Newly Listed Boise Home

Community near Micron,Lucky Peak,Greenbelt and River. Feel at home when entering tiled entry with sitting area.Main level enjoy an open floor plan with nice sized kitchen with granite covered island overlooking your living room w/gas fireplace. Big main level office. Venture upstairs and you will find a landing area that is a great use for media space. Master bedroom is huge with dual vanities, shower w/soaker tub and walk-in closet that is sure to impress. All bedrooms are over sized. Large patio & shed. MLS#98485843

Call Joshua Groesbeck to schedule you private showing today! 208-353-7131 or josh@homeswithjosh.com

Banks Favor Short Sales Over Foreclosure?

It’s a tarnished silver lining for people at risk of losing their houses and homeowners in neighborhoods blighted by bank-owned properties, but the robosigning scandal that slowed the foreclosure process to a crawl appears to have increased lender interest in short sales.

“Foreclosure sales are pretty devastating,” said Faith Schwartz, executive director of Hope Now, a resource for homeowners facing foreclosure. “We’d much prefer a modification, but if [homeowners] don’t quality, then the next best alternative is deed-in-lieu or short sales.”

Short sales, in which the lender agrees to let the owner sell the home for less than the amount owed on the mortgage, and foreclosures both climbed in 2010, but while short sales rose by 26,000 this year, the number of foreclosures fell by 255,000, according to Hope Now. Short sales, along with deed-in-lieu of foreclosure deals in which the lender takes the deed essentially as payment for the mortgage, still upend families, torch credit ratings and hurt neighboring property values, but they’re far less toxic than foreclosures.

 Short sales are better for homeowners. They can stay in their homes, and the quicker process means they can begin rebuilding their credit sooner. Credit scoring firm Fair Isaac Co., which developed the FICO score, says foreclosures and short sales slash the same number of points from a homeowner’s credit score. Homeowners with short sales may be able to obtain a loan sooner than foreclosed homeowners, though, which can improve their credit.

In some states, mortgage lenders can pursue a delinquency judgement against homeowners for the difference between the amount due on the mortgage and the purchase price at a foreclosure auction. A delinquent homeowner engaging in a short sale has an opportunity to negotiate away the bank’s right to sue for that judgement

The biggest plus for banks is that they stand to make more from a short sale than a foreclosure. According to foreclosure specialists RealtyTrac.com, the average price of a foreclosed home in the second quarter of 2011 was $164,217, while the average price of a short sale was $192,129.

Besides yielding less, foreclosures also cost lenders more in legal and administrative resources. “The incentives against foreclosing are even larger now,” Karen Dynan, co-director of the Economic Studies program at the Brookings Institution, said via email. “Servicers are facing enormous staffing constraints because they are trying to deal with so many distressed properties, so it is probably even harder now to find the staff to do the paperwork for the foreclosure.”

Lenders are also spending more on due diligence, she said. “Servicers and lenders are being heavily scrutinized right now so they probably are more worried than ever about making a mistake in a foreclosure that could subject them to legal liability in the future.”

Neighborhoods also benefit from short sales rather than foreclosures. “Short sales typically sell at less of a discount than foreclosure sales do,” Jed Kolko, chief economist at real estate website Trulia.com, said via email. “Also, foreclosed homes often sit vacant while short sales are re-occupied more quickly. For both these reasons, short sales tend to depress neighboring property values less than foreclosures do.”

Another issue that plagues foreclosures is vandalism, either from opportunistic criminals preying on vacant homes or from disgruntled homeowners. “It’s often not a friendly process so you frequently have cases where people deliberately vandalize homes,” Dean Baker, co-director of the Center for Economic and Policy Research, said.

Some economists worry that the drop in foreclosures is less an indication of lenders’ willingness to compromise and more a function of a huge backlog of foreclosures that haven’t been processed. “Foreclosures are going to be a drag on the market for along period of time,” Baker said. Until these distressed homes are resold and assimilated back into the market, real estate prices can’t stabilize.

Baker added, though, that lenders facing years’ worth of legal wrangling and costs to execute a foreclosure may be more willing to accept a buyer’s offer in a short sale.

The other caveat is that short sales aren’t an option for all distressed homeowners. Short sales are contingent on the ability of sometimes multiple lenders to agree on a price that a buyer is also willing to pay. For people who took out multiple mortgages or have other liens, this presents a challenge. “It’s just a little more complicated when you have more parties involved,” Schwartz said.

Source: Martha C. White

Another Boise Approved Short Sale

Another Boise Approved Short Sale

1050-1100 S. Curtis Rd. is a occupied duplex that is all about cash flow! Unit #1 is a 2 bed 2 bath while unit #2 is 1 bed 1 bath, each have a great rental history. Take advantage of your opportunity to own a piece of Boise, Idaho and get paid in return. Any questions please call Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

 

Help For Home Owners 2.0?

