One thing to consider when looking at a short sale in idaho..... The bank considering the short sale is not always willing or able to make quick decisions. One of my current short sale properties has become a thorn in my side. The bank is so overwhelmed in there short sale department that they will not renegotiate a BPO (Broker Price Opinion) for six months! In a declining market this is unacceptable. The current BPO on this short sale is $10,000.00 too high. I now have a property that is approved for short sale that I cannot sell. These banks are swimming in foreclosures and short sales that they do not have the man power to deal with. Short sales can be great buys however, as REALTOR's we need to educate our sellers and buyers on the process so they are prepared going in that this may be a long road. I will probably be able to sell this home once the bank reaches it's six month mark and conducts another BPO. The good news for sellers is this. If the bank sees that you are making an attempt to sell your property it will likely delay the foreclosure indefinantly. They have too many other homes that have been vacated and left to rot while they go through the foreclosure process. There is always a silver lining. :)
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