Short Sale

Short Sale

Short Sales in Boise Idaho | Search MLS Today for Short Sales

Just when you thought you’d heard the last about short sales and foreclosures, up pops Randy Gridley with yet more news. Sure, the Boise real estate market seems to be on the road to health, but there are still distressed properties on the market. This means there is still a chance for you to pick up a good deal by purchasing a short sale in Boise.

What is a Short Sale?

A short sale occurs when a homeowner owes more money on the home than what he or she owes the lender.

Now, this isn’t a big deal if the homeowner has the luxury of staying in the home until the market corrects and equity is rebuilt. What happens though to the homeowner that gets laid off or loses his job or has sudden massive medical bills? When you can’t make your house payment you typically need to sell your home.

What is the Difference Between a Short Sale and an REO?

Many folks confuse short sales with Real Estate Owned (REO) properties. REOs are also considered distressed properties but they are in a different phase of the sale process. In a short sale, the homeowner is attempting to avoid foreclosure by selling the house at what will be a loss to the lender. An REO is a home taken back in foreclosure and is being sold by the lender, or a holding company that it has employed.

Are Short Sales a Good Buy?

That depends on what you mean by “good buy.” Remember, the ultimate decision on how much the house will sell for is not the homeowner’s, but the lender’s. You can be sure that the lender has ordered an appraisal of the house and is thoroughly aware of its current market value. While it’s true that the last thing the lender wants is another REO, it also isn’t going to give the home away for less than its value.

In Boise, you will typically pay market value for the short sale home. I can help you determine what that number is so that you don’t overpay.

When you’re ready to take a look at some of the short sales in Boise, email me or give me a call. I’m happy to show them to you and help guide you through the process of buying a short sale in Boise.

Contact Information

Randy & Doyelene Gridley
Silvercreek Realty Group
1099 S Wells St. Suite 200
Meridian ID 83642
Randy's Direct Office: 208-859-7060
Fax: 208-323-8081

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Our office is located at:
1099 S Wells St. Suite 200
Meridian, ID, 83642

(208) 859-7060
(208) 323-8081

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