Being an Idaho native, I have watched the Treasure Valley grow into one of the best areas in America to live in. I have enjoyed the four seasons sports that our state has to offer, along with relaxing in the beautiful mountain getaways.

I have been involved in the construction field for over 20 years, from renovating my personal investment homes, to industrial coatings in large facilities. This has played a major role in my Real Estate business, as I know how a home is constructed from foundation up, along with the experience of being on job sites where large commercial buildings are being constructed. You cannot get this insight from a book.

I look forward to helping people in all of their real estate goals. It is my position to serve with absolute TRUST and INTEGRITY.

Foreclosures, Short Sale, and Bank Owned properties.
You need to know the differences!

All are terms we are hearing about in the current Idaho real estate market , Foreclosures, Short Sales, and Bank Owned properties. To understand the difference between these terms is very important to you , the Idaho home buyer. There are many opportunities available to take advantage of the financing and pricing for that new home in Southwest Idaho and surrounding areas . We currently have the best Buyer Market that the real estate industry has seen in years, but as always let the buyer beware and informed!

Property in Foreclosures:
A property in foreclosure is one where the owner is behind on their payments and the bank has issued a Notice of Default and a date scheduled for a Trustee's Sale. During the time between the issue of the Notice of Default, and the trustee’s sale, the homeowner can still sell their home or take other measures to avoid foreclosure. At the Trustee's sale, the home is sold in a bidding environment, and the purchaser must pay for the home in cash or cash equivalent at the time of the sale. Financing must be pre-arranged with proof of funds. Another caveat to buying a foreclosure property is that you also may be "buying" other liens or loans, so you need to take great care to know exactly what you are purchasing. Many foreclosure properties are listed with a 1st, 2nd , and and even a 3rd mortgage. The purchaser would be liable to make all mortgage payments against this property. Again, you are also liable to pay any and all liens as well.

Short Sale:
If a homeowner wants to avoid foreclosure by selling their home, but can't sell it for what is owed, a short sale may be available to them. A short sale is where the bank agrees to accept less than what is owed when the home is sold. In a short sale, the homeowner can accept your offer, but that does not mean it is a done deal. The lender or lenders must also accept the offer as well. This will become more difficult with a 2nd or 3rd mortgage on a particular property. In most cases it takes several months for the contract approval to take place, so don't plan on buying a short sale unless you have at least 3 or 4 months for the process to take place. You will have time when purchasing a short sale to arrange for financing your home. You should also be aware that even after waiting and negotiating ,the lender can accept new offers up to the day that the home closes and is funded by your lender. What that really means to you ,the home buyer is ; the day you were to close, a new and better offer could be submitted and accepted. You would lose that home after months of anticipation. So in the short sale process be patient, do your very best not to get too emotionally attached until your loan has funded and the keys to your new home are in your hands.

Bank Owned:
When a home or property has been processed through to foreclosure status and is to be sold at the Trustee's sale, but is not sold there, it goes back to the bank (or mortgage lender) and becomes Real Estate Owned (REO) or bank owned. If it is a home you are purchasing, most are sold in "as is" condition and are listed with a local Real Estate Agent or Realtor on the Multiple Listing Service.These homes have had all of the outstanding liens removed, for a clean transaction. The accepted offer status typically takes days, not months as with Short Sales. Usually the bank ,upon an accepted negotiated offer, will deem said offer pending and there is no threat of losing the home to a higher bidder. Do not shy away from making a lower than list price offer, the banks want to sell. Many Bank Owned properties can be distressed or in poor condition, but with a home inspection , the report will tell you what the structure needs. You can then get estimates for work needed. Not all homes are abused, many of these homes are in very good condition. Whichever type of buyer you are, a fixer or a turn-key, you do have time to arrange and obtain appropriate financing. Again , the major difference in a bank owned property and the short sale is; with a bank owned property, the offer has been accepted by the seller, your financing has been approved , inspections are complete , you may start packing because the home will be yours on the closing date.

I hope this gives you some good information in knowing how to approach buying a Foreclosure, Short Sale or Bank Owned property here in Idaho. There are some terrific deals to be had in buying these properties, but as you can see , getting accurate and timely information is a must in this Real Estate market.!

Bank Owned Real Estate