What is a short sale?

Buying a short sale home has always been a joyous occasion.   When signing those closing documents, buyers rarely imagine that their new home could become a burden if they lose their job or experience another financial hardship.

When new homeowners are happily jingling the keys to their new dream home, they rarely imagine that a day might come when they can’t make the mortgage payments.   Their short term goals are usually focused around décor and landscape, not the short sale process.
View these few short sale homes in Boise Idaho that are current active and updated daily furnished by IDX/IMLS:

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When the new home buzz has long worn off and the strain of a mortgage becomes too much to manage, many homeowners don’t know where to turn.   A short sale could potentially help them avoid foreclosure or bankruptcy.

So, what exactly is a short sale?

In basic terms, it is an option that allows homeowners to sell their property for less than what they currently owe the mortgage company.  Most lenders will consider approving a short sale if a there’s been a drop in the Market Value, if  homeowners are experiencing hardship and have missed payments.

When approved by the lender, this option benefits the mortgage company by saving money that would otherwise be paid in foreclosure costs.

It benefits the homeowner by helping to relieve debt.  It can keep them from having to file for bankruptcy and/or foreclosure.

It can also be beneficial to a potential buyer who may possibly get an opportunity to purchase the home at a discounted price.

Once a lender determines that a short sale is applicable, the homeowner generally lists the home with a real estate agent to market the home and find a buyer.   A buyer’s offer has to be accepted by the lender in order complete the process.

If you’d like to know more, contact me for more information.

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