Boise, Idaho was listed as one of the best 100 places to live on Relocate America’s 2010 list. Why? Because the Boise area is a terrific place to live, raise a family and retire. The area is full of culture and recreational activities. Area residents are so friendly. The climate is mild. There are good jobs, and affordable housing. Forbes, Fortune and Sunset magazines have all recognized Boise’s great growth and high quality of living. You will find many good schools in the area as well. These are just some of the reasons to invest in the Boise area. Buyers/investors are finding many secure bank foreclosure opportunities right now by investing in REO’s (real estate owned properties) and pre-foreclosure short sales. According to Trulia, com, there were 2,039 foreclosed homes in the Boise area during the period February 10, 2010 through April 10, 2010. Hot neighborhoods and average listing prices for week ending May 19, 2010 include:
- Southwest Ada County Alliance , $184,441
- North End, $320,056
- Southeast Boise, $242, 808
- West Valley, $171,854
- East End, $390,226
REO’s vs. Short Sales
Whether you decide to purchase a bank owned REO or a short sale, both are good and secure foreclosure opportunities to purchase homes at substantial discounts below market value. For new investors and first time homebuyers, they are much less risky investment than buying government foreclosures or foreclosed homes at property auctions. You can obtain title insurance and conduct a home inspection. You also have contract contingencies if you decide you want to cancel the contract.
Negotiating Tips
When you make an offer on a REO or short sale, try and offer cash because it gives you an edge over other buyers because banks and sellers like cash offers. This way they know you are going to close the transaction. If you don’t have cash, then make sure you are pre-approved and ready to close. Otherwise, you may find it difficult to get an extension and lose your great investment opportunity. Work with a trusted Realtor that you know and respect to help locate foreclosed houses in the neighborhood of your choice and who can assist you with getting your offer accepted.
The Boise real estate market is offering buyers/investors opportunities to purchase Boise foreclosed homes at substantial discounts. It is important to do your due diligence just as you would on any real estate transaction because all homes are sold in an “as is condition. REO’s and short sales are the most secure investments if you are concerned about risk factors. However, properties purchased at property auctions and government auctions may be purchased for less because they have more risk. You may have to deal with liens and former owners to evict. Weigh your options carefully before you make a decision so you are confident that it’s the right one and you are comfortable with the price and terms. Whichever type of foreclosed houses you
decide to purchase, you are getting a home with a built in equity and at a price you may not have been able to afford a few years ago. So take advantage now and buy Boise, Idaho foreclosure listings.
