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You've been searching through Meridian listings and have come across a price listed for a home you think looks too low for the neighborhood. Before you jump all over it, it would be wise to contact your agent and find out if the home is a short sale.
While buyers pursue short sales to get good deals, it's still a smart practice to go into a short sale being well aware of what a short sale entails. They aren't as simple as you think, and it only happens very rarely when they close in less than 30 days. If you're in the market searching for Meridian short sale properties, let Start Packing Idaho.com be your guide.
What is a Short Sale?
In the event the seller's lender accepts a discounted payoff to release an existing mortgage, it becomes a short sale. Anytime the sale of real estate falls short of the balance of the debt it's considered a pre-foreclosure short sale and buyers seek them out to get a great deal. However, banks don't necessarily want to sell the house for much less than the market value. Sometimes the discounted price brings the price of the home more in line with the market value, and not below it. This can happen in the event the home's value has fallen even if the owners are current on their payments.
Hire an experienced agent
It's important before you begin your Meridian short sale search to have an experienced agent when it comes to short sales. The bottom line is that you need an experienced short sale agent. You'll want an agent to help expedite the process and have your interests in mind. An experienced agent won't miss any important deadlines or details and will make sure everything closes on time.
Submit your documents
When the seller accepts your offer, you aren't done yet. You must send the offer to the lender for approval, and you don't have a deal until the lender also accepts. Before you do this, it's important you have your own loan available. The lender will want to see that you've been pre-qualified.
Play the waiting game
Patience is the key to turning out a successful short sale. Most lenders can make a decision in 2 to 3 months, but it can take longer.
Get an inspection
Generally, the lender will not be paying for home protection plans, buyer credits, and pest and termite inspections. In a short sale or foreclosure, the sale is always "as is", which means all repairs are the sole responsibility of the buyer, but it is still important to obtain a home inspection.
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 July 25th, 2017 at 9:37pm MDT.