Meridian Idaho Real Estate ~ Pam Pugmire

So you want to buy an Idaho Bank-owned (REO) or Short Sale property? Great! Bank-Owned and Short Sales are a great place to look when buying an income property or a personal residence.

Idaho Bank-Owned and Idaho Short Sales are slightly different than a typical transaction. Here are some tips so you can be prepared to jump at those great deals when you find them.

1. Get Pre-qualified! All bank-owned and short sale properties require a pre-qualification letter to be submitted WITH the offer. This pre-qualification letter needs state that the lender has verified your income, debt ratios, and credit rating. (Some owner/banks~ Countrywide, Wells Fargo~ require that you get pre-qualified with THEIR bank. You can get the loan from any lender you choose however.) So get into your lender today to get all the information to them they will need to pre-qualify you. Then when you find the right property, you will be ready to go! ..............Go to my website to read the entire article.

Visit the Idaho Bank-Owned/Foreclosure page of my website for Free Foreclosure List. If you see one that you're interested in, call or text me at 208-921-4800. Most of these homes can be view same day.

I look forward to hearing from you.

Pam Pugmire

Idaho Real Estate

Bridgetower Real Estate

What is an Idaho Short Sale?

A Short Sale is when you need to sell your property but you owe MORE on the property than what you could sell it for. You are asking the lien holder (Bank) to accept a lesser amount as payment in full.

Let's say you bought your home in 2006 and paid $300,000 for it. You mortgaged $285,000. Because of a legitimate hardship, you can no longer make your payments. You MUST sale or you will be foreclosed on. Your home can now only be sold for $250,000. After selling expenses, you would have approx. $230,000 left to pay the bank. So, you would either have to bring $55,000 to the closing table, ($285,000-$230,000=$55,000) OR, ask your lender if they will accept $55,000 less for the note. If the lender accepts, that is a short sale.

Why would a lender want to accept an Idaho Short Sale? Foreclosure is a time-consuming and expensive process for lenders. Many times, lenders recognize that if they accept the short sale, their company will actually loose LESS money than if they foreclose on the home. It is better for their bottom line.

Are all homes eligible for a Short Sale? No, there must be a legitimate hardship, or some reason that you cannot continue to make the payments on your home. Also, there are many different lenders, and each one has different criteria for which Short Sales they will accept.

Does the homeowner have to re-pay the "short" amount? Sometimes (but many times not) the lender will require a homowner to sign a note for all or some of the deficit amount. It is based on your ability to pay. Signing a note however, is a much better situation than having a Foreclosure on your credit history.

Do I have to be behind in my payments? Not always! Each lender is different, and each short sale is based on your financial situation. If you won't be able to continue making your payments, call to find out. Taking action sooner is always better!

If you want to know if you would be eligible for a short sale, please contact me. I will assist you in a professional, confidential, and non-judgemental way. I am here to help you avoid foreclosure!

Visit my Idaho Short Sale page to request an Idaho Short Sale listing package.

Stay tuned for more installments of "Idaho Short Sale~Common Questions"

Pam Pugmire

Bridgetower Real Estate

(208)-921-4800

This information is not intended to be legal or tax advice. I recommend you contact your attorney and/ or accountant for specific legal and tax questions.

Foreclosures are on the rise across the country, and Idaho is not immune to this trend. The Idaho Business Review recently reported " Idaho ranked 10th in home foreclosure rate in November, with one of every 479 households in some stage of foreclosure,"

This means more and more homes in Idaho will be sold in some type of distress; either as a pre-foreclosure or short sale, at a Trustee's sale, or as a REO or Bank owned property.

As a result, I am writing a series of articles, aimed at explaining the Foreclosure process in Idaho.

To read previous articles, go to

• Is buying a bank-owned, short sale, or foreclosure in Idaho a good idea
• Idaho Foreclosures, Short Sale, and Bank Owned properties.....What are the differences?

This articles will address the Trustee's Sale, and will cover the following topics.

What or who is a Trustee?

What is a Trustee's Sale?

Can I get financing for a home sold at a Trustee's sale?

How do I find the date, time, and location of a Trustee's sale?

How do I know what the minimum bid will be?

Can I get into the property to look at it before I attend the sale?

How do I know which Deed of Trust is being foreclosed?

Read the full article at the Idaho Real Estate Scoop!

I hope you find this information helpful! Please feel free to call or text me with any additional questions!

Pam Pugmire

Bridgetower Real Estate

208-921-4800

The number of default filings in the greater Boise Idaho area has been at record levels the last few months. The Idaho Business Review recently reported that "Default filings totaled 575 in October in Ada and Canyon counties combined, IdahoDataProviders.com reported. The 22.6 percent increase from September's 460 filings marked the highest month-to-month gain ever recorded in the Treasure Valley, the company said, and compared to the previous single-month record of 483 in August of this year." Now, all of these properties will not end up being Bank Owned, but many of them will. This presents a huge opportunity for investors and home buyers alike to buy homes at great prices!

To assist buyers find these properties, I have posted an Ada County Bank Owned/Foreclosure list on the Idaho Bank Owned/Foreclosures page of my website! Check back often as I post updated Idaho Bank Owned lists frequently. And did I mention that this list is FREE!!!

Buying Idaho foreclosure homes can be a little different than your typical real estate transaction. To learn more about the Foreclosure and Short Sale process in Idaho, please visit my blog for helpful articles.

Pam Pugmire

Bridgetower Real Estate

208-921-4800

October 2008 Boise Idaho Metro Area market reports

are now available on the Idaho Housing Market Reports Blog at

.

My comprehensive reports not only include numbers of sales and active listings, but also Average sale price, Median sales price, and Absorption Rates.

You can also find market reports for previous months to compare market activity.

You will find monthly market reports for

Boise Idaho

Meridian Idaho

Eagle Idaho

and Nampa Idaho

If you have requests for market reports for specific neighborhoods in these areas, please call or text me, or leave that request in the comments section. Feel free to call me with any questions about Idaho Real Estate. I hope you find this information helpful in your Idaho Real Estate decisions.

Pam Pugmire

Bridgetower Real Estate

208/921-4800