You can find Foreclosure & Short Sale listings for:
- Boise, ID Short Sales & Foreclosures
- Eagle, ID Short Sales & Foreclosures
- Meridian, ID Short Sales & Foreclosures
- Nampa, ID Short Sales & Foreclosures
Or anywhere else in the Treasure Valley, just contact me with specifics of what you are looking for.
What is a Short Sale?
A short sale is a real estate transaction in which the sale price falls short of the balance owed on the property’s loan. It often occurs when a home owner cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than having the property foreclose.
In a short sale, both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
You can read in more detail about what a short sale is in the article, “What is a short sale?“.
What is a Foreclosure?
A foreclosure happens when a bank (or other secured creditor) begins the process of repossessing a parcel of real property (like a house), after the home owner has failed to make payments on their mortgage.Â When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. In Boise Idaho, the standard method of foreclosure is known as non-judicial foreclosure, which means the lender does not need a court to begin the foreclosure process.
You can find out more about foreclosures in Boise, ID by reading my article, “What is a foreclosure?“.