A short sale is a transaction that occurs when a homeowner owes more in his home that it is worth.  For instance:

• Mr. Jones owns a home on 123 River Street
• His loan is $250,000
• Market value is $200,000
• Mr. Jones is $50,000 upside down

In order for him to sell his home and pay off all of the debt to the bank, he must do one of a couple things:

1. Bring $50,000 cash to closing.
2. Sell other assets (if any) to bring $50,000 cash to closing
3. Ask the bank for a BIG favor and have them lower their loan amount and forgive the $50,000

Number 3 is the basic definition of a short sale: Ask the bank for a BIG favor and have them lower the loan amount on a home and release the lien so the home can be sold.

If you have further questions about short sales,  please ask.  Thanks!

Here are some related short sale links:

• The Best Short Sale advice ever!
• Short sales still causing headaches

Short sales are a necessary evil in the real estate world.  Period.  There is plenty of blame to go around about why they can be so difficult to accomplish and it usually reverts back to it being the “banks fault”.

Well, I’ve got news for you! Buyers are out there looking at short sales, preparing to write up an offer, but I say watch this video to see the best short sale advice ever!

Short sale transactions have to be one of the most frustrating types. The banks play at their own pace and by their own rules, making it difficult for consumers to get clear, timely answers.

I spend a lot of time on Trulia.com where I try and help people get answers to their questions and to provide some expertise that will hopefully build relationships and credibility for me and my business.

Here are a couple problems that I’ve seen on Trulia and in some cases my answers to their questions! You’ll see that while many agents have gotten used to the short sale process, consumers still struggle with the way banks work.

How do Short sale offers work?

Short sale question #1

How many short sales are closing?

Frustrated Short Sale Buyer

Also, if you haven’t already, check out the forums here at BoiseRealEstateSoup and ask your questions about real estate or share some experiences that you may have had as a homeowner!

**Looking for a home?  Click here to use my free Boise Home Search Tool!

I just added a Tax Credit Deadline Countdown timer to the far right sidebar of Boise Real Estate Soup!  Check it out!

Tax Credit Deadline:
3 months, 0 days, 2 hours, 58 minutes, 59 seconds ago

If  you’re trying to beat the April 30th deadline, you better get moving to find your home.  Feel free to do a free home search to find all of the Boise Homes For Sale.  I’d recommend steering clear of most short sales unless there is a real good reason to investigate.  Bank Owned homes are popping up all over the Boise Real Estate Market and offer some clear advantages over short sales.

Let me know how I can help you get moving on your purchase!   Call me today!

Ironic how these talks will begin just after the re-inauguration of a $125 Million remodel project and the green light to begin work on the Garrity Interchange–among others.

Keep in mind these cuts are probably going to have more of a dramatic impact on rural districts than Boise Schools or Meridian Schools.

Are you kidding me?  Who are these people? These kids get one shot at grade school, junior high and high school.  What are your thoughts?

VOTE HERE