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Foreclosures

Foreclosure House

If you’re looking to purchase a home in the Boise area, foreclosures can be a great way to buy a home under market value. They don’t come without challenges, but an experienced agent can help you navigate through all your options.

Understanding the Foreclosure Timeline

When it comes to buying foreclosures in Boise, there’s really three main stages, or “opportunities”, to do so: pre-foreclosures, foreclosure auctions, or bank foreclosures (bank-owned).

Boise foreclosure timeline

Stage 1: Pre-Foreclosures | Short Sales

A home that’s for sale before it goes to the foreclosure auction is known as a pre-foreclosure. Most Boise 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 they are asking the lender to take the loss. It’s called a “short sale” because the sale price is less than the loan amount, not because it’s being purchased before the auction. It’s possible for a home to be a pre-foreclosure and not a short sale. However, in that case the owner would typically be in an equity type of position. You can also learn more about short sales here.

Stage 2: Foreclosure Auction | Trustee Sale

The Boise foreclosure auction is also called a Trustee Sale. Under a Deed of Trust (a legal instrument that secures a loan to a property) in Idaho, the earliest the lender can have a foreclosure auction is 120 days after filing the Notice of Default (NOD)… which is the formal start of the foreclosure process.  Purchasing at foreclosure auctions tends to be 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. Contact us to learn more.

Stage 3: Bank-Owned Property | REOs

Boise bank-owned homes are “post-foreclosure”. They are homes that went all the way through the foreclosure process and were not purchased at auction and reverted back to the bank. Bank-owned homes are also known as “bank-foreclosures” and “REOs”.  To learn more about bank-owned real estate you can read this article.

Foreclosure Assistance

If you do not have an agent representing you, I would love the opportunity to earn your business. I have lots of experience with Boise foreclosures and would be glad to assist you with your real estate needs or answer questions you may have. You can also read more about me, my buyer services, and testimonials from my past clients.

Note: This article is a generalization of the Idaho foreclosure process. Other factors may be involved in a specific situation. It should not be interpreted as a guarantee or warranty of any kind.

Read More About NW BoiseLearn more

How to find a Boise foreclosure:

Short Sales

To start your search for Boise, Meridian, Eagle area short sales, please use our advanced MLS search, then click “more”, then check the “distressed” under property features.

Bank-Owned Properties

For a list of bank-foreclosures in Boise, Meridian, Eagle areas, please fill out the form below. Your information is only collected for the purpose of serving your real estate needs. No obligation & opt-out anytime.

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Boise Real Estate Assistance

If at any time you need help, can't find what you are looking for, have questions about the Boise real estate market please feel free to contact me. I would love the opportunity to earn your business and help you with your real estate needs.

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Jace Stolfo

(208) 484-2560|Contact Jace|152 S. Kestrel Pl., Ste 101, Eagle, ID
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