Automatic Property Search

If you are a past client of mine chances are you are already well informated about the Automatic Property Search. If you have ever talked to me or emailed me I have surely explained it to you. So, this post is for those of you who don't know what an auto search is. Our MLS program has a fantastic feature for you to keep up on the Real Estate Market in this area with ease. Our website BoiseRealtyStore.com provides a search program with public access so that you can search manually yourself, which is great (see that here). But as good as it is, about 10% of listings are not anywhere on the web were the public has access. This is because some brokers and sellers do not allow their listings to be on the Internet publicly. Besides that, there is some information about the property (taxes, association fees, sometimes addresses & directions, sold & pending comps, etc) on the completed MLS database which is not available on the public access. Because of this you may want to have us search the original database for you. If you give me your criteria I will set up a search for you and email the detailed listings to you so you have ALL listings that fit your search criteria. Then you will get all new listings that ANY Realtor from ANY company lists immediately upon their upload into the MLS. You will literally get the new listings in your email before some Real Estate Agents have a chance to look them up! If you are looking for multiple types of property I can set you up on multiple searches. You will always be able to stop receiving listings by clicking OPT OUT at the bottom of your email or by contacting me and letting me know that you no longer want to receive the service. To sign up for an automatic search you can either go here and fill out the form, email me at kaseyboles@boiserealtystore.com and let me know what your criteria is or call me at 208-830-6186 and we can discuss it over the phone. It will only take about 5 minutes of your time and the advantage and ease of receiving new listings will save you time, effort and frustration. We can be very specific in the search, so be very specific when telling me what you are looking for. There are a lot of homes on the market these days, so you as a buyer have a lot of good choices. As a seller it is good to be on this search as well to see competition and pricing of homes within the same criteria as yours. And it's fun! It will make you want to check your email every day to see if there are any new properties. If you find something you like you can call or email me and I'll get you more information or set up an appointment so that you are able to view the property. Please let me know if you'd like to be set up on an automatic search.

Also, ask me about ListingBook, another great tool for home property searching.

Shopping for Homes Online and Buyers' Agency

Reposted from October 2006 with a few minor edits

More and more people are beginning their home searching online. It's convenient, it's easy and often you even are able to see the interior of a home through virtual tours without ever leaving your chair. A lot of things are changing in how Real Estate Agents market, assist people in finding a home, and even in how clients are represented. Buyers' agency may be a newer concept and isn't even fully practiced in some states. Idaho has very specific laws on how a customer or client should be represented and it is important for you to understand how you will be represented in a transaction. Read the Idaho Agency Law Brochure for a clear understanding of the different types of relationships a Real Estate Agent may have with a person they encounter in a transaction and vice versa. Now how does this all relate to shopping for Real Estate online? In today's Real Estate cyberworld many successful websites allow anyone to search a public access MLS site. This hasn't been the case for very long. In fact, my father's website and only one or two other well know Real Estate brokerages in the Treasure Valley had this access on their website as recently as 10 or 11 years ago. Today it has come to be a norm. What you do need to know about it is that more often than not the picture and information of the Realtor next to the listing that you've fallen in love with is not the listing agent on the home. He/she is one of the Realtors that is hosting the public access site for you to be able to search the MLS online yourself. However, what else you do need to know is that it is better for you if they are not the listing agent. You need your own representation and a Buyers' agent is able to not only get you all of the information that you may want or need on any given house, they can also get you more. The listing agent has a confidentiality agreement with the seller of the home. They are representing the seller. Your buyers' agent will be representing you. And that's important.

Questions You Should Ask Any Agent - Part 14

1)Why did you become a real estate agent and how long have you been in the business?

I was born and raised in Idaho, but over the course of college and marriage had lived in other areas for about 7 years. My husband, John and I were living in Tacoma - he was teaching and I was a waitress. The whole situation for a number of reasons wasn't working for us and so we looked into other options. My father had previously been a Chiropractor but had sold his business a few years prior and gotten his Real Estate license. He first got his license to do his own investing and then (somewhat unintentionally) his business took off. After two years (the minimum time required in the business) he got his Real Estate Broker's license and started his own company, Jon Gosche Real Estate. A few years later he was still working, his business was strong and he even had a couple of other agents in his company. The opportunity to come to Boise, get our real estate licenses and work with him came up and we decided to take it. Once we got our license and began working in the family business we realized that it was a good fit for us and that we were good at it! We have now been selling real estate since 2004 and have both been "top producers" and awarded the "circle of excellence" for production volume in every year that we've been in the industry.

