13 Dec All About Foreclosures
“What the heck are foreclosure properties and how do I find them?”
For most people, finding the right property is only half of the goal of a real estate purchase. It’s also very important to most buyers to find homes that offer a big potential for savings and valuable investment. These days, the market is so competitive that finding really good deals can be extremely hard, which is why many people are turning to foreclosed properties and other non-traditional forms of real estate to find huge savings on a wide variety of properties.
Unlike most open market properties these days, foreclosed homes offer the buyer the chance to win incredible properties for way below market prices, so getting huge initial savings and maximizing the value of an investment becomes easy!
The foreclosure process begins when a homeowner can no longer make the payments necessary on their home mortgage loan. When this happens the lender will still have to find a way to collect the remaining loan debt, which usually is accomplished through the repossessions of the home and the subsequent sale of it to the public. The lender then keeps the proceeds of the foreclosure property sale to settle the debt.
However, when property foreclosures and bank owned properties are sold, the lender usually only needs to collect an amount that is much less than the full loan value, and thus the value of the home itself. In many cases, bank foreclosure homes and other foreclosed property is undersold at auction with no loss to the bank or lender. But the buyer and investor stands to gain greatly from this kind of sale, since many bank foreclosure properties and other kinds of for sale properties often go for between 10 and 50% below their actual value!
You can use our advanced search tool to locate every bank foreclosure property for sale in Idaho and the Treasure Valley. This is the easiest way to find highly desired properties listed at incredible prices.
To see Boise homes for sale that are foreclosures only, visit our foreclosure search page, and enter your preferred criteria. If you see any you like, contact one of our experienced Realtors® who can show the home to you and answer any questions you might have about foreclosure properties.