That’s right rumor on the street is there may be another tax credit for Home Buyer’s- Could consist of money for First Time Home Buyer’s, Move Up Home Buyer’s and the new twist could be incentive to purchase REO (Bank Owned) and Short Sale properties. If this happens we will be combining low, low, low I mean lowest interest rates on record with homes being sold crazy low prices. Idaho has long been ranked high for best places to live and work and I expect that the Boise Valley will rank high again when this economy turns around. Let’s see what happens but maybe the 3rd time is the charm! Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com
Owning Your Idaho Home
August 30, 2010 By Leave a Comment
Everyday we here more bad news about the housing fallout and while that cannot be ignored there are some major benefits of home ownership. A lot of the times home ownership are more than the financial dividends. The best things about owning a home have a lot more to do with personal comfort and satisfaction. I was golfing with a retired professor from Notre Dame. He followed his wife and kids over to Idaho and told me if it weren’t for his job at the University of Notre Dame he would have been here years ago. He had been coming to Boise, Idaho since the late 1960′s telling me that he always knew that he would end up owning a home here. In closing “I love Idaho” and good game 
Here are five of them:
· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.
· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401k will go down, but in the end both should provide you with an upside.
· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.
Source New York Times: Ron Lieber
Realty Check For Idaho
August 27, 2010 By Leave a Comment
Watch today’s short report on the housing market- Some where around 32% of loan modifications have become permanent while the rest moving towards some form of foreclosure. It seems that banks are trying a little harder to get these loans modified to 31% of your monthly gross income, not your take home money but your gross. Idaho has been witness to a rise in values that we most likely will never see again. Lost jobs and income combined with values that have seemingly taken us back, back, back-are not helping recovery. If your payment is good and your paying down your principle and living life more power to you. If your payment has become a hardship and starts taking away your quality of life, look for help.. Take action and stay in your home, call Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com or www.homeswithjosh.com
Mortgage Bailout Statistics
August 23, 2010 By Leave a Comment
Josh and his First Response Team are helping Idaho home owners now.. call Josh 208-353-7131 or josh@homeswithjosh.com
Idaho Short Sale Agent For You
August 19, 2010 By Leave a Comment
Our First Response Team Is Here For You. New programs are being implemented Now! Advocate that is specially trained to help you sell your home for short of what is owed. Stop Foreclosure and stay in your home longer at no cost to you. Hardship comes in many different forms.. Divorce, loss of income, untimely death and oh by the way HOME WORTH LESS THAN OWED. Our goal is to help you find the best solution whether that is a modification, short sale or died in lieu…
Goal: Avoiding Foreclosure
The following are the steps that you as a homeowner can anticipate in the short sale process. This is a general outline of how the process occurs, however please note that lien holders can change the order of some of the steps. Detailed below is the process our team uses to process a short sale. For a brief overview please see. www.homeswithjosh.com and look under Short Sales or Call 1-800-290-1076 Ext#3000
Pre-Listing
1.
Please contact Josh’s office for a brief consultation about short sales. Josh or one of his team members will collect some basic information about your situation.
2.
A tentative appointment will be scheduled to answer questions and/or list the home for sale in the short sale process.
3.
Josh and his team will prepare a short sale packet which will be sent to you either via FEDEX, regular mail or email. We provide a thorough packet of information in advance of the appointment so you have the opportunity to evaluate our process and have your questions answered in advance. If what we send you and what we discuss prior to the appointment makes sense and you feel comfortable and confident to go forward with the short sale process, our appointment will be confirmed. The packet will include:
*
Information about the short sale process.
*
Market data on the value of your home in today’s market.
*
Recommended short sale pricing.
*
Listing contract and related forms.
*
Property detail report from the county assessor’s office.
4.
The appointment. Josh will either come to your house to receive the documents or they can be returned via fax or email. We can do listing appointments via telephone or email if necessary.
5.
Once we receive a signed listing agreement we will begin the short sale process.
6.
An authorization form will be submitted to your lien holder(s) enabling us to speak to them on your behalf. Unless previously provided, the lien holder(s) will provide their short sale requirements when the authorization is received.
Marketing
1.
Your home will be listed immediately on the Multiple Listing Service.
2.
We will market your home through various affiliated web sites and all other applicable marketing strategies.
3.
During the marketing period we will receive offers and present them to you as they are received.
*
Offers will be presented to you on an offers spread sheet.
*
You will be able to see the net offers as they come in. We highlight, in yellow, the current highest net offer.
*
You will sign the purchase offer of your choosing. We will advise you as to what appears to be the strongest offer. We will encourage you to consider two important factors; price and the willingness of the buyer to wait for the short sale process to complete rather than back out in the middle of the process.
4.
You will select and sign the offer that is most likely to meet the lien holder(s) criteria for a short pay off of your loan.
Short Sale Processing
1.
After you select an offer it will be signed by you and presented to your lien holder(s). This is the official beginning of the short sale processing phase.
2.
You can track your short sale offer, as it is processed, online at Short Sale Status.
3.
The offer and all documentation required by the lien holder(s) is submitted by our office to the lien holder(s).
4.
Documents go through a processing period and are assigned to a negotiator. The lien holder(s) assign a negotiator to your file. The negotiator will ultimately make the final decision about your case. The negotiator will review your offer and present the offer to any investors into your loan.
5.
