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Since 2006, over 5 million homes have been foreclosed in the United States. U.S. foreclosures have decreased by over half since the height of the housing crisis, however, and people are less likely to lose their home now than in years before. According to the June 2014 real estate report, 1 in every 2039 Idaho homes are foreclosed - this is much lower than the national average, which is 1 in every 1228. But if you’re looking to purchase a foreclosed homes, there is plenty of appropriate real estate for sale.
Foreclosures can be profitable. If you’re looking to find a home priced far below its value, purchasing a foreclosed home is a smart decision. When during a homes foreclosure you decide to purchase it can be a high determinant to its price. Here is a brief list of foreclosure states.
When a homeowner does not make a payment on their mortgage, the home will be considered a pre-foreclosure. The bank will send them a notification of their unpaid loan, and give the homeowners a timeframe in which to settle the debt they owe. If the payment is made, they are no longer considered a pre-foreclosure. If the payment is not made in time, however, the homeowners are sent a notification to warn them they must be out of their home by a future date.
Idaho is a non-judicial state, which means that lenders are not required to file a foreclosure with the court before claiming the home. This does not, however, prevent homeowners from taking the case to court themselves. If a homeowner feels the foreclosure is unjust or wish to contest the circumstances, they can defend themselves in court from the foreclosure.
Up until the home in question is actually reclaimed by the lender, the homeowner has complete control of the property. During this time, many people will choose to try and sell these homes. This could prevent the homeowner from taking a loss on the home, as well as prevent the homeowner from hurting their credit score. Often, these sales are short sales.
Short sales are not all pre-foreclosure properties - but they often are. A short sale is any sale in which a homeowner is choosing to sell a home for less than what is owed on the mortgage. Short sales must be approved by the mortgage lender before the sale takes place, accepting that they will take a loss on the home’s loan.
The reason why short sales are oftentimes considered difficult is the nature of mortgage loans. These loans are often split and sold to other third parties. For a short sale to go through, all of the mortgage lenders need to agree to the price cut. If any of the lenders do not agree, the offer is refused and the homeowner needs to create a new one. This may get further complicated when the buyer and the seller are negotiating prices.
Having a professional real estate agent help you during a short sale is a wise investment. Our agents at www.buyboiserealestate.com can help you avoid common mistakes during the process and increase your chances of selling or purchasing a short sale.
When a home with a defaulted loan is reclaimed by the lender, it is considered a foreclosed property. Foreclosure properties may sit empty for as little as a day to as long as a few years. Generally, banks do not profit from holding empty houses -- though there are exceptions, such as when releasing them would flood the housing market -- and will typically sell these properties for lower than their retail value. Foreclosed homes may or may not be maintenanced during their foreclosure, and banks, unlike homeowners, are not expected to repair any problems with the house before the deed is transferred.
A foreclosed home will likely see at least one auction, at the beginning of their foreclosed interim. However, it is important to note that auctions may occur before the occupant of the home is required to leave. If the home is already empty, the homes will go to the highest bidder as is. Otherwise the new owner will need to wait until after the home’s previous owners leave. Homes that do not sell during an auction will either be sold another way or be left in the bank’s assets.
Buy Boise Real Estate
Boise, Idaho’s capital city and the most populated urban center in the state, is an excellent place to find a home. This dense metropolis is home to over 205,000 people, yet retains the small town charm that Idaho is known for. Downtown Boise is known for being a tree-lined, friendly location with street-side shops and cafes, as well as larger chain stores.
Around the Boise area are several venues for entertainment and recreational pursuits, including the Egyptian Theatre, Julia Davis Park, the Taco Bell Arena, and the Boise Foothills. The Foothills, found to the north and east of the city, are high-desert foothills excellent for hiking or biking, or riding on ATVS or horses. One of the most popular destinations in the Boise Foothills to visit is Table Rock, a mountain plateau to the southeast of Boise’s downtown district. This moderate hike is accessible both on foot and by car.
The Egyptian Theatre, on the other hand, is located in Downtown Boise and is one of the finest examples of classic Egyptian movie palaces still in existence today. This cinema, which first opened in 1927, still hosts movie premieres, stage shows, and concerts in its lavishly decorated halls.
Search for Boise Foreclosures Now!
If you are looking for foreclosed property, you’re unlikely to find better options than Boise, Idaho. This premier city has not only been cited as one of the most livable in the country, but it is a widely developing area that continues to grow in excellence. Boise Idaho foreclosures may include just the home that you are looking for.
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 April 6th, 2020 at 4:15pm MDT.