Even with the strong economy in Idaho, it still has seen the affects of the sub-prime mortgage fallout and the results of overbuilding that has plagued many parts of the country. This overbuilding has affected many homeowners who now need to sell.
The vast amount of real estate inventory now on the market due to overbuilding and high foreclosures levels has made it difficult for many homeowners to sell and in many cases, the debt owned on homes is higher that the value of the homes themselves. This country has been down the housing slump path in the past and we have always made it through the storm. This housing crunch is no exception and we will make it past challenging time in real estate just as we have in the past.
The thing to do if you are in difficult position is to not wait until it is too late and you are facing Foreclosure in Idaho. Many home sellers make the mistake of waiting until it is too late. Some even feel there is no difference between an Idaho short sale vs. a Idaho foreclosure in terms of the affect on credit. This simply is not true and don't be misled by these claims. Many people don't do anything due to shame or embarrassment as well. Many of us make mistakes in life - no one is exempt. The thing to do is to be "proactive" in your actions. Foreclosures have a very serious affect on your credit for a much longer time period. Although Idaho short sales will affect your credit, the affect is not as damaging.
By working with a true professional Realtor that has had experience with Idaho Short Sales you will make the transaction much more painless. You see, there are things one should do and things one should not do when it comes to working with your mortgage lenders and a short sale in Idaho. There are simply certain people that should communicate with your mortgage company and a certain series of events that need to take place. Bad communication or failing to realize what the proper procedure is can make the difference between a successful Idaho Short Sale and an Idaho Foreclosure.
Having been licensed since 1980 and have experienced several severe market swings. I have helped hundreds of people with their Idaho Short Sales from the early eighties through the nineties and continue to do so. I have established good working relationships with attorneys and title companies which specialize in helping people with serious financial issues. There are Short Sales Options you need to know about. Once past the short sale there are things you can do to repair your credit and this credit repair article is a must read.
Please allow me to assist you with whatever challenge you may be facing. I will be honest with you and tell you if you are a candidate for a "Short Sale in Idaho" or if you need to look at other avenues. This experience I have will not cost you any extra money. My experience will simply help you move along with your life.
Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.
Native Idahoan and Boise Idaho Real Estate specialist serving Boise, Meridian Eagle, Nampa, Caldwell and the surrounding Treasure valley area of southwest Idaho. Specializing in residential, investment, land and commercial real estate. Search thousands of MLS listings at Boise Homes for sale and learn all about Idaho by visiting Search Idaho Homes