Foreclosure, Short Sale, and Bank Owned homes near Boise, ID
View all homes for sale that are currently in Foreclosure, Bank Owned, or Short Sale in Southwest Idaho from the Oregon/Idaho border to
Twin Falls. A great strategy to purchase a home below market value in Idaho is to buy a distressed property, commonly known as a foreclosure. A terrific deal on a house, land, or investment property in Idaho may be yours if you do your research. Short sales, and bank-owned, and in foreclosure are the three main forms of sales that fall under the "distressed" classification.
Foreclosures or properties "in foreclosure" are homes that are in the process of being repossessed by a lender, typically a bank or mortgage company, due to the owner's failure to make mortgage payments. When homeowners default on their mortgage loans, the lender can initiate foreclosure proceedings to take possession of the property and sell it to recover the outstanding debt.The homeowner usually still has time to sell the home before the foreclosure process is completed, if they list the home soon enough.
The terms Bank Owned or Real Estate Owned (REO), as well as HUD Owned, typically refer to a property that the bank has repossessed because the owner was unable to make payments or sell the property before the completion of the foreclosure process. Once the bank has completed the foreclosure process and repossessed the home, it is then known as a bank owned property.
A Short Sale is a real estate transaction in which the homeowner sells the property for less than the amount owed on the mortgage, with the lender's approval. It's typically used as an alternative to foreclosure when the homeowner is unable to continue making mortgage payments and owes more on the mortgage than the current market value of the property.
Distressed properties as a whole are frequently sold at steep discounts, especially if they have been on the market for a while, as the bank or lender wants to recoup as much of its investment as quickly as possible. A property is not always a deal just because it is owned by a bank. At times, purchasers engage in a bidding war that raises the price above its listing price. Research prior sales in the area to get a sense of how much it will cost to modify the property to meet your needs. Some properties might be in fantastic condition, while others might require major repairs.
I am available to help buyers navigate the purchase of a distressed property. If you are a homeowner that is experiencing a hardship and can no longer make payments, CONTACT ME and we can discuss what your options may be.