I just added a new feature on my site with a quick list of bank owned (foreclosed) properties in the Boise, Eagle and Meridian areas.  Also included are foreclosure properties in Nampa and Caldwell.  This is the first comprehensive list I know of that is updated about every 15 min. for all bank owned homes in the Boise, Eagle and Meridian areas, as properties come on or off the market.  View the properties now.

Instead of just a simple list of homes I have provided a map overlay with each property detailed on the map. Just hover your mouse over the house icon and you will see the front picture and property pop-up  -or- you can simply scroll the list to (on the right side of the map) and sort by price, location, etc (see the bottom right hand corner of the map).

Negotiating with banks rquires its own set of strategies and varies with each lender. Give me a call and we can schedule a time to review these strategies that will ensure a successful transaction and a great value for you.

Are you looking to buy and interested in a short sale?  Do you have to know when you are going to move in?  If the answer is YES then consider an "approved short sale".  This is a short sale where the lender has approved of a short payoff already.  This is a very rare scenario but nearly assures a closed transaction at the end of the day.  Here is an example of an approved short sale in Boise Idaho. Bristol Heights - Approved Short Sale

We hear a lot of talk about short sales these days so it got me wondering exactly how much of our existing inventory are short sales.  I found the number to be a reasonable 203 homes (5% of available inventory). I do want to make it clear that this is 5% of homes that ARE available for sale and NOT 5% of all homes.  I limited this search to Ada County Idaho which includes the cities of Boise, Eagle, Meridian, Star, Kuna, and Garden City Idaho.  The price ranges that are available pretty much cover the marketplace and include luxury homes of nearly 2 million and a few in low 100’s with the average price being $335,000

I do have a list of available “Short Sale” properties.  Just drop me a line if you would like a copy.

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.