January 26, 2010-TitleOne News You Can Use

Questions You Should Ask Any Agent - Part 13

2)Why should I work with you?

This question is going to overlap with my response to the question below, but besides what I mention in the next question there are a couple of things that are key in my business. Though real estate agents are considered "sales people," I don't consider myself to be in sales. As a Buyers' agent my job is not to "make the sale" it is to work in the best interest of the party that I am representing (you!), find you the home that best fits your needs, is the best deal for your all around situation and to help as a consultant through the entire process from start to finish. My goal as a real estate agent isn't to sell a buyer a house, it is to help you find and buy whatever is the best home for your needs as well as to be there with the knowledge and expertise of the area, anything to look out for in a transaction and to problem solve and be available in the event issues arise throughout the closing process. I also have over five years of experience under my belt. Real estate is my full time career and I continually read, research and take classes to better my knowledge of the industry and to keep myself up to date on all the new and changing things within the industry as a whole; the real estate and financing industries are in constant change. I also do my best to carefully listen to the needs of my clients, am very detail oriented, as well as make communication a key priority, which brings me to the next question..

Questions You Should Ask Any Agent - Part 12

3)What do you do better than other real estate agents?

Real Estate is a "people person" career. But, what some people don't realize is that besides the people person part of it, behind the scenes there are A LOT of details that needs to be attended to - from paperwork and making sure that everything is properly filled out and in the file (we are not lawyers, but there are many items within a real estate contract that could make or break a transaction when issues arise), to keeping track of time deadlines (of which there are many between the loan process, the inspection period and closing date), to keeping in regular contact with all parties involved in the transaction (buyers, sellers, listing agent, agents' assistant/transaction coordinator, loan officer, loan processor, escrow officer, escrow assistant, title officer, home inspector, appraiser, etc.) and more. These are sometimes things that driven "people people" aren't as good at. Some of the most successful real estate agents are terrible at the 'detail' part of it but are hugely successful because of their people skills. Some of them know it and some of them don't. Those who know it generally hire an assistant who can keep them and all the details in line. However, others don't and don't realize the detriment it could cause within a transaction.

I was in a real estate education class and we did a little study - we took a personality test and then assembled into the groups of people that matched our personality. What we found was that the majority of people who are real estate agents are a highly driven and influential "people person" type personality, but had very little in terms of organization and detail, which were components of the other personality types. This was reflective of what more extensive studies had done over larger groups of people in the same business. It makes sense because there is a high need for both being driven and enjoying working with people to be in this business. But, there is also a huge part of the business that also needs to tend to the details as well. My personality showed me to be high in the detail and accuracy department. Because of this I have chosen to not have an assistant and to work with my clients and complete transactions from start to finish. While some agents would say they are able to better service their clients (and also sell more homes) by passing off the "transaction coordinating" to another person once the contract has been accepted, I find that there are so many issues that could potentially come up between contract acceptance to close that I want to be the one in the middle of it, foreseeing any issues before they occur and nipping them in the bud before they become a problem. I also believe that my clients who have hired me to be their real estate agent don't deserve the disservice of having to be in touch with an assistant instead of me once we've gotten past the choosing homes portion of the process. My involvement in the transaction in it's entirety and my meticulousness (which also leads me to want/need constant communication between all parties) allows me to have a very high success in closing difficult transactions and problem solving in the event any issues do arise between contract acceptance and closing, where it is possible in other cases the deal may have just fallen through.

Questions You Should Ask Any Agent - Part 11

4)What process will you use to help me find the right home for my particular wants and needs?

I set all of my clients up on an automatic property search. As I get to know my clients wants/needs better I will adjust that search or add additional searches. I may send additional lists of homes that I want you to look at that I have sifted through myself and think that you may like or may have missed, but I want you to be the one choosing your home. I set these searches up so that you are able to see everything that is available within your criteria and allows you the option to choose which ones you would like to view. I have no limit on the amount of homes I will show you and believe that even seeing homes that you don't like is important in the process of really solidifying what you do like. I have also recently subscribed to a new program called ListingBook which hopefully will both allow my clients more freedom and control in searching for homes online as well as keep me and my clients better in tune with each other and finding the right home. For now, that is a brand new program and both my clients and I are in the process of learning more the ins and outs of how it works, but I think it is a very useful tool for buyers, sellers and agents to work together in the buying and selling process. I'm really excited about it and all that it has to offer.

Questions You Should Ask Any Agent - Part 10

5)What are the most common things that go wrong in a transaction and how would you handle them?

