With the Huffington Post projecting an increase in home sales, house prices, and housing demand in general, the housing market's continuing recovery is likely going to mean a dwindling supply of foreclosed homes in Meridian, Idaho as well as most areas. That doesn't mean Meridian foreclosure listings can't be found at all, especially if you have help from a Highly Rated Local Meridian Realtor. When shopping for real estate in Meridian, Idaho there are actually several foreclosure listings you could choose from, but when dealing with foreclosed homes, you need to know more than the steps involved in buying that type of property. You should also consider the pros and cons of purchasing a foreclosed home in Meridian, Idaho.
Benefits of Buying Foreclosed Homes in Meridian, Idaho
Usually, people who shop Meridian foreclosure listings are looking to get a lot of home for a reduced price. Whether you're in the market for your own home to live in or an investment property, foreclosures definitely have the potential to be good buys, especially if they're in areas where the homes tend to resell at higher values. Of course, typically there are at least cosmetic repairs that have to be made, sometimes substantial repairs so you must always factor the cost of those things into your total price so you don’t get caught overpaying. You also may have more leverage when it comes to bargaining on real estate in Meridian, Idaho that is in the foreclosure process because avoiding the negative effects of a foreclosure on the seller’s credit report can be highly motivating to them.
Potential Issues with Foreclosed Homes in Meridian, Idaho
Buying foreclosed homes in Meridian, Idaho isn't all silver linings. There are common problems that accompany most foreclosed properties. Many foreclosures sit vacant for extended periods of time and consequently had dead trees and landscaping and many other issues. Additionally, if the previous owners moved out under negative circumstances, they may have intentionally left it in a mess or, at the very least, not have cleaned it. The "cons" don't stop with the state of cleanliness. Many foreclosures need significant maintenance such as roof replacement, plumbing repair, pest damage, and furnace repair. There may be frozen pipes, broken windows, and sometimes previous owners take appliances and fixtures that would typically be left in the home under normal circumstances. Additionally, you might have a difficult time finding a lender who will mortgage homes that are in a state of disrepair or that don't appraise for at least the purchase price.
How to Buy Meridian, ID Foreclosure Listings
No matter what type of real estate of buying, foreclosed or not, it's always wise to know how much you can afford. Some people may have cash on hand through savings, inheritance, or the sale of another home. Most, however, need to finance at least part of the purchase price and, if you're going to get a loan to buy a foreclosure, you should get prequalified by a reputable Meridian, Idaho lender before you get too serious about purchasing a Meridian, ID foreclosure listing so you know how much you can offer and how much the loan will cost you.
According to Bank of America, your next step after obtaining your mortgage pre-approval is finding good foreclosed home options. Typically right now the inventory of Short Sales, Bank Owned (already foreclosed) Homes or Homes in Foreclosure is getting tougher due to market conditions. So, it would be to your advantage to first find a Realtor who has experience with and knows the different ways to uncover possible foreclosure opportunities in the Meridian, Idaho, area. Jeff Stewart of Stewart Realty, who has served the Meridian, Idaho real estate market as an appraiser and broker for over a decade has a thorough understanding and knowledge of the Meridian market and can connect you with Meridian, ID foreclosure listings that fit your needs and your budget. Once you've found a foreclosed property that interests you and it looks like there aren't too many repairs and it still makes financial sense, then your agent can help you structure an offer most likely to be accepted that will net you the lowest possible purchase price. You'll then have a contingency period to your inspection, research the property, have it appraised, and have a title search done. Doing all the necessary due diligence reveals any issues the property might have such as other liens, back taxes, and cosmetic or structural issues, and gives you the opportunity to decide for sure that you want to move forward with the purchase. It is critical that this process is followed to keep you from buying a property that could financially devastate you if there was something huge like mold or liens that you knew nothing about.
The Right Realtor Can Help Navigate Issues with Foreclosure Listings
Broker/Realtor Jeff Stewart can offer the essential help you need when buying foreclosed homes in Meridian, Idaho. His 14+ years of experience in real estate in Meridian, Idaho include building homes, appraising homes that give him an understanding of home values and construction quality that other agents don't have. In addition to the Meridian, Idaho foreclosure listings you'll find with an advanced search on the Stewart Realty website, Jeff's is also one of only a small number of brokerages that have approval to bid on HUD Repo properties. Give Jeff a call at 208-602-1993 or shoot him an email at firstname.lastname@example.org if you're looking to score a deal on a foreclosed home in Meridian, Idaho.