Top 5 Ways to get a Screaming Good Deal on a Boise Foreclosure!
There are some incredibly great deals out there on Idaho foreclosure properties. Since banks want to get the properties off their books as quickly as possible, they tend to price them very aggressively below market value. You are probably wondering- Can I get in on this? The answer is absolutely!
The top 5 tips to getting a screaming good deal on a Boise foreclosure:
- Get pre-approved with a lender before you start looking for property. Please note, this does not mean pre-qualified. There is a big difference. When you are pre-approved, your credit, income, debts, and cash to close have already been verified. When you do find ‘the one’ then you are ready to submit an offer with no questions whether you are qualified and have already removed the financing contingency.
- Do your homework on the property. How long has it been on the market? Many bank owned foreclosures in Boise have specific guidelines on when they will reduce the price. If it just hit the market, the lender typically will not take a low-ball offer right off the bat. Find out if there are other offers on the table. Was the home on the market before? Why didn’t it sell? What is the tax assessed value? Which bank owns it?
- Do your homework on the neighborhood. What have the other properties in the neighborhood been selling for? What surrounds the area? A freeway may not be desirable as well as an industrial waste site. Access to parks, trails, and excellent schools is very good. Are the homes and yards well taken care of?
- Determine whether there are significant repairs needed. If there are repairs needed, then the cost for repairs should be considered in the offering price. Even though you will do an inspection during the escrow process, the lender typically will want to sell the home “as is” and will not do any cosmetic repairs. Make sure you have a cancellation clause if the inspection reveals repairs that are too extensive.
- Get automatic updates on new homes hitting the market. Be the first one in the door so you can have first crack at an offer. Remember, early bird gets the worm, or, in this case, the best value on a foreclosure home.
Foreclosures can be the best value in Idaho real estate. Just follow these guidelines and you can soon be the proud owner of a screaming good deal on a foreclosure property in Boise!