There are an infinite number of things that potentially could go wrong in a transaction. However, the most common include results of an inspection report and the subsequent negotiations between buyer and seller for repairs, appraisals coming in low or financing not coming through. After contract acceptance the inspection is the next major step. It might come back with no major issues, or there may be more issues than we had anticipated. This is the time where negotiations might be renewed between buyer and seller. It is my job to go through this with you. I am not a home inspector, and the inspectors are available to answer any questions, but I am here to help you talk about the inspection items and help you navigate the process of what, if anything to ask the seller for, or if it is time to throw in the towel on this property and move to the next house. Appraisals are the next biggie. In today's market the appraisers are ultra conservative with their appraisal reports and often only come in at or barely above contract value even if a house may be worth more than that. However, they are also commonly coming in lower too. Now, I would never want my buyer clients to pay too much for a home, but if there is legitimate reason to question the results of the appraisal I will complete a independent comparative market analysis with additional comps to submit to the lender and appraiser for review and also work to see if we could get a second appraisal opinion. This is getting tougher to do because of new laws and regulations in both the lending and appraisal sectors. However, if an appraisal does come in low, this is an additional time to work out the situation with buyer and seller and negotiate terms of the contract once again. As far as financing not coming through (at the last minute and for whatever reason) there are a number of ways to avoid this in the first place and that leads me to the next question.

Important Real Estate & Finance Industry News

Quite a few bits of news I think are important to note:

1)HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS - FHA loans have a 90 day "seasoning" period. HUD.gov states it like this : "With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. " The big news is that in a recent announcement HUD has stated that they will be waiving that 90 day rule for a period of 1 year.

For the full HUD news release click here.

2)FHA MAKES OTHER SIGNIFICANT CHANGES - Besides the change noted above, FHA has decided to tighten up a little bit on the rules and restrictions for FHA loans in order to "improve FHA loan quality....though not yet set in stone, these changes appear to possibly include:

a)Increasing “upfront cash” that a borrower has to bring to the table by:
*Eliminating the ability to finance the upfront premium
*Increasing the cash investment required above 3.5 percent by:
- Reducing seller concessions from 6 percent to as low as 3 percent
- Imposing a minimum FICO score
*Down payment requirement will remain at 3.5 percent
*Imposing a loan-to-value (LTV) maximum ratio by FICO score

b)Increasing the Mortgage Insurance Premiums - FHA can increase the MIP as follows:
*Up-front premium may be raised to 2-2.25 percent, up from 1.75 percent
*Higher premiums may be introduced for certain FHA products (such as refinance transactions)

For more detailed information on these proposed changes click here.

3)IHFA EXTENDS DOWN PAYMENT ASSISTANCE PROGRAMS - This is a zero percent interest, due on sale deferred loan program available for borrowers with less than 80% of Area Median Income. Requirements include:

*Assistance to the borrowers, based on need, can range from $1,000 to $20,000.
*Assistance level is based on need and the adjusted gross household area median income (AMI).

For more information and a chart that shows assistance levels click here.

4)IDAHO RANKS SIXTH IN 2009 FOR PROPERTY DISCLOSURES - According to an article in Idaho Business Review's Real Estate Update "A grand total of 17,161 properties were foreclosed on in 2009, or one in every 37 houses. That number is double what it was in 2008 and almost four times what it was in 2007, according to RealtyTrac.com."

For the full post click here.

5)NEW RESPA REGULATIONS MAY SLOW REAL ESTATE RECOVERY - In my most recent newsletter I mentioned the new RESPA rules and uniformity of the Good Faith Estimates. Idaho Business Review's Real Estate Update had something to say about it, "New federal regulations designed to protect homebuyers from nasty surprises at loan closing time could slow the recovery of the real estate market, some industry insiders say."

For the full post click here.

For more information from HUD.gov click here.

Questions You Should Ask Any Agent - Part 9

6)What are some mistakes that you think people make when buying their first home?

