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Banks Agreeing To Do More Short Sales

September 8, 2011 By Leave a Comment

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)

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Royal Meadows Short Sale Nampa Idaho

September 24, 2010 By Leave a Comment

This is a very clean short sale located in Royal Meadows Subdivision in South Nampa. 4 berooms 2.5 baths 3 car garage and no neighbors directly behind. 2106 sqft. is maximized with this smart floorplan. Asking price is $114,368 call Josh Groesbeck 208-353-7131 to set up your private showing.

www.homeswithjosh.com or josh@homeswithjosh.com

You or someone you know may need my help….

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Repossessed Homes Hit All Time High

September 15, 2010 By Leave a Comment

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?

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Short Sales For Real People Not Just Big Business

August 26, 2010 By Leave a Comment

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

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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

Filed Under: Sellers Tagged With: , , , , , , , , , , , , , , , , , , , , , , , ,

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

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Idaho Short Sale Process

July 22, 2010 By Leave a Comment

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

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