Short Sale Information
Underwater? Is Short Sale the Solution?
My house is tanking me…What are my options?
When you are behind on your Boise area mortgage, or thinking about it missing a payment, there is not a "one-size-fits-all" solution. Your options diminish each day that goes by.
Here are your options (very simplified):
1. Loan Modification
2. Short Sale
3. Do Nothing and let it go to foreclosure
Your situation really is unique; the same lender on a similar home can be harder or easier to deal with depending on the negotiator...or the weather!
If at any time you decide a short sale is not the best option for you we will stop the process. (We have had a few sellers that intended to short sale but the bank required a large promissory note deficiency notice that was not in the best interest for them to sign.) While it is not that common, it does happen and we will not push you to accept any deal from your lender. In that situation we cancel the real estate transaction (at no cost or obligation to you) and move forward in a new direction.
What is a Short Sale?
Really, I Don't Need to Put a Sign in the Yard So the Neighbord Get Curious?
A short sale is a process in which the lender allows a homeowner to sell a property for less than the mortgage balance. The proceeds of the sale go to the lender. For example, John in Boise currently owes $500,000 on a property, but due to current market conditions, the property is now worth $300,000. John might be able to short sell the property (i.e..sell the property for market value). All of the money from the sale would go to the bank, title, escrow real estate brokers, etc. and John would be able to "walk away" without a foreclosure and without owing the bank anything. (Lenders only agree to short sales if they receive a full and complete package meeting the specific guidelines of that particular lender.)
A short sale can be the perfect solution for many homeowners
(Click the above to to read our FAQs or recent success studies.)
Why Short Sale?
These are some reasons why many decide to short sell, modify or foreclose on their properties:
• If you owe more than your property is worth, and it does not make financial sense to keep the house.
• If you are struggling to make your mortgage payments.
• If your interest rate, monthly payments, or mortgage balance has been increasing.
• Relocating to a new area, and paying for the current property and a new living situation is not feasible.
The Advantages
• No more phone calls – we will handle all communication with your lender
• No cost out of pocket for short sales, including closing costs, realtor fees, etc
• No “Deficiency” provision – walk away if you don’t feel comfortable with the agreement.
• $3,000 cash assistance (based on property qualification)
• Through a short sale you can stay in your home longer as the bank is handling the sale
• Walk away listing agreement / No nonsense listing (if short sale is not the best option)
The Process:
Step #1
Initially. We will schedule a time to meet with you in person, fill out the listing agreement, take a few photos of the house, etc. This short sale process includes Premier Listing Marketing Plan to get your Home SOLD!
Step #2
Jaime Patocka will contact you discuss the do’s and don’ts of communicating with your lender. She will “hold your hand” and help you gather the list of documentation needed to start. The homeowner can either email, fax, mail, or drop off these documents.
Step #3
The house is placed on the Idaho MLS and other web portals, and viewings of the home will be scheduled for potential buyers. (A home is typically viewed in no more than 15 minutes, and is always held with a licensed Idaho Real Estate Agent). The goal is to get an acceptable offer quickly so the viewing will stop and the negotiating with your lender can begin. These viewings can be scheduled with the homeowner, but the homeowner does not need be present at the property. This is predetermined between the homeowner and the agent before the Boise, Eagle or Meridian house goes on the market.
Step #4
Once an offer is received, the offer is submitted to the bank. Jaime will follow up with the bank, collect all necessary documents, and ensure the file will move along. Without her constant follow up, the bank will lose or stop working on files. This process usually takes up to around 2-3 months.
Step #5
Once the approval is received by the bank, escrow on the property must close, and the process is complete. The previous homeowner does not owe the bank anything, and a foreclosure is not reported on their credit.
Boise Premier Can Help
We will take care of everything to Short Sell your Idaho Property. We negotiate with the lenders, we market the property and we sell the Idaho property. You pay absolutely nothing; focus on your life instead of foreclosure. You can avoid an Idaho foreclosure on your Credit Report.
Call Boise Premier Real Estate Today at 1-888-506-2234 and speak to a Boise Short Sale Specialist. There is a solution.
email: scaporale@boisepremier.com or jamie@boisepremier.com