I think that three of the biggest mistakes people make when buying their first home include choosing the wrong lender, biting off more than they can chew, (sometimes those two go hand in hand) and spending money or buying on credit prior to closing on the home. Getting financing for a new home is a big deal. And, it's not something people do every day so there is a lot to it that may not be easy to understand or that people don't even think about. First, it is in my opinion, VERY important to work with a local lender. Not only are there certain out of state lenders that aren't even licensed to loan in Idaho, but they don't know what is customary in our area (ie. taxes, what closing costs are paid by whom, common time frames, required (or not required) inspections etc. etc.), they won't be familiar with local loan programs that are available to home buyers here, and you can't walk into their office face to face to talk to them in the event things are going awry. I can tell stories about problematic closings with out of state lenders and give more examples of the cons of using them and pros of using local lenders. Second, biting off more than they can chew; I am mostly referring to buying more house than they can afford or maybe should be buying for their situation. Just because you are "approved" for a certain amount doesn't necessarily mean that it is what you are or should be comfortable with. Also first time buyers sometimes don't take into consideration things such as utility bills, cost of home improvement and general home maintenance, cost for commuting (gas, car wear and tear, etc.) and other things that may be additional costs that you might not have renting versus buying, or just simply may not have thought of within the new budget that comes with owning a home. I'm not a financial planner, but do want to make sure that all things considered, buyers are comfortable with the situation that they are getting themselves into being a homeowner for the first time. Finally, spending money or buying on credit prior to closing - it is very common when buyer's contract on their first home to get excited, go shopping for furniture, appliances & large household items. The problem with that is that your approval is based upon the snapshot of your credit and finances when you took application for the loan. What people don't realize is that the lender verifies that information prior to closing. If your debt to income ratio has changed because you've put that new washer/dryer & refrigerator on your credit card, you may no longer qualify for the loan that you were approved for. Or, if you were approved in part for the amount of money you have in your savings account (some loans require there to be a certain amount of money to show that you can make your payments for so many months) and that cushion is gone, so might your approval be. It seems innocent enough (though I've heard of people even doing things like buying new cars in the midst of home buying) but any change in your finances between loan application to your loan funding and the home recording into your name could cause last minute problems with financing and a buyer ending up being unable to purchase the home at all.

January 2010 Real Estate Newsletter

January 15, 2010

Happy New Year - here's to a fabulous 2010!!

It's tax time!
**Time to gather up all your receipts, get your 1099's or W-2's together and get cracking on Turbo Tax or bringing everything to your accountant. If you purchased a home in 2009 and were a first time home buyer you may qualify for the Home Buyer Tax Credit (ask your accountant). If you are planning to purchase a home in 2010 and are first time home buyer or an existing homeowner who has owned a principal residence for 5 out of the previous 8 years you may qualify for the Extended & Expanded Tax Credit (ask your accountant).

Here are some things you might want to know about it:

Home Buyer Tax Credit Extended & Expanded as of 11/6/2009

Comparison of the previous tax credit and the new tax credit

To find out more information on the credit click here

New RESPA Rules began January 1
**Changes in the mortgage industry have been frequent over the last few years. Beginning January 1st of 2010 there has been another big change with RESPA and the uniformity of Good Faith Estimates and some other things that are intended to help consumers be able to better understand and shop for home loans. Here is an article about it from the Housing and Urban Development website.

Questions You Should Ask Any Agent
**There are many articles and suggestions for home buyers and sellers about questions that they should ask Real Estate Agents. I have had clients ask me some of these questions, so I decided to just put a list together and post them on my blog. I'm am doing it in a series, posting new ones daily until I have the questions answered.
See those questions answered here.

ListingBook!
**Listingbook is a program that helps us work together in finding a property that fits your needs. If you haven't done so yet and would like to sign up for a (free) Listing Book Account click on this link and fill out the "Search Like an Agent" form on the right hand side (phone number isn't required). If I have sent you an invitation, all you have to do is confirm the invitation. If I sent you an invitation and you disregarded it because you didn't know what it was, let me know and I can send you a new one. Here's a brochure that explains it further.

I'm on Linkedin!
**If you have a LinkedIn profile yourself I would love for you to add me as a connection. Here's my info

Questions You Should Ask Any Agent - Part 8

7)What other professionals do you suggest we work with and what are their credentials?

If you are interested I will provide you a sheet with lender & inspector recommendations. Each loan officer on the list brings something different, whether it's personality, location, being a mortgage banker vs a mortgage broker, having in-house underwriting, working best with first time buyers, repeat buyers or investors, the ability to do certain loans that others can't, and more. The inspectors on the list have each done a number of inspections for clients of mine with satisfying results. Not all inspectors are ASHI certified, and not all buyers care about that, so this list includes an inspector that is ASHI certified and one who is not, but who adhere to ASHI standards. I don't have Title Companies on this list but am happy to discuss different Title Company options with you as well, as there are definitely different companies and escrow officers that may be best for each individual contract and situation. Any additional professionals that you may want a recommendation of including builders, CPA's, attorneys, general and sub contractors, handymen or anything else, I am happy to discuss with you on an individual basis and based on your particular needs help to point you in the right direction.

