Archive for June, 2009

Remember, the deadline to close on a home and still receive the First Time Homebuyer Tax Credit is December 1, 2009.  It typically takes anywhere from 30 to 60 days to close on a home once you’ve found the one you like and have made an offer that gets accepted.  Keep this time frame in mind during your search . . . you don’t want to be left in the cold on December 1st.

For More information, click the link below or contact the professionals at TVR.

First Time Homebuyer Tax Credit 2009

There are great opportunities in the Teton Valley area for first time home buyers.  Always remember you can use the Property Search on the TVR site or Contact your TVR Agent for a specific search request.

In Teton Valley, the 4th of July is celebrated in style!  The Summer Festival includes 4 days of entertainment to locals and tourists alike.  From the Hot Air Balloon Rally to the Fiddler’s Contest, Parade, Community Breakfast, to the Fireworks, this a weekend that will guarantee fun for all!  For a Calendar of Events, click here.

For more information click here.

This Photo was taken in Victor During the Hot Air Balloon Festival - Teton Valley 2008

A Yahoo! news article yesterday states that a Federal Reserve snapshot of economic conditions issued Wednesday found that five of the Fed’s 12 regions said that the “downward trend is showing signs of moderating.”

Many analysts predict the economy is sinking at a pace of between 1 percent to 3 percent in the current quarter. If they are right, that would mark a big moderation from the steep declines seen since last fall.  Although there hasn’t been a “substantial increse” in business activity, it looks like we might be on the track to recovery.

Several associates had the opportunity to play at the wonderful Headwaters Club at Teton Springs Monday, June 8.  This 780 Acre master-planned golf community is a family friendly development in the heart of the Rocky Mountains.  Teton Springs offers more than just golf (an 18 hole championship course, 9 hole par3 course and practice facilities), features also include 3,000 square foot swim/tennis club that has two tennis courts, a heated swimming pool, and locker facilities, as well as massage, nordic skiing in the winter, the whole family can experience the quality and timless traditions of Teton Springs.

Ownership options are varied in this unique development, and include fractional ownerships wherein the yearly dues allow owners to use all Teton Springs facilities; single family ownership, and condos.  For more information about this wonderful course, contact your TVR Agent today!

Mandy Rockefeller tees off at the par 4 15th hole at the Headwaters Club.

The 2nd Annual Tin Cup Challenge is scheduled for July 18, 2009.  Participants can register in many events as well as raise funds for and donate to several local charities or non-profits.  The events include a Marathon, Half Marathon, 10k run, and 5k fun run/walk.  This community event also hosts a free breakfast, and kids activities.  Make this a great opportunity to get involved in the community and to give what you can in these hard financial times.  Even $5.00 will help!

For more information or to donate, click here.

Last year, Mandy Rockefeller and her dachshund Isabella competed in the 5k fun run/walk with her sister Haley McAuley and valley residents Kate Hebert and Karin Wertheim.

Mandy Rockefeller and her sister Haley McAuley at the finish line of the 1st Annual Tin Cup Challenge

This photo of the Teton River in Teton Valley was taken by Cheryl Spears

This photo was taken by Cheryl Spears, looking across the Teton River to the Teton Mountain Range.  The Teton River.  This river is open for fishing Memorial Day weekend to November 30, except for Teton Creek and its tributaries which can’t be fished until July 1.  There’s a two fish limit on cutthroat.  Other regulations may apply.  For more information, click here.

Teton Valley from Henderson Canyon - Photo taken by Bill Fay

This beautiful photo was taken by Bill Fay, from Henderson Canyon, in Teton Valley.  This fall photo shows the beautiful Teton Range, with the crisp fall colors.

The Targhee Music Festivals are some of the best music festivals of the summer season.

Headliners include: Gov’t Mule, Jonny Lang, and Keb’ Mo’.  July 17-19, 2009

Great food, vendors, games and on-site activities are all a part of our summer music festivals. Tent camping at Grand Targhee in our beautiful national forest is available during the festival weekend.  Tickets are now on sale, don’t miss a super fun weekend in Teton Valley!

Click here for more information.

The other day, a customer asked a great question while viewing a home:

“What does REO stand for?”

The term REO stands for “Real Estate Owned” Typically the acronym REO is used to identify property that has been transferred back to the lender in either a Deed in Leiu of Foreclosure, or the actual Foreclosure proceeding.  There are other meanings for REO, but in the general sense, and this market, more often than not, when this term is used; it is to identify a property that is held by a lending institution.

What does it mean to the consumer? Typically when viewing the homes, nothing.  However, when it comes to writing an offer, there are several differences. For the most part, any offer with financing contingencies written for a Bank REO will require a lender pre-approval or pre-qualification and a copy of the Earnest Money check, (sometimes made out to a title company).   The other major difference during the purchase is the lack of Seller disclosure.  Most often, the Lender hasn’t even viewed the property, so there will be no disclosure, and a house is typically sold AS-IS.

Does it mean that a buyer gets a better deal? Sometimes, yes!  However a consumer must remember that a lender, just like any other Seller has a bottom line.  The lender has taken back a property that had a debt that was unpaid, the lender is looking to recover some of that lost income in the sale.  A lender, though, also has carrying costs, so sometimes its beneficial for a corporate entity to sell a property at a discount rather than continuing caring for it.  Is it worth writing an offer?  Absolutely!

According to a Yahoo! news article, pending home sales have risen dramatically in one of the largest monthly jumps in 8 years . . . likely due to the $8,000 first time homebuyer’s tax credit.

“This is yet another positive indication that the bottoming process is forming,” Jennifer Lee, an economist at BMO Capital Markets