A short sale is when a homeowner is trying selling their property for less than what they owe. Most Meridian short sales are in the foreclosure process but have yet to go to the foreclosure auction. The homeowner is trying to get their property sold before the auction to mitigate the damage done to their credit.
If the home goes to the foreclosure auction but the minimum bid is not met, the lender becomes the owner by submitting a “credit bid”. The property now becomes known as bank owned real estate, REO, or bank foreclosure property.
Meridian Idaho short sales and bank foreclosures are a great way to buy a property under market value. If you’re looking for a home in Meridian, make sure you understand both the challenges and opportunities these properties present.
I specialize assisting buyers with Ada County short sales and Bank owned real estate. Please let me know what questions I can answer and if you see homes you would like to view.