Idaho Short Sale is still better than Foreclosure.
Do you owe more than your house is worth? Can you no longer afford your payments? There is hope… You may be able to sell it for less than you owe, without having to pay the lending institute the total difference owed. So if you can no longer make your mortgage payments and you are upside down in it, meaning your home is worth less than you owe on it, foreclosure is not be your only option.
In short, with an Idaho short sale, you can sell your house at a sales price less than what you still owe the mortgage companies. Sometimes the lender will agree to an Idaho Short Sale’s terms rather than go through the lengthy and much more costly foreclosure process. The lender allows the sale of a home for less than it is worth and forgives the rest of the note. That said, there are significant negative consequences to an Idaho short sale, like your credit score can by affected 200 to 300 points and show up for at least 2 years and possibly up to 7 years.
The best part of an Idaho Short Sale is everyone wins. The seller gets out from under the payments without the home going into foreclosure and going bankrupt. The buyer gets the property at a greatly reduced price. The lender cuts its losses as minimal compared to foreclosure, and the property is off their hands. I know it sounds crazy that the banks would agree to an Idaho short sale but they do benefit.
An Idaho short sale is an excellent deal since the buyer is getting a property at a sometimes unbelievably reduced price. That said the buying process for an Idaho short sale can be very lengthy compared to a motivated but non distressed home owner. I represented both buyers and sellers in Idaho short sale deals, I advise working with an agent who's familiar with Idaho short sales. I also advise that both the seller and the buyer come to the table with enough documentation to convince the bank to settle for a price reduction.
The bottom line is, if you’re looking for a great deal or you’re distressed and you’re facing foreclosure, you have options, don’t let the bank foreclose on you, contact me and try an Idaho short sale