The rate of Idaho foreclosures, like much of the rest of the country, has slowly but surely began to lessen as the United States has emerged and recovered from its economic crashes. However, for those who are interested in buying these properties, there are plenty of Idaho foreclosures still available for sale. Depending on where in Idaho you look, these foreclosure properties will differ in quantity as well as the discounts available for purchasing them.
7585 E Charismatic, Nampa, ID - $635,000
Silvercreek Realty Group
3707 S Twin Springs, Nampa, ID - $289,900
Equity Northwest Real Estate
4620 Jenny Ln., Nampa, ID - $195,000
Team One Group Real Estate
441 Teton Dr, Jerome, ID - $129,900
Canyon Trail Realty, LLC
1721 Maplewood Drive, Twin Falls, ID - $285,000
Gem State Realty-TF
205 W 2nd Street, Lapwai, ID - $62,500
RE/MAX Rock-n-Roll Realty
In 2012, there were almost 8,000 homes listed as Idaho Foreclosures. Since then, however, the number has decreased drastically. In 2013, there was about half of the previous year with a total of 4,081 foreclosures. The number continues to decrease as the economy continues to improve.
As of May 2014, Idaho had an average of 1 foreclosure property for every 1,718 homes - the counties with the highest rates of foreclosure were Twin Falls with 1 property foreclosed in every 456, Camas with 1 in every 801, Ada with 1 in every 822, and Payette with 1 in every 1,491.
Though the number of foreclosure properties in Idaho is decreasing, there is still potential real estate for those interested in looking into foreclosures in Idaho as their next purchase.
Potential Real Estate
When looking into real estate in any state, price is a concern for many potential buyers, and most people will want to find an excellent property at a lower expense. One popular way to find a home with a better deal is by looking through the foreclosure listings; these could be a great real estate investment.
Foreclosures listings are homes that were reclaimed by a bank when the resident did not pay the building mortgage. Many people assume that foreclosures on homes only happen to run-down, low end homes. This is not always true. Most of the time, foreclosures happen to those who are not living within their means, and this can include properties from less expensive ones to the higher end homes. Idaho foreclosures include homes from under $100,000 to over $500,000 in value. Regardless of the price, however, most foreclosures have a discount.
When looking at foreclosure homes for potential real estate, there are a few steps to take in order to have a smoother, more efficient transaction. If you are examining potential foreclosure listings, first get a pre-approval from your lender. There is nothing worse than almost purchasing your new home only for you to find out the transaction must be canceled or requires you to get a new lender. Furthermore, you will need to get a letter from your lender that will be legal proof of their approval of the purchase. The seller of a foreclosed home, the bank, wants to lower the risk of a failed transaction. If you are approved, start searching for homes within your price range as well as containing property features you are looking for.
Be cautioned that you should be prepared for the various kinds of sales in this niche of the real estate market, including regular foreclosures, auctions, and short sales. Because you are buying from the bank and not a home resident, there will be a lesser possibility to negotiate the price of the home. Additionally, unlike typical real estate purchases, the sale will be for the house as it is, and the bank will not offer renovations or repairs.
Idaho Foreclosure Process
Idaho is a non-judicial foreclosure state, which means that the foreclosure process will not need to be approved through a court. In Idaho the foreclosure process is as follows:
When a payment is not made to the mortgage, the resident of the home will be mailed a letter of default and a Notice of Default will be recorded. The home resident is then given an allotted time in which they are given the option of payment over foreclosure. If they cannot comply within the prescribed period, then a Notice of Sale is mailed to the home resident and the home is marketed for sale. After the required notice period, the home for sale is hopefully sold. During the process of foreclosure, the original borrower has the opportunity to pay off the debt, disagree with the facts of the case, or file a lawsuit to enjoin the trustee’s sale.
In most instances, a home in Idaho that has been foreclosed will have a date set for an auction and the house will go to the highest bidder.
Knowing the process of Idaho foreclosures can help you locate and obtain real estate at prices likely less than expected. If you have any questions during the process, our real estate agents are professionally trained to help you access and purchase the properties that you are looking for. Look into Idaho for your new home today!
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 September 15th, 2019 at 10:30pm MDT.