How much is the Short Sale going to cost me?

Unlike some companies, we charge absolutely nothing to the Idaho homeowner (no upfront or backend fees). The lender on the house pays our fees through real estate commissions, and will even pay some additional fees and costs. We do not earn anything unless we successfully complete your short sale. The process is “eyes wide open.”  If something happens that you do not like, the short sale does not have to go through.

What is the difference between short selling and foreclosing?

A foreclosure will negatively affect your credit score significantly. Not only will foreclosure drastically drop the score, but it will prevent the person from obtaining any type of mortgage financing for up to 7 years. Even after this period, the mortgage loan application will always state that the borrower had a foreclosure in the past, and can seriously affect that person’s ability to obtain financing in the future.

A short sale will affect the credit, but not nearly as much as a foreclosure. The credit will be negatively affected for approximately 24 months.  By Fannie Mae Guidelines; one should be able to purchase another home after 24 months of having done a short sale.

With a foreclosure, a public notice is filed and privacy is not maintained. Our Boise short sale process ensures that the seller will maintain privacy. We do not require any signs on the property. Many short sale listings are not advertised or even have a lockbox. Call us to discuss this option.

With a foreclosure, a lender can assign a “judgment” against the homeowner and garnish remaining assets such as bank accounts, income, etc. With a short sale, we negotiate with the lender to let you walk away free and clear without any deficiency judgment actions taken. During the short sale process you are able to see all potential pitfalls and negotiate with the lender up front in collaboration with them as opposed to a “run from them approach” and accept whatever they say.

What are the advantages to using Short Sale Director Jaime Patocka and Boise Premier Real Estate?

Jaime Patocka has been in your situation before. In 2008 her family experienced a hardship and she personally had to short sale her home in here in Boise, Idaho. Being in Real Estate, she did all the research she could to find out if a short sale was the best option for her.  She met with two attorneys, a CPA, and others that had gone through this before. In her case, a short sale was the best option, but sometimes that may not be the case. She will be candid about what option is best for you.

Jaime successfully closed her first short sale in 2001 as a Real Estate agent, but until she went through this situation, she didn’t understand all the games the banks play and the emotions that each family deals with. There is light at the end of the tunnel, and life after a short sale. (She and her family just purchased a new home last year and can help you through the same process.)

Are there any tax consequences of short selling an Idaho Home?

In 2007, The Debt Relief Forgiveness Act and Debt Cancelation were passed. This allows homeowners to short sell their homes up to $1 million dollars with no tax consequences. Be sure to consult your tax professional for more information.

Will I have to move out immediately if the lender agrees to the short sale?

No. Even if someone makes an offer on the house immediately, it can still take three to nine months for the short sale to be approved at the bank.

What types of real estate can I short sale?

It can be your primary residence, a second home, or an investment property. In short, every type of real estate can qualify for a short sale, but you do need the right advocate on your side.

Can any Realtor handle a short sale effectively?

Unfortunately, a lot of real estate agents and brokers claim to know how to complete short sales. However, short sales involve negotiating back and forth with the lender and being able to meet your specific lender’s short sale guidelines to ensure you will be approved. The fact of the matter is 60% of short sales are unsuccessful. The reason being is that they are attempted by real estate agents who are not familiar with finance, lender processing, and real estate law.

The Boise Premier Short Sale Team has direct relationships with the largest banks in the U.S. We currently have dozens of short sales in process, dozens of approvals, and clients in both Ada and Canyon County, Idaho.

Can I short sale if my payments are current?

Yes. There are “streamlined short sales” where you keep your payments current.

Can I short sale if I missed or am behind on my payments?

Yes. You can even short sell a property if you are in default and have been served a “Notice of Default”.

Can I short sale if I already received a foreclosure date?

Yes. In most cases, the lender will stop the foreclosure process in order to complete the short sale. This is because a short sale usually saves the lender a significant amount of money in comparison to a foreclosure. However, we must contact the lender IMMEDIATELY to delay any further action and negotiate a short sale.

Can I short sale if I have already received a modification from my lender?

Yes. In some cases, a short sale may be a better option than a loan modification.

Can I short sale if I have been denied for a loan modification?


Can I short sale if I am in the process of a loan modification?


Why would a lender agree to short sale and take a loss?

It is a simple matter of dollars and sense. When a lender forecloses on a property in Idaho, it costs them upwards of $50,000 in attorney, loss prevention, and personnel fees. In addition, it is very rare that the lender will sell a property for more than what the house could sell for in a short sale. Finally, the lender runs the risk of having to maintain a vacant house in Idaho if the house does not sell immediately at foreclosure auction.