Boise State Broncos And ESPN Game Day

Boise State Broncos and ESPN game day are finally here!! Fiesta bowls victories with undefeated seasons all the talk about this great program and ESPN finally gets it right. Saturday September 25th 2010 should be marked on your calendars as this not only huge for Boise it is just as large for the state of Idaho. Getting more of this national attention drives interest to Idaho. It has been said many times even if your not a BSU fan or college football fan how can you not be excited for an organization that is doing so well. The Boise Open is bringing lots of action to Boise local business’s and it is also on the Golf Channel for four days which brings attention from thousands of people that may not even know where Idaho is.. There will be millions of people watching this and thinking wow this Boise looks like a place I want to be. Here it is: Top 5 college football program that is nestled in the middle of the city of trees that includes a river that flows down through the heart, mountain ranges surrounding, communities filled with the neighbors you like to know – I will say it again, I love being from Idaho it’s the place we call home.

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com and of course www.homeswithjosh.com

The on-air personalities for ESPN’s College GameDay expect the 3-hour pregame show to originate from Boise State on Sept. 25.

Analyst Lee Corso triggered a round of banter among the show’s hosts Saturday morning when he said that Boise State doesn’t belong in the national championship discussion because of its schedule.

“And I’m saying it although we’re going to Boise State in a couple weeks,” Corso said on the air.

Show host Chris Fowler suggested that Broncos fans would remember that comment.

“That’ll be my kind of weather,” Kirk Herbstreit said.

“Won’t be his kind of crowd,” Fowler said, indicating Corso.

ESPN spokesman Mike Humes immediately tried to downplay the Boise State talk, but it’s clear the Boise State-Oregon State game is at the top of the list for Sept. 25.

“(Corso) was just speculating in good nature,” Humes said by e-mail. “We still need to make sure everyone wins.”

Boise State could face competition from the Alabama-Arkansas game that day. That contest has the potential to become a Top 15 blockbuster if the Razorbacks win this week at Georgia.

But if No. 3 Boise State (at Wyoming) and Oregon State (vs. Louisville) win Saturday as expected, it looks like one of college football’s coolest events will originate from the Boise State campus.

The Broncos and Beavers meet Sept. 25 at Bronco Stadium in a game slated to air on ABC, ESPN or ESPN2 (time TBA).

GameDay never has been to Boise, but it has flirted with the idea twice, most recently for last year’s Boise State-Idaho game.

This year, like last year, ESPN has sent Boise State preliminary information about what is required for a host site. ESPN targets a few games per weekend about three weeks in advance and then tweaks the list as games are played, Humes said.

The GameDay producers and on-air personalities usually come to a consensus Sunday morning about the site for the following weekend. They look for the biggest game of the day and compelling storylines, Humes said.

“You have to look at the full matchup,” Humes said.

And that has been the problem in getting GameDay to Boise. The Broncos’ best home games usually are played on weekdays. This year, though, the Broncos’ most-attractive home game falls on a Saturday.

Other notable games that day include Oklahoma-Cincinnati, West Virginia-LSU, UCLA-Texas, South Carolina-Auburn and Stanford-Notre Dame.

source: Chad Crippe Idaho Stateman

Repossessed Homes Hit All Time High

Repossed Homes Hit All Time High in August. Some say recovery may not be until 2014. If you or anybody you know is looking for help in this market please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and always visist www.homeswithjosh.com

The nation’s banks repossessed a record number of homes in August, according to industry sources. RealtyTrac, an online foreclosure sale site, will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month.

CNBC.com

That is the highest since the site began tracking in 2005. July’s repossession number was the second highest on record. The last highest was 93,777 in May of 2010.

Notices of Default, which are the first step in the foreclosure process, are up slightly but mostly thanks to a jump in California, where the numbers had been artificially low of late, as banks tried to modify borrowers.

“With respect to the NOD increase, I think it is the modification redefault wave beginning to build and new modifications slowing to a trickle, indicating banks have lost their primary borrower re-leveraging tool,” says mortgage industry consultant Mark Hanson.

Yesterday J.P. Morgan Chase [JPM  41.07  0.35  (+0.86%)   ] cited the “shadow inventory” of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.

