Star Idaho Short Sale Homes

Short sale properties are currently available in most areas of Idaho and Star is no exception.  If you want to buy an affordable home priced less than current market value, then Star is a great place to look. Buying Star Idaho Short Sale Homes.

Star Idaho Short Sale Homes for Sale

Star Idaho Short Sale Homes for Sale

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Star ID Short Sale Properties  

Star Idaho is a smaller town about 16 miles from Boise and offers an amazing range of properties for sale including beautiful river and view properties, acreages, traditional subdivisions and starter homes.  Short sales take place when a lender agrees to take less than the mortgage owed on a property. The process can be a little intimidating but once armed with the proper information, you can make an educated decision on whether buying a short sale is right for you.

First of all, if you have a deadline and need to close on a property immediately, then you should not pursue short sales. They can take up 3-6 months or longer to get approved.  Second, after the buyer and seller agree to terms, then the lender, or lenders, if there is more than one lien holder, must approve the sale.  Banks do not want to give the property away by any means so they want to do their own market analysis or Broker Price Opinions to make sure it is in the ballpark of what their bottom line is.  If the initial offer isn't, then they will reject or counter the offer.  Lenders may be more inclined to accept a low-ball offer if the market is declining very rapidly and determine if they would be better off just cutting their losses rather than waiting the months that it would take for the foreclosure to occur.  In addition, the seller must usually qualify for the short sale by demonstrating a true hardship, such as a job loss, loss of income, divorce, etc.  Just because a seller is upside down on the mortgage due to falling housing prices, does not mean they will be approved for a short sale.

Potential short sale buyers should really do their research on homes in Star
to make sure the house is worth the time and extra effort they have to go through even when the price seems too good to be true!  They are usually sold ‘as is’ so the buyer needs to take into account the cost for the repairs, any deferred maintenance on the property and potential appreciation.  Additionally, there is no guarantee the home will ever close so buyers can protect themselves with a cancellation clause and go for a better property if it comes along.  In the end, buyers could come out the ultimate winner if they are able to find their dream home at an incredible discounted price. We suggest that buyers consider Idaho bank owned properties as well.

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.