Idaho Foreclosures and Foreclosed Homes for Sale

While Idaho has both judicial and non-judicial foreclosures, the vast majority of properties are foreclosed on out of court. Even still, purchasing a foreclosure in Idaho takes time, as the average time for the non-judicial foreclosure process is five months. However, most properties are well worth the wait, as they can yield amazing savings, especially in today's hot real estate market.

Once a borrower has defaulted on a loan amount in Idaho, the lender files a notice of default with the county, and mails a copy to the borrower. This notice usually allows the borrower 115 days to pay the debt amount in full in order to stop the foreclosure proceedings, although this may vary, depending on the lender and the terms of the mortgage. However, once the notice of sale has been filed, the lender may proceed with scheduling an auction date.

The best place to look for upcoming auctions is a local newspaper. By law, the lender is required to publish the notice of sale once a week for at least four weeks. Carefully reading these notices will give you everything you need to know about the auction, including a description of the property, and the time, date and place where the sale will occur.

If there are any changes to the auction, it will be announced by the attorney conducting the sale on the original date of the auction. Should the auction go through as scheduled, the winning bidder will receive full ownership after paying the full bid amount. Approximately 10 days later, the new owner has the right to take full possession of the property. In the event the foreclosure was non-judicial, this transfer of ownership is permanent, as the original owner does not have the right of redemption after the sale is final.

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