I recently posted a link to all 243 Coeur d'Alene homes listed for sale as short sales, so I decided to give equal time to the other distressed sale category, foreclosures. These are homes that have been lost to the homeowner through a foreclosure proceeding and now belong to the lender. They are known as REO's, for Real Estate Owned, a line item on the bank's balance sheet for their foreclosed properties
As of today, there are 144 Coeur d'Alene Idaho MLS bank foreclosure REO's listed for sale. They run the gamut from a 25 acre Hayden Lake waterfront property for $2,250,000 to a little bungalow fixer in Pinehurst for $14,000.
If you would like more information on any of these homes. please give me a call. Likewise if you would like information on avoiding foreclosure through short selling your home. Although it is not always the best option for everyone, for many people it IS the best option, and the way to bring the best possible outcome to an impossible situation.
There is absolutely no downside to a distressed seller to attempt a short sale!
Unfortunately, many of the distressed homeowners who lost their homes to foreclosure could have ended up with a better outcome through a short sale. Not only is it better on one's credit, which also works to your advantage in future employment and rental housing searches, but in most cases the homeowner will be released from liability for recourse for the deficiency. This is the difference between the amount the bank nets in the short sale and the larger amount that the seller owed to the bank when the house was sold at auction. There is no such written release when a house is lost through foreclosure. But many distressed sellers, filled with despair, don't understand the process and simply allow the home to go back to the bank without attempting a better outcome.
Comments (0)Subscribe to CommentsComment