Often times when I’m meeting with a client and suggest looking at “REO’s” I get a “HUH?” look.  “What’s that” they ask.

An REO is Real Estate Owned.  It’s when a Post Falls Home  has gone through the foreclosure process, was not bid on and ultimately became owned by the bank.  The bank is highly interested in getting rid of these properties as they no longer want to sit on them.

Bank Owned Inventory is growing nation wide.  In Post Falls it’s no different.  The Post Falls Bank Owned Properties have some great deals.  In the Northwest – banks aren’t completely desperate to unload them (i.e they’re not taking 50% or 60% hits… yet) but you can usually get a property between 80 and 90 cents on the dollar, which is a pretty good buy.  In some cases – you can get a much better deal on Post Falls Bank Owned Properties.

We compile a list of all Post Falls Bank Owned properties – if you’d like we’ll send it to you.

The Post Falls Short Sale market is considerably smaller than the Spokane Short Sale Market.  With only 67 Short Sales listed as Active in Post Falls as of 12/11/2009 versus 199 in the Spokane  Market (city of Spokane only.) there’s a big diference. 

What exactly is a short sale?

A Short Sale is a sale in which the proceeds of the sale will not cover the liens on the property (most of the time the Mortgages), a payoff must be approved by the affective bank allowing the transaction to close short. 

For instance, say a Post Falls home purchased in 2008 for $199,000 is now forced to sell in 2009 for a reduced market value – lets say $169,000.  It’s very likely that the owners of this Post Falls Home still owe over $180,000 and with commissions and closing costs, the bank won’t realistically net more than $130,000.  In a Short Sale Negotiation – we’ll work with the bank to get the reduction approved, your home sold and you on your way. 

Sounds too good to be true?

There are some things to consider.  In SOME cases the bank can seek a deficiency judgement (come after you for the difference they came up short). This isn’t ideal, but is sometimes a by-product of a short sale.  Each bank is different, but we try to make every effort to ensure that it won’t happen. 

A second consideration is time – it can take up to 6 months or more to get a response on a short sale from a bank, so be ready to wait. 

Third, and this is where I get the most questions – it WILL affect your credit.  Many experts claim that it will not affect your credit as much as a foreclosure, but each person’s credit profile is different – it’s advisable that you speak to a competant Real Estate Attorney. 

Interested in a short sale, or do you need to Short Sale your Post Falls Home?  Contact us!  (208) 699-7390 We look forward to working on your Post Falls Short Sale.

This is a great listing.  10 flat fenced acres with a 3 bed 2 bath mobile home (all one level).  The property is split by the road that runs throug this neighborhood of mostly 10 acre lots.

Complete with a large shop (acting as the 4+ car garage) this beautiful Rathdrum Idaho Property has it all.  A powerful shared well, manicured grounds with mature fruit trees and a covered porch that rivals anything you’ll find in the area.

Forced air heat and air conditioning the shop even has a furnace in this Rathdrum Acreage Property.   Build a barn and bring your horses – this property is a turn-key horse lovers residence.  Don’t waste your money fencing other properties, check out this great Rathdrum Idaho acreage property!

This home is a great find.  Nestled privately on 6.76 heavily wooded acres between Rathdrum Idaho and Hauser Idaho, this home has it all.  Four bedrooms and two bathrooms on the main floor, a full unfinished basement and heating options galore.

Built for self-sustinance this home features an integrated Generator system allowing a generator to power specfiic circuits of the home during a power outage.  Other great features include three heating options – electric wall unit, wood heat, and pellet heat.

The onsite well and 3,000 gallon holding tank are covered with a tin outbuilding and a large woodstep is  just paces from the back door.   Built in 1999 this Hauser home on Acreage has all the bells and whistels of a new home.  Desirable two by six construction, vinyl siding and a large coverd parking area make this home a steal at this price.

The unfinished basement is practically finished.  Wired and insulated – just add drywall!  This Rathdrum Hauser Home can easily be 6 bedrooms and 3 bathrooms with minimal invesment.

If you’re looking for Acreage in Rathdrum or Acreage in Hauser Idaho this home is for you!  Contact us today!

Post Falls has had a fairly stable summer with regard to price.  The running average price of sold homes January through October 2009 is $179,807.45.  The trend is easily represented in the summer months as we see some stabilization in the ups and downs we’ve seen in the past few months leading up to this summer.

January Through October there have been 529 SOLD properties in Post Falls.  We’re still waiting for the data but it appears that the trend will drop some for November leaning more towards the average trend for the 2009 sales year.