Boise ID Real Estate & Meridian ID Real Estate Blog - Idaho Homes for Sale: August 2009

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 7 of 7

Part 1 , Part 2 , Part 3 , Part 4 , Part 5 ,Part 6

Part 7: Closing on a Bank Owned Property

The final step to buying a bank owned home is signing and closing is very similar other home buying transactions with one item to remember.....

The item to know about with the bank owned homes is pretty simple.....

Most banks have a three day review period worked into the addendum for review of closing documents.

Normal transaction closings will be completed when buyers funds are received and title is recorded. The three day review period ads a little time to the closing once the buyer signs all the documents.

In summary:

Yes, buying a bank-owned property has a few quirks to it....all the more reason to have a real estate agent working on your behalf to negotiate the best deal and keep you informed along the way. The purchasing power is amazing right now, especially with bank owned homes. Dont let the steps I have layed out scare you. Contact a buyers agent like me to guide you along....

Idaho Sunrise

 Buying a Bank-Owned Home For Sale - Boise Idaho Real Estate - Part 7 of 7

Sutherland Downs Meridian ID Real Estate - Patio Homes and Townhomes For Sale

Maintenance free living at its best! Sutherland Downs offer the best of locations and the best of builders: Ted Mason Signature Homes. 

What could be better than having the landscaping, sprinkling and snow removal included in the HOA fees?

Geared around giving you back the time it typically takes to maintain your home......

A three acre park with a picnic gazebo is at the center of this square block of patio homes and townhomes in Meridian ID.

Walking paths and plenty of shopping close by make this neighborhood a sure bet winner!

Minutes from access to the freeway and downtown Boise.

Minutes from St. Lukes Hospital, RC Willey's, downtown Meridian and much more.

Sell your lawnmower and check out the patio homes & townhomes in Boise and Meridian Idaho Sutherland Downs

Grade School: Lake Hazel  Junior High: Lake Hazel  High School: Mountain View 

Currently there are three move-in ready patio homes & townhomes for sale in Sutherland Downs. Prices range from $175,000 to $183,000. Choose from 2 or 3 bedroom with 2 bath.  

Map to Sutherland Downs

View all the Patio homes and Townhome listings 24/7 on Listingbook.  Idaho Real estate service  

Sutherland Downs Meridian ID Real Estate - Patio Homes and Townhomes For Sale

Buying a Bank-Owned Home - Boise Idaho Area Real Estate - Part 6 of 7

Part 1 , Part 2 , Part 3 , Part 4 , Part 5

Part 6: Importance of Checking/Reading Title Commitment

Most banks take a reactive approach when it comes to title issues. Anything beyond the norm on the title commitment will most likely delay the closing. 

 A few business days after acceptance, you will receive a document called the Preliminary Title Commitment. This is a document drawn by the title company that ensures you that the Title Commitment sellers actually own the house and have the right to sell it (very important information!). It also shows you if there are any liens or judgments to cloud on the title. The best advice would be for you to review this document with your attorney. If you have any question, myself or the title company may help you. You will have a timeframe as defined in the contract to review this document and communicate to the sellers if you have any problems with it.

Bottom line is this: You never know what is going to show up on a properties' title report. Review it and ask questions!

My clients can expect the title commitment to be emailed or hand delivered for review as soon as i have it.

Part 7: Closing on a Bank-Owned Property 

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 6 of 7

Strada Bellissima Meridian ID Idaho - Homes For Sale - Meridian Information

Strada Bellissima is a great Meridian subdivision in a great location South of the I-84 freeway. The short commute time to everything in the Meridian area is a big plus with this community. 

Local ammenities include:

• 7 acre Meridian Bear Creek Park
• 1/2 block from freeway access
• Roaring Springs Water Park
• Wahooz Batting cages, bumper cars,miniature golf
• 1/2 mile to Lowes,Walgreens
• Doctors, dentists office

All the park space and open area including a couple smaller subdivision parks with benches and picnic facilities.

The high build quality in Strada Bellissima is obvious as you first enter into the subdivision. All the homes are built with tasteful architectural detail on the exterior and throughout the majority of the home interiors as well.

Homes in Strada Bellissima are mostly 2000+ square feet. They are larger homes for the most part with 4 bedrooms +.

The active - Strada Bellissima homes for sale on the MLS range from $273k to $600k  

 The active listings home sizes run from 2700 square feet to 5435 square feet.

Grade school: MacPherson

Middle School:Lake Hazel

High School: Mountain View

If you like the quick access to everything location and a good sized home, Strada Bellissima might just be the answer for your next dreamhome.

Lots are available in Strada Bellissima for custom build jobs. Ranging from $45k to $70k in price. Lot sizes range from .20 acre to .32 acre.

For a copy of the HOA rules and current availability of Strada Bellissima homes for sale, contact the Strada Bellissima expert. 