Questions You Should Ask Any Agent - Part 7

8)Can you provide me with references or testimonials from past clients?

I don't provide written testimonials from past clients on any of my websites, as I feel like they can be contrived and any agent can get someone to write a glowing review for them - so I just don't feel like they are very persuasive. I am, however, more than willing to give a list of as many past clients as you'd like that you are able to call and ask questions and talk about their experience with me as their agent.

January 12, 2010-TitleOne News You Can Use

Questions You Should Ask Any Agent - Part 6

9)Are you a Realtor®?

I am a Realtor®, a member of the NAR (National Association of Realtors®) as well as IAR (Idaho Association of Realtors®) and ACAR (Ada County Association of Realtors®). I am also on the Rules and Regulations/Bylaws committee for the Intermountain MLS and have been for the past two years. Though the MLS isn't directly affiliated with the National Association of Realtors, in our market all agents that are part of the MLS are members of NAR, IAR as well as a local Association, and Intermountain MLS works closing with all local Associations and NAR when making decisions for our local area Realtors®.

Questions You Should Ask Any Agent - Part 5

10)What real estate designations and certifications do you hold?

After this series on questions to ask an agent I am going to do a series on Realtor designations and certifications as well. Stay tuned.

I am a Realtor® and a Real Estate Broker. As far as designations and certifications I have a GRI (Graduate Realtor Institute), e-Pro (focusing on internet and technology in the Real Estate industry), ABR (Accredited Buyer Representative) & SRS (Seller Representative Specialist), SFR (Short Sale & Foreclosure Resource) and now besides continuing education classes and other classes that I take that don't "designate" me, my next goal is to complete the CRS (Certified Residential Specialist).

Questions You Should Ask Any Agent - Part 4

11)What is your specialty?

I specialize in Residential real estate and primarily work with Buyers. My primary market area is the Treasure Valley as a whole - I work in all areas of Boise, Nampa, Kuna, Meridian, Star, Eagle, Middleton, Caldwell as well as Melba, Emmett, Horseshoe Bend & East Boise County. As far as representing buyers I don't really go much further out of those areas and will refer a buyer to a local Realtor if someone is looking for property outside of my market area. We list properties as well, but we mostly take listings from past clients and referrals and we do not seek out listings like many Realtors do. That is still the case with traditional listings. However, over the course of the last 2 1/2 years we have been working extensively with pre-foreclosure, short sale properties and do list and sell these as a primary part of our business now as well along with continuing to work with Buyers - knowing the ins and outs of the selling/listing side of short sales also helps me to be more knowledgeable with buyers to help them navigate and have proper expectations on the purchasing side of it too. Though I refer buyer clients out to local Realtors in Valley County if my buyers are looking in areas around McCall/Donnelly/Cascade, we do work together with local Realtors in that area to listing and negotiate short sales.

Questions You Should Ask Any Agent - Part 3

12)Who is your Broker? Can I call him/her?

My Broker is Jon Gosche, who is the owner of Jon Gosche Real Estate and is also my father. You are welcome to call him at 208-870-2115 or email him at gosche@cableone.net. One of the greatest things about small family brokerages is that we are able to talk issues through and I always have access to my broker.

Questions You Should Ask Any Ageny - Part 2

13)How many sales did you complete last year?

John and I have both received the Circle of Excellence award for the Ada County Association of Realtors for the years 2005-2008 consecutively and will for 2009 as well. We closed 40 transactions in 2009. John and I work well together to help each other when need be. We do not have assistants and so our numbers may not reflect that of the busiest agents in our market area, but we do that by choice as we feel that it is important to have the same person (us, your agent) involved throughout the entire transaction, have all knowledge of what is going on, remain the contact person for all parties during the transaction and not pass it off to an assistant to finish once the offer is written. There is so much that happens between offer acceptance and closing that needs to be attended to in order to assure a smooth close and we don't want to do what we feel is a disservice to our clients of passing that off to a transaction coordinator.

Questions You Should Ask Any Agent - Part 1

I've done this on my blog once before in the past, but over the last six months I have updated and added questions so I figured it was about time that I make it a blog post as well. It turned out to be quite long, so I have decided to do it as a series of questions, starting from the end. Some of the questions are short, some of them turn out to be quite the dissertation...Let me know if you have any other questions!

14)Is this your full time job?

Yes, this is my full time job and I do everything I can to keep myself up to date on local news & issues, community discussions and the market here. I also spend time reading and researching the national market in real estate and finance and I take continuing education classes and designation courses whenever I can to keep up to speed on my industry.