Mandy Rockefeller

I’m proud to announce that I have received another designation.  I am officially an ABR!

What is the Accredited Buyer’s Representative (ABR) Designation?
The Accredited Buyer’s Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), an affiliate of the National Association of REALTORS®, to real estate practitioners who meet the specified educational and practical experience criteria.

What the heck does that mean? 

In a nutshell; it means I’ve taken quite a bit more education, and that I am concerned about providing the highest level of service that I can to my customers and clients.  The ABR designation focuses on networking, and serving buyers.  It also allows me access to other ABR designees, so that I can properly refer buyers in other areas to agents that are qualified.

Mandy Rockefeller

I came across this article and thought it was pretty spot-on.  I’ll speak for our market below.

5 New “Rules” for Homebuying

#1. Lowball offers won’t likely stick: There are a few times when the lowball offer will work.  Those “screaming deals” are becoming more infrequent.  With the stabilization of our market that I spoke of previously, I’m seeing a dip in the supply.  This dip means more competition.  The best bets for lowball offers?  Properties that are in immediate threat of foreclosure auction (often this will help a seller postpone the foreclosure with a last minute offer sent to the lender); properties with many days on market (DOM), especially if bank owned (REO) and sometimes vacant land.  Vacant land is still our softest segment, with many lots in competition.  Not all lots are created equally, however, and many owners selling vacant land in our marketplace are in an equity position to hold for a longer period of time.

#2. Get pre-approved:  This is very true for our area.  Many buyers are looking for an REO.  In order for agents to even submit an offer, we almost always have to have a lender pre-approval letter.  Sometimes a buyer even needs to pre-qualify with the bank holding the REO.  That doesn’t mean that you have to use THAT bank for your financing, but it does mean that you have to be completely qualified to purchase their homes.

#3. Get realistic about the market: Your Realtor should be able to provide a CMA for the property you’re looking to buy.  At the very least, you can ask for any comparable sales within the past 6 months.  Sometimes, it IS hard to find comps, and the CMA isn’t the tell-all for a value, but it does give a buyer sound knowledge in the market, and helps to avoid breaking rule #1.

#4. Expect some competition: I’m seeing many more instances of multiple offers.  In fact, the last 6 transactions I’ve had have been in a multiple offer situation.  Buyers must prepare themselves for this, and must know what they are willing to pay for a home before becoming emotionally entangled in a “bidder’s war”.  Having multiple offers also means that the TERMS of your offer can be just as important as price.  For example: A house listed at $115,000 has two offers. An offer of $105,000, cash, investor (non-occupant) with no contingencies and an offer of $110,000 100% financing, buyer is unqualified and has many contingencies.  When typically dealing with an REO owner, the first offer is more likely the one that will be accepted (notice that NEITHER is OVER the asking price?).  Make sure your writing your contract is as clean as you can make it when you’re competing.

#5. Conduct property research:  This is why there are inspection periods.  Even with REO property, the owners allow for a time period to conduct inspection.  Know when you’re writing an offer that you have this option, and you should use it.  Instead of WAITING to write an offer until your questions are completely answered, make an offer and UTILIZE your inspection period.  This means you won’t miss out on an opportunity, but you have sufficient time to know exactly what you’re getting.  This doesn’t mean that an REO lender will make repairs, normally REO property is sold AS-IS.  It just means you aren’t surprised with a broken furnace when you move in (January in Driggs make anyone shake in their boots?) and you have the opportunity to withdraw if you feel that it is too financially burdensome.

I feel like these are some great rules to follow.  What do you think?  Any rules you would add to the list?

Mandy Rockefeller

The National Association of Realtors has stated that pending home sales for March have risen 4.1% from February and are 12.8% higher than March 2011.  The last time the Real Estate Industry has seen pending sales rise at this level was April 2010 because of the Homebuyer Tax Credit.

The Pending Home Sales Index seems to be telling us that the worst of the market decline is behind us.  Inventory is thinning, while (for the moment) interest rates remain super low. There are many; including Lawrence Yun, NAR chief economist, that 2012 will be a year of recovery.  The nation’s first quarter closings were the highest in 5 years, and with the pending home sales, it looks like second quarter sales should be equally as good.

Locally, (meaning Teton Valley, ID) it appears that we’re seeing positive results as well.  March 2012 is up (double, actually) in sales from March 2011.  In comparison, we saw 36 home sales in March 2008 with a total sold volume of $5,485,000 and March 2012 had 20 home sales with $3,217,800 total.

* Graph only includes single family home sales in Teton County, Idaho.

What does that mean for the consumer?  It means that our market is showing all signs of stabilization.  With the increase of pending and sold homes, active inventory is reduced.  When we have a reduction in inventory, and our demand remains the same, we’ll eventually see prices start to make incremental movement upward.  Ultimately, in the short term, we’re talking a more balanced market, meeting supply and demand for both buyers and sellers.

