Meet Dori Wick

I want to be your agent for life!

Thank you for visiting my site!
Planning to Buy, Sell or Relocate Here in Idaho?

I realize a home represents most people's largest investment and you want to be sure you have an experienced professional to get you through the process! I would appreciate the opportunity to be of service to you! Living in Boise since 1999, licensed in real estate sales since 2002, top producer ever since! I am a member of the President's circle! I have a great knowledge of the Boise area real estate, whether buying or selling, it is my priority to put you in the best situation.

My expertise is residential resale of homes and first time buyers! Zero down, still not a problem!
Investors have an amazing opportunity right now, I can help you with that also! We are not experiencing the low prices like we have seen in years past but rates are still very low and the rental market is very much in demand! Call me or email me at your convenience and we can weigh your options!

Idaho Real Estate

Foreclosures, Short Sale, and Bank Owned properties.
You need to know the differences! Let me try to help you.

These are all terms we are not hearing about nearly as much in the current Idaho real estate market. We here the terms Foreclosures, Short Sales, and Bank Owned properties, but understand the difference between them all is very important to you the Idaho home buyer. There are great buys available here in the south west Idaho area and we currently have the best Buyers Market that the real estate industry has seen in years, but as always let the buyer beware and informed!

Property in Foreclosures:

A property in foreclosure is one where the owner is behind on their payments and the bank has issued a Notice of Default and scheduled a date for a Trustees Sale. During the time between the issue of the Notice of Default, and the trustee’s sale, the homeowner can sell their home to pay off the loan, or take other measures to avoid the foreclosure. At the Trustees Sale, the home is sold in a bidding environment, and the purchaser must pay for the home in cash or cash equivalent at the time of the sale. There would be no time available to arrange for financing. Another caveat to buying a foreclosure is that you also may be "buying" other liens or loans, so you need to take great care to know exactly what you are purchasing. Many properties listed on the foreclosure list are listed for the 2nd or 3rd mortgages. If you were to purchase a second loan on a property, you would still be liable to make the 1st mortgage payments against the home. You also are liable to pay any tax and other liens as well.

Short Sale:
If a homeowner wants to avoid foreclosure by selling their home, but can't sell it for what is owed, a short sale may be available to them. A short sale is where the bank agrees to accept less than what is owed when the home is sold. In a short sale, the homeowner can accept your offer, but that does not mean it is a done deal. The lender or lenders must also accept the offer as well. This will become more difficult the more lenders that there are involved. In most cases it takes several months for the contract approval to take place, so don't plan on buying a short sale unless you have 3 or 4 months at least for the process to take place. You will have time when purchasing a short sale, to arrange for financing your home. You should also be aware that even after waiting and negotiating the lender can accept new offers up to the day that the home closes and is funded by your lender. What that really means to you the home buyer is that the day you were to close a new better offer could be submitted and accepted, the process would begin again. So in the short sale process bring all of your patience, do your very best not to get to emotionally involved until your loan has funded and the keys to your new home are in your hands.

Bank Owned:
When a home or property has gone threw the foreclosure process and gets to the Trustees sale, and is not sold there, it goes back to the bank (or mortgage lender) and becomes Real Estate Owned (REO) or bank owned. Most of these homes are sold in "as is" condition and are listed with a local Real Estate Agent or Realtor on the Multiple Listing Service. These homes have had all of the outstanding liens removed, so they can be a much cleaner purchase and sale transaction. The acceptance time typically takes days not months as with Short Sales. In many areas, Bank Owned properties can be distressed or in poor condition, but when you get your inspection reports you will be able estimate the time and expense of putting the property back in livable condition. With all of the unusual and unforeseeable conditions in our real estate market here in Idaho there are many homes that are in reasonably good condition. As with short sales, you do have time to arrange and obtain financing. The major difference in a bank owned property and the short sale is when the offer has been accepted by the lender and your financing has been approved you may start packing because the home will be yours on the closing date.

I hope this gives you an idea about how to go about buying a Foreclosure, Short Sale or Bank Owned property here in Idaho. There are some terrific deals to be had in buying these properties, but as you can see getting accurate timely information is a must in this real estate market.
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