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Tips for buying Idaho Foreclosures/Bank-owned/Short sales.

So you want to buy an Idaho Bank-owned (REO) or Short Sale property? Great! Bank-Owned and Short Sales are a great place to look when buying an income property or a personal residence.

idaho foreclosures/bank owned

Idaho Bank-Owned and Idaho Short Sales are slightly different than a typical transaction. Here are some tips so you can be prepared to jump at those great deals when you find them.

Get Pre-qualified! All bank-owned and short sale properties require a pre-qualification letter to be submitted WITH the offer. This pre-qualification letter needs state that the lender has verified your income, debt ratios, and credit rating. (Some owner/banks~ Countrywide, Wells Fargo~ require that you get pre-qualified with THEIR bank. You can get the loan from any lender you choose however.) So get into your lender today to get all the information to them they will need to pre-qualify you. Then when you find the right property, you will be ready to go! ..............Go to my website to read the entire article.

Visit the Idaho Bank-Owned/Foreclosure page of my website for Free Foreclosure List. If you see one that you're interested in, call or text me at 208-921-4800. Most of these homes can be view same day.

I look forward to hearing from you.

Pam Pugmire

Idaho Real Estate

Bridgetower Real Estate

Posted by Meridian Idaho Real Estate ~ Pam Pugmire on 01/28/2009 05:45 PM

Comments (6)

Foreclosures and Short Sales in the ActiveRain Channel

idaho foreclosures, idaho bank owned homes, idaho short sales

This post has been included in Idaho Information Ada County, ID Information
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: REO
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Post is included in group: Boise Idaho

6 Comments on Tips for buying Idaho Foreclosures/Bank-owned/Short sales.

JAN

Great article Pam!

Pam, Ditto to comments above, lol. I need to do more posting on Short Sales and Foreclosures...I haven't dealt with many short sales and they make me nervous, because of all the comments I hear from others. Have your experiences been awful with s.sales?

Thanks Susan and Elizabeth!

I have had great experiences with Short Sales, but you really have to know your clients. Short Sales aren't for everyone. Short sales are NOT for someone that is moving and HAS to have a home by a certain date. They are not for overly uptight people that can't go with the flow. They ARE for buyers looking for a great buy, that can stay where they are, but can move when the right deal comes along.

JAN

Pam - I can't tell you how many opportunities have been lost because buyers are slow to move on pre-approval and proof of funds.

JAN

Pam,

Always glad to see your post on AR. Looks like your short sale web pages are coming along great as well. AR you doing more short sale listings or handling the buyer's side?

I've noticed that the short sales and bank owned deals are becoming easier... maybe we're all just getting better at it and a real system is starting to emerge.

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