Boise Real Estate Source

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On Short Sales Part 1

This post is excerpts from information that we have on our websites www.BoiseRealtyStore.com and www.BolesBoiseRealEstate.com. It is a combined effort of information written by Broker/Owner, Jon Gosche, my husband, John Boles and myself. If you want more information on shorts sales (both to sell or to purchase) leave a comment below or email or call one of us for more information.

"What is a short sale?" That's a question we have many folks here in the Boise, Meridian and Nampa area, including other real estate agents calling us to ask. Lots of folks are talking about them but what is a short sale? A short sale is exactly what it sounds like – a sale that is short of the full amount owed on a property. The lender will need to approve the sale and accept less than the full payoff amount of the loan(s). The bank may decide that it is in their best interest to allow the short sale and accept a loss sometimes even if the loss is hundreds of thousands of dollars; of course every situation is unique.

Some criteria to qualify for a short sale:

-Are you facing financial hardship that is affecting your ability to pay your mortgage?

-Are you missing monthly payments already and don’t know that you’ll be able to catch up on the payments?

-Did you buy at or near the peak of the market and your home is worth less now than when you bought it and you need to sell?

If any of these scenarios are hitting home and you think that a short sale might be the best route for you to go, please continue reading…

It’s a shocking statistic that nationwide an average of 90% of all homes that try to “short sale” end up in foreclosure. You need the right agent working for you... Short sales are not easy and you need the help of an expert. We have been trained how to handle the ins and outs of short sales by a former Chief Loss Mitigator with 20 years of experience (the guy at the bank that accepts or declines the short sale). It just makes sense to be educated by the folks that we are negotiating with right?

If anyone has an questions, comments or aspects that you would like me to answer or discuss in another post please leave a comment or email johnboles@boiserealtystore.com

Kasey Boles, Managing Broker

REALTOR®, CRS, ABR, ePRO, SRS, SFR, GRI

 

John Boles / 208.830.6185 / johnboles@boiserealtystore.com

James Gannon / 208.570.4048 / james@boiserealtystore.com

Kasey Boles 208.830.6186 / kaseyboles@boiserealtystore.com

 

Boise, Idaho Real Estate

Search Like An Agent at BoiseMeridanRealEstate.com

 

 

This is not intended as solicitation if you are in contract with another real estate agent. 

Equal Housing Opportunity.  

 

          

 

  

 

 

 

 

Comment balloon 5 commentsKasey & John Boles • April 05 2011 12:41AM
On Short Sales Part 1
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This post is excerpts from information that we have on our websites www. BoiseRealtyStore. com and www. BolesBoiseRealEstate. com. It is a combined effort of information written by Broker/Owner, Jon Gosche, my husband, John Boles and myself. If you want… more
Home Buyers' Guide To Short Sales Video
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Lately most of the folks that are selling are upside down in their properties and need to do a short sale. Many of these sellers purchased rental properties and have landed themselves with a property worth 50% of its value during the boom. Times are… more
4246 N. Portage Ave., Meridian ID 83646
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SOLD 4246 N. Portage Ave., Meridian ID 83646 4 bedroom, 2. 5 bathroom, 2625 square feet, 2 car garage SHORT SALE - Pre Foreclosure - Sale terms and price are subject to lender approval and property will be marketed until the… more
A Buyer's Quick Guide to Short Sales - Part 5 of 5
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Approval and Closing Once the offer and proceeds are approved by the short sale lender they will issue an approval in writing. Once this approval is issued if you haven’t done the inspection this needs to be done ASAP – concerning the inspection –… more
A Buyer's Quick Guide to Short Sales - Part 4 of 5
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Writing the offer Keep in mind that in most short sale situations here in Ada County the sellers are in a tough spot – while this can be a good opportunity to get a well priced property – be sensitive to the sellers situation. There are different… more