109 Austin Lane, Kamiah
MLS® # 98869083
|All Listings||$200,000 - $300,000||$300,000 - $400,000|
MLS® # 98869083
MLS® # 98873620
MLS® # 98876941
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Buying an Idaho 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 some Idaho cities 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 Idaho. See how to lock in that bargain price- Buying Idaho Foreclosures.
High rates of ‘distressed’ sales have been driving Idaho real estate prices lower although different areas of the state have significantly 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 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.
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Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.
IDX information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IMLS does not assume any liability for missing or inaccurate data. Information provided by IMLS is deemed reliable but not guaranteed.
Listing information last updated on June 9th, 2023 at 7:52am MDT.