Idaho Places to Live

Idaho Short Sale vs. Foreclosure

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Idaho Short Sale vs. Idaho Foreclosure

 

 

With many Americans facing the very real threat of foreclosure, many are looking for ways to avoid it. One option, and a topic that has garnered a lot of industry interest, is a Idaho short sale. Idaho Short sales are becoming an increasingly popular, and common, foreclosure avoidance tactic for homeowners.

To help understand how a Idaho short sale would relate to, or differ from, a Idaho foreclosure, I have put together the graph below to help clarify.

Idaho Short Sales

At its best, a short sale can be a win-win for both parties buyers and sellers. For the seller, a Idaho short sale provides the opportunity to avoid Idaho foreclosure and the dreaded implications that a Idaho foreclosure brings, in addition to being able to return to home ownership sooner; alternately, the lender receives most of the value of the loan sooner, and avoids incurring additional legal or carrying costs while the Idaho foreclosure process plays out, which can sometimes even take years. And, frankly, Idaho short sales are great options for savvy buyers - but these buyers need to not only be looking for a bargain, but have the time and skills to negotiate effectively as well.

In conclusion – Idaho short sales do present a better option for distressed sellers than Idaho foreclosures. However, it is neither an easy or short process, and sellers should seek Hiring a Idaho Short Sale Specialist, Tax professional and a Attorney. I am a Idaho Short Sale Specialist and a CERTIFIED DISTRESSED PROPERTY EXPERT. I have the EXPERIENCE it takes and I have made a heavy investment in specific classes on all facets of the short sales process. There are so many things that go into a successful closing on Idaho Short Sales. I offer free consultation with you to discuss whether or not a Idaho short sale is the best option for you and your family. My services won’t cost you a penny! Fees are paid upon successful negotiation on the sale of your property by your lender(s). If you want to know if you are eligible for a Idaho short sale, please contact me. The sooner you call, the more options we have. I will assist you in a professional, confidential, and non-judgmental way. I am here to help you avoid foreclosure!

 

 

Yuri Blanco
RE/MAX Executives
(208)899-3352 CELL
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46 Eagle River Street Suite 130
Eagle, ID 83616

 

 

 

 

Credit Repair- Increase your Credit Score

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5 Steps to a Credit Makeover  

Credit is Money!  Think about it whether renting a new apartment, applying for a credit card, a mortgage or even Insurance (Yes Insurance!) your credit score will determine the interest rate or premium you are quoted.  Today your credit score is a filter that many industries use to decide if they want to do business with you and at what price. The most common credit score used and discussed is the FICO score, created by the Fair Isaac Corporation.  FICO is the standard for the mortgage industry as well as many others, and it can range from a low of 350 to a high of 850.  The higher the score the lower the interest rate you will be offered, potentially saving you hundreds.  In today’s market in order to purchase a home your credit score must be at least a 600.  How a score is determined is one of the most commonly asked questions.  While we do not know the exact formulas used by Equifax/Beacon, Transunion and Experian- the 3 biggest credit agencies that use FICO’s Standard of scoring, the following is what we do know…

 

Five Keys of a Great Score:

Your payment history, or how you pay your bills, makes up 35% of your score.  How much you owe is 30% and how long you have had credit is another 15%.  The type of credit you have and any new credit issued make up 10% each.  Factors that are NOT considered in this formula are your income, savings, age, race, geographic location or marital status.   Basically the score indicate your track record of making payments to companies you owe money to. 

 

1-Payment History: The largest factor is “paying your bills on time.” Having a late on your credit report means that specific account is 30 days or more past its due date.   The more lates you have the lower your score will get.  If you have a bill that is 60, 90 or even 120 days late your score will rapidly decrease.  As time progresses from the time you were late your score will improve over time.  The mortgage industry has two major thresholds when looking at late payments on your report: are they older than 12 months?  In addition, a mortgage late is much more serious than a credit card late.  If you have late payments in your history contact your creditors that have reported the late’s and request a good faith adjustment, this actually removes the record of late payments reported.  Be persistent but kind and polite, if they refuse to remove the late payments at first, remind them that you have been a good customer that would appreciate their help.  Call several times if needed ask for supervisors, persistence and politeness pays off.

