If you are looking to get a screaming deal on a house then you must take a look at the short sale opportunities in Meridian, Idaho. Just fewer than 50% of all sales in Meridian over the past year are distressed properties and the number jumps much higher for homes priced under $100K. What exactly is a short sale and how can you get in on these great bargains on Meridian properties? Buying Meridian Short Sale Homes.
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Meridian ID Short Sale Properties
Well, buying a Meridian short sale home can be overwhelming for some and it takes a lot of patience. Typically, it will take 3-6 months, maybe longer and there is no guarantee that it will ever close. A buyer must do their due diligence and make sure the price they offer is a low enough price that takes in account any repairs that need to be made, any further decline in market prices during the timeframe of waiting for the approval and the property has the potential for future appreciation. In a short sale, the lender agrees to take less than what is owed on the property and this is the part that can take so long, especially if there is more than one lien holder. All the lenders must agree to the terms of the short sale.
Short sales can benefit the seller, lender, and buyer. In some cases, the lender is motivated to try to get the short sale done so they will not have to take the property back after it is foreclosed and incur the expense of maintaining it. They also risk losing more money if the market is declining rapidly. The seller is able to avoid the humiliation and further damage to their credit if they don’t have to endure the foreclosure process. When the owner is behind in their payments and displays a true hardship such as a job loss, divorce, loss of income, etc. they have the best chance of getting the short sale approved. The buyer has the potential of getting a great house at an incredible price. This could prove to be a great investment whether they plan to live in the house, renovate it and sell it or rent it out for a long-term investment.
Since many short sale offers end up not getting approved, the buyer needs to make sure they have safeguards in place to protect themselves. Most offers provide the buyers can cancel up to the time the offer is approved if they decide they just cannot wait indefinitely. Also, the buyer can delay the home inspection process until they know the deal will go through. Short sales in Meridian truly can be a tremendous opportunity to purchase a home well below market value and help prevent the seller and lender of going through the costly and time-consuming process of foreclosure.
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 August 23rd, 2017 at 1:07pm MDT.