The definition of a "short sale" is any sale by an owner that provides a pay-off to its mortgage company that is less than what the full obligation of principal, interest, and fees would be normally.
Who Qualifies?
Any seller who has zero or negative equity in their property;
Can not afford to make the payments on the loan(s) n their property;
Does not have other assets available to pay the difference between the net proceeds on the sale of their property and what is owed on the loan(s) on the property.
Steps in a Short Sale:
1. Owner enters into a Purchase and Sale Agreement with a buyer.
2. Open Escrow with a title company.
3. Seller contacts and negotiates with lender the terms of the short sale and provides a package which includes financial information to prove the inability to make payments.
4. Second lein holders may require some or all of the same information as the first lein holder.
5. Lenders approving short sales generally appear to require:
The sale to be 'as-is'
The seller not recieving any money or items of value from the sale
The sale being an "arms length" transaction and the buyer not being related to the seller.
For more info on how to sell a Short Sale or purchase one, contact Emily today at 850-1822.
Wednesday, March 26, 2008
Tuesday, March 25, 2008
Why it is important to get an inspection, even on a new construction purchase
An inspection is a chance to have a licensed specialist go through the home you are under contract to purchase with a fine tooth comb and find any and all inefficiencies in the property.
Items that an inspector looks for may include: mold, foundation cracks, roof issues, settling problems, electical isssues, plumbing issues, HVAC problems... the list goes on.
Having an extra set of eyes out there to see and test for problems on a new home is a great investment. Most inspections costs less than $500- the cost is based on the square footage of the home. This way, when you sign on the dotted line, you know exactly what you are getting yourself into when you purchase the home.
My preferred home inspector is my Uncle, Mike Balch. He can be reached at 208-440-5358 or at mwbalch@msn.com To learn more about Mike and his services, visit www.boiseshomeinspector.com
Items that an inspector looks for may include: mold, foundation cracks, roof issues, settling problems, electical isssues, plumbing issues, HVAC problems... the list goes on.
Having an extra set of eyes out there to see and test for problems on a new home is a great investment. Most inspections costs less than $500- the cost is based on the square footage of the home. This way, when you sign on the dotted line, you know exactly what you are getting yourself into when you purchase the home.
My preferred home inspector is my Uncle, Mike Balch. He can be reached at 208-440-5358 or at mwbalch@msn.com To learn more about Mike and his services, visit www.boiseshomeinspector.com
Wednesday, March 19, 2008
Just Listed 300 feet from the Boise River

300 feet from the Boise River and Greenbelt.
$185,900
3 bedroom/ 2.5 baths/ 2 car attached garage
Stainless Steel appliances
Granite Counters
Bamboo Hardwood Floors
Window Treatments
Listed By Emily Smith of AllPro Realty Group, Inc.
To learn more check out http://www.artisanvillageidaho.com/
March Madness
Boise Real Estate
If you listen to the media at all you probably think it is a horrible time to even consider purchasing a home right now. Actually, it is a great time to purchase a home, for many reasons. 1. You will help spark the local and nation economy. 2. Many builders and sellers need to sell and are willing to make a deal with you to move their home. 3. The government, in an attempt to spark the national economy, has begun to take steps to have the interest rates drop. This has carried over into the lending world, and now is the time to take advantage of it. If you think that a 6% rate is nothing to write home about, consider that my parents bought their first house in Salt Lake City, UT in 1980 and had an interest rate of 18%. Try that on for size. There are some crazy deals out there which if one is willing to take the risk, will really pay off in the long run.
If you have any questions about real estate, please feel free to contact me anytime. Also, if you know of anyone who is considering moving to the great state of Idaho, pass my name on to them, as I would love to help them achieve the American Dream of owning a home.
http://www.emilysellsidaho.com/
http://www.artisanpointeboise.com/
http://www.artisanvillageidaho.com/
If you have any questions about real estate, please feel free to contact me anytime. Also, if you know of anyone who is considering moving to the great state of Idaho, pass my name on to them, as I would love to help them achieve the American Dream of owning a home.
http://www.emilysellsidaho.com/
http://www.artisanpointeboise.com/
http://www.artisanvillageidaho.com/
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