Tagged : short sale

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The first step for a lender starting the foreclosure process is when a "notice of default" (NOD) is recorded with the county.  A local company, Idaho Data Providers, tracks foreclosure filings and reported NOD's in November were down about 30% compared to October (221 compared to 315).

Ada County is comprised of Boise, Meridian, Kuna, Star, and Eagle Idaho.  Canyon County notice of defaults also decreased.

Before homes go to the foreclosure auction, they are known as "pre-foreclosures." Many of the short sales you see are in the pre-foreclosure stage.  You can browse the Boise short sales here.  Also check out the Meridian short sales and Eagle short sales real estate links.  Be sure to sign up for email alerts!

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You often hear the term "short sale" in today's market.
What is it?   A short sale is when a property is being sold or offered for sale for less than what is owed.  The lender always has to approve these sales because they are taking a loss on the loan.
When does it happen?   Most homes being offered as short sales are in the process of foreclosure but have yet to reach the auction.  Banks are increasingly looking at short sales rather than going all the way through the foreclosure process.  There are different reasons why homeowners could be in a short sale situation.  They could have bought too high and values soften, taken the "equity" out from an overinflated refinance appraisal, carried a construction loan too long, etc. …
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