Idaho Short Sale Homes

Buying a short sale property in Idaho may be an excellent option for you if you are looking to get a good deal on a home.  Essentially, the term ‘short sale’ means the lender agrees to accept less than what is owed on a home to avoid going through the costly and very time-consuming process of foreclosure. Buying Idaho Short Sale Homes.

Idaho Short Sale Homes for Sale

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Idaho Short Sale Properties

During these tough economic times, more and more homeowners are finding themselves getting behind on their mortgage payments due a loss of a job or a reduction in income and must prove an actual hardship. 

Short sales can be a win-win for all the parties involved.  It is a win for the homeowner because they escape the devastation of going through the foreclosure process.  It is a win for the lender because they get to cut their losses quickly and do not have to go through the expensive process of foreclosure, maintaining the property and then putting the home back on the market many months later.  The buyer also comes out a winner when they can purchase a property below current market prices.  Lastly, the neighborhood does not have to endure a vacant eyesore for months and further dropping surrounding property values. 

The short sale process in Idaho, as in other areas, typically is not at all a short-term or quick process.  Buyers need to be patient and it can take up to 4-6 months for a response from the lender with no guarantee that it will close.  First, the seller agrees to the terms of the purchase and sale agreement and then the offer is subject to the lender’s approval to all terms and conditions.  The process is further complicated and delayed if there is more than one lender or mortgage insurance companies are involved.  As with all home purchases, the home buyer must be diligent by doing their homework on property values in the area, conduct a thorough inspection and be ready to close quickly once the lender agrees to the terms.  In most cases the homes are sold in ‘as is’ condition and therefore the buyer should make sure any potential repair costs be considered in the offer.  In the end, the buyer can walk away with a great bargain.

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.