Strada Bellissima Meridian ID Idaho - Homes For Sale - Meridian Real Estate

  Patio Homes - Townhomes - Maintenance Free Homes For Sale - Boise Idaho         

The Boise Idaho real estate market has a good number of patio homes and townhome developments. Prices can range from $130,000 to the $400,000 range

There are numerous advantages to buying a Patio Home or Townhomes in Boise Idaho -

• No landscape maintenance-
• Maintenance-free
• Entertaining floorplan layouts
• Reduced homeowners insurance
• Attached neighbor wall or not
• Proximity to Ammenities 
• Great 2nd Homes
• Great , relaxing patios /porches to entertain, read a book, etc.

As a Patio Homeand Townhomes expert in the Boise Idaho Area - I have knowledge and experience to find and negotiate a quality Patio Homes / Townhomes with you.

Whether you are looking in Boise, Meridian, Eagleor Nampa for a patio home......chances are, I can find it for you. 

Brand-new, pre-owned or build jobs.....the Boise area has the patio home or townhome you seek.   

Searching for patio homes / townhomes can be easy by using a simple Boise ID MLS listing search  

Ted Mason, Roth Homes, Blackstead Builders are a few of the quality, reputable builders in the Boise ID area. These top three builders are the easiest to work with if you decide to build a home

For additional information, pictures, video of patio homes / townhomes in Idaho, contact the real estate expert to find your next home!  

Why You Should Hire a "Buyers Agent"

 Patio Homes - Townhomes - Maintenance Free Homes For Sale - Boise Idaho          

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 5 of 7

Part 1 , Part 2 , Part 3 , Part 4

Part 5, Negotiating Inspection Items in Need of Repair With The Bank (Seller) 

Seller - bank - typically activates the utilities. If there is a septic tank, banks typically do not have record of last septic tank pumping. To know what is in the tank, you have to pay to have it pumped and inspected-it is a $$ risk but the only way to know what you have. If on a well, I typically run a cup of water from the faucet to the health district for testing.

Once you and your real estate agent have the inspection report in hand, it will be decision time if there are repair issues with the home you have chosen to purchase. From my experience, this is what I would suggest:

• Estimate the cost of repairs for the safety items and the not-so evident items when walking thru the home
• Real estate agent will write repair addendum with listed items in need of repair
• Last item on addendum should be: "In lieu of seller repairing above listed items, seller to credit $_____ to buyer at closing with buyer agreeing to make above listed repairs" 
• Be sure to include whole inspection report when sending repair addendum to listing agent

*By sending the whole inspection report, the seller - bank will now have full knowledge of all problems and repairs needed, thus putting the seller - bank in a bind........It makes sense the seller - bank will have to repair, disclose to NEXT buyer OR agree to credit at closing with you, the current interested buyer. It becomes a disclosure issue if they let you walk away.......make sense?

 You might as well try it, right?

Part 6: Importance of Checking/Reading Title Commitment

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 5 of 7

Buying a Bank-Owned Home in The Boise Idaho Area Real Estate Market - Part 4 of 7

Part 1

Part 2

Part 3

 Part 4 of 7 part blog on what I have experienced from a Boise ID buyer's agent point of view in working with bank-owned homes for sale in the Boise ID area. This is intended to help homebuyers to become better educated with the process of buying a bank-owned property. Short sale homes are in abundance right now but I have seen from experienced that the bank-owned homes are where you can currently get the most "bang for your buck" without wasting a whole lot of your TIME and emotions.

4. After bank acceptance...Getting thru the bank addendums to the inspection

Assuming you have received a verbal acceptance from the seller thru the listing agent; what you can expect next is an addendum from the seller, written by the sellers attorney. In this addendum you notice everything is spelled out from the sellers point of view. "As-is" is a repeated term.

It is VERY important to read the entire addendum. Your real estate agent will read it and be the second set of eyes as well. Emphasize your focus on the following:

• All Dollar amounts 
• All Dates
• Inspection section-wording
• Per Diem charge for going beyond set closing date 
• Closing costs breakdown in general-Who Pays What?

Dont overlook the bank or listing agent mistakes. When it happens, it tends to be mistakes in their favor. Reference the original Realtor-form offer for dates and numbers. A good Agent can walk you thru the addendum.

As an agent, I work with Realtor forms 99% of the time; forms I am familiar with. The bank-written forms are different with each particular bank. Most of the time I will take a couple hours to thoroughly go thru the addendum before I call to discuss it with my clients. It really is a crash course on learning what is written........Another reason why having a an experienced buyers agent on your side during negotiating is a must!

Keep in mind, the bank addendum will scream as-is all over the form. In part 5 I will give a few tips on how you get the bank to budge on inspection items in need of repair.    

  Next: Part 5, Negotiating Inspection Items in Need of Repair With The Bank (Seller) 

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Eric Bracht

Buying a Bank-Owned Home in The Boise Idaho Area Real Estate Market - Part 4 of 7

Motorcycle Accessories Nampa Idaho - Motorcycle Parts and Apparrel 

Summer 2010- Due to Leroy's retirement, Motorcycle Accessories has closed it's doors for good.

