Marsing, Idaho Foreclosures
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Investing in a Marsing, Idaho Foreclosure
Buying a foreclosure is a little bit different than buying a typical resale. You'll need the assistance of an experienced real estate agent, and the seller will want a preapproval letter from a lender before accepting an offer. There really isn't room for negotiations when it comes to buying a foreclosure, and the home comes as is, making the buyer completely responsible for repairs. Though fortunately for the home buyer, that makes these homes move in ready and can speed up the process.
Some quick tips for buying a foreclosure property:
Obtain preapproval for the mortgage.
Preapproval is a step further than prequalification, and it's important to have it in place before you begin the process. You will discuss with the lender information about your credit, income, assets, debt, and credit history. The lender will then arrive at an estimate of how much you'll be able to afford.
Buyers tend to want to find the house first and work out the financing later. But good deals on bank owned homes always go really quickly, and you'll want to be prepared to get in there and close the books on that house you want. Obtaining preapproval is mandatory to get in on one of those great deals.
Partner with an experienced real estate agent who has dealt with foreclosures.
A good agent can be a comforting resource, helpful, and integral during the process. Your agent will do most the research work for you to get you that good bargain.
Be aware of the sale prices of comparable homes.
To determine the price you're willing to offer for that foreclosed home you'll need to look at the recent sales of similar homes. These are called "comparable sales."
You'll want to look at similar things such as square footage, number of bedrooms, number of bathrooms, garage space, lot size, and the construction type.
Foreclosure sales are as is.
Foreclosed homes often fall vacant as the lender seizes ownership. They can sometimes sit empty for quite awhile before they are sold and can fall into a state of disrepair. Sometimes repairs are few and minor, sometimes more. Either way, you are responsible for all repairs that are needed.