Mandy Rockefeller

I’ve posted before (in 2009!) about the HAMP Program for loan modification, and how it can help homeowners who wish to keep their homes, but can not afford to make the same payments they had originally agreed to.  Of course, since then, there have been many changes to the programs offered, and who they service.  Originally, the goal was to help homeowners who were facing financial hardships and could not make their mortgage payments.  At first, no one, especially the lenders,  knew what they were doing.  Many homeowners were frustrated, and chose “walking away” from the home because it was so difficult to accomplish any real changes to the mortgage.

Fast forward 2 1/2 years.  The game has changed, and so have the programs.  There are a few major programs available, with a few acronyms to help you remember what they are.  As always, you will want to speak with your lender about the proper program for you, and also verify that your lender offers these as an alternative to foreclosure.

HAMP Program:  The Home Affordable Modification Program is available for homeowners who are employed, but are still having a hard time making ends meet.  Currently this program is being modified and enhanced, and new guidelines are expected in June 2012.  In order to qualify for this program, there are a few requirements:

•  You occupy the house as your primary residence.
•  You obtained your mortgage on or before January 1, 2009.
•  You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
•  You owe up to $729,750 on your home.
•  You have a financial hardship and are either delinquent or in danger of falling behind.
•  You have sufficient, documented income to support the modified payment.
•  You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

HAFA Program: The Home Affordable Foreclosure Alternatives Program is available for owners who can not afford their payments, and have not been approved for HAMP.  This programs helps owners pursue a short sale, or Deed in Lieu of Foreclosure with their lender. There are a few advantages to using the HAFA program, one is that the debt is released if the lender accepts the short sale, and the owner is less impacted credit-wise than a traditional short sale or foreclosure. Some of the requirements for this program are:

• You live in the home or have lived there within the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750.
• You obtained your mortgage on or before January 1, 2009.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

HARP Program:  The Home Affordable Refinance Program is available for homeowners who are current on their mortgage payments, but do not qualify for typical refinancing because their loan values have declined with the housing market.  This refinance does have fees, but it is a good alternative for owners looking to change their mortgage payments and would be unable to do so based on current loan to value ratios.  This program will end on December 31, 2013.  Some eligibility requirements are:

• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
• The current loan-to-value (LTV) ratio must be greater than 80%.
• The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Principle Reduction:  The Principle Reduction Alternative is an alternative to foreclosure if the owner does not have a loan backed by Fannie Mae or Freddie Mac.

• Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.
• You owe more than your home is worth.
• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• Your mortgage payment is more than 31 percent of your gross (pre-tax) monthly income.
• You owe up to $729,750 on your 1st mortgage.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

There are many other programs available for homeowners.  Whether you are unemployed, you have a second mortgage that you can’t afford, or you have an FHA or VA loan; there is help.  To find the right program for you, follow this link for an interactive tool to help you choose the modification program that best fits your unique situation.  Remember, Realtors (especially those with the SFR designation) are professionals who help homeowners every day.  We have tools and knowledge to assist in a very stressful, and difficult situation.

You can also try to negotiate a Deed in Lieu (DIL) of foreclosure with your lender. The  DIL is essentially similar to a voluntary repossession of a car.  The owner can’t afford to make the payments, so they return the property back to the lender.

Please be aware, there are scams out there.  Unfortunately, there are many who try to take advantage of those who can least afford it.

• Please be wary of any person or entity taking money for their services.  To work with your lender to achieve a loan modification is free.
• Use caution if people are pressuring you to “sign over” your house, in order to save it.
• Work directly with your mortgage company for any payments.  Do not make mortgage payments to anyone that is not YOUR lender without your lender’s direction.

To reach a HUD-certified counselor, please call 888-995-HOPE (4673)

As always, please feel free to contact me if you have any questions, I am always happy to help!

Mandy Rockefeller

Conley Rockefeller

Happy Easter from the Rockefellers!

Mandy Rockefeller

455 Targhee Towne Rd Price: $349,900

Beautiful home in Alta, WY! This 4 bedroom, 2 bath home offers outstanding Teton Views! With a separate apartment above the garage, totaling approximately 360 square feet with hardwood floors, kitchenette, and 3/4 bath (not to mention stunning Teton Views) this home is a great buy! The main home features newly refinished hardwood floors, new paint, and a nice, light floor plan. The master is on the main level, with an open living/kitchen/dining area. Upstairs are 3 bedrooms, a full bath and a loft space. Sitting on approximately .46 acres, this home is very near to Grand Targhee Ski Resort, as well as the Alta School and Library. Asking Price: $349,900  Contact Me for showings. 

Living Area

Kitchen

Mandy Rockefeller

My guest blog post for Teton Valley Realty.