 

2-Debt/Amount owed: While installment debt (auto loans and mortgages) are factored into your scores, it’s really your credit card debt that’s important. The balances that you carry on your credit cards can affect your scores almost as much as whether or not you make your payments on time.  This category calculates the proportion of balances to credit limits on your revolving credit card accounts- also known as Revolving utilization.  Simply put the higher your revolving utilization percentage, the fewer points you will earn in this category.  To determine your revolving utilization, you’ll need to add up all of your current balances and all of your current credit limits on your open revolving credit accounts (except home equity lines of credit).  This will give you your total revolving utilization percentage See example below:

Total Balances                       Total Limits                                Total Revolving                            Utilization %$10,000                    ÷             $20,000                       =                      0.50   x100                                50%

Remember, the lower your utilization percentage, the more points you’ll earn and the higher your credit score will be.   Having a credit card with a large limit can be a good thing as long as you are not near that limit.  To earn the most possible points in this category, you should try to keep your revolving utilization at 10% or less.  If you can’t reach 10% just remember that the lower the better. Another way of lowering your utilization is calling the credit card companies and getting your limits increased. How you pay your bills and your revolving utilization are by far the most important factors used to determine your score.

 

3- Duration/ Age of credit:  The age of your credit history is determined by the “date opened” on the oldest account listed on your credit report.  The older or longer a particular account is open and active the better your score will be, assuming of course good payment history on this account. There is not much you can do to improve this category just wait for it.  As your reports get older your points increase.  NEVER CLOSE OR REMOVE OLD, GOOD ACCOUNTS FROM CREDIT REPORTS.  If you have short or limited credit history ask someone to add you to their credit account as an authorized user or joint account holder, the activity on this account will then report to your credit report.  

 

4- Type:   Have a mixture of different types of accounts in your credit report.  This includes Mortgages, auto loans, installment loans, credit cards, etc.  If your credit report is dominated by one type of account or lack of others, this could negatively affect your credit score.

 

5- New Credit:  When you apply for credit you are giving the lender permission to pull your credit reports and credit scores.  Each time this happens, your credit report will reflect what is called an “inquiry.”  To do good in this category only apply for credit when you really need it. 

 

Monitor your credit at a reliable site like AnnualcreditReport.com  twice a year and report any inaccurate information to the payee and credit agencies.  If you have poor credit history or if there is inaccurate information on you reports you may want to seek help from a credit repair company.    Point Gain is a local credit repair company here in Idaho; Contact them for additional information.   No matter what has happened to your credit in the past there are always ways to turn your credit around in the right direction.  Make sure and contact your financial adviser or mortgage lender for any additional questions you may have.

 

Once you and your credit are in a position to purchase a home  you can start your search here at www.IdahoHomeShop.com or contact me today!

 

Yuri Blanco

REALTOR, GRI

RE/MAX Advantage

(208)899-3352 CELL

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$8,000 Tax Credit

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The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

So what does that mean for you?

 Let’s start off by defining the term "first-time home buyer".  A first-time home buyer, according to the federal government in regards to the tax credit, is defined as anyone who has not owned a primary residence in the last three years.  So technically, you could currently own a home that you have not lived in for the last three years and still be considered a first time home buyer.  This is great news for our clients that have moved from out of state and were unable to sell their home so they decided to rent it out.  We run into this situation often, believe it or not!

How is this home buyer tax credit different from the tax

credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply. For more information regarding the new first time home buyers tax credit, visit http://www.federalhousingtaxcredit.com/2009/faq.php.

Can I receive the tax credit prior to closing?

There has been much debate about whether or not this tax credit can be received prior to closing and used for a down payment.  After speaking at length with other real estate professionals, tax professionals and IRS agents the answer that I have received is mixed across the board.  I'm not here to debate whether or not you can use this for your down payment.  If you are purchasing in a rural development area such as Kuna, you won’t need to worry as there is rural development financing available which doesn’t require a down payment or private mortgage insurance.For those of you that are not in a position to purchase Kuna Real Estate or any other area that allows for a rural development loan, there is a program in which you can receive an advance for your down payment.  IHA, the Idaho Housing Authority, has a program which allows for Tax Credit 2nd's which is basically an advance on your tax credit to be used towards your down payment.  This is explained below in further detail.In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first time homebuyers in 5% of the sales price up to $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. Borrower must be a first-time homebuyer and qualify for an IdaMortgage loan. For more information you can visit

http://www.ihfa.org/idamortgage/homebuyer_tax_credit.asp.

I've already filed my 2008 tax return; do I need to wait until I file my 2009 tax return?

No.  You can wait until you file your 2009 tax return or you can file an amendment to your 2008 tax return immediately after closing.  Filing an amendment will allow you to receive the money in about 4-10 weeks.

Still not sure if you qualify for the 2009 tax credit return?

