North Idaho Janna

Now this is something I haven't heard of before.  What an outstanding idea, and intelligent way to take action.  I wish them wild success!

A new program offered by the Longmont, Colorado Police aims to help property owners and managers get rid of renters engaged in crime and certify properties as "crime free."  Property mangers then can advertise the "crime free" designation and, in some cases, may even see insurance rates drop. 

Under the Crime Free Multi-Housing Program, property owners and managers can earn a "crime free" certification for properties by completing an eight-hour training course and complying with all recommendations laid out after a property audit, known as "crime prevention through environmental design."

Read the entire newspaper article here.

With our news dominatedwith tales of historic high unemployment, layoffs, failing businesses, foreclosures and bankruptcies, it was a real breath of fresh air to come across a story about Dollar General.

It seems that shoppers have been flocking to discount stores during the recession as they look for ways to cut expenses.  Dollar General Corp. says it will open 600 stores and add 5,000 jobs over the next 12 months!  It already added 4000 jobs in 2009!

During the first three quarters of 2009, revenue rose 13% to $8.61 billion. 

It was so refreshing to read something POSITIVE! 

Even in rough economic times, people will still need to purchase.  Shampoo, cars, groceries, homes.  But what we are seeing is that whether they are buying a toothbrush or their new home, they are determined to get the biggest bang they can for their buck! 

More power to them!

More Home Owners Optimistic About Home Values

Another interesting survey in the news today.  It seem that the number of home owners who fear the value of their homes will fall in the next year declined to 15 percent in January.  This is the lowest level since early in 2007, according to a survey published last week by Thomson Reuters/University of Michigan.

That's good news and a big improvement over the first quarter of last year, when 26 percent expected the value of their homes to decline.

Home owners were less optimistic about gains in the value of their homes, with the average anticipated annual gain holding steady at a realistic 2.7 percent in January.

Why this is good news is that it is widely understood that KEY to the recovery of the real estate market is consumer confidence.  Buyers and sellers feelling comfortable to move around in the market again, without the paralysis of fear. 

Word has come in the form of an email from my friends at Wells Fargo that interest rates on 30 year conventional mortgages has dipped below 5% again.  Take a look at these spectacular rates!

30 yr Conventional - 4.875%

15yr Conventional - 4.25%
 
30yr FHA - 5%
 
5/1 Conventional ARM - 3.75%
 
5/1 FHA ARM - 3.75%
 
30yr JUMBO (over $417k) - 5.75%

This is like the perfect storm for buyers.  Decreased home values, historic low interest rates, motivated sellers and Uncle Sam offering tax credits for repeat as well as first-time homebuyers!  Anybody still sitting on the fence needs to hop off and get moving!

You have only 82 more days to be under contract on your new
home purchase  in order to qualify for the tax credits.  Call me today and let's get you moving!

I love this post by my friend Mary enough to reblog it here on my blog.  I am fortunate that all of the sellers I am currently working with DO care about dressing their house for success.  But from time to time I end up with what turns out to be a jammie pants seller.  What a fun way to explain the importance of keeping the house spiffed up for showings! 

Renovation financing is available locally on both FHA and conventional loans. This is a wonderful tool for a variety of purposes, and I predict its popularity to grow as more and more folks become aware of it. 

Here's one scenario for which renovation financing would be ideal: you find a home in an area you like, but it needs work beyond simply cosmetic.  A new roof perhaps, or a furnace. Dry rot in the deck, rusted out water heater?  How about a home that is a little tight on space, and you need one more bathroom, or even another bedroom?

With renovation financingyou would enter into a contract with the seller to purchase it as-is for whatever you agree on as the purchase price.  However, your appraisal and loan amount would be based on the RENOVATED market value after the new roof, water heater, extra bedroom and bathroom were completed.  The money for those renovations would be escrowed at closing.  Typically the renovations would need to be completed by a contractor within six months of closing.

There are other scenarios where renovation financing would be valuable, and in fact could mean the difference between closing a sale or not.  It can be used for refinances as well as purchases.

I'm excited to be able to offer this as a financing option to both my sellers and buyers in certain circumstances.  For a booklet with complete renovation financing details, just give me a call or shoot me an email. 

I saw the announcement pop up that Idaho business Review has released its list of 50 honorees as the year's Women of the Year.

