What is a real estate short sale? A short sale is the type of distressed property where the homeowners have a mortgage(s) that is more than the value of the home in today’s market. The sellers have to ask permission from the bank to sell the property and to forgive the difference. Here is a short video that may help explain a short sale. It has been brought to you by one of our CDPE (Certified Distressed Property Experts).
How to Buy a Short Sale
The bright side of a Short Sale is that if you have the patience, you can sometimes get a great deal on properties. The homeowner avoids foreclosure and the negative credit that goes along with it. There are some programs that will even allow individuals who have a short sale on their record, purchase a new home as long as they have remained current on their payments.
One of the major downsides of the Boise Short Sales is the time frame for getting the third party approval (the mortgage bank’s permission to sell the home). The extended process of the Short Sale is often to lengthy for most home buyers and cause them to go looking for other properties.
A few of the other downfalls for these distressed properties in Boise are:
- Sellers opting to take higher offers during the waiting process or canceling contracts due to loan modification
- Banks refusing to sell properties at the list price
- Homes being foreclosed on before the short sale can be approved
Listing Your Home as a Short Sale
Core Group Realty has several years experience of listing and selling short sales in Boise. If you have questions about whether or not you qualify for a short sale or if it’s right for you, please contact us for a no obligation and private consultation. It is our goal to make sure you understand the pros and cons of the short sale process. One program to look in to is HAFA. Here is a short video explaining HAFA.