I like.  Not just a win/win deal but a win/win/win deal.  1141 Airport Way in Hailey.  A small, hard to find warehouse unit in the center of Hailey.  A perfect unit for an owner/user to have for their local small business needs.

This property was heading toward bank foreclosure with a local bank that I handle foreclosures for.  I was aware of the deal and was tracking its progress.

I was shooting the breeze with a good friend of mine, Paul Yelda of Rocky Mountain Appliance Service in Hailey.  (Call him for all your appliance service/repair/installation needs, they are the best.  Plus, he’s a great guy to whitewater raft with.)  He said he and his business partner and Dad, Joe, were looking for a warehouse unit for their appliance company to better warehouse and service their inventory of appliances.

Bingo.  Have I got the deal for you. We immediately drafted a Letter of Intent (LOI) to the bank that Read the rest of this entry »