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Nampa Idaho Foreclosure Properties
Buying a foreclosure property in Nampa presents an incredible opportunity to buy a lot of house for not a lot of money! Nampa has experienced a high foreclosure rate with many sales last year being ‘distressed’ presenting home buyers an opportunity never seen before. Buying Nampa Foreclosures.
Nampa Foreclosure Homes
Nampa Foreclosure Homes
A majority of distress sales in Nampa are foreclosures. Nampa is the second largest city in Idaho and in the last several years has experienced record growth. It is no longer just a rural, bedroom community to Boise. Nampa has developed a significant employment base with first rate shopping and is a cultural hub. Bank foreclosures, also known as REO’s (real estate owned), are usually priced very aggressively to sell quickly. Banks acquire these properties after the homeowner stops making payments and the property does not sell at the auction. The bank then must pay all cost of maintaining the home, pay taxes, homeowner’s dues, and any required upkeep during the time period it takes to put the house back on the market until it sells.
The process of purchasing a Nampa foreclosure property is relatively straightforward. When a buyer puts in an offer, a loan approval letter is required. If it is an all cash offer, the buyer must provide proof of funds to close. The bank usually takes a minimum of 3-5 business days to respond. Because the properties are priced below market value, sometimes they generate multiple offers, the bank will respond to all offers requesting their highest and best offer, and the offer with the best terms will be accepted. The buyer should make the offer subject to their approval of a home inspection but typically the banks do not want to invest any additional money in the property and prefer to sell it ‘as is’. Bank foreclosures usually can close within 30-45 days.Purchasing a foreclosure in Nampa requires the buyer to investigate the neighborhood; carefully analyzing recent sold data and the cost of any upgrades and potential maintenance items. When a buyer does this required research, buying a foreclosure can be an excellent investment. Nampa, Idahois considered a great place to live and work and has the potential for further growth and economic recovery in the future.
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Contact The Hughes Real Estate Group for more information or to view Idaho homes: (208) 571-7145.