So, what’s the status with foreclosures in Missoula? Are there very many in Missoula, and if so, how do people go about finding those properties? And how is the process of purchasing a foreclosure different than a short sale?
Currently, in and around the City of Missoula there are 33 listings on the Multiple Listing Service (“MLS”) that are classified as bank-owned homes, 3 of which are currently under contract but accepting backup offers. Keep in mind that these are properties that have gone through the foreclosure process and are currently listed on the Missoula MLS for sale. There are many more that are currently going through the process, but have not yet been listed. The actively listed properties range in asking price from $55,000 to $465,000. By area, here is the breakdown:
Central Missoula:
# of Listings: 4
Range in Price: $55,000 – $134,500
McCormick Park Area:
# of Listings: 1
Price: $130,000
North Missoula:
# of Listings: 1
Price: $147,900
Target Range:
# of Listings: 3
Price Range: $159,900 – $228,900
South Hills:
# of Listings: 1
Price: $184,900
Slant Street:
# of Listings: 1
Price: $204,900
Linda Vista:
# of Listings: 5
Price Range: $164,500 – $335,000
Mullan Road West:
# of Listings: 2
Range in Price: $105,000 – $229,000
Expressway / N of Broadway, S of Interstate:
# of Listings: 1
Price: $156,000
Wye area to Lake County Line:
# of Listings: 8
Price Range: $178,500 – $338,000
East Missoula / W Riverside:
# of Listings: 3
Range in Price: $79,900 – $189,900
Bonner/Turah/Clinton:
# of Listings: 1
Price: $119,500
Rock Creek:
# of Listings: 2
Price Range: $174,900 – $465,000
As I mentioned above, these are properties that are currently listed on the MLS. If you would like a list of properties that may currently be in the process of foreclosure, please let me know and I would be happy to send you that list (Amy@LorinAndAmy.com). This list is compiled weekly and includes properties in which the initial “Notice of Foreclosure” has been filed. If the current owners can bring payments up to date, or refinance, these properties may never actually become foreclosures.
Purchasing a foreclosed home differs from purchasing a short sale in that when you are purchasing a foreclosure, you are purchasing the home from the bank. When you purchase a short sale, you are really purchasing the home from the Seller, who in turn has negotiated a less-than-full payoff with their lender.
What does that mean to a Buyer? Purchasing a foreclosure could require that additional documents be signed, depending on what the bank that owns the home requires. It also will probably require that you sign documents stating that you are accepting the home as-is, and cannot go back on the bank if you find something out about the home that was not disclosed to you. You are still, of course, allowed the chance to do all your inspections and negotiate whatever resolutions you deem necessary, but the bank will not assume any responsibility for disclosing anything about the home.
Very generally speaking, it is sometimes less time consuming to purchase a foreclosure, as compared to a short sale. The reasoning for this is that when you are purchasing a short sale, you are negotiating with the Seller, and then the Seller is negotiating with their lender. This chain of communication can get lengthy and confusing. When you are purchasing a foreclosure, you are negotiating directly with the Seller, who is also the bank.
As always, please contact us with any questions about real estate matters – we would love to have the chance to assist you: Amy@LorinAndAmy.com