The Ideal Eagle Idaho Home: Part I

Part I: How I Help My Buyers Find Their Ideal Eagle Idaho Home !

Eagle Idaho Home

I do a lot of research and see a lot of homes while looking for the ideal Eagle Idaho home for a buyer.

My efforts include reviewing numerous listings, drive-bys, and previewing a lot of homes to ensure that my buyers get to choose from the best of the best homes.

Here’s how I go about finding ideal Eagle Idaho homes for my buyers!

As you might expect, it’s all about  .  .  .  .

Location, Location, Location

Is the home surrounded by similar homes?

Look at the homes near the home you’re considering.

Is it generally like the other homes in the area?

Don’t buy a non-conforming home unless you want to confirm that you’re a rebel.

Is the home adjacent to vacant property?

If you’re considering a home that borders undeveloped property, find out what could be built nearby.

Understand that vacant land can get rezoned for development, and it might be a development that you won’t like.

That vacant property behind the home you’re considering won’t be as scenic and appealing when it has a WalMart on it!

Is the home located on, or near, a busy main street/road?

If the home you’re considering is on, or near a busy street/road, understand that it will probably have even more traffic in the future.

Is the home adjacent to a road that will get widened in the future?

The Eagle Area is growing rapidly.

We still have many roads that will get widened in the future.

Don’t buy a home that backs to a two-lane road that could become a four-lane road with a median in the future.

Is the home near high-tension power lines or a power substation?

Do you like EMF’s (electromagnetic fields)?

If not, don’t buy a home near high-tension power lines or power substations.

Preserve what’s left of your brain by buying a home that’s far, far away from major power lines and electrical substations.

Is the home near a fire station?

Living next to a fire station may provide peace of mind, but you will soon grow tired of hearing those sirens at all time of the day and night.

Is the home near a school?

Owners of homes located near schools often deal with traffic congestion near their home.

Those traffic issues are caused by parents delivering and picking up elementary and junior high students, as well as enthusiastic high school students with brand-new driver’s licenses.

Avoid homes near high schools if you like peace and quiet when school gets out in the afternoon 🙂

Do nearby properties slope toward the home?

Are nearby homes on higher land than the home you’re considering?

If the home you’re considering was built on land below adjacent properties, you could experience drainage issues, including runoff water draining onto your property.

Stay Tuned For Part II

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6 Sure-Fire Ways To Lose Your Earnest Money

6 Sure-Fire Ways To Lose Your Earnest Money

Earnest money is intended to make sure that you remain “earnest” (serious) about your home purchase.

Writing your earnest money check is something you should take very seriously.

Bad things can happen to you if you fail to be “earnest” and adhere to the terms of your purchase and sale agreement.

Busted Deadlines

You’ve probably heard about “Time Is Of The Essence”.

That clause is included in every real estate purchase and sale agreement.

Disregarding deadlines stated in your purchase and sale agreement can cause your earnest money to be forfeited.

Lack of Approved Financing

Your purchase and sale agreement will likely include a deadline for providing proof of approved financing.

Busting that deadline can result in forfeiting your earnest money and your transaction falling through.

You shouldn’t shop for a home without pre-approved financing!

Failing To Close On Time

There’s a reason the closing date is stated in your purchase and sale agreement.

It’s the date when you want to move in.

It’s also the date when the sellers expect to get their money.

If you don’t close on time, it’s quite possible that you will lose your earnest money and not get the property.

Buyer’s Remorse

I know this sounds a little “tight”, but it really isn’t okay to change your mind about buying a home after your offer has been accepted.

If the terms and conditions of your purchase and sale agreement have been met, you will probably forfeit your earnest money if you change your mind and fail to close escrow.

Per the terms of the Idaho RE-21 Purchase and Sale Agreement, you could also become responsible for numerous transaction costs and seller damages.

Contingencies Waived

If you waive your contingencies (financing approval, home inspection, etc.) in your purchase and sale agreement, you are essentially guaranteeing that you will close escrow.

If you have no unmet contingencies in your transaction, and you fail to close, you could forfeit your earnest money.

No Proof of Funds To Close

Sellers and lenders want to know that you have the money to close escrow.

All cash offers, while sometimes overrated, also require proof that you actually have the money you’ve promised to deliver at closing.

Failing to provide proof of funds to close can cause your transaction to fail and you could forfeit your earnest money.

Summary

The devil is in the details of your purchase and sale agreement.

Numerous legalities can be debated about the disposition of earnest money in the event of a buyer default, rendering all of my comments above subjective.

