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Archive for the ‘Idaho Real Estate’ Category

Closing Cost in Idaho – What will I walk away with after everything?

J. Andrew English J. Andrew English
Thursday, January 18th, 2018

Every situation is different. The amount of closing cost you pay can depend upon a number of factors. However, as a general baseline, I’d like to post a few exact figures from a recent closing in Idaho as a point of reference. These #’s come from a transaction where the seller found their own buyer and no buyer agent fee was paid at closing.

City – Boise

Year of Closing – 2018

Final Sold Price – $452,000

Sewer Fee Owed to Boise – $31

Prorated Real Estate Taxes Owed – $ 2,645

Title insurance / Owner’s Coverage – $1,703

Settlement Closing Fee – $350

Wire Fee – $40

Tracking Fee – $75

Total Fees minus Real Estate Taxes – $2,199

 

lntermountain MLS Lockboxes

J. Andrew English J. Andrew English
Friday, June 15th, 2012

IMLS has switched over to a new lockbox manufactured by Supra. These new boxes are blue tooth enabled so that Realtors(R) can access them through the use of smart phones. We currently are in the process of getting these in stock from the MLS and will have them as early as next week. For more information on Electronic Lockboxes, please give us a call at 800 657 6579.

Idaho down payment assistance available until Jan. 1, 2010

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Monday, November 9th, 2009

If your home might appeal to a lower income buyer, you need to research the non-profit IdaMortgage program and mention it to buyers.  The program can grant buyers up to $20,000 towards a down payment, meaning more people will be able to afford your home.  The maximum income for a 4 person family is $50,000 per year.  The website says it is for “first time homebuyer with exceptions. Exceptions displaced homemakers or single parents with custody of children.”

With the historical metric of people being able to afford a house equal to no more than 3 times annual income, sellers with houses worth $150,000 and below are most likely to benefit from the boost in buyers.

More details are available at the Idaho Housing and Finance Association website.

2 Homes in Boise

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Friday, January 25th, 2008

The Idaho Statesman had an interesting article today on two homes: one that sold in five days and one that has not sold after six months.  It’s worth reading.  The one that sold quickly was priced attractively.  The sellers were still able to sell for $64,000 more than they paid just a few years before.  The home that has not sold was originally listed FSBO at $220,000.  This would have made it the highest sales price recorded in their subdivision.  They later hired an agent and cut the price to $209,000, although other agents feel that it should be listed at $199,900.  The original listing price was set based on what the seller felt he needed to net in the deal versus what was going on the actual market.  The eventual buyer is not going to base an offer on what the seller owes or feels they need to get.  They will make an offer based on actual market conditions.

Editorial: Foreclosures in Idaho 12/20/07

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Tuesday, January 22nd, 2008

Ada County Association of REALTORS® News Bulletin by Miguel Legarreta
(The following writeup was emailed to real estate brokers in the Boise area from ACAR on 12/20/07)

There has been a great deal of talk about foreclosures both around the county and certainly here in Idaho as well.  Foreclosure rates in Idaho vary from different sources, but like the rest of the nation, foreclosures have gone up. Here are a few items to point out when you are asked about foreclosures in our market.

  • Even with the higher level of foreclosures, they still represent a very small segment of the marketplace – less than 1% in Ada County.  Web sites tracking foreclosures, such as www.realtytrac.com, make the rates look high and often one home is counted several times during the process inflating the numbers.
  • Boise was one of the top 5 investor markets in the county during the boom.It would be reasonable to assume many of the foreclosures in our area are not traditional families, but rather out-of-area investors who simply over extended and never resided in the properties.This is part of a cleansing process and a healthy market is one in which traditional homebuyers buy a home to live and raise a family, not speculation where homes remain vacant.
  • NAR has stepped up to the plate, too, with a widely applauded proposal to modify FHA rules to allow borrowers delinquent on their mortgage to refinance into safe and affordable FHA-backed financing.After a full year of a lot of hard work, discussion and education on the issue, FHA reform stands ready to become a reality.On December 14 the Senate passed S. 2338, their version of FHA reform by a vote of 93-1.A final piece of legislation will be sent to the President for his signature.
  • President Bush has also announced a package of measures to help homeowners struggling to pay their mortgages amid the current sub-prime loan crisis. They include reform tax laws to help troubled borrowers refinance their loans. As a number of these adjustable rate mortgages re-adjust there will be tools in place to help legitimate homeowners with the change and the numbers are not as dire as often reported.While we all recognize the market is adjusting it is a healthy change and cleansing process which will lay the foundation for a healthy, strong market going forward.Miguel Legaretta is ACAR’s Director of Public Policy.