Idaho Code Title 55 Chapter 28 governs psychological impacts on Idaho real estate transactions.

Idaho Code 55-2801. Psychologically impacted defined. As used in this chapter, “psychologically impacted” means the effect of certain circumstances surrounding real property which include, but are not limited to, the fact or suspicion that real property might be or is impacted as a result of facts or suspicions including, but not limited to the following:
(1)  That an occupant or prior occupant of the real property is or was at any time suspected of being infected or has been infected with a disease which has been determined by medical evidence to be highly unlikely to be transmitted through the occupancy of a dwelling place; or
(2)  That the real property was at any time suspected of being the site of suicide, homicide or the commission of a felony which had no effect on the physical condition of the property or its environment or the structures located thereon; or
(3)  That a registered or suspected sex offender occupied or resides near the property.

Idaho Code 55-2802.No cause of action. No cause of action shall arise against an owner of real property or a representative of the owner for a failure to disclose to the transferee of the real property or a representative of the transferee that the real property was psychologically impacted.

I’ve found that talking to the neighbors can be one of the best ways to bring these potential issues to light.  A very useful tool to look for sex offenders can be found here: Idaho State Police – Sex Offender Registry Mapping.

This information is not guaranteed & is subject to change without notice.

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- First-time home-buyer
- No private mortgage insurance required
- Owner occupied
- Check the income limits chart for qualifications
- No sales price limits
- Minimum borrower contribution $1000
- Borrower must complete Home-Buyer’s Education class
- Up to 100% Loan to Value for home-buyers with credit scores of 680 or higher
- Up to 97% Loan to Value for home-buyers with credit scores of 660 or higher

You can contact a local IHFA Lender here to determine your eligibility.

The  above information is not guaranteed & is subject to change without notice.  Please visit the www.Idamortgage.com website for more details and the latest information.

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Time is nearing an end to take advantage of the first-time home buyer tax credit scheduled to expire December 1, 2009.  If you intend to take advantage of this opportunity and you’re looking for a great buy, don’t wait too long.

Many of the best deals out there such as the bank-owned homes are getting multiple offers.  It can take several (or more) offers on different properties before you end up with the winning offer.  This process can take anywhere from a few weeks to even a few months if you have you’re very particular on what you’re looking.

After your offer is accepted, you’ll need about 30 days to close.  During that time you’ll get your home inspection, appraisal, and final loan approval.  You’ll want to have enough of a cushion that if the inspection doesn’t go well, you’ll have time to start over and pursue other properties.

Do you have enough time to buy a short sale?  It depends.  You can get short sale approval as soon as four weeks and as long as 6+months.  The first question to ask is how many liens/mortgages are against the property and with who?  If there’s multiple mortgages that means more lenders that have to authorize the sale.  Which lender(s) also have a lot to do with it.  If you have an aggressive and experienced agent they’ll be able to help you navigate the homes that may still be possibilities.

Search all the homes for sale in the Boise Idaho real estate market.

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As some evidence for this, I pulled 11 Boise bank-owned homes that have sold since 8/11/09 and researched their marketing history.  All 11 of these Boise REO’s attempted to complete a short sale prior to becoming bank-owned. As you’ll see below, every home sold for less than what they had been marketed for as a short sale.

It’s important to note that none of these short sales had been approved. Most often, bank approved short sales will sell before the foreclosure auction because buyers don’t have to wait.  However, even the approved short sales I’ve seen that don’t get sold before the auction still come on the market cheaper as bank-owned.

Data Source: Boise MLS (IMLS). Information not guaranteed. No representation or warranty of any kind is made.

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