The article says the recipients come from a variety of professions and walks of life statewide, each embarked on her own exceptional journey to personal and professional accomplishment, simultaneously motivating those around them to strive for success as well.

Hmmmmm.  I looked through the list, interested to see who locally might have landed there.  It was easy to count, there was no one that isn't from southern Idaho on the list!  What was that business about statewide?

Wouldn't it be more accurately named Southern Idaho Woman of the Year?

Idaho is such a TALL state that few people realize that up here in beautiful Coeur d'Alene we are in fact CLOSER to Seattle, and even Portland, than we are to our state capital in the southern part of the state.  Often forgotten and overlooked by the Idahoans down south where famous potatoes grow and the state Capitol sits.

The map is a pretty good visual. Idaho is as tall as both Washing and Oregon on the west and Montana and Wyoming on the right.  There is no  interstate highway connecting the north and the south.  Lots of vast openness in between.  No wonder it's so easy to forget we're up here! 

So while I don't doubt that every one of this year's Idaho Woman of the Year honorees is a spectacular woman very deserving of the recognition, I can't help but mention that if the nominators would have glanced north, they would have found some equally magnificent women to add to the list!  Just sayin...

Correction: Another look at the list of honorees turned up a Sagle woman, Carol Jenkins.  So I guess that technically they can accurately claim that the honorees were selected statewide.  49 from South southern Idaho, and 1 from North northern Idaho.

Janna Rankin Scharf, GRI, CSP, CLHMS Coeur d' Alene Idaho Real Estate

How to find and buy a HUD bank repo in Coeur d'Alene Idaho

First of all What is a HUD home?

It is a home that is the result of a foreclosure action on a FHA-insured mortgage. In other words, it's a repo.  HUD paid the insurance claim and now is the property owner.  It is offered for sale to recover the loss on the foreclosure claim.

By definition, a HUD home can be a 1 to 4 unit residential property.  When first hitting the market, they are offered to owner-occupied buyers first.  After the initial offering, unsold properties are available to all buyers, including investors.

How Do I find a HUD home?

HUD repos are available to the public on the internet by management companies under contract to HUD. The bid to purchase must be made through a broker registered with HUD.  Any real estate commission earned is paid by HUD, and HUD will also pay 3% of the purchase price towards your closing costs.

On their site you can search by state, county, city or zip code.  Check the site frequently because you never know when a new home will pop up. 

What if I see a home online that I would like to look at, and possibly bid on?

Because my office is registered with HUD, I have a key available and will accompany you to view the home. The good ones go fast.  To increase your chance of success, you should be pre-approved with your lender for HUD home and be ready to get a bid in just as quickly as you can.  Be prepared and ready to pounce when you see a great home hit the market.  Often there will be multiple offer situations, speed is the name of the game!

To check out HUD Bank Repo listings in Idaho click here.

Find more detailed information on How to Buy a HUD Repo at this site:
U.S. Department of Housing and Urban Development

The Poo Police - They're #1 in the #2 business in Coeur d'Alene Idaho!

A few days ago I was visiting a friend who was caring for her daughter's dog, and not too happy about it.  The conversation turned to the bottom line of caring for a dog - someone has to clean up all that dog poo!

Yesterday an associate of mine was venting about the neighbor adjacent to one of his listed properties.  The yard next door was FULL of disgusting piles of dog poo from multiple dogs.  Look out the window and it was staring you right in the face.  Step out in the back yard and well, run back inside to get away from it.  Ugh! 

Whose American dream of home ownership includes
living with copious quantities of your neighbors dog poo?

I had to chuckle when this morning I was going through some papers and came across a flyer for The Poo Police.  At some point, The Poo Police had visited my office and left flyers promoting their service!  And what a great service it is.  Touting to be #1 in the #2 business, the flyer asks the riveting question -

Are you tired of looking out for your little buddy's land mines in your yard?

All kidding aside, this is an awesome service with very reasonable prices.  They have a nice website with other services - dog walking for example.  Even some frequently asked questions and answers where I learned that most of the time they hang with the dogs while they pick up the poo.  What do they do with all that poo?  They deposit it in YOUR trash can before they leave.

Check them out here:  The Poo Police

As soon as I get this posted, I am forwarding a link to my associate who is fretting about how to get his listing sold.  Sounds like it's time to call The Poo Police!

