Comments for Idaho Real Estate Tools and News» |Idaho Real Estate Tools and News

Comment on Buying a foreclosed home 101 by propinv001

propinv001 — Mon, 08 Mar 2010 21:36:41 +0000

On the national scene many banks need to get their portfolio’s in order to meet the new regulations dictated by the Fed. In doing so it is forcing many national lenders to truly evaluate their portfolio’s and make decisions accordingly. So, there may not be a significant amount of small lender loans selling for significant discounts, but on the national stage there are a significant number of loans being offered way below market so these lenders move the inventories they need to move and take bad debt off their books and convert it back to liquidity.

Comment on Buying a foreclosed home 101 by Matthew Le Baron

Matthew Le Baron — Thu, 25 Feb 2010 20:33:04 +0000

Thank-you for the insight. However, I have found when that banks selling homes at auction here in the greater Nampa-Boise Metro Area refuse to sell for less than what is owed. Typically, what is owed is 20% (or more) above market value. Have you found this to be the case or have the banks been altering their strategies?

Comment on Buying a foreclosed home 101 by propinv001

propinv001 — Thu, 25 Feb 2010 19:50:17 +0000

The only problem that I have with your argument is that most of the online REO, and Real Estate Note Auction websites are selling directly for the bank, or mortgage note holder. These are mechanisms where the bank can maximize its value under auction. Yes these require due diligence, research, and investigation, but this also does not preclude the use of a realtor provided an appropriate relationship agreement can be reached between both parties.

More of these sights are now beginning to offer more in depth content related to tools for doing your research and investigation as well, but whether the investor is using a real estate agent or doing the research themselves any investment requires due diligence and an understanding of the markets where the property is located.

Comment on Another Perspective on the Market Turn-Around . . . by ucvhost

ucvhost — Mon, 08 Feb 2010 09:18:17 +0000

Resources like the one you mentioned here will be very useful for me!

Comment on Good news, eh? Foreigners return to real estate by Matthew Le Baron

Matthew Le Baron — Fri, 22 Jan 2010 01:25:22 +0000

Tenley,

Thank-you for the comment!

Obtaining financing has become very difficult as of late with all of the new restrictions. However, I do know that foreigners are able to obtain financing as long as guidelines are met. From what I understand, any US Citizen must file a tax return even if the citizen is exempt from paying taxes. That may have been an issue since guidelines require all borrowers to provide form 4506T for which allows any lender to verify tax information.

No, I do not agree with this requirement yet understand the added restrictions initiated due to the mortgage fraud of the past. There is no evidence that foreigners are a “default threat”–it just comes down to the lender guidelines. Finally, I do not feel that abandoning the requirement will create a higher influx of 2nd home purchases yet am a strong proponent of fair lending practices.

Last May a home was sold to a US Citizen that works in N Korea as a teacher. He was able to obtain financing through First Mortgage Company of Idaho. I would highly suggest that your friends from Dublin contact Marc Mitchell at this firm to discuss options. Contact info is below:

Marc Mitchell
First Mortgage Company of Idaho
208-475-5319
mmitchell@firstmortgageco.com

Comment on Good news, eh? Foreigners return to real estate by Tenley Bedard

Tenley Bedard — Thu, 21 Jan 2010 18:29:51 +0000

Matthew,

I recently had friends in town from Dublin; one of them being an American who was raised in Boise.

They were looking into purchasing a place in the north-end as an investment property, but were unable to acquire a mortgage loan as neither has paid taxes in the US within the past year.

Do you agree with this requirement? Is there any evidence which shows that foreigners have been or ever will be a major default threat? Furthermore, would abandoning this requirement create a greater influx of second-home-buying?

Regards,

Comment on New RESPA regulations may slow real estate recovery by SacRealEstate

SacRealEstate — Tue, 19 Jan 2010 04:05:13 +0000

I love this blog! I think it is a great resource on Mortgage News. I came to this blog searching for respa changes and I have to thank you for the information- it really answered my question.

Comment on Idaho ranks sixth in 2009 per-property foreclosures by Yeisley Selected by FC Dallas in 2010 MLS SuperDraft (GoPSUsports … | FC Dallas MLS Announcer

Fri, 15 Jan 2010 02:53:19 +0000

[...] Idaho ranks sixth in 2009 per-property foreclosures|Idaho Real … [...]

Comment on Another Perspective on the Market Turn-Around . . . by Ben Janke

Ben Janke — Tue, 15 Dec 2009 02:00:35 +0000

Nice post Matt. It is nice to see the market looking a bit better. Any good news is welcome these days.

Comment on Foreclosures down 13% in the Treasure Valley! by Kevin Simpson

Kevin Simpson — Mon, 14 Dec 2009 14:43:02 +0000

That’s great news! In fact all real estate market is celebrating a november with down numbers