2010 Year Of The Short Sale

Ada county had 77 short sale properties  fund and record in the month of February 2010. Prices ranging from $531,700 down to$53,000. Ada county includes the cities of – Boise, Garden City, Eagle, Meridian, Kuna and Star.  That is a 100% increase of short sale homes closed from the same month last year, are we seeing a trend? 2009 highest sold price was $700,000 and the lowest was $120,000.

Canyon county had 32 short sale properties fund and record in the month of February 2010. Prices ranging from $359,000 down to $42,000. Canyon county includes the cities of – Nampa, Caldwell, Kuna, Melba, and Middleton.  That is a %90 increase of short sale homes closed from the same month last year, I ask again are we seeing a trend? 2009 highest sold price was $417,500 and the lowest was $71,070 (not including a manufactured sale of $12,500)

So for comparison we have the month of February in 2009 and again the same month for 2010, closed short sales are up while prices have continued to go down. I do feel that values should start finding the floor while more and more short sales get completed. While loan modifications are still trying to make sense (will they write principle balance down to current market value?) or will 2010 be the year of the Short Sale! April 5th is the deadline for new short sale rules to be rolled out which should increase the success of short sales closed. Sum it up short sales sold are up and the prices are down- Great time to buy and also could be a great time to take a look at your home if it is underwater and you have trouble making payments- If your are wondering what your options are and would like assistance please don’t hesitate and call Joshua Groesbeck 208-353-7131 or visit http://www.homeswithjosh.com or http://idshortsale.com

Certified Distressed Property Specialist 208-353-7131

statistics are from the intermountain mls

Idaho Short Sale Tips

#3   Put Together A Well Organized Short Sale Package

Your Idaho real estate agent should provide you with a list of the lender’s requirments and  At a minimum, the lender will want to see:

* Your hardship letter;
* A balance sheet listing your monthly income and expenses, or a profit and loss statement;
* Statements from your checking, savings and other asset accounts;
* A net sheet from your Idaho real estate agent listing all of the closing costs that must be paid for your short sale to close;
* A current Market Analysis (CMA) or a Broker Price Opinion (BPO)
* Supporting documentation, including two months’ worth of paycheck stubs and all of your household bills, including HOA dues;
* Your last two federal income tax returns.
* The offer to purchase your home, including the buyer’s preapproval letter, once it is received.

Best to turn in package that is complete otherwise you could end up on the cutting room floor. Many bank staffers are over worked and will only look for well put together short sale packages. Trust me they want to work easier not harder, they do not want to come back for left out items that will only cause your short sale to become buried a under huge stack of growing short sale files. Get on top first this is very important.

Idaho Short Sale Tips

2. Authorization Letter

You will need to get an authorization form either from your lender or your experienced Idaho real estate agent will have one. Once your idaho real estate agent is authorized to speak with your lender about your home it is time to sit back and let that agent shine.
Let them be your voice with the lender.  Part of the listing agreement will include a “short sale addendum”, which will outline the rights and duties of your agent also allowing your idaho real estate agent to negotiate with the lender’s on your behalf. Your real estate agent should give you a clear line of communication and update you with all negotiations with the lenders.

Idaho Short Sale Tips

1. Choosing The Right Idaho Real Estate Agent

If you are struggling to make your house payments or believe that your home is worth less than what is owed contact a reputable real estate agent that has experience working with short sales. All agents can get a designation and call themselves the short sale expert but make sure that they have actually been on the battle field before. I see to many short sales on the mulitple listing service go nowhere and wonder what could or should have been done differently.  First, I would contact a reputable Idaho real estate agent and they can help you be proactive towards getting your case number in front of your lender’s work out department. Looking out for your best interest these are Idaho Short Sale Tips.