Looking for answers about how to get your home sold fast, and for more money?  Give me a call!

Janna Rankin Scharf, GRI, CSP, CLHMS ~ Coeur d'Alene Idaho Real Estate

Question - What does it mean when a house is advertised as a short sale?

Answer - Short Sale is a term that means the home is being sold for less than what it would take to pay off the mortgage and closing expenses.  The lender agrees to accept a payoff that is short of what is owed.  They will usually agree to a short sale when the homeowner can't continue to make the payments for a variety of reasons - referred to as a hardship - and it's not possible for them to sell the home for what is owed. 

There are literally hundreds of homes in our area being marketed as short sales.  From entry level starter homes to multi-million dollar lakefront mansions.

We are seeing an increasing number of short sales in Coeur d'Alene for a number of reasons.  Property values have declined over the past few years.  In many cases, homes simply aren't worth today what was paid for them.  This condition is referred to as being upside down, or being underwater on your mortgage.  If that's the case, and the homeowner must relocate or can't obtain a loan modification, a short sale is often a good option to avoid foreclosure.  It's preferable for both the homeowner and the lender - who would lose much more money to take the home through a foreclosure process.

Both selling and purchasing a home in a short sale situation takes some patience and the aid of a good Realtor who has experience and a track record of success managing the short sale process. 

It's not for the faint of heart! 

The process can sometimes drag out for months.  There are several layers of approval that must come from the lenders, investors, private mortgage insurance companies, and other potential lien holders.  Having an agent experienced in short sales will make all the difference in your success!

Short Sale Success Stories:

Sometimes, everything just goes RIGHT!

Upside Down and Can't Sell Your House - Don't Give Up!

A Short Sale Success Story But No Smiling Faces At The Closing Table This Time

Another Coeur d'Alene Short Sale Success Story - Today Was a Good Day!

The Joy of Short Sales!  Today was a GOOD DAY!

Janna Rankin Scharf, GRI, CHLMS, CSP Coeur d'Alene Idaho Real Estate

Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of its inventory of foreclosed homes. 

Now, this is a nice carrot for everyone, not just first timers!

The government-controlled company said buyers of qualified properties will get up to 3.5% in closing costs, or an equivalent amount for the purchase of new appliances.

Fannie has about 50,000 properties in it's inventory and is hoping this new incentive will speed up getting them cleared out. 

"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management..

You can check out Fannie Mae's current inventory of foreclosed homes at HomePath.com, a site created by Fannie last year to sell the growing number of foreclosed homes.

I came across an interesting article this morning .  A new study released by Bankrate, Inc. shows that most Americans think wealth is beyond their reach and that it won’t be easier to get rich any time soon. There were some interesting findings, but the one that jumped out at me was this one:

Only 9% of Americans think that investing in real estate is the best way to get rich.

Now, that grim statistic is certainly a sign of the times!  Real estate as been the average American's best investment for generations.  History has proved that real estate always appreciates in value over time.  But following the boom and mortgage meltdown of the past few years, it seems the Average American is rethinking real estate.

Particularly, those who stretched themselves financially to buy investment properties during the boom years, only to see values fall as the market corrects, and their equity disappear.  Or worse, having put little to nothing down, they have succumbed to short sales and foreclosures and now face decimated credit scores. 

Also hard hit are those who simply purchased their residence during the height of the bubble, and for whatever reason have no choice but to sell at a loss and relocate. 

But for those of us average Americans who aren't speculating and over extending ourselves, WISE real estate investing will ALWAYS be a sure thing, and the best avenue for building wealth over the long haul.

You can take THAT to the bank!

Read the entire RIS Media article here: 

Seventy Percent of Americans Think It's Harder to Get Rich Now Than It Used To Be.

The National Association of Home Builders (NAHB) recently released a report that says the average size of a new home that was completed in 2009 fell for the first time since 1982.

"The era of easy money is over. You really have to think before you go out and decide you need that five-bedroom, five-bath home," said Rose Quint, the NAHB's assistant vice president for survey research.

The number of homes with three or more bathrooms fell in 2009 for the first time since 1992.

First-time buyers are out in force due to the $8,000 tax credit.  They are compromising on home size in exchange for a lower price. And the aging baby boomers transitioning to their retirement homes tend to downsize to single-story homes, which generally are smaller.

"Barely over half of new homes today are built with two stories or more," Quint said. Two-story homes peaked at about 55% of the market in 2006. For 2010, home builders say they will focus on lower-priced models and smaller homes. More than 95% of builders surveyed by NAHB in January said that was the way they saw their business evolving this year.

Builders told the NAHB surveyors that they were most likely to include these features as standard in their houses this year:

-Walk-in closets in the master bedroom.
-Laundry rooms.
-Insulated front doors.
-Great rooms.
-Energy-efficient windows.
-Linen closets.
-Programmable thermostats.
-Energy-efficient appliances and lighting.
-Separate shower and tub in master bathrooms.
-Nine-foot ceilings on the first floor.

What builders said they were least likely to add to houses in 2010:

-Outdoor kitchens.
-Outdoor fireplaces.
-Sunrooms.
-Butler's pantries.
-Media rooms.
-Desks in kitchens.
-Two-story foyers.
-High foot ceilings on the first floor.
-Multiple shower heads in the master bath.
-Smaller kitchens.

"You can see that builders are concentrating heavily on energy-saving features," Quint said. "But a lot of the luxury items are on the chopping block or on hold as builders try to lower costs."

This week I had the pleasure of presenting an overview of some of the best FREE web based tools at my Association of Realtors Brown Bagger. When I was putting my presentation together, I couldn't come up with the tool I had heard about at RainCamp Seattle.  It had been on my mind, I was wanting to put into place in my own life.  Thanks to an ActiveRainer responding to my plea, I am happy to have found and begun using Slydial!

Slydial is a voice messaging service where you can call anyone's mobile phone and leave a message directly in their voice mail.  Pretty sly!  Avoid awkward conversatons, be considerate of people you don't want to bother with a call.  Short on time?  I'm sure there are as many reasons for someone to slydial as there are calls to make. 

I hit the jackpot when I discovered that slydial
has apps for iPhone, Blackberry, Droid and Windows Mobile! 

Holy smokes, in a matter of SECONDS I had the free app on my phone and was making my first slydial test call to my friend Marty.  He called me right back and asked how to do that!  I hooked him up and literally within seconds I got a voice mail alert - Marty had left a slydial message for me - thanking me profusely!

Click on their logo above to go to their website for more information.  You can make a slydial call from any land or mobile line, to any mobile phone.  The beauty of having the app on your smart phone is that with a touch of the icon, it connects you right to your contact list and slydials for you.  No need to first enter the slydial phone number.

I wonder if I should call all my friends, leave a message and let them wonder how they missed my call.....

I stumbled upon this post announcing a drive for TLW - head scarves or hats, as well as prayers and love from her AR family.  Spread the word!  Comin' your way, TLW!

When I logged on this morning and opened my email, I found a happy note from my cyber buddy Andrea Swiedler in New Milford, Connecticut.  She told me to be sure to check out her blog because she had mentioned me.  I chuckled, and guessed right about what she was talking about.

This week I sent Andrea a copy of The Millionaire Real Estate Agent by Gary Keller.  A while back on ActiveRain, there was a challenge to blog about Shift, also written by Gary Keller.  Because we bloggers were offered bonus points for participating, there were hundreds of posts on the topic: which tactic in Shift had impacted our business most. 

After reading and being inspired by these posts, smart and savvy Andrea pre-ordered Shift coming out in hardback in March.  I knew she was eagerly anticipating receiving it.  I also knew, from some of our offline conversations, that she would really benefit from the good stuff in The Millionaire Real Estate Agent. 

I am tickled at her enthusiasm, which is all over her blog post this morning, which you can read below.  I remember the first time I read the book, about five years ago, and the excitement I felt.  No need to reinvent the wheel!  Follow the models of the highly successful!  No need to wonder what to do.  Determine what you want to achieve in LIFE as well as business, set your goals, follow the models and BINGO!  Of course, you have to invest the time and energy to follow the models, but it really IS that simple!

By the way, Millionaire Real Estate Agent ISN'T about the money.  It's about having a personal dream, and obtaining it.  And for those of you attempting to achieve your dream through real estate, the red book is your road map to success!  

I can't promise to send a book to everyone, but if you want to talk about it  give me a call or send me an email.  You just might be surprised to find out how your outlook can change so drastically just by having some FOCUS, and knowing WHAT to focus on! 

