About Idaho Foreclosures

Posted by Jace

December 12, 2008

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).

idaho-foreclosure-timeline

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. Under a Deed of Trust in Idaho, the earliest the lender can have a foreclosure auction is 120 day’s after filing the Notice of Default (NOD) (the formal start of the foreclosure process). Purchasing at foreclosure auctions is very difficult for several reasons including having to pay cash, being unable to inspect the property, homeowner’s refusing to vacate the property, etc.

3) Idaho Bank Foreclosures (Also called: Completed Foreclosure, REO, 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 usually hires a Realtor to list the property.

I specialize helping buyer’s with short sale and bank-owned real estate. Please visit the links above and let me know how I can assist you.

Jace Stolfo

208-484-2560

Stolfo Real Estate Co.

This post is a generalization of the foreclosure process. It should not be interpreted at a guarantee of any kind. You can read the Idaho foreclosure statutes by visiting these two links:

http://www3.state.id.us/cgi-bin/newidst?sctid=450150003.K
http://www3.state.id.us/cgi-bin/newidst?sctid=450150006B.K

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