As you probably know, there is a plethora of bank owned homes for sale in Boise, Meridian, Eagle, Kuna and Star. Banks are motivated to sell and will typically price these distressed homes 10-30 percent under current market values. Granted, most do need cosmetic work done prior to move-in such as new carpet (or the old one with some help from Carpet Cleaning Greenville), paint, lawn maintenance and other misc items. However, there are some bank owned property which the previous homeowner has taken it upon themselves to leave the residence in nasty shape by taking a sledge hammer to walls, doors, messing up drawer slides along with pulling all appliances like the range, dishwasher, disposal and microwave (sometimes water heaters and furnaces, too). Unless you would like to take on the costs, I suggest bypassing some of the bank owned homes on the market.
It is also important to not look for only bank owned homes. There are numerous non-distressed homes on the market (fair market sellers) that must sell. These homes are priced competitively and do not need the improvements that a foreclosed upon home typically does. With that, it is important to consider the costs of repairs when deciding whether to purchase a home which needs some love (yet is priced lower than the home down the street) or one that is turn key and ready to be moved into.
Bank owned homes will be prevelant in our market through 2010 and part of 2011. Would you like a list of bank owned homes forwarded to you? If so, read this article or send me an email with your contact info and I will provide a list of bank owned property currently on the market.