Meridian Foreclosure Homes and Properties

Meridian Idaho Foreclosure Properties

The Meridian real estate market has experienced a bumpy ride the last few years, which makes it a great opportunity to purchase a foreclosure property.  Meridian, ID has won accolades as a great place to live and now it offers incredible values.  Banks typically are motivated to sell the property quickly and therefore price them very aggressively, usually well below market value. Buying Meridian Foreclosures.

Meridian Foreclosure Homes and Properties

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Meridian ID Foreclosures and Short Sale Properties

The Idaho foreclosure rate currently ranks among the top 10 of all states in the country.  The foreclosures and other distressed sales in Meridian make up approximately 48% of all sales with homes under $100K having a very high percentage of these distressed sales.  Most foreclosures are homes taken back from the homeowner after they were unable to keep up with the payments and did not sell at the trustee sale auction.  They are frequently referred to as Real Estate Owned (REO).

The process of buying a Meridian foreclosure is similar to the process of a traditional sale with a few exceptions.  It is very important the buyer does their homework by researching the neighborhood, analyzing recent sold data and projections for future sales, and having a good feel for the potential cost of the repairs and upgrades that will be required.  It is highly recommended to make the offer subject to the buyer’s approval of the home inspection.  This allows the buyer to back out if there is unforeseen damage or required repairs.  Typically, these foreclosures are sold ‘as is’ and the banks do not want to invest any more money into the property by making repairs.  Banks usually need a minimum of 3 business days to respond to an offer, sometimes longer if there is more than one decision maker.  They normally call for a loan approval letter from the buyer with the offer or proof of funds to close if it is an all cash offer and unlike short sales, most bank foreclosures can close relatively quickly, usually within 30-45 days.

In general, buying foreclosure propertiescan be an outstanding way to purchase a home in Meridian under current market prices.  Banks do not want to hold on to properties any longer than they have to due to the expenses involved in carrying the property such as home owners association dues, property taxes and maintenance costs.  Buyers must be thorough in researching properties but the end result can be a tremendous value and more importantly, a great place to call home.

 

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.