Caldwell Idaho Short Sale Homes
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Short sales in Caldwell can offer unbelievable prices and are a way for you to get a potentially great value on purchasing a home in Idaho. Short sales occur are when the lender agrees to take less on a property than what is owed and the home owner who falls behind in their payments attempts to sell the home in order to avoid foreclosure. Buying Caldwell Short Sale Homes.
Caldwell Short Sale Homes for Sale
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Caldwell ID Short Sale Properties
A "pre-foreclosure" or short sale in Caldwell can be cost effective for the lender by basically cutting their losses if they do not have to go through the expensive and often time-consuming process of foreclosure. If the banks do take the property back, they must pay for the maintenance and upkeep and then put the house back on the market and wait for it to resell.
Caldwell is 25 miles west of Boise and although it is relatively close in proximity to Boise, the median prices are significantly lower and over 67% of all sales in Caldwell in 2010 were distressed. If the buyer is willing to do their homework and be patient with the process, they could walk away with a property below market price. However, there are no guarantees and this is why it is so important to consider each property on an individual basis. Some important factors to think about include current and future market value and cost of any required repairs since the lender is unlikely to do any repairs and prefers to sell it “as is”. Buyers should always have an “out” in the contract in case it takes too long for approval, the home is damaged, or they find a better deal on a different home.
Not only does the buyer have to qualify to purchase the home, the seller must qualify for the short sale. This involves some type of hardship, such as a loss of job or income, a divorce, or a higher adjustable rate loan that now makes the payment unaffordable, etc. Combine this with declining market values and the seller does not have a lot of options. They can try to sell it short or have a foreclosure on their credit report. The process for approval can take many weeks or even months. It typically takes longer if there is more than one lien holder on the property. Once the lender has approved an offer then the property can close usually within 30 days.
Caldwell short sales can be a great means of buying a property below market value but comes with its share of risks. It can be a benefit to the seller, lender, and buyer if orchestrated correctly. An informed buyer will want to check out Caldwell Idaho foreclosure homes also.
View information and real estate listings in other Idaho communities.
Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.
