There are many of them occurring around the country and even in Jackson Hole lately.
Short Sales are when an owner/seller owes more to their creditor(s) than the property is worth on the open market. Another way to phrase it; it’s when the net proceeds from a sale do not cover the amount of funds the owner/seller owes to the bank(s) and subordinate lien holders.
There’s one in JH scheduled to close today and it has five liens recorded against the property. All of the liens have been negotiated and will be released at closing, so that the Buyer can hold title the property, free and clear of any monetary encumbrances.
Liens are one of a few different obstacles you may come across when looking to buy distressed property. This is just one of those circumstance where having an experience agent on your side could cause you a lot of time and possibly disappointment. Contact me if you would like to discuss your needs and what other possible challenges could arise when considering a short-sale purchase.
Did you know Teton County residents live in one of the most tax-friendly states in the U.S.?
Wyoming residents do not pay state income taxes, and the state Legislature has created a 1,000-year trust that helps residents protect assets. Wyoming residents enjoy low taxes because of mineral, oil and gas companies extracting coal and natural gas throughout the state which pays considerable severance. This makes Jackson Hole a tax haven for individuals.
Along with no state income tax, the state does not tax real estate transactions, gifts, tangible assets or out-of-state retirement income. The state repealed its estate tax in 2005, and Wyoming law allows the formation of dynasty trust¹ that let people shield their assets for up to 1,000 years.¹ Dynasty Trust – A technique designed to allow its creator to pass wealth from generation to generation without the burden of transfer taxes, including estate and gift tax and the generation skipping transfer tax (GSTT).
I was just reading an article on Nantucket foreclosures and thinking just how similar that market is to Jackson Hole and Teton County. Jackson Hole is truly an island, surrounded by national forest, wilderness and a 25,000-acre National Elk Refuge. Nantucket’s Land Bank (pdf) owns about 50% of the island, but Jackson Hole is about 97.5% protected. Not only does Jackson Hole have all of the federally-owned lands, but much of the privately held properties are under some degree of conservation easement (Jackson Hole Land Trust, Jackson Hole Conversation Alliance, etc.) which further enhances the long-term appeal. Like an island, Jackson Hole provides memories, safety, family fun, adventure, and clean living.
Comedic Moment~ The follow are real MLS entries from around our fine country – Enjoy!
- Big tard out back
- Hug garage
- Souring ceilings
- Zoned for 2 swellings
- Newly stained bedroom
- Seller admits to old & bad plumbing
- Seller got new wiring he thinks
- House vacant, call for eazy abcess
- Must be linder approved
The numbers speak for themselves: Jackson Hole has 12% less listings on the market than it did this time last year. According to MLS data, approximately 5.5% of the active listings are distressed (short or bank-owned). Of the quantity in sales for Jackson Hole in 2010 (YTD), only an approximate 13% have been classified as distressed. There were no new foreclosures on the Teton County foreclosure list this past week.
Teton County Assessed Values & Real Property Taxes:
According to a recent article in the JH Daily, the assessed value of our real estate should decline by an approximate 11% from 2009. I know many whose ‘estimated property taxes’ changed very little. Therefore, it’s wise to please pay attention to your 2010 assessment notice that should have arrived recently on yellow paper.
Any resident may dispute their 2010 assessment by calling the Assessor at 733.4960, or paying a personal visit to their office on Willow St.
It would help the cause if you have real comparable sales (3+) to defend your position. The month of August will be when you receive your 2010 Tax Bill from the Teton County Treasurer requesting partial payment for November 2010, or full payment for the end of the calendar year.
Tomorrow, April 30th, is the last day for first-time home buyers to take advantage of the extended Federal Tax Credit. First-time buyers must have a property under contract (in escrow) by tomorrow and be scheduled to close by the end of June to qualify. It can be done!
Looking for REO or Bank-Owned Property investment opportunities? There’s a bank-owned property coming on the market very soon in the Snow King Estates community within the Town of Jackson. It’s going to be offered at a 41% discount of the last sale price (April, 2010) in this neighborhood. This will be a great opportunity if you or a friend are shopping around and trying to take advantage of these low residential interest rates.
Spring breakers are still out of town and it’s quiet’n JH this week. Late season snow storms have provided some of the best skiing of the year in the last ten days.
Grand Targhee extended their season to 4/18/10 and the Jackson Hole Mountain Resort is now closed until the 2010-2011 season. New real estate activity has been slight in the last two weeks, but look for new listings and some great bargains in the near future.
There’s been some good activity in Melody Ranch lately. For the past few years there have been between 12 and 18 single-family homes on the market at any point in time, and the absorption has been quite healthy in this neighborhood. The most motivated sellers are pricing to sell.