Archive for December, 2010
That’s a question we have many folks including other real estate agents calling us to ask.
Lots of folks are talking about them but what is a short sale. A short sale is exactly what it sounds like – a sale that is short of the full amount owed on a property. The lender will need to approve the sale and accept less than the full payoff amount of the loan(s). The bank may decide that it is in their best interest to allow the short sale and accept a loss sometimes even if the loss is hundreds of thousands of dollars; of course every situation is unique.
-Are you facing financial hardship that is affecting your ability to pay your mortgage?
-Are you missing monthly payments already and don’t know that you’ll be able to catch up on the payments?
-Did you buy at or near the peak of the market and your home is worth less now than when you bought it and you need to sell?
If any of these scenarios are hitting home and you think that a short sale might be the best route for you to go, please continue reading…
It’s a shocking statistic that nationwide an average of 90% of all homes that try to “short sale” end up in foreclosure. You need the right agent working for you… Agents may be “trying to help” but without the proper training they go about the negotiation incorrectly or even go so far as to submit the package to the bank and then sit back and wait for the banks response. They are misinformed on how to help you and should your house be part of the 90% failure statistic they will not have helped you at all.
Short sales are not easy and you need the help of an expert. We have been trained how to handle the ins and outs of short sales by a former Chief Loss Mitigator with 20 years of experience (the guy at the bank that accepts or declines the short sale). It just makes sense to be educated by the folks that we are negotiating with right?
What Past Clients and Co-operating Agents have to say…
“John Boles was very professional and proficient with the short sale of my home. He had a list of forms I needed to fill out and he took care of the rest, so I could focus on what I needed to do to get back on track with my life. John has several banking contacts and knows exactly what to say to expedite the short sale process. If you’re looking for someone who can handle your short sale from start to finish and take the stress and worry out of the process, John Boles is your man.” – JT in Meridian, ID
“Thank You for all of the work you did for us. We were really pleased with the service you provide as a realtor. It could not have been a better experience especially given the situation and being out of state. Thanks again for all the hardwork and professionalism with our home. We were very happy.” – NF in Utah
“I was in a situation where I needed to sell my rental property. I was not able to get it rented and the money was running out. I decided to try and sell the house before it would fall into foreclosure. I found Jon Gosche Real Estate online at www.BoiseRealtyStore.com and relied on John Boles and Jon Gosche to help me accomplish the impossible, selling a 600k house in a buyers market. We decided to go for the short sale option, which I hadn’t heard of before. But that didn’t matter; John held my hand through the whole ordeal. One thing I would like to mention is I am in Virginia and John is in Idaho. I had never met him face to face but I truly felt I could trust him. All communications and transactions were done via email and phone calls. I must say it was a very stressful experience, but because of the competence and diligence of John Boles and everyone at the BoiseRealtyStore, www.BoiseRealtyStore.com ; I was able to sell the house; Thanks so much John Boles and Jon Gosche.” -CG in Virginia
“Thanks for all your hard work on this, John…it was the best short sale I’ve been involved with!” – KH, Boise Real Estate Agent from a different brokerage (buyer’s agent on a recent short sale)
“…of all the agents I have been working with lately on them (short sales), you seem to have a better handle on it.” – Boise Real Estate Agent from a different brokerage (buyer’s agent on a recent short sale)
At a recent Lance Churchill – FrontLine Short Sale Seminar held in the Treasure Valley, a few local agents were used as examples of folks who know how to sell and close a short sale in the Valley…Thats right Lance noted us as agents that know what they are doing. And Agents – a local Agent who we happened to be working with at that time on a sale who was taking the seminar chimed in to let all the other agents and investors know this in fact was true (her buyer client is happily settled into a home she got at a great price and our seller client got his house sold after trying to with other agents for more than a year before he called us). What does this mean to you as a Seller? Buyer Agents want to work with agents that know how to close short sale properties and so do their buyers. (fyi – we don’t have any affiliation with Lance Churchill or FrontLine Seminars)
Not all agents can do a short sale and not all homeowners qualify for a short sale. If you meet the following criteria please give us a ring or send us an email and we would be glad to further discuss how we may be able to help.
-You have a legitimate hardship situation
-You have little or no equity in your home
-You are unable to pay your mortgage or soon will not be able to make the payments
The clock is ticking if you wait too long we may not be able to help.
****If you are a Real Estate Agent and have a client faced with foreclosure and are not experienced in or have not had success selling past attempted short sales for your Sellers call one of us. Due to our success rate and working knowledge on short sales many agents locally and around the state have been calling us for advice. We would be glad to discuss your situation to see if a co-op approach or a direct referral of your client would be more appropriate.****
John Boles, GRI, Associate Broker, 208-830-6185
Kasey Boles, GRI, Associate Broker, 208-830-6186