Short Sale Process for Buyer

The short sale buying process can be lengthy.  If you don’t have an understanding of the process on the seller’s end, you could become very frustrated with the process.  At times, there may seem to be so much uncertainty, that you may consider backing out of the deal at the last minute. All short sale homes in Boise and Meridian Idaho area within the last 15 days from IDX/MLS and this link is updated daily each morning.

See photo short sale listings below that also updated daily:

This post will give you a glimpse into the process, along with a few tips, to help you proceed with confidence until the sale is completed.

By the time you’ve discovered the home you want to purchase is up for a short sale, the seller has already completed extensive paper-work to get the ball rolling.

Half of the work has been done, but here’s what you can do to ensure you get the best deal:

1.        Do your research of the neighborhood’s market value to determine if the short sale’s price is comparable.

2.       Make sure that a title and lean search has been conducted and that you are prepared to handle those costs, if applicable.

3.       Buyer’s real estate agent will present the purchase and sale agreement.  This contains all the terms of the offer, along with earnest money and an approval letter from the buyer’s lender – verification that the buyer is able to purchase property.

4.       Get a home inspection.  You need to know the details and be made aware of the home’s condition.  You’ll want to make sure you can handle repair expenses should they become necessary.

5.       Remain patient and calm.  Again, the process can be lengthy and most banks are not prepared to respond to your deadlines or threats.   Plan ahead, and make appropriate living arrangements (if you have time constraints) that will tide you over until the final approval and sale is completed.

6.       Enlist the help of a knowledgeable real estate agent with extensive experience.

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