Tips for buying Idaho Foreclosures/Bank-owned/Short sales. - 01/28/09 05:45 PM
So you want to buy an Idaho Bank-owned (REO) or Short Sale property?  Great!  Bank-Owned and Short Sales are a great place to look when buying an income property or a personal residence. 


 
Idaho Bank-Owned and Idaho Short Sales are slightly different than a typical transaction.  Here are some tips so you can be prepared to jump at those great deals when you find them. 
 
Get Pre-qualified!   All bank-owned and short sale properties require a pre-qualification letter to be submitted WITH the offer.  This pre-qualification letter needs state that the lender has verified your income, debt ratios, and credit rating.  … (7 comments)

Idaho Short Sales~Common Questions - 01/13/09 03:46 PM
What is an Idaho Short Sale?

A Short Sale is when you need to sell your property but you owe MORE on the property than what you could sell it for.  You are asking the lien holder (Bank) to accept a lesser amount as payment in full.
Let's say you bought your home in 2006 and paid $300,000 for it. You mortgaged $285,000. Because of a legitimate hardship, you can no longer make your payments. You MUST sale or you will be foreclosed on. Your home can now only be sold for $250,000.  After selling expenses, you would have approx. $230,000 left to pay the bank.   So, you would either have to bring $55,000 to the … (10 comments)

Idaho Foreclosures, Bank~Owned, and Short Sales.....The Trustee's Sale. - 01/09/09 02:10 PM
Foreclosures are on the rise across the country, and Idaho is not immune to this trend.  The Idaho Business Review recently reported " Idaho ranked 10th in home foreclosure rate in November, with one of every 479 households in some stage of foreclosure,"
This means more and more homes in Idaho will be sold in some type of distress; either as a pre-foreclosure or short sale, at a Trustee's sale, or as a REO or Bank owned property.   
As a result, I am writing a series of articles, aimed at explaining the Foreclosure process in Idaho.
To read previous articles, go to
Is buying … (5 comments)

 
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Meridian Idaho Real Estate ~ Pam Pugmire

Meridian, ID

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Silvercreek Realty Group

Address: 1099 S. Wells , Suite 200, Meridian, ID, 83642

Office Phone: (208) 991-3001

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