If you have been looking to get some more information about Boise short sale listings, you have come to the right place. The market is great for buyers right now as there are a lot of homes on the market, and a lot of them are short sale listings or bank owned listings. Lets explain the difference between Boise short sale listings and Boise bank owned listings.
Boise Short Sale Listings
A short sale is a scenario when a seller is usually behind on their house payments, in danger of being behind on their house payments, and/or they have started the foreclosure process with their lender or lenders.
So, the sellers is trying to get the bank to take less than what is owed on the home from a willing buyer rather than taking the home through the foreclosure process.
Here are the steps of a short sale offer: (varies depending on situation)
- Write up an offer on the home and obtain the sellers signature
- The listing agent will then send the signed offer as well as the “short sale package” to the lender or lenders.
- The lender will get approval from all other entities involved. FHA, Insurance, other lien holders etc.
- Lender will order an appraisal or BPO (broker price opinion) to value the property.
- Lender will either counter-offer your offer, accept, or reject.
- If you do get acceptance, they typically want you to close within 30days
Closing Duration for Boise Short Sale Listings
Important to note: The entire process can take anywhere from 2 weeks to 5 months or so. This really depends on who the lender is.
What is a bank owned listing? Also known as REO.
A bank owned listings is a home that has already gone through the foreclosure process and the bank has taken the property back and is now trying to sell the property through their listing agent or broker. At this point, the bank essentially knows pretty much what they will accept on the property when it comes to price. The process to hear back from the bank on your offer for a bank owned property is typically about 2-5 business days.
If you would like to see the available Boise short sale listings, click the button below.