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______________________________________What is an Idaho Foreclosure and How Does it Work?
A “short sale” occurs when the net sale proceeds (sale price less closing costs) are not sufficient to satisfy the outstanding mortgage(s) on the property, and the seller does not have the financial ability to make up the difference. The lender is asked to take less than the full amount owed in order for the sale to be completed. If you are in a difficult financial situation, a short sale may be the only alternative to foreclosure.
A short sale provides you with an opportunity to sell your home, while attempting to preserve your credit rating. A foreclosure can have a devastating impact on someone’s credit report that has a lasting effect for years to come. A short sale is typically reported on a credit report as a debt that is “settled for an amount less than what is due”. While this may still cause a significant dip in credit score, it will likely be less significant as the reporting of a foreclosure.
The answer is very simple: Lenders do not want to own houses. Lenders are in the business of loaning money, not in the business of stockpiling real estate. There have been numerous reports that banks can face fees of up to $50,000.00-$60,000.00 in actually foreclosing on a property. From a business standpoint, the lender will make out better if the property is put on the market and given an opportunity to attract a buyer through private sale.
The short sale process typically takes 90 - 120 business days to complete, but may take longer. The primary stages in a short sale are:
No hardship -- Lenders will not accept short sale offers or requests for short sales if the borrower has the ability (not the willingness) to make their payments.
Bankruptcy -- Few, if any, lenders will consider a short sale when the seller has filed for bankruptcy, because negotiating a short sale is considered a collection activity and collection activities are prohibited in bankruptcies.
A short sale may have tax implications. In December 2007 the Mortgage Forgiveness Debt Relief Act was signed into law by President Bush. This law eliminates potential tax liability associated with a short sale depending on the specifics of your particular situation. Please talk with a tax advisor or financial advisor for additional details.
No. All documentation to begin facilitating a short sale discussion with your lender may be submitted in advance of receiving an offer. It is not until a signed purchase and sale agreement (with a bonafied buyer) is submitted however, that the lender will be in a position to process and provide final approval your short sale. Most parties find it beneficial to submit all documentation when an offer is received.
If your lender(s) approve a short sale, you do not need to vacate your home until the close of escrow.
Probably. Most short sales take 90 days or more to complete. If the information you have provided has become outdated (over 30 days old), the short sale lender may need you to provide additional information (bank statements, paystubs) to make sure the information they are working with is still valid.
You can call Welty Real Estate Group at 208-841-4868 for a short sale specialist.
When you're looking for a partner to help you negotiate the complexities of selling a home, you've come to the right place. The experience, dedication and strong communication you'll receive here will help ensure the successful and profitable sale of your home:
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Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:
To find out more about selling your home, click here