After a couple months hiatus from blogging, I'm back! One of the things that we (myself, my broker and my husband) have been working with a lot in the last 9 months or so are short sales. They are very common in today's market and not everyone truly understands them. And in fact, many short sale listings end up going into foreclosure. We've been working on making sure that our short sale listings are not among those that end up at auction.
This post is excerpts from information that we have on our websites www.BoiseRealtyStore.com and www.BolesBoiseRealEstate.com. It is a combined effort of information written by my Broker, Jon Gosche, my husband, John Boles and myself. If you want more information on shorts sales (both to sell or to purchase) leave a comment below or email or call one of us for more information.
"What is a short sale?"
That's a question we have many folks including other real estate agents calling us to ask. Lots of folks are talking about them but what is a short sale? A short sale is exactly what it sounds like – a sale that is short of the full amount owed on a property. The lender will need to approve the sale and accept less than the full payoff amount of the loan(s). The bank may decide that it is in their best interest to allow the short sale and accept a loss sometimes even if the loss is hundreds of thousands of dollars; of course every situation is unique.
Some criteria to qualify for a short sale:
-Are you facing financial hardship that is affecting your ability to pay your mortgage?
-Are you missing monthly payments already and don’t know that you’ll be able to catch up on the payments?
-Did you buy at or near the peak of the market and your home is worth less now than when you bought it and you need to sell?
If any of these scenarios are hitting home and you think that a short sale might be the best route for you to go, please continue reading…
It’s a shocking statistic that nationwide an average of 90% of all homes that try to “short sale” end up in foreclosure. You need the right agent working for you... Short sales are not easy and you need the help of an expert. We have been trained how to handle the ins and outs of short sales by a former Chief Loss Mitigator with 20 years of experience (the guy at the bank that accepts or declines the short sale). It just makes sense to be educated by the folks that we are negotiating with right?
This is part one of a two part (or more) post on Short Sales. The next post will discuss some of your options when in a dire situation. If anyone has an questions, comments or aspects that you would like me to answer or discuss in another post please leave a comment or email me directly at kaseyboles@boiserealtystore.com.
And don't worry Emdeplam and Trey - I still have the list of topic ideas you gave me back in February. I'll start working through those soon as well....
Kasey Boles
208-830-6186
Jon Gosche Real Estate
www.BolesBoiseRealEstate.com