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2019 Boise Idaho Real Estate Blog

Boise Real Estate: What is a Short Sale? Main Idaho Real Estate Insights
Boise Short Sales. 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.

 

There were 3,540 single family homes sold in 2011. Approximately 17% of those homes sold were short sales. This average is about 3% lower than the average for Treasure Valley, Idaho.

Boise Short Sale Past Statistics:

Only 13% of the sales in Boise during the year of 2009 were short sales.  In 2010 that percentage increased to 20%.  This was due to the general increase in the number of distressed properties throughout the Treasure Valley. 

How to Buy a Boise Short Sale

The bright side of a Short Sale is that if you have the patience, you can sometimes get a better 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 Boise Real Estate. 

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

Contact the House Hunters of Idaho Team to help find Boise Short Sales and let us assist in the intricate process of obtaining one of these distressed properties.
 
Click here to view all Active Boise Short Sales

 
Posted by tlangford at 2/6/2012 3:31:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
208.629.0217 | [email protected]

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