Jackson Hole Title & Escrow

Foreclosure facts in Teton County courtesy of JH Title & Escrow

Jackson Hole Title & EscrowJackson Hole Title & Escrow has compiled some basic facts on the basics of foreclosures and how the process works in Teton County.  While the Jackson Hole real estate market is fortunate to be uniquely different than those in major metropolitan areas, it is unfortunately not immune.

If you have been considering the purchase of a foreclosure, you can get detailed answers to basic questions as well as view a link to a current list of foreclosures from the Teton County Sheriff’s Office.

  • Learn the difference between a foreclosure and a short sale.
  • Familiarize yourself with how the Power of Sale foreclosure process works locally.
  • Know what approach to take if you find a foreclosure you’re interested in buying.
  • Read about the financial responsibilities associated with purchasing a foreclosure.
  • Determine if shopping for a foreclosure is right for you.

Get answers to these questions and view a current list of foreclosures by viewing the Foreclosure Facts report courtesy of our friends at Jackson Hole Title & Escrow.

Jackson Hole Title & Escrow
255 Buffalo Way / P.O. Box 921
Jackson, WY 83001
P: 307.733.3153
F: 307.733.9534

Mid-Year Hole Report for 2010

The mid-year Hole Report is out and available. I’ll be emailing it to my newsletter list by tomorrow. Please sign-up online or email me and I’ll add your email address to the confidential list of recipients.

Here are a few quick facts from the most recent Hole Report:

  • Single-family homes sales are up 79% from 2009.
  • 58% of the 2010 transactions have been cash (no financing)
  • Single-family home inventory is down 4% compared to 2009

Number of transactions suprass prior years 3 quarters in a row.

Three Quarters in a Row!

We have now seen three Q’s in a row where the transactions numbers in Teton County, WY, surpassed the same quarter the previous year. This is a superb harbinger that the JH real estate market is heading in a good direction. Recently, a lovely home in HHR (listed for $4.995M) went under contract, a Teton Pines Cluster home sold and there are more than usual Buyers circling for the next great deal.

REAL ESTATE INTELLIGENCE in Jackson Hole is imperative so make sure you check with me to learn about the best short sale or the seller who’s authorized me to share their motivation with serious prospects.

Attention short sale home buyers! Beware of costly obstacles.

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.

Wyoming, TX! …one of the most tax-friendly states in the U.S.

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).

Jackson Hole boasts low percentage of distressed listings.

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.

Assessed value/real property taxes and how to dispute questionable assessments.

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.

Bank-owned investment opportunity. Priced 41% less than last sale in Snow King Estates.

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.

John Dodge & HHR Ranch carry majority of positive sales trend.

There are have been some fantastic sales in Jackson Hole in recent weeks. Although the common trend is supporting decreasing real estate values across the board, there have been sales in John Dodge and HHR Ranch that have bucked the trend, giving the Gold Medal and top podium spot to the Seller. With interest rates looking like they are on the rise and the pending reality of Capital Gains taxes increasing, more deals are getting done as 2010 seems to be the best choice to buy and sell.

Fourth quarter transactions continue positive sales streak.

The Jackson Hole real estate market is tracking for its fourth quarter in a row of increased transaction numbers. 2009 ended up with about 225 total deed transfers in Teton County, WY. It’s likely 2010′s numbers will be considerably higher, indicating great values from the banks and more sellers who are motivated to sell.