Q. If a house in Coeur d’Alene is in pre-foreclosure, is there a way to find out when it will be listed with a Real Estate company? My husband and I found a house that we are interested in buying in Coeur d’Alene that is a pre-foreclosure. Is there a way that we can find out when it will be listed with an agent so we can put in our cash offer? We have lost out on 3 other houses in the same Coeur d’Alene neighborhood because we found out too late that the houses were coming up for sale.
A. Ok, I’ll answer as best as I can. First, pre-foreclosure means that the homeowner has missed at least one payment. Most homeowners are able to recover their homes from a couple missed payments. In Idaho, homes that are in the “foreclosure” process, have had an official “Notice of Default” filed on them. This means that the lender is taking action to foreclose on the property and that a sale date has been set. The sale date is set a minimum of 120 days (aka 4 months) from the date of the Notice of Default filing. Yet again, in many cases, the homeowner is able to recover their home from the foreclosure process.
You won’t like the answer I’m going to give you… once a home is legally foreclosed on, there is NO way to know when it will be listed with a Real Estate Company and made available for sale. There are a LOT of factors that go into this. For example, if the homeowner or tenant are still living in the property, the lender has to work with the occupants to get them out of the property (which can take weeks to months). Then, the lender has their process they go through before even notifying an agent that they intend on putting the property on the market. Some lenders are quick, others, not so much. The home could be on the market a week after foreclosure or a year after foreclosure. The factors involved are not the same for every lender and every property.
Your best option (dare I be accused of promoting services) is to hire an aggressive REALTOR who has a relationship with the “known REO agents” in the Coeur d’Alene area. There are a group of agents involved in selling REO’s who interact with other agents that they know will bring buyers to their REO properties. In many cases, the REO agents give these buyer agents a “heads up” of properties that will be coming on the market, before it’s listed on the Multiple Listing Service (MLS).
Buying an REO (aka foreclosure) property in Coeur d’Alene is a “fast sport”, especially good ones. To get a leg up, call Chuck at 208-819-2964 and tell him exactly what you are looking for and he’ll work on getting that “heads up” on the property you are looking for.
You can also search the REO/Foreclosure properties for Coeur d’Alene here:
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