A Boise Foreclosure Can Be a Great Buy — Or

 While it makes sense to assume that a foreclosure in Boise should be more affordable than a non-foreclosure, not everyone can find a great bargain. If your goal is to land your next residence,  a worthwhile way to gauge the value of any foreclosure is to look at it from an investor’s point of view:  how much return will the property yield?  To determine that will involve using some common benchmarks.  Below you will find some of the leading factors that contribute to making a great foreclosure evaluation:

How much did other houses sell for in the Boise local market?

Sometimes the price of a property you are looking at may seem affordable.  However, it may or may not represent the true value. That will only be apparent when compared with recent Boise market trends. According to Calculated Risk, the discount foreclosure buyers are now finding, have begun “to drop to pre-crisis levels.” That is lining up with other evidence that the foreclosure market is stabilizing as underlying home values and inventories rise. Always be sure to have your agent provide comps for similar properties sold in the Boise area.

How many houses are vacant in the neighborhood you are looking at?

You will find that some neighborhoods have a considerably higher foreclosure rate than others will have. If the neighborhood you are evaluating incorporates a high number of vacant properties, than the price should reflect that. Those areas tend to be unattractive to other buyers for a number of reasons. Even if you have no intention of reselling or renting out the foreclosure you are considering, you must factor the character of the neighborhood into your final decision. 

What is the cost to renovate?

It is hardly unusual for a foreclosure in Boise to need at least some work done to the property.   The cost can make or break your decision and your pocket book.  You must be very decisive. Make sure and contact an appraiser to go over the property. A good appraiser will be able to give you a close approximation of the extent of renovation you should expect.

There are great deals to be found in the most unexpected places – sometimes it just takes the help of a great and caring agent to uncover those deals.  If you are considering buying a Boise home in the near future- foreclosure or not – I hope you will give me a call!

Here are a few homes that are available in Boise under $200.000 listed in ther last 4 days that are active and updated daily except weekends and holidays furnished by IDX/IMLS: