Short sales are abundant in Boise as Boise was hit hard with poor lending practices and a slumping market.  Last report I heard was that 1 in 5 homes in the area are in some kind of loan default.  With many homes facing the short shale scenario, the deals are there to be had.

An unfortunate side affect to this, is that there are so many out there it is dragging the home prices down.  The median home price in Boise has fallen about 20 thousand in the last year in part, I think, to the amount of short sales going on and just the general market adjustment.

Many home owners who are having problems making there mortgage payments or are already behind don't know what all there options are.  One option is to get your home sold before it gets worse (If your not sure what your home is worth, get your FREE home evaluation today!).   If it turns out that your home is worth less than what you owe on it, you are looking at what is called a short sale.

WHAT IS A SHORT SALE?

To put it simple, this is when your home is worth less than what you owe the mortgagor and they agree to take a lesser amount to pay off the debt.  Most banks won't consider a short sale unless you are already at least 30 days past due on your payments. Going Short Sale over Forecloser can help save your pride, but will only help your credit score not get hit so hard, put its still a pretty good dent in your record and buying after a short sale can come sooner than if you do a foreclosure.

WHAT ABOUT BUYING A SHORT SALE PROPERTY?

There is nothing bad or that different about buying home that is a short sale over any other home, except that it can take a lot longer to purchase a short sale house (not always though).  Why does it take longer? It takes longer because you get your offer presented to the home owner, and once they accept the offer then it has to be sent to the mortgagor to get there approval. This process of getting total approval from everyone affected can take 3 months or more, but it can happen in as little as two days or so. For your extra time and patience, you get a great deal and probably some good equity.

Stay tuned for my blog to follow on choosing an agent to represent you in a short sale. Please visit my website at http://www.findboisehomes4sale.com