The question now is: Where does the government go from here? Some argue that housing needs to correct on its own, without artificial stimulus, as painful as it will be, in order to recover fully. What the Obama Administration has to decide is, will that correction, involving millions of foreclosures, take too large a toll on the greater economy?

Mortgage Rate Even Lower

Those of you looking to purchase a home here in Idaho mortgage rate even lower now…. If you are waiting for the bottom of the market I feel that we are scraping it about now barring giving away homes it is getting awfully tempting make a splash in this home market. Now there is always going to be winners and losers but now with so many Idaho short sales and Idaho REO’s (bank owned) properties there is a very good opportunity to come out ahead. Investors are picking up properties for pennies on the dollar, first time home buyer’s are jumping into some great homes in desirable areas while people that can sell with some equity are having the chance of a lifetime to get their “it” home the one they have always dreamed of. For Help in Boise,Eagle,Meridian,Nampa,Caldwell,Star,Middleton,Kuna call Josh 208-353-7131

Mortgage rates have hit a new record low for the 10th time in 11 weeks as investors continue to turn to Treasury bonds as a safe haven; the shift in money is cutting yields, which mortgage rates tend to follow.

Freddie Mac reports that 30-year fixed loans averaged 4.32 percent, down from 4.36 percent a week ago; and the 15-year fixed rate fell to a new low of 3.83 percent, down from 3.86 percent.

These rates are outstanding now combine that with low home prices: BUYERS BEWARE YOU MAY JUST FIND THE HOME YOU HAVE BEEN WAITING FOR!

Joshua Groesbeck or josh@homeswithjosh.com and of course 208-353-7131


Another Home Buyer Tax Credit

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

Short Sales For Real People Not Just Big Business

I have been saying this for awhile now, “If new bank is built for 200 million and it is now worth 100 million it becomes a bad asset and they will walk away and call it a good business decision, and yes they actually have the money to pay for it.”  This has been going on for years and now that home owners are getting beat up by there upside down mortgage or loss of employment and income they still struggle to hang on.  Sometimes starting over just makes sense emotionally and financially, if big business can strategically do this than why can’t you? Free consultation if keeping your home is no longer an option- Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com and www.idshortsale.com

More and more commercial real-estate companies are doing what many indebted homeowners would like to do: Walk away from mortgages on properties that are now worth a lot less than they paid for them.

Today’s Wall Street Journal highlights three major developers - Macerich,Vornado Realty Trust and Simon Property Group - that have recently decided to default on mortgages.

When companies do this, no one bats an eye–it’s just “smart business.”

When ordinary homeowners think about doing it, meanwhile, the mortgage industry and government begin moaning that a mortgage is more than a business contract. It’s a social contract, in which homeowners have a “moral obligation” to pay.

That’s bunk. An individual mortgage is no different than a corporate mortgage. If corporations are allowed to walk away from mortgage obligations without feeling shame and guilt, then individuals should be able to do so, too.

The contract homeowners sign when they take out a mortgage spells out exactly what happens if the homeowner stops making payments on the loan.  The lender has the right to foreclose on the house, taking the homeowner’s downpayment with it.  In addition, the borrower’s credit rating will usually get destroyed, and, in some states, the lender can come after his or her other assets to recoup the capital the lender has lost.

Those are big penalties.  They provide a major incentive for the borrower to continue making his or payments.  And that’s why the lender, a corporation, put them in the contract.

Importantly, the lender voluntarily entered into the contract–and it did so because it thought doing so was a smart business decision. That it actually turned out to be a lousy business decision is not the homeowner’s fault. It’s the lender’s fault. And the borrower, who is already feeling plenty of pain his or herself, should not have to bear the burden of guilt and shame on top of everything else.

www.homeswithjosh.com

Idaho Golf Community Home For Sale

1720 N. Aronmink Meridian,Idaho mls#98445764 FREINDLY FLOOR PLAN! Separate family & living room, office and 5 large bdrms. Master suite contains an East facing deck & huge master bath with soaker tub, separate shower & walk-in closet. Oversized kKitchen w/ center Island & skylight – Fully fenced & landscaped with mature trees, concrete curbing, views of Lakeview Golf course and RV Parking. $69.65 per sqft…. Cherry Lane Subdivision is a very well built community that is anchored by the Lakeview Golf course. 18 hole community golf course that includes a club house with restaurant and full service bar. Drive range balls into the vast lake while your friends and family have lunch or dinner on the patio.  Cherry Lane subdivision is centrally located in Meridian, Idaho with easy access to Boise, Eagle, Star, Kuna, Nampa, Caldwell and Middleton.

