Bev Boeck

See the Local Boise News Channel Six Video here, and read the related article from the same source as well. Lots of concerned citizens of Eagle (and beyond...Star) watching this, and attending meetings such as the one held this morning at the Department of Water Resources, to voice their opinions.

Have you driven up that way lately? Head up Highway 55, and shortly after you pass Shadow Valley Golf course, you'll see where the planned 6000+acre development is proposed to be. It does look like they've gotten a bit further with it than the proposal stage; you can't miss it.

Keep your eye on the ball--the issue is the water. How will Eagle's property values fair if we have a water shortage, or even a lengthy battle over water? Hmm.....

The answer to the first question is...MAYBE. And, you only find out the answer to the second question if you buy the property.

You know the scenario: the house is listed at a great price; you drive up on the house, great curb appeal, little bit of yard work needs to be done (maybe even a lot!), and we get ready to go on in, since it is vacant and the lockbox is just beckoning to us there in the car. Oh, wait...the asking price is $289,000, but last year's taxes are based on a value of a whopping $385,500! The inevitable scary looks prevail, followed by the question, "What does it take to have that reassessed Bev?"

Well, turns out that in Ada County there isn't a form to fill out. There's no hotline, or definitive process, however, there are definitive timelines and some possibilities. Moreover, you really only get to find out the answer to your big question after you buy it--not "if."

To get the public record information most easily, check out the Ada County Assessor's website so that you truly know what numbers you are dealing with. First, if you noticed that the property had no Homeowner's Exemption on the public record, and if you close on the house in the example above after April 15, you are out of luck as far as getting the exemption for that year--the year in which you close. But "it would be a good idea" to file for it so that you can get it for the following year. Remember, Idaho is a non-disclosure state, and if you aren't clear as to what that means (especially prior to closing on a house!), ask your licensed real estate representative--she should know this!

Each year, a property's value is reevaluated ("revalued") as of January 1st of that year; a process which is completed by the time notices go out to property owners in May. Know that by law, property must be valued "at market value," and the notices only go to property owners. Also, there are approximately 35 or so appraisers who currently work at the Ada County Assessor's office.

So, if you end up buying that house for say, $285,000...and you are ecstatic with the joy of "getting a great deal" but a little bit concerned about the possibility of bringing that property tax bill down, you probably should be concerned.

Nothing is for sure, but logic would have it that you can take (or make) an opportunity to first, sit down with the appraiser for that area to try to work it out. Again, no set process, but typically you would make an appointment and go prepared to work out your concerns--in this case perhaps something like, "The house was being assessed at $_______ and we bought it for $_______." And maybe even, "Here are some comparison listings of recently sold properties in that area from our real estate broker as well..."--Whatever you can bring to the table that supports your idea of decreasing the valuation.

If you are not satisfied with the outcome of the chat with the appraiser, you are then at liberty to appeal to the County Commissioner's office in June.

As you can tell, there is a lot of this going on--selling for less than assessed value--and just as the banks have backlogs of distressed properties to try to "work out," there is a backlog in the assessor's reevaluation category of the real estate world, and you might also want to go to the appointment with patience. Just to reiterate: no set process, no forms to fill out and send in, and no sure thing. *If you are hearing otherwise or are unsure, you might want a second opinion. And, you might want to call the Ada County Assessor's office yourself to ask your questions: 208-287-7262.

Certainly, you'll want to work with an agent/broker who either knows this, or is happy to find out more. Good luck!

BB

First, let me point you in the direction of a very funny video: sent to me by someone on Twitter, and I couldn't help but smile. Whether you are a po-ta-TOE or not, you might get a chuckle out of it. Positive vibes are where I'm at to wind up the week. Looking forward to some Spring-time "absorption" of inventory one way or another, and so begins another Real Estate-hoppin' weekend.

More ideas for positive thoughts:

• Speak aloud (right now!) about how grateful you are; about anything! You might start with your/friends/relatives good health...
• Think of everything you have to do as an opportunity, and think of everything you want to do as a mini-vacation that is a direct result of those opportunities.
• If you don't know, ask. When you find out, or when you just know...share! Sharing your knowledge and/or experience makes you feel great!
• LAUGH...find something to laugh about, and if you skipped the video linked above, you might start with that!

BB :-P

*Here are a number of little known or remembered facts, primarily from Idaho code, on foreclosures in Idaho. I picked these up yesterday in a CE class, and will throw out the disclaimer that I am not an expert in these (or any) matters of law; I'm a real estate broker who took notes in a class yesterday. If you have questions, by all means consult a real estate attorney. And, if you already know this, share! :)

• Taxes are a lien. If the previous year(s) taxes have not been paid, the "buyer" has to pay them up current in order for the sale to be transacted.
• Bankruptcy actions have the "power" of automatic stay over a foreclosure; this means all civil suits, which is what a NJForeclosure is, must be frozen.
• An active member of the military cannot be foreclosed on.
• An IRS tax lien can be placed on people, therefore their property. The IRS is the only junior lienholder with the right to sieze the property, and can do this 120 days from the sale date. This is also why a property cannot be sold as REO (Real Estate Owned by the Bank) until 120 days elapse after the foreclosure--the IRS can still come back and sieze it during that period.
• After a Notice of Default is recorded, the borrowers have at least 115 days to bring it current. There must be at least 120 days from recording of the N.O.D. before foreclosure by statute.
• In Idaho the Notice of Trustees Sale will note the day an time, Monday through Friday, between 9a.m. and 4p.m. (4p.m. so that it can be recorded) in the office of the Trustee or on the courthouse steps.
• Just before the Trustee's Call of the sale, all bidders must be qualified, which means they have to show evidence of certified funds, and cash qualifies as this as well.
• At the end of the Trustee's Call of a foreclosure sale, the deed transfers title to either 1) the bank as REO, or 2) to a 3rd party.

We concentrated on timelines and trends. For example, two years ago, the number of days a borrower could be delinquent on his/her payments was 180 days. Now, the trend is more like, 7, 8, even 9 months.

IAt first in a non-judicial foreclosure, which is what you generally have with deeds of trust, the Notice of Default is recorded; this starts the clock or timeline. From here, at least 120 days before the sale date the Notice of Sale much be mailed by certified or registered mail to various parties--several, but in particular, the grantors/Trustors named in the deed of trust. Then, at least 30 days before the sale date, Notice must be served on an adult occupant of the property, or the property must be posted, and a copy of said notice must be published once a week for 4 successive weeks.

At least 20 days before the sale date, an Affidavit of mailing notice of sale, plus an affidavit of posting (if it was required) and publication must be recorded.

After all of this, we go to the date of sale and the Trustee calls the sale on the date, at the time and place the sale was published to be.

Sounds pretty cut and dried? Not...of course. There are lots of reasons a sale can be "stayed" (frozen/delayed) and the timeline can start over or a portion of it can start over, after a major delay.