8229 Foothill Road in Middleton, Idaho
.55 acres, no rear neighbors and no CC&Rs
Own well and septic systems
3 bedrooms/ 2 bathrooms
Includes: sunroom, living room, dining room, eat in kitchen, utility room and all appliances. Move in ready!
Home has new interior paint, new carpet, tile backsplash and a water softner.
2 car detached garage
All of this for $97K
Call Michelle for your personal showign 208-340-1571
2 comments • Michelle Bailey • September 01 2010 02:38PMI’ve been advocating short sales and discussing all possible options with my client and a common question seems to be why short sale over foreclosure? Frequently it’s better for my client to do a short sale but why would a bank want to do a short sale? Do they marvel in the idea that they are “helping America” by processing these requests but secretly laughing as realtors bang their heads against the wall in hopes of finding relief for our clients? Do they toast each other as they go through the motions of reviewing a loan modification only to know that most fail in the long run because it’s a temporary fix?
So I ask…what is the motivation for a bank to do a short sale? It saves them time and we all know time is money. But I wonder does it really save them time? Hiring people to process loads of contracts and then to analyze if it makes better financial sense to accept this offer over another. Really if they can foreclose, go after the seller for the deficiency and get reimbursed for their loss (I love paying taxes for this one)…who makes out?
And let’s not forget about the fabulous OPTIONAL government program to help sellers with a short sale…HAFA. Maybe the bank participates…but maybe the investor backing the loan does not. Ahhh… what! So the bank (yes I know…it’s the investor silly) can pick and choose which loans participate and which do not?
How about this circle of fun! The First will not review the file until the Second releases their lien. The second won’t release their lien until an offer is received. So what should we do? Market the heck out of the property to get an offer or illegally manufacture an offer just to get the ball rolling (please don’t take that one literally. I’m not advocating illegal activities). Which of course then bogs down the entire system with a load of fake offers? Finally, the First refuses to postpone the auction date because of guidelines that allows them to be reimbursed for their loss if they foreclosure within a specific time frame.
Are banks publicly advocating helping homeowners with all these useless programs and silently laughing as they count their money? Why are our government officials so clueless? In ten years will we look back and say “What a textbook example of a public relations success story!”
3 comments • Michelle Bailey • July 15 2010 12:40PMFrom HousingWire
Fannie Mae (FNM: 0.9315 +0.16%) announced its version of the Making Home Affordable Foreclosure Alternatives (HAFA) program Tuesday, implementing the program for all conventional mortgages that are held in Fannie's portfolio, that are part of an mortgage-backed security (MBS) pool with a special servicing option, or that are part of a shared-risk MBS pool for which Fannie Mae markets the acquired property.
The Fannie Mae program takes effect August 1, 2010 and is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP) but were unsuccessful in obtaining one, Fannie said. Like the Treasury Department's HAFA program, servicers cannot consider a borrower for HAFA until the borrower is evaluated and eliminated from eligibility for a Making Home Affordable Modification Program (HAMP) workout plan.
Also like the Treasury program, Fannie Mae will offer servicers cash incentives for completed HAFA transactions, $2,200 for short sales and $1,200 for deed-in-lieu of foreclosure agreements. Borrowers are also eligible for $3,000 in incentives.
That's more than in the Treasury's HAFA program, where servicers are eligible for $1,500. Under the Treasury program, borrowers receive $3,000. In addition, the investor is also eligible for a maximum of $2,000 incentive.
Participating servicers will be required to report on their Fannie Mae HAFA activities to both Fannie and the Treasury and the program sunsets on December 31, 2012.
After announcing the program in October 2009, Treasury's HAFA program began in April. The Fannie Mae HAFA program is the latest in a string of programs designed to help borrowers avoid foreclosure. In addition to HAFA and HAMP workouts, Fannie Mae is letting some distressed borrowers stay in their homes as renters, under the deed for lease (D4L) program.
Under D4L, the homeowner-turned-renter is required to pay fair market rent to stay in their home for up to 12 months. The renter must have enough income to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but could include renters eligible for Section 8 payments.
Also, in March 2010, Fannie Mae instructed its servicers to consider an "alternative modifications" for all mortgages that did not qualify for a permanent conversion under HAMP. That "Alt Mod" program, which sunsets on August 31, 2010, is similar to HAFA.
Article from HousingWire
2 comments • Michelle Bailey • June 02 2010 02:36PMI attended a training class this morning offered through Idaho Housing and Finance Association (IHFA). One of the programs they discussed is the NEW Affordable Advantage Program. This program should be available next week...but you know how timelines roll! It is perfect timing considering that the USDA Rural Development funds have run out (they cater to different buyers anyway).
Here are some notes about this loan:
1 comment • Michelle Bailey • May 26 2010 03:55PMThe Ultimate Urban Challenge (UUC) course will navigate downtown Boise and its surrounding areas, focusing on area attractions and landmarks. The course will begin at the North End Zone of Bronco Stadium at Boise State University and end in Julia Davis Park. At the completion of each challenge, teams will be given clues to move on to the next challenge and eventually complete the course. Since the course is a secret, team members will be provided with the first challenge location at registration. At the start of the race, all teams will report to this location to complete their first challenge. After completing the first challenge, participants will then receive the next clue to their second challenge and so on. In addition to receiving the next challenge clue, teams will also receive a “piece of the puzzle” to confirm a challenge has been completed. Once all challenges have been completed, the obtained puzzle pieces will then be used to assemble the entire puzzle which will be required for completion of the race (Yes! This means a team’s time is NOT final until their puzzle is completed and the team has crossed the finish line).
