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:
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Information about the short sale process.
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Market data on the value of your home in today’s market.
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Recommended short sale pricing.
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Listing contract and related forms.
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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.
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Offers will be presented to you on an offers spread sheet.
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You will be able to see the net offers as they come in.  We highlight, in yellow, the current highest net offer.
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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

Resale Policies of Foreclosed Homes

Resale policies of foreclosed homes are about to change. With the tougher credit market a good majority of homes are being purchased with FHA insured financing, as of right now a home is restricted (in most all cases) from FHA financing if the home has not been owned more than 90 days. This new  temporary policy will begin on February 1, 2010 and will be available for 1 year allowing buyers especially first time home buyers the chance to buy bank owned, HUD or homes sold from private parties.  The idea is to help quickly resale these properties and help stabilize and rejuvenate communities.

Conditions that will apply are-

  1. Transactions must be arms-length, no identity of seller, buyer and or other parties having interest in transaction.
  2. If the sales price is 20% higher than the sellers acquisition cost , then certain conditions must be met by lender.
  3. Waiver is limited to forward mortgages and will not apply to Home Equity Conversion Mortgage.

This is my retake on the news that came to me from U.S. Department of Housing- If you have any questions or are looking to take advantage of this new waiver please contact Josh at 208-353-7131 or josh@homeswithjosh.com. Simply call or email me with specifics of what type of property you are looking for and I will set up an account on my website for you.