Thursday February 9th, Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc have agreed to a $25 billion government settlement. The settlement was aimed at banks with the lions share of loans and questionable (or perhaps fraudulent) loan practices, foreclosures as well as mishandling loan modifications.

The 16 month-long negotiation is aimed at providing more help for homeowners. Although many say this is a step in the right direction, it’s exactly that. A step. The settlement will reach many homeowners, but may fall short of expectations. It’s estimated that this settlement will help approximately 1 million homeowners. 49 states agreed to the settlement. New York and California being the last to agree, possibly because California will receive the lion’s share of proceeds. The lone ranger being Oklahoma, who felt the settlement greatly overreached the state’s authority, and could be unfair to borrowers who continue to pay their mortgage.

It may come as not surprise that many consumers are still leery of any deal or settlement. With questionable fees and practices imposed on consumers for years, more than 2 million homes lost to foreclosure, possible insurance fraud, the public has the right to be leery of any settlements. Some call this a stealth bailout for the banks, and with a $2,000 per loan file “penalty” it seems as though the banks might be getting a better deal than we think. Based on the secondary mortgage market (lines of credit, or second liens) the banks can modify a first position lien making a borrower more likely to pay a second. Either way, the bank is getting paid. If a borrower defaults on a first position loan, the secondary loan is worth nothing.

So, now I’m sure you’re wondering about the nuts and bolts of the settlement . . . me too.

-Immediate aid to homeowners needing loan modifications now. The servicers are required to work off up to $17 billion in principal reduction and other modifications.

-Immediate aid to borrowers who are current, but whose mortgages currently exceed their home’s value. Up to $3 billion must be provided by servicers in refinancing relief nationwide.

-Immediate payments to borrowers who lost their homes to foreclosure. $1.5 billion will be distributed to approximately 750,000 borrowers nationwide.

-Nationwide reforms to servicing standards. Better staffing, training, communication with borrowers, points of contact, as well as appropriate standards for executing documents in foreclosure cases, ending improper fees and ending dual-track foreclosures.

-State Attorney General oversight of national banks. National banks will be required to report compliance with the settlement, and servicers will have to pay heavy penalties for non-compliance.

What do you think? There are plenty of people out there that think the big banks will fail again as they have in the past, even with the settlement calling for more oversight.
-Mandy

Mandy Rockefeller

As the Holiday Season is in full swing, and I wanted to take a moment to thank my wonderful clients, friends and family.  I’ve had a wonderful year, sprinkled with goodness, and glazed with a touch of chaos.  It has been wonderful.  I’m so fortunate to have the past and present clients that I do.  It warms my heart, I feel like I’m somehow one of the luckiest people in my profession.  Everyone I have the opportunity to help is so kind, patient and understanding.  I truly hope you and your beautiful families have a spectacular Holiday, (however you choose to celebrate).  I’m looking forward to 2012, I know it’s going to be a blast!

                                                                                                                                                                              -Mandy

Mandy Rockefeller

As always, I want to wish all of you that celebrate a wonderful, safe and happy holiday season!  I hope that you enjoy your holidays as much as I do, and that you’re able to share it with friends and family.  This week, Teton Valley Community Recycling sent this newsletter, and I thought I would share it, as it has some great ideas, and I know I can ALWAYS use some gentle nudges to remember to keep the environment in mind during these busy days.

1. Shop Local

Small businesses are the lifeblood of our communities. On November 26, make a pledge to shop small on Small Business Saturday.  If millions of people shop small, it will be huge.

Visit and buy just 1 item from your favorite local business on the Saturday after Thanksgiving.  You’ll be giving back to the community and saving time and fossil fuels by not driving to Idaho Falls or another shopping destination.  If you need ideas, check out the new Driggs Downtown shopping guide.  

3. Recycle Wrapping Paper

Between Thanksgiving and New Year’s day, Americans throw away a million extra tons [900,000 metric tons] of garbage each week, including holiday wrapping and packaging, according to Robert Lilienfeld, co-author of the book Use Less Stuff: Environmental Solutions for Who We Really Are.  Why not recycle holiday gift wrap?

If every family reused just 2 feet [0.6 meter] of holiday ribbon, the 38,000 miles [61,000 kilometers] of ribbon saved could tie a bow around the entire planet.  So if you’re not giving something that doesn’t need to be wrapped from Tip #2, reuse the wrapping paper or use an easily reusable gift bag.

5. LED lights

2. Give Change

4. Fake Fir or Compost

The traditional Christmas Tree is a holiday staple for many.  If you chose a fresh tree, be sure to recycle it after Christmas by having it ground into wood chips, which can be used to mulch gardens or added to your compost pile.  If you chose an artificial tree, know that you will be saving gas and other resources used each year to obtain and produce a live tree.

You may contact TVCR Here:

Mandy Rockefeller