I'm participating in an all day event to help raise money for the March of Dimes. This is an event that will take my team, the Boise Brigades, all around Boise via bike, putting together clues to solve the puzzle!
This is for a great cause and I'll hope you'll visit our webpage and make a donation. However, small or large....every penny helps!
Follow This Link to visit my personal web page and help me in my efforts to support Make-a-Wish Foundation - Idaho
0 comments • Michelle Bailey • April 05 2010 12:30PMIf you're looking to use the 100% financing program with the USDA Rural Development program
They have announced they will be out of funds at the end of April. Their budget doesn't get replenished until October. That could be an issue for buyers looking for 100% financing in specific areas. So if you've been waiting for the right time...NOW is the right time!
1 comment • Michelle Bailey • March 11 2010 02:23PMI've had a few people tell me their CPA says "Foreclosure...Foreclose...Foreclose" while the lawyers say "Short Sale...Short Sale...Short Sale". That got me thinking about the WHY behind their statements.
If you think about it, a CPA deals with the tax ramifications and the lawyer deals with the legal ramifications of your decision.
So I suggest you ask WHY. Why do you think I should let the home just foreclose? Does that person understand the additional ramifications of that decision? Probably not, which is why it's important to talk with a CPA and your lawyer. Maybe the tax ramifications are better than dealing with the legal? or the opposite.
It all comes down to making sure you UNDERSTAND the options available to you and how each one will affect you and your personal situation.
1 comment • Michelle Bailey • February 19 2010 03:18PMRegardless if you go through a foreclosure or do a short sale, you are responsible for the difference (unless the bank agrees to release you). Because it costs more money for the lien holder to foreclosure your deficiency is generally larger than if you do a short sale. Doing a short sale or Deed in Lieu (remember the lender must agree to a DIL just like a short sale) allows you to negotiate the terms of that debt. And a foreclosure DOES have a WORSE affect on your credit in the long term. The bottom line is that you as the seller has more control (and we all like to be in control of our lives) if you do a short sale.
It's also important to know that what worked for your aunt, friend or neighbor DOES NOT mean it's the best situation for you!
0 comments • Michelle Bailey • February 16 2010 03:08PMI'm very passionate about this topic so I'll be interested to see some of the comments I get back from others in my community.
In 98% of the cases, I STRONGLY disagree with sending the bank multiple offers on the same property. Allow me to explain why.
1. The contract is between the buyer and the seller, NOT the buyer and the bank. I understand this gets cloudy in some people's mind but I think it's made to be more complicated than it really needs to be. The fact that it's a short sale doesn't change the relationship between the buyer and the seller.
2. If we are sending multiple offers to the bank how can we expect them to make a decision when it appears that we clearly can't make one? Really it looks like we are sending everything to them so they can decide which is the best offer. Isn't that what we get paid to do...represent OUR clients the sellers? How much can we dirty the waters by adding additional offers. I personally would throw up my hands and say, "tell me when you're done sending offers and then I'll make a decision." If I wait a little longer maybe I'll get a better offer.
3. Some people may argue that they're required to send all offers to the lien holder. Is that in writing? What if your client doesn't want you to submit all offers to the bank? In Idaho, we are only required to present all offers to our client, the Seller. The lien holder is NOT our client.
4. Another argument I've heard is that it's in the seller's best interest to get more money. And I agree with that to a point. If you are representing the seller you should be negotiating the best offer up front. It does no good to submit low ball ridiculous offers. It wastes everyone's time and clogs the system. Hence the difficulty in getting "real" offers through. Let's say you have a decent offer and you send it to the lien holder. Three months have passed and you're still waiting for a response. In the meantime, you receive another offer that is higher and believe you should submit that to the bank instead. What loyalty do we have to the buyer that is taking a risk by submitting an offer on a short sale and waiting months only to find out someone came in with a higher offer at the last minute? I would think that idea would scare potential buyers. If we were practicing "normal" real estate that wouldn't happen. The second offer would be in back up position...which is exactly where it should be in a short sale.
We all as listing agents have the responsibility to represent our clients. Please remember our clients are the sellers, not the banks. The banks have enough people looking out for their interests...and I guarantee they're not hurting as much as they want us to think. When I'm representing the buyer I make sure to ask that no additional offers be submitted to the bank.
Maybe that's just me!
3 comments • Michelle Bailey • February 09 2010 03:24PMCanyon County’s home defaults had dropped off in the last few months of 2009, but they came back with a vengeance in the first month of 2010.
The county’s foreclosures hit a high in January, rising from 214 filed in December to 365 filed in January for a total increase of 70.5 percent, according to IdahoDataProviders.com.
“What this all means is that you should brace yourself for a double dip in the housing market in 2010,” Charlie Nate, president of the foreclosure-tracking company, said in a release. “Look for local prices to still fall another 7% to 10% starting in the next few months. A bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.”
Ada County’s number of foreclosures filed dropped 8 percent to 408 in January this year, a 19 percent increase from January 2009.
Short sales dropped 1.3 percent in the two counties in January, a lull which Nate calls the “calm before the storm.” He expects a new flood of short sales this year caused primarily by the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program, which must be implemented by April 5, 2010. The program requires each distressed property to first be considered for a loan modification, and then evaluated for a short sale or deed in lieu before a foreclosure can be initiated.
0 comments • Michelle Bailey • February 08 2010 07:07PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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