Right now there are 936 homes in the pre-foreclosure, auction or bank-owned stages of the foreclosure process. Many of the pre-foreclosure homes will end up going to foreclosure as well and some will be auctioned at a sheriff’s foreclosure auction sale. The Idaho foreclosure laws require that lenders must follow the notice requirements strictly when instituting foreclosure proceedings against an Idaho borrower who has defaulted on their mortgage. Most foreclosures are conducted by non-judicial foreclosure. The lender must record a notice of default first, and provide the borrower and all interested parties on the deed of trust with a copy of the notice. The borrower has the right to contest the foreclosure notice through filing an action in the courts. If the foreclosure action is uncontested, the lender must record a notice of trustee’s sale approximately three months after the notice of default is recorded, and publish the notice in a newspaper of general circulation in the country where the property is located. The lender must also mail a copy of the notice of sale to the borrower and all interested parties and place a copy of the notice on the property providing the trustee’s name, lender’s contact information and the sale date, time and place as well as the description of the property and amounts due.
Accessing Information About Auctions
You can access the foreclosure sale auction information by going to the Boise Sheriff’s website to find out more information about the property and what other properties are being auctioned. Also, the local courthouse will have the information posted as well as the local newspaper and online sources. It is important to track the home because many times sales get postponed while the current owners are negotiating with their lenders to prevent the sale from taking place and trying to resolve their defaults. You should also check the Idaho statutes regarding foreclosure sales or speak with a Idaho foreclosure attorney.
What You Should Be Aware of?
Sheriff Auctions on the courthouse steps move quickly so do your homework before you arrive and find out how much comparable homes are selling for in the neighborhood, conduct an inspection prior to the auction and bring your cashier’s check to bid plus make sure you have your cash ready in case you are selected as the lucky bidder. Auctions are open to the public. There is a lot of competition for auction homes so make sure you understand the bidding process and are comfortable with it. If you have never bid at property foreclosure auction before, you might want to bring someone with you who has that is experienced. New investors or buyers may want to top for a REO which is less risky.
