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by Jace Stolfo
on Friday, December 12th, 2008 at 1:53pm.
When it comes to buying foreclosures in the Boise Idaho area, there's really three main stages or opportunities to do so: pre-foreclosures, foreclosure auctions, or bank foreclosures (bank-owned).
1) Idaho Pre-Foreclosures. A home that's for sale before it actually goes to the foreclosure auction is known as a pre-foreclosure. Most short sales are pre-foreclosures- they have usually missed payments and are trying to get it sold before the auction to mitigate the damage done to their credit. Please understand, a home is a short sale when it is being offered for sale for less than what is owed and asking the lender to take the loss. It's called a "short sale" because the sale price does not cover the loan amount, not because it's being purchased before the auction.
2) Idaho Foreclosure Auction (i.e. Trustee Sale). Under a Deed of Trust in Idaho, the earliest the lender can have a foreclosure auction is 120 days after filing the Notice of Default (NOD) (the formal start of the foreclosure process). Purchasing at foreclosure auctions is very difficult for a number of reasons: starting bids too high, auction delays, having to pay cash, no inspection or other contingencies, property evictions, etc.
3) Idaho Bank Foreclosures (i.e. REOs or Bank-Owned). When a home is not purchased at the foreclosure auction by a third party it becomes bank-owned real estate, also known as "real estate owned" (REO). The Bank's REO department then hires a Realtor to list the property.
I specialize helping buyers with short sale and bank-owned real estate. Please visit the links above and let me know how I can assist you.
Stolfo Real Estate Co.
This post is a generalization of the foreclosure process. It should not be interpreted at a guarantee or warranty of any kind.