Potential Short Sale; One Lender. Small Single-level Starter Home, Handyman Special On Great Lot With Mature Landscaping And A Side Pasture. Quiet Neighborhood, Fenced Yard, Covered Patio, Fenced-off Chicken Coup W/six Chickens (4-5 Eggs/day!), Storage She...
4 Bedroom, 3 And 1/2 Bathrooms, Two Story Home In Brookdale Meadow Subdivision. Features A Main Level Master Bedroom And Bathroom, Large Bonus Room, Den Or Office, Large Fenced Back Yard And Great Location.
Great Family Home In Quiet Neighborhood. Large Backyard Backs Up To Elementary School. Covered Patio And Deck Provide Plenty Of Room For Backyard Entertaining. Chicken Coop. Fireplace Upstairs, Fireplace With Insert In Basement Keep This House Plenty War...
What A Find! This Spacious Townhome With A Main Level Master Bedroom, And Dramatic Vaulted Ceilings Features A Gas Fireplace, Alder Cabinetry And A Gas Stove. East-facing Backyard Is Fully Fenced And Is Perfect For Summer Cookouts. Or Enjoy The Community P...
Pc2391 Insanely Gorgeous Backyard W/2 Storage Sheds, Covered Patio, Custom Built Wood Deck & Gazebo On A ½ Acre Lot. Beautiful 60 Ft Willow Tree, Full Grape Vines & Blooming Fruit Trees, Full Honeysuckle, Evergreens & Rv Pkg All Against An Open Lot, With F...
Great Home With A Great Location. Spacious Backyard With Ample Room For Rv Parking. Hardwood Floors And Spacious Bedrooms. The Front Yard Features A Pear And Apple Trees. Covered Side Patio And Storage Shed On The Property.
The numbers of “short sale” Boise properties are increasing, offering you an option to clinch a great deal. While a short sale offers you an avenue to buy a property at an amazing price, it is fraught with risks. Before you sign that purchase agreement, consider the following issues:
Is there More than one Lender with interest on the Property? If the property is charged to more than one lender, the whole home-buying process will be more complicated. This is because all parties must agree to the conditions and terms laid down in the short sale. Normally, the second lender will want to profit from the proceedings of the transaction. This is addressed by the first lender who will pay a token to get this second lender to agree. The seller of the home will be required by the lender to sign a promissory note or an agreement to pay the difference resulting from the amount owed and the proceeds from the disposal of this property. If the parties involved fail to agree, the whole process may be hampered; hence setting into motion the foreclosure process. However, the second lender can shield his losses by serving the seller with a deficiency judgment.
The Previous Experience of the Agent with regard to Short Sales It is hard to carry out a short sale even in the best of situations. This process is demanding and therefore you should check whether the persons assisting in the transactions have the necessary experience. If the real estate agent assisting the seller to dispose the property doesn’t have past experience dealing in short sales, they may not have an idea of where to start. For example, they may not be familiar with the procedures of making the bank approve the short sale.
The Bankruptcy Position of the Seller If the seller files for bankruptcy, the whole short sale transaction will be put on hold pending the outcome of the court decision on the bankruptcy. This process can sometimes drag on for months and sometimes take a year to finish. The court may attach the property, or even lead to a foreclosure. The best thing to do as a buyer is to ask the seller whether he is considering filing for bankruptcy. If he states that his intention is to do so, look elsewhere.
File Documents with the Lender Once you have agreed with the seller to purchase the property, submit your offer to the lender for approval. Until the lender agrees, you don’t have a deal. At the same time, furnish the lender with a copy of your deposit. Don’t be surprised to receive a request from the lender asking you to increase the earnest money deposit.
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Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.
IDX information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IMLS does not assume any liability for missing or inaccurate data. Information provided by IMLS is deemed reliable but not guaranteed.
Listing information last updated on April 25th, 2015 at 1:22pm MDT.