Star Short Sales
Looking for a Star Idaho short sale property? Start Packing has participated in countless distressed property transactions and are your experienced leaders in the field. With our team of knowledgeable agents, you'll be represented with expertise and care. It's particularly important to find an agent who has closed short sale properties before, as short sale transactions are more time intensive than other distressed properties.
Search Star Short Sales
Star is a member of the beautiful Treasure Valley, full of the opportunities and amenities the Boise metropolitan area offers, and this has been a great time to purchase a distressed property.
There are a few different distressed properties, including a bank owned foreclosure, an auction home, and finally your short sale. Sometimes these homes are referred to as REO, or real estate owned. A short sale occurs when the lender accepts a discounted payoff to release an existing mortgage. Also, if there is a mortgage balance that is greater than the market value of the home, this property is a short sale.
Homeowners who find themselves in a sticky financial situation can resort to a short sale which is favorable to a foreclosure, however, it still does reflect negatively on their credit report. Homeowners are subject to approval from the lender to participate in a short sale, as are any interested buyers. The lender is involved in the short sale every step of the way, which contributes to the lengthy process short sales are always bound to.
As we mentioned before, one of the most important steps to initiate a Star Idaho short sale property transaction is to find agent representation. Agent representation can be the single most important element to buying a short sale property. When you and your agent put together your offer for the seller and the lender, you'll need a letter stating you've been pre-qualified for a mortgage.
Once your agent has submitted your offer to the lender, the lender can take up to 30 days to acknowledge they've received your offer. The lender will initiate a home inspection, a negotiator, and sometimes a second negotiator. It can take up to 120 days to receive an approval from the lender. It's in your best interest to be patient, as it won't affect the bank if you threaten to walk away.
Search our powerful MLS to find any Star short sale properties, foreclosure properties, and any and all residential opportunities.
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 June 27th, 2017 at 5:22am MDT.