Is Buying a Bank Owned, Short Sale, or Forclosure in Idaho a good idea?
I recently wrote an article about Buying a Bank Owned, Short Sale, or Forclosure in Idaho. Since then I have been asked several times if I though buying one of these properties was a good idea. So here's my blanket answer that will fit everyone.
It Depends.
It depends on many factors.
Do you have a stict time frame in which you must move? If you do, then a foreclosure, short sale, or bank owned property is probably not for you. These types of transactions (especially Short Sales) can take much longer than dealing with an individual homeowner. If you have a limited amount of time, you are probably better off to buy a home from a private party, or from a Bank. There are still well priced homes for sale by an individual out there! If you want to buy, but have the luxury of time on your side, then this type of property could be just what you're looking for.
Do you have a very specific area that you want to live in? Finding a foreclosure type home that is a great deal requires flexibility. If you have a specific neighborhood or school boundary that you want to live in, you will be limited to the supply of these types of homes for sale in that area. It will largely depend on the luck of the draw if the home you want/need is for sale in that area. Some developments have many short sales, foreclosures, and bank owned homes, and others have virtually none.
Are you able to deal with stress, and unknown circumstances easily? Buying a foreclosure or short sale property is like a three ring circus. There are many hoops to jump through, many tight ropes to walk across, and in the end you may still not get the home. This can be very upsetting and stressful to many people. If you are the kind of person that must have peace and order in your life, this process may not be for you. On the other hand, if you like the thrill of the hunt, and excitement of the unknown....then welcome to the jungle!
Do you get very emotionally tied to a particular home? If you are looking for that Deal of the Century, but have a very specific home in mind, you may be barking up the wrong tree. When dealing with these types of properties, you may need to make an offer on several before you get an accepted offer.
Are you a do it yourselfer, or do you know a reputable contractor? In many other parts of the country foreclosures, short sales and bank owned homes are very distressed. In Idaho however, many of them are in great shape, and some have never been lived in. All of them need at least a little bit of care though, especially in the landscaping department. If you buy one of these properties, make sure you accurately budget for needed repairs and factor that into your offer price. One rule of thumb.....it well always cost you more and take you longer than you anticipate! Always! If you can do the work yourself, great, but you still need to factor in supplies and missed production at your job. I work with a couple really great handymen/remodelers/landscapers that could give you an accurate bid for repairs. Make sure you do your homework before you make an offer. Call me for their names/numbers.
This really is just the tip of the iceburg, but I hope it gives you some food for thought in your purchase decision! Please let me know how I can help you. Visit my Boise Idaho Real Estate website for free bank owned lists. If you would like a list of short sale properties for a particular neighborhood or area, give me a call and I would be happy to prepare a customized list for you.
Pam Pugmire
Bridgetower Real Estate
208-921-4800 call or text