If you have any questions about qualifying for the first time home buyer tax credit act make sure and see a reputable Certified Public Accountant .  Next step: get pre-approved for a mortgage loan which will give you bargaining power when you find the home of your dreams, then start your Search for your Idaho Home!  Or contact me Today!  

 
 

1031 Exchange

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Are you selling a real property held for investment or business, and you do not want to pay capital gains tax on the money you will receive at closing, if so there may be a benefit from re-investing into property of like kind through a 1031 Tax-Deferred Exchange. 

What is a 1031 Tax-Deferred Exchange?

When the proceeds from the sale of investment real estate are used to purchase other like-kind investment real estate, you should consider a Tax-Deferred Exchange. The sale and purchase of investment property can be done as a delayed exchange or a simultaneous exchange. Both qualify for tax-deferment. Section 1031 of the Internal Revenue Code, 1031

Like-Kind Property Definition

Like-Kind Requirement - Replacement property acquired in an exchange must be "like-kind" to the property being sold (relinquished property. Like-kind means "similar in nature or character, notwithstanding differences in grade or quality." In order for the properties to qualify as "like-kind" they must be held for productive use in a trade or business or held for investment purposes and be located within the United States. For example: raw land held for investment may be exchanged for single family rentals or any combination of the below examples:

 * Single Family Rentals
* Farms/Ranches
* Offices
* Motels/Hotels
* Golf Courses
* Multi Family Rentals
* Raw Land
* Retail
* Industrial
* Leases of 30 years or more

 

Property Not Eligible Under 1031:

* Primary Residence
* Interest in Partnerships
* Foreign Property
* Money
* Stocks, Bonds, or Notes
* Stock in trade, inventory or other property held inherently for sale

 For more information about 1031 Tax Deferred Exchanges or to find a Accommodator or qualified intermediary go to Pioneer 1031 Tax Deferred Exchange

Need to find a replacement property?  Search for residential, vacant land, commercial or business listings listed in the Southwest Idaho Intermountain MLS - Search MLS OR Contact us Today!

 

Canyon County Idaho Homes

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Canyon County is in Southwest Idaho, immediately adjacent to the Oregon border, and just west of Boise's Ada County. It is part of the beautiful Treasure Valley, Idaho's largest population center, but also home to plenty of open space and rural living.

Canyon County has some wonderful places to live in Idaho's Treasure Valley. Canyon County includes Idaho's second most populous city of Nampa, where you will find a vibrant city center along with newer suburban bedroom communities. Other nearby cities in Canyon County include Caldwell, Middleton, and Melba.

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Ada County Idaho Homes

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Ada County is located in Southwest Idaho, a short distance from the Oregon border. Home to Boise, it is the main population center of Idaho, but still only minutes from pristine natural wilderness, and plenty of outdoor activities. You'll have your choice of city life, with plenty of restaurants and fine dining experiences, or a life spent enjoying nearby backwoods trails, whitewater kayaking, and other adventures.

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Boise Idaho Homes

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Boise, Idaho is a friendly town with some of the best places to live in Idaho's Treasure Valley. It is in Ada County, nestled at the base of the scenic Rockies. You'll find all kinds of outdoor things to do around Boise, like golfing, mountain biking, hunting, fishing, and boating. You'll also find plenty of class and culture, with fine dining, boutique coffee shops, and everything in between.

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Eagle Idaho Homes

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Eagle, Idaho is a classy place to live in Idaho's Treasue Valley. Because of its proximity to Boise jobs, Eagle has a lot to offer the professional who works in Boise, but wants a larger or more modern home or estate.

You'll find beautiful custom homes in Eagle, along with multi-million dollar exclusive estates. This Ada County community has plenty of shopping and great restaurants.

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Meridian Idaho Homes

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Welcome to Meridian Idaho!

Located in the heart of southwestern Idaho, Meridian is just minutes to Boise, the state’s capital. 

 Meridian, Idaho is a great community to live in just South of Eagle and West of Boise. Meridian is a desirable community in Idaho's Treasure Valley with a quaint old town, great restaurants, and friendly people.