Seller wants this sold so call Josh Groesbeck for your own private showing 208-353-7131 or josh@homeswithjosh.com and always visit www.homeswithjosh.com for all the latest information about Idaho’s Real Estate Market and access to all homes listed with the Intermountain multiple listing service.

Bank of America HPO Short Sale Rules

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.

Faster Short Sale Approvals after B of A Insurance Scam

Ever feel like your mortgage servicer or company is just toying with you and your HAMP program- It should be black or white, completely transparent and well let’s admit it– Can I get a loan mod and does it even make any sense if my home is totally upside down (bought at 300k now worth 175k)- Here in Idaho job unemployment rate is still above 9% and not looking to drop drastically anytime soon.  If your loan company is jerking you around please don’t hesitate to call or email Josh with your questions. Idaho’s Best Short Sale Specialist! Read below what the big boys in banking are doing it might make you shake your head–

Bank of America gets caught with their hand in the jar and blames Countrywide.

But doesn’t Bank of America own Countrywide?  Yes!

When Bank of America took over Countrywide in 2008 during the worst housing crash since the Great Depression, according to Bloomberg, BofA absorbed Balboa Insurance.  Essentially, Balboa Insurance…now owned and operated by BofA, is insuring their own bad debt.

What does this mean?  Bank of America’s “Countrywide Loans” that have been defaulted against by homeowners are insured, meaning Bank of America is feeling no pain and actually is gaining from this type of bad debt. Meaning that BofA is in no hurry to sell bad debt.  That’s why there is “Shadow Inventory” and Short Sales are taking so long to approve for sale. There’s no hurry when your making money.

Why Bank of America is gaining on a defaulted loan?  It seems that the Federal Trade Commission (FTC) uncovered ”scamming” on behalf of  “Countrywide” last month.  Remember, Bank of America bought/took over, what ever you want to call it, Countrywide at the Federal Governments request.

What was the scamming?

Countrywide had established Balboa Insurance to cover their home loans gone bad.  In an effort to help defray these losses on bad loans, Balboa Insurance and Countrywide would over charge the now defaulted homeowner for any related services to the default…like mowing the lawns, maintenance of the home, painting, etc…yes, Countrywide in it’s need to make money, charged up to 2 times the amount back to the homeowner for these services.  This is in clear violation to FTC guidelines as it pertains to loan servicing.

So what?

Well, Millions and millions of dollars have been scammed from the clients that they hold a fiduciary responsibility. Kinda like Bernie Madoff screwing his own clients out of their money.   Well, it’s now 2 years later, and Bank of America “Countrywide” division has been caught red handed.  However, no one is being held responsible.  Why?

BofA was helping out the Feds by taking over the Countrywide catastrophe and with that comes immunity.  Above the law stuff…”you do us a favor, no one will suffer.”

Know that BofA has been caught, the new CEO, Brian Moynihan stated earlier this month that they have a “desire” to sell Balboa Insurance.  Desire?  What does that mean?

C’mon…let’s be real.  BofA makes tons of money on bad loans.  That’s why it takes so freakin’ long to get a BofA short sale approved!  That’s why there is “shadow Inventory”!

So what happens next?

As soon as CEO Moynihans “desire” is fulfilled and Bolboa is sold…it should open the flood gates to short sales and release of “shadow inventory”.

It’s good news…however, no one person is held responsible. No one goes to jail.

Do the Feds a “solid” and your protected!

Foreclosures Down And Short Sales Up

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.

Exiting Home Sales Down

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com or www.idshortsale.com

Idaho Short Sale Process

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

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