Need to sell my home in the WORST way! (Boise: credit, loan)

[blazen]

Housing market is now officially dead. Nothing will be selling for at least 4 months. Even then, the housing bubble has burst and prices are in free fall. You'll be lucky to get what you owe on it. More likely, this appears to be one of the many foreclosures.

You're young and will learn from this experience.

[breezymtns]

Hi if I were you I would find out how to run a classified in a law enforcement magazine, newsletter, etc. There is a very high population of retired Law Enforcement Officers moving to Northern Idaho. Maybe you could start with inquiring at a sheriff's station calling in on a non-emergency number of course. Maybe they can give you some names of publications geared towards law enforcement folks. Or better yet if you know anyone in law enforcement ask them

What about renting out your house as a vacation rental? If it is close to recreation places all the better. I have a good friend who rents out his place in mexico & gets good money for it. It makes sense that vacationers would be more respectful of a home... rather than renting it out with longterm tenants.

[twinprism]

[quote=blazen;2012054]Housing market is now officially dead. Nothing will be selling for at least 4 months. Even then, the housing bubble has burst and prices are in free fall. You'll be lucky to get what you owe on it. More likely, this appears to be one of the many foreclosures.

I don't know about N Idaho, but in SE Idaho the housing market is still strong. Of course our bubble never got that big, but we have yet to see any decline in prices or demand. (except on the high end, where OP is at, that might be different but I don't have the money to even look).

Maybe it is still coming and we are just behind the times.

twinprism..

[TopKnot]

quadracer111: How about this idea...
1. Put a reward on the house of $5000.
2. Drop the price by 5%.
3. The first person that brings you a buyer at the "now much reduced price" gets the $5000 Reward...in CASH.

Results: You lose a little money but not your credit rating. You sell a house you don't want. Someone walks away with $5000. Someone gets a house at a more reasonable price. Problem solved and for the most part everyone is satisfied with the deal.

As for twinprism's remark that SE Idaho housing market is strong? I have some doubts about that statement. Do you have the stats that show the housing market is strong?

[Idaho mom]

I'm confused, I've seen news reports lately how the housing market in SE Idaho is tanking, many more sellers than buyers, etc?? Our former agent says very little is moving here, especially commercial. Who knows.

Anyway, we had friends who sold a house this way. They contacted the human resources officers of all the major businesses in their area. They asked if they could provide each of them with a few flyers on their house, so when interviewees and transfer employees came in, they could see what was available near the place of business. Talk up your house in regards to how close it is to schools, stores, recreation, shopping, etc. Good luck!

[twinprism]

Commercial market might be slower than average, but I haven't seen it in residential and it doesn't track with what I'm hearing.

Here are some reports about the real estate market in SE Idaho. I have heard some reports of the market slowing down, but so far it seems like a normal seasonal slowdown. Some of these reports show total sales for 2007 still on pace with last year and I have seen no noticeable drop in prices. These articles were in the local newspaper in Pocatello, and on local news, but sadly, I can't find better links.


<quote>
.. the market of homes under $300,000 is as good as any in the country.

According to Pocatello analysts, Bannock County is still very strong as well.

In 2006, January through October, there were 1,003 homes sold, an average home price of $142,767, and 89 days was the average homes stayed on the market until sold.

In 2007, January through October, there were 1,022 homes sold, an average home price of $152,058, and a 99 day average.

Despite a national mortage meltdown and poor real estate markets elsewhere, we may still pass last year’s strong performance, but it will be close."

Jim Windmiller: “It’s too early to tell, if we don’t set a record we should at least stay consistent to last year.”
</quote>
full article:
Eastern Idaho Housing Market Still Performing Well | Idaho Real Estate

Here's another link from earlier...
LocalNews8.com Idaho Falls, Pocatello - Weather, News, Sports - Southeast Idaho Real Estate Market Stronger Than Nation's Market


I leave you with this...
"Idaho Falls # & Pocatello #2 job markets --- in the U.S.!

The U.S. Bureau of Labor Statistics has released detailed national unemployment statistics for the United States in September.

Idaho has the lowest unemployment rate in the U.S.

More stunning, the top 4 job markets are Idaho Falls, Pocatello, Boise and Couer d'Alene --- out of 369 metro areas including New York, Los Angeles, Chicago, etc.

Idaho Falls had a 1.3% unemployment rate --- Pocatello was right behind at 1.7%.

The unique things is that our job growth is not driven by any one company or sector.
Sure, agriculture is a big deal. So is the massive Idaho National Laboratory run by the U.S. Department of Energy. But, so are a host of local high tech companies and locally-grown entities like Melaleuca, Docu-Tech and a host of others."

[SCGranny]

Well, we are looking in ID, but I simply can't believe some of the quoted prices for homes. For $380,000 'round here I can buy into a brand new, 3 BR 2 BA home with fireplace in a subdivision on a golf course here, on a 1/4 acre lot, with a police and fire station right on the road, and all commercial/recreational needs in walking distance - plus a golf cart is parked in the garage when I buy, to use in the development at my discretion. These homes are selling like a steak dinner in Darfur (no sales or construction slowdown). So why would I pay the same or higher for a house with a smaller lot and no comparable amenities in ID?

I simply cannot believe the inflated values in ID. One seller insisted that his 13 acres of mud on a sloping hill was prime land - even though a cheap housing development was going in next door and the assessor's office appraised the house at far less than he did, because there had been integral structural damage to the basement and substructure due to earthquakes. (Yes I do my research.) I'm sorry if he bought a pig in a poke but I'm not going to pay for his errors.

Other descriptions crack me up, especially the way realtors try to hide things like - the land floods every spring, or you can't get to the property at least four months out of the year even with chains or snow tires, or even that there is no water available on their "great building site".

I want a reasonably priced home with acreage, but I am not married to ID, and the realtors need to understand that most people with money and equity and common sense are not going to buy anything they hang a sign on for whatever price they want - or need to get because they bit off too big a chunk when the rates were low and bankers and builders went mad. Realtors and sellers are still in denial, IMHO, and when the shock wave finally reaches them, most people will simply have already bought somewhere else. TopKnot's advice is probably the best out of the whole forum. Dump it quickly, cut your losses, and thank goodness you don't have to declare bankruptcy. I'm sorry if sound really cold and cruel, I'm not usually; but experience taught me - it will teach you.

[jufrbo]

SC, if you'd ever been to N. Idaho you'd know why houses there are so expensive.

[For Sale or Rent]

Maybe the folks at 1-888-995-HOPE can help. They are non-profits trying to help people stay out of foreclosure. Their website is Homeownership Preservation Foundation.

[SCGranny]

Justin, please qualify that. I want to understand what you mean.
If you are talking about the beauty of the area; yup, I get it. That's why I'd like to move there. But if you'll reread my post, you'll see that I have already experienced some ID overexuberant and overconfident salesmanship.

If you are talking about livability and jobs, yup, I get that too. But when a dinky house on a nothing lot is for sale right along next to other dinky houses on nothing lots for outrageous sums, are they paying enough in the general workplace to compensate - or are the builders simply building faster and pricing higher because - well, they can?

Is it the Denver Problem - too many rich-and-famouses buying up huge lots and property at outrageous sums, putting the rest of the property at such high appraisal values that the common podunk can't afford it? High levels of developmentally inspired advertising that makes folks believe that THIS is the only place to live, willing to pay anything to be close to a ski slope or a lake?

Please elucidate.