Buying a Boise foreclosure property can be an excellent way to purchase a property below market value. Idaho ranks among the top 10 for states with the highest foreclosure rate and over 40% of all sales last year in the city of Boise were ‘distressed’. If you do your homework and are prepared when you submit your offer on a foreclosure property, the reward can be a great deal on a home, land, or on investment property in Boise. See how to lock in that bargain price- Buying Boise Foreclosures.
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High rates of ‘distressed’ sales have been driving Boise real estate prices lower although different areas of the city have vastly different foreclosure rates. There are 3 types of sales that fit this ‘distressed’ category; short sales, auctions, and bank owned foreclosures. Usually when you hear the term ‘foreclosure’ it is referring to a property that the bank has taken back due to the inability of the owner to make payments and the property did not sell at auction. They are also known as bank foreclosures or REO’s which stands for Real Estate Owned. Since the bank or lender wants to recover as much of its investment as quickly as possible, foreclosures are often unloaded at significant discounts especially if it has been on the market for a while.
Just because a property is bank owned it does not necessarily mean it is a bargain. Sometimes a bidding war begins between buyers and drives up the price above the market value. Do your homework on the neighborhood’s recent sales and have a feel for how much it is going to cost to get the property to your specifications. Some REO’s may be in excellent shape and some may need significant repairs. The process of purchasing a foreclosure property is similar to a traditional sale except for a few differences. First of all, buyers need to be patient with the bank and expect 3-5 business days or longer for a response. Always submit a loan approval letter with your offer or proof of funds to close if it is a cash offer. Most banks will require this. Secondly, banks usually are selling the property “as is” and will not agree to do any repairs. Make sure your offer is subject to your approval of the home inspection to allow for you to back out if the repairs needed are too expensive or extensive.
Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.
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Listing information last updated on July 20th, 2017 at 3:37pm MDT.