Home inspectors are reporting there are abundant opportunities for qualified homebuyers in the Idaho real estate market, triggered by a 28% rise in foreclosure activity. While the Presidents $75 billion loan modification and refinancing of the Homeowner Affordability and Stability Plan may help many struggling homeowners, it won’t save all of those facing foreclosure, resulting in prime deals for qualified Idaho Home Buyers — especially First Time Idaho Home Buyers!
While there are a number of great deals to be had in this property rich environment it is important to remember that proper preparation is KEY to successfully making the most of the Idaho foreclosure market. Working through the tangled web of foreclosures will be less difficult for those consumers who educate themselves about the process, and who are working with a skilled Idaho Real Estate Agent.
Properties in different stages of foreclosure can not only represent great opportunity, but also danger for the unassuming buyer. Lower asking prices are an instant draw of course but the buyers need to do their homework and be aware that the property may have hidden or unique challenges in owning it – ranging from abuse, neglect, or poor maintenance on the part of the previous owner, to simply having disagreeable neighbors. Potential Home Buyers have to do more than grab the first thing they can afford – they need to look into the deeper, down the road, costs involved in owning the home they have found.
Just because a foreclosure is a great buy doesn’t mean it is going to be completely hassle-free, home buyers need to be educated on the property itself as well as the foreclosure process or they can end up making poor investment decisions. “Buyers must take proper precautions to ensure they are making informed real estate decisions, and are aware of property conditions that can greatly affect the home’s long-term value,” said Kathleen Kuhn, president of HouseMaster, a nation-wide home inspection company.
A home inspection by a qualified home inspector can provide buyers with a working education on the home they have in mind; can help avoid potential pitfalls. Educating yourself about the home in question, and the foreclosure process, is key when buying a foreclosed property as it not only helps the buyer understand their options but also helps to avoid making potentially devastating financial mistakes.
HouseMaster, a leader in home inspection, states that there are five main physical conditions that are most often found in a foreclosed property:
Moisture-related problems
Defective Gaskets, valves or hoses
Vandalsim, especially if the home has been vacant
Insect or rodent infestations
Blocked, or damanged waste or sewer functions
Don’t let these things scare you, let them prepare you! There has never been a better time to buy homes in Idaho, or invest in real estate; we are not likely to see a real estate buyers market like this again! Amidst this great opportunity however, there can be some risk if you go in unprepared – don’t let lack of understanding be your downfall. Get educated on Foreclosures in Idaho, as well as Idaho Real Estate itself by working with an experienced team of Idaho Realtors like Kecia & Co. – they have the skills and knowledge you need to make your next real estate transaction a roaring success!