We'll miss you Leroy! Good luck in retirement and we'll see you at the Black Derby SIDRA events!

Motorcycle Accessories in Nampa, ID has been my one-stop motorcycle parts and accessories store for about 11 years. I love these guys because they have the personal customer service touch. The owner's wife actually made a baby blanket for my newborn. Very pleasant surprise! 

They are located at:

• 3116 Garrity Blvd Suite #1 Nampa, ID 83687  DIRECTIONS
• Call for hours - (208) 466-6630

Leroy or Veronica are the smiling faces you will meet when visiting Motorcycle Accessories.

Leroy carries a lot of inventory and parts in his store. If there is a motorcycle part you need and he does not have on hand, he'll be happy to order the part quickly for you. It doesnt matter if the part you need is a factory part or aftermarket, Leroy can get the part for you.

Motorcycle Accessories is the best accessory shop in Nampa by far. Drop in and see Leroy for all your motorcycle parts and accessories needs! Tell him you read about him on Eric's blog.

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AgentIdaho Homebuyer MLS Search

AgentIdaho Homeseller Services

Buyers Agent vs Listing Agent - Is there a difference?

Eric Bracht

Idaho Real Estate Consultant 

www.AgentIdaho.com

Market Pro Real Estate

208.991.4552

Eric@AgentIdaho.com

Motorcycle Accessories Nampa Idaho - Motorcycle Parts and Apparrel

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Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 3 of 7

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 1 of 7

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 2 of 7

Part 3 of 7 part blog on what I have experienced from a Boise ID buyer's agent point of view in working with bank-owned homes for sale in the Boise ID area. This is intended to help homebuyers to become better educated with the process of buying a bank-owned property. Short sale homes are in abundance right now but I have seen from experienced that the bank-owned homes are where you can currently get the most "bang for your buck" without wasting a whole lot of your TIME and emotions.

3. Making an educated offer on a bank-owned home for sale 

As part of the team effort, your real estate agent will check the sold comparables to be certain how the bank came up with the listing price. If they dont offer this info, ask for it.

When asked, I always seem to side on an investors' point of view of a house - Ex: Lot location and overall cost to restore home to move-in condition, resale in 5-10 years....... 

Two main questions to consider when making an offer:

1. Days on the market?
2. Existing Competing offers?

The bank will be more willing to entertain low offers if it has been on the market beyond 45 days. This seems to be the price review timeframe if they aren't getting any offers. If you come in too low and too soon, they will reject the offer-(depending on how low your offer is)

Competing offers throw a wrench into any slam-dunk low ball offers. When their is another offer, it is important to quickly get an offer in to the listing agent in order to be part of a multi-counter offer.(bidding) You have to get the offer in to the bank before another offer is accepted. Once offer is submitted, typically the bank will ask all offers to make a highest and best counter offer. The highest and strongest financing will usually get the acceptance.  

When my clients and I find a house they like enough to consider making an offer.....I will call the listing agent immediately to check if there are any offers currently on the table. This saves a lot of grief if the bank accepted an offer already. If the house recently came back on the market, I will ask why the last offer dropped. These days it is either because of financing or inspection issues. If the reason is inspection related, I always ask what the issue was for disclosure and due-dilligence reasons.

With the help of an experienced bank-owned buyer agent the process can be super smooth and easy.

 Part 4: After bank acceptance...Getting thru the bank addendums to the inspection     

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#1 MLS Buyer Search

Why You NEED a "Buyers Agent" 

Eric Bracht

Market Pro Real Estate

208.991.4552

Eric@AgentIdaho.com

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 3 of 7

Nampa Parks - Nampa ID Idaho -  City Parks with Volleyball and Frisbee Course  

I recently had to search frantically to find a replacement city park with a sand volleyball court . Another group had beat us to our regular volleyball court....

Great thing about the internet is the ability to find a replacement volleyball court quick.

Searching all the Nampa City parks and their ammenities, I discovered a really great website...

Nampa Parks website

West Park was the park we were heading to....It had the most ammenities:

• Two covered picnic shelters(w/water and power)
• Playground Equipment
• Softball Fields (four)
• Public Restrooms
• Concessions
• Basketball Court
• Jogging and Fitness Path
• Passive and Active areas
• Sand Volleyball Court
• Drinking Fountain 
• 9-basket Frisbee Course

This outing I was only playing volleyball. I plan to be back to West park to try the frisbee course 

There are many other city parks that look fun. The Nampa park system also includes a community pool 

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Eric Bracht is a licensed Idaho real estate agent in the Treasure Valley(Boise - Nampa - Meridian) area 

Visit www.AgentIdaho.listingBook.com  for an interactive, simple MLS property search

All Eric's real estate services

 "Buyers Agent" vs "Listing Agent" - What is the Difference? 

Eric Bracht

Market Pro Real Estate

208.991.4552

Eric@AgentIdaho.com

www.AgentIdaho.com

Nampa Parks - Nampa ID Idaho - City Parks with Volleyball and Frisbee Course