Help for home owners 2.0? This link is a video that may help you better understand how this is a better looking plan but still a tough pill to swallow. Many Idaho people are struggling right now and this may sound like good news but unless you can possibly qualify and nothing says they are writing down the principle on your loan..  That means many people will be looking back in the next few years thinking great interest rate, still under water in my home : (

http://www.msnbc.msn.com/id/21134540/vp/45020283#45020283

December 31, 2012 Mortgage Debt Relief Act comes to an end

http://www.irs.gov/individuals/article/0,,id=179414,00.html

 

 

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Are Boise Home Values Increasing?

Are Boise home values increasing? Boise ranks in top 15 cities that listing prices are rebounding which is a good sign. As our market is starting to find traction the same problem is still there, does 10% increase in list prices equate to actual sold prices and does the 10%  really help the vast majority that are under water on their mortgage by much more? If you are experiencing hard ship for what ever reason and are in fear of foreclosure please don’t delay and call Idaho’s top Short Sale Agent Joshua Groesbeck 208-353-7131 or visit www.homeswithjosh.com or www.idshortsale.com

 

http://realtormag.realtor.org/daily-news/2011/09/23/15-cities-where-listing-prices-are-rebounding

Now Trending On Facebook

Now trending on Facebook     http://www.facebook.com/pages/Homes-with-Josh/134494626586593

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Always feel free to call Josh direct at 208-353-7131

 

Changes to the HAFA Program

The Treasury Department took action in December eliminating some rules it said have held back short sales through the Home Affordable Foreclosure Alternatives program.

HAFA was launched in April 2010 to provide an incentive to servicers and investors for pursuing short sales and deeds-in-lieu of foreclosure. The program was designed for homeowners who fell out of the Treasury’s Home Affordable Modification Program and was touted as a new standard for short sales.

But both HAFA and HAMP have struggled. The Treasury has spent only $4.3 million through HAFA, inducing roughly 661 short sales since the program launched, according to the Congressional Oversight Panel, the Troubled Asset Relief Program watchdog.

With such low numbers, the Treasury has eliminated rules that have constricted eligibility for HAFA. Among them, servicers are no longer required to verify a borrower’s financial information or determine if the borrower’s total monthly mortgage payment exceeds a 31% debt-to-income ratio. Servicers still must obtain a signed hardship affidavit.

“While this requirement has set the standard for mortgage affordability under HAMP, it is not as important for homeowners ready to transition out of their home,” a Treasury official said. “Eliminating this requirement further streamlines the process for homeowners applying to the program.”

In order to get more second-lien investors to clear short sales, the Treasury changed how servicers pay out to these holders. Before, the second-lien investor had to agree to accept 6% of the unpaid principle balance owed to them, up to $6,000. But the new guidelines eliminate that 6% rule. Now, servicers on behalf of the investors determine the amount or percentage of the unpaid principal balance of the second lien to be paid to each holder.

However, the cap still remains at $6,000.

The Treasury also directed servicers to grant borrowers who request consideration for HAFA the same timeline as those who are approached by the bank. Now, all borrowers must receive a short sale agreement no later than 30 days after request.

The Treasury said it will begin reporting official HAFA numbers in the first quarter of 2011.

First Time Home Buyer Or Investment

First Time Home Buyer Or Investment!!Adorable 3 bedroom 2 bath 1144 sqft. split floor plan with quiet location near NNU. Landscaping gives very nice curb appeal to this corner lot home. Dual gates for R.V. parking on the west side of back yard. Back yard has concrete patio with mature tree providing excellent shade for those evening BBQ’s.  $69,900 you can bet that this won’t be available for long!

For more information about this home and others call Joshua Groesbeck direct at 208-353-7131 or josh@homeswithjosh.com

Banks Agreeing To Do More Short Sales

I have been saying this for at least the last 2 years and finally banks are trying to get it done. House values have been devastated over the last few years leaving more and more home owners hung out to dry. Theoretically speaking the short sale has almost become the new natural sale of your home with banks giving all kinds of incentives to sellers to do it. Of course no one wants to lose their home but if you are having trouble paying your mortgage or if it no longer makes financial sense to stay  call Josh Groesbeck  (208-353-7131) to talk about what options you may have.  Many programs are available to you and just walking away with out seeking assistance is not a good idea.

Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.

“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”

During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.

What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.

Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount–or an average sales price of $192,129–compared to the sales price of non-distressed homes.

Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)

Buy Now With Record Low Interest Rates

BUY NOW WITH RECORD LOW INTEREST RATES -Mortgage rates for 30- year fixed rate mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.92 percent, down from 4.07 percent at this same time last week. This represents the second time the rate has dropped below 4 percent and is a return to the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. That rate was recorded on Aug. 10, 2011.

After rising to 4.07 percent on last Thursday, the 30-year fixed mortgage rate hovered between 3.98 percent and 4.05 percent before diving to the current rate early this morning.

Additionally, the 15- year fixed rate mortgage rate this morning was 3.17 percent and for 5/1 Arms the rate was 2.57 percent.

Apply for financing thru http://academymortgage.com/WhittneyCurran

Whittney will get you the best rate and always be there for any questions you may have. Once approved call Joshua Groesbeck and take advantage this housing market. Great prices with record low interest rates = Winning!

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com