Earnest money is usually held by one of the brokers, or the escrow company handling the transaction.

Due to potential legal liability, the holder of the earnest money will require that both buyer and seller agree, in writing, how the funds will be distributed in the event of a default.

It’s often best for both buyer and seller to resolve the disposition of the earnest money vs. spending substantial money to pursue legal remedies with no assurance of prevailing in court.

Pay close attention to the terms and conditions of your purchase and sale agreement.

Above all, avoid violating the terms and conditions stated in your purchase and sale agreement.

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Meridian Idaho Home Listings: The Perils of Escalation Clauses

Escalation clauses are common in offers to purchase Meridian Idaho home listings these days!

Meridian Idaho Home Listings

Building escalators can go up or down.

In real estate, escalator clauses are intended to go in only one direction – UP!

Escalation clauses provide a built-in capability for a buyer to outbid other competing offers in a multiple-offer situation, but they can be risky when not properly prepared.

I’m personally not a fan escalation clauses, for a variety of reasons, including:

Buying On Emotion

Escalation clauses are often used by buyers who are buying on emotion, which is generally not a good way to buy a home.

Logical reasoning often goes out the window when emotion takes over and a buyer just has to have the house!

Overpaying

Lacking a price limit, an escalation has no ceiling price and can result in a buyer paying far more than intended.

Buyers should never, ever use an escalation clause lacking an upper price limit.

Appraisal Problems

Escalation clauses can stimulate competing buyers to pay more than the appraised value, which can result in the buyer to pay the cash difference above the appraised value if they want to close.

If the buyer is unwilling to pay that cash difference, the buyer’s financing will then fail, resulting in a failed transaction with the property going back on the market.

My Thoughts

I personally do not recommend using an escalation clause when representing a buyer.

When I’m representing a seller who receives an offer with an escalation clause, I fully disclose the risks mentioned above.

Like them or not, escalation clauses will remain common in the Meridian Idaho real estate market until our market inevitably cools off.

Are you looking at Meridian Idaho homes for sale?

Call me at (208)938-5533 or e-mail me for detailed information about Meridian Idaho home listings that you won’t see online!

View All Meridian Idaho Home Listings!

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Boise Idaho Homes: Why We Do A Walk-Through

It’s common practice, with transactions involving Boise Idaho homes, for buyers to complete a walk-through prior to closing.

Boise Idaho Homes

Walk-Through Purpose

With Boise Idaho homes, the purpose of a buyer’s walk-through is to confirm that the property is in the same condition as was when the buyer’s offer was accepted.

If the purchase and sale agreement required the seller to make repairs, or improvements, to the property, those repairs and improvements should be completed prior to the walk-thru.

The walk-thru is not intended to identify additional repairs or improvements requested by the buyer.

Walk-Through Timing

The Idaho RE-21 Purchase and Sale Agreement includes provisions to specify when a buyer will complete their walk-through.

It’s best to do a buyer’s walk-through near the closing date to ensure that the property is in the expected condition at closing.

Window coverings

Window coverings are often a common issue during walk-throughs.

Our Idaho RE-21 Purchase and Sale Agreement clearly states that window coverings are included with the sale unless specifically excluded in the listing agreement.

I’ve personally seen sellers remove all window coverings and drapery rods before closing.

When you do your walk-thru, confirm that all window coverings specified in the transaction remain in the property.

Missing Items

If your purchase offer included specific items to be included in your transaction, the walk-through is your opportunity to confirm that those items remain with the property.

Confirm Repairs Completed

Buyers often negotiate repairs to be completed to correct items found during a home inspection.

The walk-through provides an opportunity for the buyer to confirm that those repairs have been completed.

If those repairs were to be completed by someone other than the seller, you should get paid invoices for your own records and for title insurance confirmations.

Would you like to know more about Boise ID homes?

Give me a call at (208)938-5533 or e-mail me for full information about Boise Idaho homes!

Click Here To View All Boise Idaho Homes For Sale!

View My Tour of Boise Video!

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Brighton Homes Announces Cadence Over-55 Community

Brighton Homes has announced their new Cadence Over-55 community, located in Paramount, at the corner of Chinden Avenue and Meridian Road.

This unique new community offers:

  • Master-planned gated community.
  • Club House with pool and spa.
  • Landscape maintenance and snow removal.
  • Walking paths and open spaces.
  • 100% Energy Star Certified.
  • Smart home technology with smart locks & thermostats.
  • Single-level custom homes.
  • Choose your lot and plan now!

Please call me at (208)938-5533 or e-mail me for more information.

 

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