A BPO (Broker’s Price Opinion) or appraisal will be ordered by the negotiator. This BPO is used to determine the value of your home and whether or not the net proceeds of the offer are sufficient to satisfy the investors and thus provide a short pay off of the loan(s).
6.
The negotiator will evaluate your financial situation to determine whether or not you qualify for a short sale. The offer will be presented to the investors who are invested into your loan. They will decide if your short sale is approved or not.
7.
The negotiator will report the response of the investors. There will be one of three options: Short Sale Approval, Short Sale Approval with Conditions or Denial. If any other answer then Short Sale Approval is provided we will negotiate further on your behalf.
8.
After all negotiations are complete you will either accept or reject the terms of the short sale.
9.
Written short sale notification is delivered to the buyer’s agent and Escrow begins.
Escrow
1.
Escrows in short sales generally follow the same process as a regular escrow. One difference is that the short sale approval has a “good through” date by which time the short sale must be finalized and escrow must be closed.
2. When escrow begins you will need to make plans to be moved out of the house by the close of escrow.
Josh Groesbeck
208-353-7131 or josh@homeswithjosh.com
Idaho Help For Home Owners
August 9, 2010 By Leave a Comment
If you are currently working with an Idaho loan modification plan we hope that everything works out. If your loan modification is not working or perhaps you are upside down in your Idaho home (mortgage) please seek professional help. Josh is a trained Sh0rt Sale negotiator located right here in the Treasure Valley. Please review the HAFA rules and incentives from Making Home Affordable website. For answers and help with your home call Josh 208-353-7131 or josh@homeswithjosh.com
If you are looking for help selling your home and avoiding foreclosure, the federal government has introduced the
Home Affordable Foreclosure Alternatives (HAFA) Program to help you. As your mortgage servicer, we are
offering you the opportunity to participate in this program by utilizing HAFA’s short sale option.
Home Affordable Foreclosure Alternatives Program – Short Sale
A “short sale” is specifically designed to help borrowers who are unable to afford their first mortgage and want to
sell their home to avoid foreclosure, even if the sale price may not pay off the amount owed on their mortgage. A
short sale requires a number of parties (you, the buyer, your real estate broker, and sometimes mortgage
insurance companies and other lenders) to work together to make this option successful. However, it could be a
good solution for your current situation.
How Does a Short Sale Work?
Pre‐Sale—We will start by approving a list price for your home or give you the acceptable sale proceeds (the
minimum amount that we must receive after sales costs) from the sale of your home. We will also identify the
sales costs (broker commissions and closing costs) that may be deducted from the final sales price. You then
list your property (like any home sale) with a local real estate broker at the approved price.
Offer—When you get an offer on your home, you will submit the required documentation and we will approve
the sale if it is in line with what we agreed to.
Closing—Once the sale closes, we will release you from all responsibilities for repaying your mortgage. Plus,
you will receive $3,000 to help pay some of your moving expenses. (The check will be paid to you by the
settlement agent as part of the closing.) In the event there is any money left over from the sale after paying
the entire amount you owe on the mortgage plus the approved sale costs, you will not be eligible to receive
the $3,000.
To Participate in the Short Sale Program
Please note, there is no guarantee that your home will sell under this program, and you are responsible for
determining whether you want to sell your home for the price and terms described in this letter. The following
pages detail your responsibilities, additional information on the short sale process and the Terms and Conditions.
Additionally, this letter constitutes an agreement between us and you (“Agreement”) so please read it carefully
and completely.
Source:Making Home Affordable
Bank of America HPO Short Sale Rules
August 6, 2010 By Leave a Comment
This is an outline for Bank Of America new HPO (high performance) short sale program. If you are have a B of A loan and have been turned down for or loan modification has not worked please don’t waste anytime and call Josh 208-353-7131 or josh@homeswithjosh.com for your free confidential housing consultation. Look at the new rules below as they are pretty clear. 100% Trained in Short Sales and getting them closed. First Response Team
* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative’.
* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.
* No documentation.
* No bank statements.
* No tax returns.
* No financial worksheets.
* No deficiency judgement.
* No financial contribution from the seller of any kind will be requested.
* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.
* 2 WEEK approvals.
Foreclosures Down And Short Sales Up
July 23, 2010 By Leave a Comment
Here is an insightful video from CNBC and what to expect from the housing market in the months ahead. If you have questions or would like assistance with your home please don’t hesitate to call or email, Josh.
Joshua Groesbeck
208-353-7131 or josh@homeswithjosh.com
Home Owners Leaving Government Hamp Program
July 20, 2010 By Leave a Comment
Facts for the Idaho homeowners who are working towards a loan modification. Best case scenario is getting your payment lowered to no more than 31% of your gross income. IF your loan modification is not getting worked out do the next best thing and call Josh Groesbeck and you can stay in your home until it is sold while charging you nothing. Specially trained in the art of a Short Sale I can help you qualify for money back from the bank to you for your relocation. With the economic hardships and homes that are entirely upside down (worth less than is owed) it’s no surprise that well over 50% of american homeowners are choosing to Short Sale their homes and start fresh. More great information at WWW.HOMESWITHJOSH.COM or WWW.IDSHORTSALE.COM
Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com
About 91,000 borrowers dropped out of the program in June, putting the total number of dropouts at 530,000.
At the same time, about 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000.
That means more than 40 percent of the roughly 1.3 million borrowers who have started in the program since its March 2009 inception have since dropped out, while just over 30 percent have received permanent new terms for their loan.