When I posted a status update on Facebook last night that I got to sit on the HAPPY side of the closing table today, I received a comment from a Realtor friend asking if there was ever a SAD side of a closing table. 

These days, so many of our real estate transactions involve distressed sellers.  Until yesterday, my last three transactions were with clients short selling their homes and losing everything they had invested in them.  Emotionally, as well as financially.  Yes, those closings are good days in that they bring closure to a family who has been in extreme distress.  But they aren't happy days. They are days full of emotion,  but never a cause for joyous celebration. 

On the OTHER side of the closing table from the distressed sellers of short sales and foreclosed properties, there are happy buyers rejoicing in their good fortune.  Closings where there are happy people on BOTH sides of the closing table are fewer and farther between.  

Yesterday I was privileged to witness Rick and Janis realize their dream! 

They had worked hard for years and paid off their mortgage.  They saved and they kept their credit scores sky high.  The past few years they watched the housing market like hawks, subscribed to foreclosure alerts and started studying homes as they came on the market.  They had a plan to find their dream retirement home.  They were educated, prepared, patient, and a Realtor's dream clients!  

When they called me, they knew exactly what they wanted in that home, and where they wanted it to be.  They knew what they wanted to pay, and what they could expect to get for that amount of money.  They knew the market was pretty close to the bottom, and interest rates were at historical lows.  They knew the time was right for action!

In the end, we found them their perfect retirement home.  Priced less than they were willing to pay, appraised for much more than they paid.  Every single feature and amenity they were hoping for, and even more they weren't expecting to get!  Their ideal location in their ideal setting on beautiful timbered acreage in the country.  The icing on the cake is that Uncle Sam is going to give them the $6500 repeat buyer tax credit!  

Yesterday, on the happy side of the closing table,
Rick and Janis saw THEIR REAL ESTATE DREAMS COME TRUE! 

In a climate of so much discouraging real estate news and banter, I love to be able to share the happy success stories whenever I can.  To have a part in making dreams come true for such hard working, deserving and delightful homebuyers is truly a cause for celebration, and the best part of my job! 

This past November, Congress expanded the first-time home buyer tax credit to repeat buyers.  As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

Today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory.

What you might not realize is that a recent expansion of the
tax credit has created an equally desirable opportunity for existing homeowners!

To qualify for the tax credit as a repeat buyer, you must have signed a purchase contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. The purchase price of your new home can not exceed $800,000.

There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. In fact, you don't need to currently be living in that home, or even still own it!

I am working with a couple right now who are going to keep their current home as a rental and purchase their retirement home at historic low interest rates!  They are purchasing a beautiful foreclosed property for many thousands less than the appraised value.  And they will be receiving $6500 from Uncle Sam when they file their tax return!  What a windfall of perfect circumstances for them! 

Whether moving up or downsizing, you will need to act fast if you need to sell your existing home before purchasing another to qualify for the credit.  The opportunity expires at the stroke of midnight on April 30!

Click here for a link to a recent Post of mine
that will take you straight to the IRS instructions for claiming the tax credit. 

Give me a call if you would like to explore your options.  It would be my pleasure to assist you!

The IRS recently released the new tax form 5405 for claiming the first-time homebuyer and repeat homebuyer tax credit when you file your tax return.  The Worker, Homeownership, and Business Assistance Act of 2009 changed the rules for the first-time homebuyer credit from last year's version.  You can view and download the new form 5405 by clicking here.

New Instructions that go along with Form 5405 provide answers to many of the questions that have been popping up about the tax credit.  For some reason I can't link you directly to the instructions, but you can view them by clicking on the Instructions for Form 5405 link in the box at the top left on the IRS site at www.irs.gov.

These four pages give detailed instructions about who does and does not qualify for the credit, how to claim it and when and how to repay it, if necessary.  This is a great resource for those of you who have questions about the specifics of claiming the credit. 

If you or someone you know would like to take advantage of the opportunity to receive this tax credit by purchasing a home before the deadline, give me a call today!

The Big WHY refers to the purpose you have for doing what you do.  What is it that you are passionate about, that gets you out of bed every morning and moving forward?  Keeping The Big Why in mind helps power you through dark days and disappointments.  What's your Big Why?  Here's mine!