A “Short Sale” is simply when a seller sells a property for less than what the total mortgage is. In these cases the lender negotiates a short payoff, or said another way the lender takes less than what is owed. For a lender to take less than what is owed they will require several things. Borrower must demonstrate they are in a financial hardship. That they do not have the ability to continue to pay the mortgage. That they do not have other liquid assets (i.e. 401k, etc.) that they can make up the difference with. The lower value must be determined by outside sources. The lender will make arrangements to have a Broker Price Opinion or appraisal completed. If acceptable by the lender then the lender will pay normal closing costs and brokerage fees. Plus it’s important to know that the borrower will get a 1099 for any amount of short payoff.
A “Short Sale” is simply when a seller sells a property for less than what the total mortgage is. In these cases the lender negotiates a short payoff, or said another way the lender takes less than what is owed.
For a lender to take less than what is owed they will require several things.
If acceptable by the lender then the lender will pay normal closing costs and brokerage fees. Plus it’s important to know that the borrower will get a 1099 for any amount of short payoff.
You bet-ya bucko! 40 Offers got accepted on homes right after Christmas. Once again Eagle leads the County in upper end sales. This time at nearly 1.35mil Eagle Idaho Pending Sale 1.35mil, Star came in a close second at nearly $890,000 Star Idaho Pending Sale and Boise at $678,000 in Hidden Springs. All price ranges and ages are covered but new construction consisted of 32% of the sales. This is a trend I have been seeing for sometime and that is reducing inventories of newly built homes. The new home segment has been the softest part of the marketplace and as supplies decrease so will those bargain values. Feel free to call or e-mail if you would like to talk about these bargains – time is limited.
You bet-ya bucko! 40 Offers got accepted on homes right after Christmas. Once again Eagle leads the County in upper end sales. This time at nearly 1.35mil Eagle Idaho Pending Sale 1.35mil, Star came in a close second at nearly $890,000 Star Idaho Pending Sale and Boise at $678,000 in Hidden Springs. All price ranges and ages are covered but new construction consisted of 32% of the sales. This is a trend I have been seeing for sometime and that is reducing inventories of newly built homes. The new home segment has been the softest part of the marketplace and as supplies decrease so will those bargain values.
Feel free to call or e-mail if you would like to talk about these bargains – time is limited.
It’s true – It’s true. 75 homes home’s had offers presented and offers accepted the week before Christmas. Now who says homes never sell during the holidays? The pending sales are in all price ranges as from $109,000 - $925,000 with 73 average days on market. The upper end property at $925,000 was only on the market a total of 32 days and is expected to close before the end of the year. It is located in Eagle and is on close to an acre. You may want to read my previous post about upper end market time. Its another great day in Boise, Eagle and Meridian Idaho! Merry Christmas!
It’s true – It’s true. 75 homes home’s had offers presented and offers accepted the week before Christmas. Now who says homes never sell during the holidays? The pending sales are in all price ranges as from $109,000 - $925,000 with 73 average days on market. The upper end property at $925,000 was only on the market a total of 32 days and is expected to close before the end of the year. It is located in Eagle and is on close to an acre. You may want to read my previous post about upper end market time.
Its another great day in Boise, Eagle and Meridian Idaho!
Merry Christmas!
The graph below is for all of Ada County (Boise, Eagle, Meridian, Garden City and Star) Homes priced at 500K and above. Even though the months supply of inventory has gone up the days on market for homes that sell is still holding steady. This does not mean that every home sells in 2 months but those that do are on the market a shorter period of time (on average). See two year running total below.
The graph below is for all of Ada County (Boise, Eagle, Meridian, Garden City and Star) Homes priced at 500K and above. Even though the months supply of inventory has gone up the days on market for homes that sell is still holding steady. This does not mean that every home sells in 2 months but those that do are on the market a shorter period of time (on average).
See two year running total below.
I project Jan – March to be the best buying opportunities for upper end homes in the cities of Boise and Eagle that we have seen in over a decade – but, don’t wait too long. Inventories are shrinking daily so get-a-movin if you want a bargain. “But Darrin I have a house to sell in Boise first and now’s not the best time.” I hear clients say this all the time. My answer is in the form of a simple question. What if I can show you how you can make $75,000 - $100,000 by selling low and buying-up? Would you be interested? Answer: YES. Ok – here is how it works. We sell your $350,000 house that you thought was worth $375,000 at the top of the market a year ago. We put that on the market for $325,000 to get it sold fast - right now. Audible sigh and slight groan: Now I show them 4-6 homes in the 700-900k range that I know are valued higher or could be purchased at bargain prices - as much as $200,000 under market highs. Big smile and “That’s cool!” comment. Now – all this sounds easy but it requires extensive market knowledge of the Boise and Eagle Idaho real estate and experience in negotiating with banks, builders and attorneys. . When I say experience I mean more than a decade as Realtor. Remember 80% of all Realtors have never worked in a market like we have now. That was about eight years ago. So don’t you be the guinea pig. And by market knowledge your agent should be able to demonstrate why a property is a good value and why it is a good investment for you and your family. I have just sketched out a few basics here. Feel free to drop me a line or leave a comment if you have general question or if you would like to talk about your personal goal.
I project Jan – March to be the best buying opportunities for upper end homes in the cities of Boise and Eagle that we have seen in over a decade – but, don’t wait too long. Inventories are shrinking daily so get-a-movin if you want a bargain. “But Darrin I have a house to sell in Boise first and now’s not the best time.” I hear clients say this all the time. My answer is in the form of a simple question. What if I can show you how you can make $75,000 - $100,000 by selling low and buying-up? Would you be interested? Answer: YES. Ok – here is how it works. We sell your $350,000 house that you thought was worth $375,000 at the top of the market a year ago. We put that on the market for $325,000 to get it sold fast - right now. Audible sigh and slight groan: Now I show them 4-6 homes in the 700-900k range that I know are valued higher or could be purchased at bargain prices - as much as $200,000 under market highs. Big smile and “That’s cool!” comment.
Now – all this sounds easy but it requires extensive market knowledge of the Boise and Eagle Idaho real estate and experience in negotiating with banks, builders and attorneys. . When I say experience I mean more than a decade as Realtor. Remember 80% of all Realtors have never worked in a market like we have now. That was about eight years ago. So don’t you be the guinea pig. And by market knowledge your agent should be able to demonstrate why a property is a good value and why it is a good investment for you and your family.
I have just sketched out a few basics here. Feel free to drop me a line or leave a comment if you have general question or if you would like to talk about your personal goal.