Gem County Idaho Foreclosure Properties

Gem County, Idaho Foreclosures for sale

Gem County, Idaho Foreclosures for sale

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Boise, Idaho HomeGem County ID Foreclosures and Short Sale Properties 

Bank owned foreclosures, also known as REOs (Real Estate Owned), are just one of the 3 types of distressed sales.  The other 2 types that fit this distressed sale category are short sales and auctioned properties.

The reason so many people are pursuing bank owned foreclosures is they typically are aggressively priced below current market value.  When a homeowner can no longer keep up with their house payments, the bank or lender forecloses on the property.  If it is not purchased at the Trustee sale, then the bank takes back the property and has to put it on the market.  This process takes several months and can be very costly.  The bank has to pay property taxes, homeowners association dues, make any required repairs and maintain the property until it is re-sold. 

There a several things a buyer should keep in mind if they want to capitalize on Gem County foreclosure properties.  First of all, before submitting the offer, a buyer should do adequate research on the neighborhood’s recent comparable sales and confirm if repairs and upgrades are necessary that the neighborhood can support it.  Second, submit a loan approval letter with the offer so the bank knows the buyers are serious.  Third, make the offer contingent upon the approval of the home inspection.  In most cases the properties are sold ‘as is’ and the banks do not want to do any additional repairs so it is very important the buyer has a way to back out of the transaction if there is serious damage or in need of costlier repairs than they projected in the offer.  Typically, the bank will take several business days to respond to the offer.  Be patient; there may be more than one decision maker.  If they accept the offer, it will be worth the wait. 

Emmett RacewaySince the bank is looking to recover as much of its investment as quickly as possible, you maybe able to purchase a foreclosures at a considerable discount especially if it has been on the market for a while.  It is a perfect opportunity to get a great deal on a home of your dreams in Gem County, ID.

View information and real estate listings in other Idaho communities.

 

Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.