Meridian is in Ada County, and has easy access to the freeway. It takes minutes to get to downtown Boise jobs. Whether for business or pleasure, easy access to the airport, major interstate roadways and rail corridors make traveling convenient.  With a population of over 72,000 residents, Meridian remains true to its identity by remembering its past while looking towards its future.  Meridian Idaho is a caring community that values quality lifestyle with a focus on family while building a strong and diverse business environment.  Meridian is a city truly built for business and designed for living! Meridian is home to thriving businesses among others like: Medical, technical, and financial organizations.  Meridian is home to some of the regions top employers such as;

Blue cross of Idaho, United Heritage, Western Electronics and crucial.com.  Community involvement combined with a low cost of doing business, strong leadership and a highly educated and dynamic workforce has led to Meridian Idaho’s Success. Forbes magazine recognized Meridian As one of the Best Places for Business and Careers. Incorporated Magazine recognized Meridian Idaho as one of the “Top U.S City for doing Business, and Money magazine has recognized Meridian Idaho as one of the “Top 75 Best places to live” Meridian offers quality education, a abundance of recreation and entertainment opportunities, with a business atmosphere positioned for success. Meridian Idaho Homes for Sale offer varying levels of housing needs and price ranges, contact me for more information or to schedule your private showing!  Award winning hospitals, Like St. Lukes Meridian provide for top notch medical services.  Lastly a high quality of life is not complete without fun! With Roaring springs Water park located right off the Meridian Road Exit of I-84, the four seasons and a abundance of parks and open space allow for a variety of outdoor activities like: Golfing, Skiing, Biking and whitewater rafting.  An abundance of recreational programs offer organized sports and community festivals provide great family entertainment.  All of this is capped off with restaurants, retail, and entertainment to fit every taste!  The Boise Valley has been discovered and is nationally recognized as a ideal place to locate your business and family.

Meridian ID Real Estate options consist of residential, commercial, farm and ranch, resort and investment properties.  The clean, tree-lined streets in the residential neighborhoods include single family homes, ranging in price from $100,000 to more majestic estates in the $1 Million or more.  Condominiums and townhomes are also available.

 

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Nampa, ID Real Estate: Nampa, Idaho (ID) Homes For Sale

Welcome to Nampa!

Nampa ID Real Estate, homes for sale in Nampa consist of residential, commercial, farm and ranch, resort and investment properties.  Nampa is located in the southwest corner of Idaho.  Surrounded on three sides by mountains, Nampa is literally in the heart of the area referred to as the “Treasure Valley.”  Nampa is the second largest city in Idaho.  We have seen incredible growth throughout the past several years. Not only are families choosing Nampa as a great place to live (Nampa has been voted 3 years in a row America’s Promise Alliance -100 best communities for young people), business and industries have also recognized Nampa’s incredible recourses that are available, including a strong workforce. 

Continuing education opportunities are important for our youth and adults alike.  Nampa is home to Northwest Nazarene University (NNU), Boise State University West, and the new College of Western Idaho.

Nampa offers many indoor and outdoor recreational opportunities:

 Nampa offers its own recreation center, Nampa REC Center. The Nampa REC Center has more than 30,000 members; it offers many activities for both the young and old alike.

 Nampa’s public golf courses are some of the best in the state, with Golf Digest consistently giving Ridgecrest Golf club a 4 star rating.

 The Idaho Center & Horse Park brings quality entertainment as well as national and international events. The Idaho Center is a venue that includes a 10,500 seat amphitheater which features a 40 by 60 foot stage plus a 12,279 seat indoor structure featuring 31,200 square feet of arena floor space.  Concerts, Basketball, Monster trucks show, Circus, and the famous Snake River Stampede take place in the indoor structure.  President Bush spoke at the Idaho Center when he visited Idaho in 2005.  The Idaho Horse Park is used for horse shows including the Arabian Sport Horse Nationals.  

The Nearby Snake River which is located about 15 minutes south of Nampa is great for sightseeing, fishing, and boating.  Lake Lowell located just minutes west of Nampa offers water skiing, fishing for crappie and bass.  Family picnic areas surround the lake in the area known as the Deerflat Wildlife Refuge.  The Refuge is a haven for hundreds of wildlife species including whitetail deer and birds.

The Nampa Civic Center is a 42,500 square foot facility that is home to over 750 annual events. The Nampa Civic Center entertains the community through the arts, bringing in the performing arts series, Music theatre of Idaho Broadway series, community fun night, home shows, company banquets and much, much more.

Nampa ID Real Estate options consist of residential, commercial, farm and ranch, resort and investment properties.  The clean, tree-lined streets in the residential neighborhoods include single family homes, ranging in price from well under $100,000 to more majestic estates in the $1 Million or more.  Condominiums and townhomes are also available.

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Like What You See?

If you're ready to buy or sell Idaho homes,
please contact us today: (208) 899-3352.

RE/MAX Executives
46 Eagle River Street Suite 130
Eagle, ID 83616