What are short sales? I get that question often as we continue further into the foreclosure abyss here in Nampa Idaho. I would like to dispell some myth surrounding the idea. First, if you arenot in financial difficulty and you have assets, forget it! The bank will not look at you for a short sale. Just because you think you made a bad decision in 2005 does not mean the bank is going to take the loss for you. Second, There is no magic program to get these short sales accepted by every bank. It has been my experience that hard work and lots of communication are the keys to successfully closing a short sale. Third, Even with a second deed of trust it is possible to close a short sale. It is much more complicated and requires more communication but it can be done.
Short sales have become a big part of our local market. With roughly nine hundred active short sales in the Treasure Valley. Some agents love them while others hate them and try to avoid them at all cost. I say accept them and help as many sellers as possible avoid foreclosure while at the same time helping buyers get a good deal on a home. It's a win win for everyone. A foreclosure can damage your credit and keep you from a future purchase for seven years. A short sale can keep you from making a purchase for several months!
If you have any clients who are looking for real estate in Nampa, Boise, Meridian, Eagle, Star, Caldwell, or Middleton please take the time to visit my website at www.realestateNidaho.com and also send your clients there for more information on our market. I want your referrals to Idaho!
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