Jon Gosche Real Estate
                                                                                                  
  Boise Idaho Real Estate                                                                                            208.870.2115
                  Buyer Agent Specialist!   Realtors® serving Boise, Meridian, Eagle, Kuna, Nampa and South West Idaho

  Exclusive Buyer Agents!    Boise Real Estate!  Boise Homes for sale!

                                                             gosche@cableone.net

The Best Boise Idaho area MLS online!

Buy foreclosures, short sales and for sale by owner homes.  SAFELY!

Buy Distressed Property!

Here is web tool for looking for pre foreclosure, foreclosure, potential short sale property, and for sale by owner property.  But please read the rest of this first.  As I am writing this I am listening to a CNBC report on how not only homeowners, but developers are starting to be foreclosed on.  This means big money is at stake.  There may still be a big drop in value of property.  If developers get foreclosed on other smarter, bigger, rich developers will by and lot prices will drop.  That will cause home prices to drop further. 

Here is the link.  But please don't quit reading!  You can do a trial and if you like it pay for a subscription.  Some of the pre foreclosure property is listed. Some is not.  We also find often that people who call with something they find on RealtyTrac® and other foreclosure web pages is confusing.  For example, you may find something that looks like it is going to be sold for $200,000.  But we find that that is just what is owed on a second mortgage who happens to be the first to file foreclosure and there is a second for $800,000.  It just hasn't been filed yet.  We can find this information for you, so if you find something that looks too good to be true in very well may be.  Call us and we will find out. 

We can send you accurate lists of listed pre foreclosure property, short sale property and REO property.

 Don't call the owner or listing agent.  Here is why: 

1. Many if not most of the listing agents may not even know their seller is in default.

2. Many agents have ever done a short sale.

3. When you make a very low offer if you don't do it right you may just make them mad.  You will be opening a can of worms if the agent doesn't know the property is in default.

4. You need a very detailed professional market analysis or broker's price opinion to know what the home might sell for.  Unless you are going to live in it you need to make a BIG profit to make sure you don't end up paying interest for months, money to fix it up, cost of selling and TAXES.  

5. Many agents have been agents for few years and their focus and expertise is SALES.  Not investing.

6. To accomplish a short sale you need to have a number of items including a purchase agreement accepted by the seller contingent on the lender accepting the sales price as payment in full.  There is a very specific amount of very sensitive material that you need from the seller.  Personal stuff to prove to the bank that they are going to end up foreclosing and having to resell.  You need the package ready to go with the purchase.  You will be working with a selling agent who may not know how to do it and first of all he has been taught to represent the seller and is supposed to try to get the most he can for the seller and his commission goes down if the price goes down.

7. As for foreclosures:  They are auctioned.  Until recently at least most of the time the bank or lender buys at auction.  Many inexperienced people may be bidding and bid it up to high to resell for a profit after TAXES and other expenses.

8. Many of the pre foreclosure properties can be bought for a better deal than a bank owned property and will probably be in better shape.

I have been doing real estate for 30 years most of the time being an investor, not a broker.  One of my agents who I work with, or I can help you with all of the above.  Try RealtyTrac.  Then PLEASE call me.  Many of the distressed properties are people just like YOU who went to a seminar, read a book, and bought at the wrong time.  This is starting to be the right time if you do it right.  BUT it is VERY easy to do it WRONG.  Remember, because of interest, taxes on resale, cost of advertising and closing you can make money on the property but LOOSE and STILL HAVE TO PAY TAXES for a double ding!

ALSO be VERY careful about getting into partnerships with seminar people and "investment" gurus.  They will set you up so YOU are responsible for financing personally.  Banks don't lend to LLCs and Corporations.  So you get the loan, put the property in an LLC or Corp, make an agreement with an investor Corp and if things go south the investor Corp can go bankrupt and although the lender can sue you you CAN'T successfully recover your money from the guru!  They are protected.  Be VERY CAREFUL.  This IS a time when smart money makes money.  But PLEASE, call me or my son in law John Boles if you are serious about using the information you find on RealtyTrac or other foreclosure/shortsale web sites.  We can get you details on the property, communicate with selling agents and owners and help you really make it work.  If you are looking a place to live in it will make it even easier to get a GREAT buy.  Let us help.  John Boles  208-230-6185 or me Jon Gosche at 208-870-2115. 

If you are a short sale seller there are more things you need to know.  Even if the lender agrees to sell short you have to have an agreement in writing that the proceeds of the sale are payment in full or they may sue for a deficiency judgment.  You should consult an attorney right of the bat even if you call us or another real estate agent, Broker or Realtor®.   There may be tax consequences.   A 1099 is issued at the time of sale and the IRS can tax you for the amount of your loan forgiven.  You will need to have a CPA or tax attorney help you and possibly get your tax bill waved or reduced.  You need to take that into consideration when agreeing to sell short and know your probable or exact consequences before you agree to anything.  You need legal representation.  Real estate Brokers and agents cannot give you legal advise.