Boise Idaho Boise Short Sale Purchase Options and Idaho Boise Short Sale Description, With Options in Nampa, Meridian, Caldwell and all of Idaho

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Short Sale Homes in Boise Idaho and The Treasure Valley

Boise Short Sale Defined
When a seller is forced to sell a home (due to hardship) whose net value (after selling costs) is less than what is owed, and the seller does not have the ability to make up that difference, it becomes what the industry calls a "Boise Short Sale listing"

Are you considering buying a home that is a Boise Short Sale?

If a seller is in a hardship (due to loss of job, reduction in income, medical expenses, etc.) it can make sense for their lender(s) to accept a lower payoff in lieu of foreclosing.

Foreclosure is an expensive and very slow remedy (up to a year) for a lender faced with a borrower in default. Industry experts tell us that negotiating a Boise Short Sale can save the lender (as much as 18%) versus a foreclosure. Much of that savings is due to the additional time it takes a lender to acquire title via foreclosure.

The Good
We have represented a number of buyers and Boise sellers in Boise Short Sale transactions and are well versed in the process. If you choose to pursue a Boise Short Sale listing you can be assured you will receive the utmost in client care. This expertise is to help you know what to expect should you be considering a Boise Short Sale purchase.

Boise Short Sale listings are usually offered at below market prices to compel buyers to scoop them up before the foreclosure process reaches critical mass.

The Bad
The real struggle for buyers trying to buy a Boise Short Sale listing is the amount of time required, and the resulting uncertainty, while the lenders consider the loss they are being asked to absorb.

It is not uncommon for the approval process to take upwards of 4-6 months.

Each Boise Short Sale listing has its own unique set of circumstances, for example:

Number of loans on the property?

More than one loan complicates the negotiations between the lenders about which one gets how much in a Boise Short Sale negotiation.

What types of loans are they?
Whether or not the loans carried mortgage default insurance (MIP)
If there is a second loan, it it a HELOC (Home Equity Line of Credit)?

HELOC lenders rarely negotiate a release for Boise Short Sale without requiring the borrower (seller) to agree to repay the balance over time (which can force sellers into bankruptcy or foreclosure)

Are the sellers attempting to Boise Short Sale their home hoping to forestall bankruptcy?

If the seller files bankruptcy during a Boise Short Sale negotiation it can result in a cancelled Boise Short Sale acceptance, or delay it indefinitely as the seller’s lender and the bankruptcy trustee have to also “come to terms.”

Boise Short Sale sellers by definition have little or no money so repairs discoverd as a result of your inspection, and or routine maintenance needed during the negotiation period, usually fall to the buyer.

Each Boise Short Sale listing is being managed and negotiated with the oversight of a listing agent whose methods (and success) will vary.

Some listing agents will insist that the home remain on the market (in contingent status) while negotiating with the sellers lenders are on-going. To do this they often require the use of a form (RE-44 Boise Short Sale Addendum) which gives both buyer and seller a back door out of the transaction with little or no provocation. This “quick trigger” practice is often used to throw out one buyer over another, or to allow a buyer to simultaneously offer on multiple Boise Short Sale listings.

Because there is much left to the practices and policies of the listing agent, extra up front diligence on your agent’s part (before you offer) is a must.

The backlog of a Boise Short Sale applications all across the nation is significant and can best be characterized this way:

Imagine a high functioning clerical level employee sitting at a desk stacked with files while someone from the mail room shows up with this week's new Boise Short Sale applications, and they are stacked chest high on a pallet!

The Ugly
You can tie up months attempting to close a Boise Short Sale listing only to end up with an unsuccessful conclusion. Below are some of the things we hear from buyers who have been involved in Boise Short Sale negotiations:

“I would have never offered on this house if I thought it was going to take the seller’s lender two months to even acknowledge they received our offer”

“The lock on my interest rate is going to expire before I can close, what do I do now?”

“We found another home that looks interesting; can we get out of this Boise Short Sale mess?”

“I did not know the sellers would not pay anything to get this deal closed; I don’t think they really care if it closes or goes to foreclosure”

Current Short Sale Properties