Archive for 2009
Foreclosure Heat Map
This heat map, provided by RealtyTrac, shows the hot spots for foreclosure filings in the USA for calendar year 2008. A quick look at the data and you can easily see that there was not really any significant region that went unscathed as the housing market nosed dived.
Redmond, Washington – Real Estate Investment Firm, the premier distressed property consultants in the region announced a new flat fee pricing structure for their clients and investors who purchase properties at the foreclosure auction in King, Pierce and Snohomish counties.
The latest news from REIF comes on the heels of their recent successful launch of their acclaimed online foreclosure tracking platform, a state of the art website which tracks and provides real-time updates on properties in foreclosure exclusively to REIF clients. In today’s announcement REIF implemented a pricing policy that instead of charging buyers the customary 3% commission, REIF has decided to drastically cut that cost by only charging a low flat fee that is based on the county in which the property was purchased. The new price their clients will pay when they purchase a foreclosure auction property is $3,500 in King county, $3,000 in Snohomish and an astonishing $1,500 for all foreclosure auction purchases in Pierce county.
REIF is the first and only full service foreclosure auction group in Washington to adopt the flat fee pricing model for their clients. Savings for a buyer on a typical $350,000 foreclosure auction purchase in King county would equal $7,000 by paying REIF’s flat fee verses paying the typical 3% commission still being charged by REIF’s competitors.
Those interested in learning more about the services REIF provides their clients are encouraged to attend one of their free weekly foreclosure buying workshops held every Tuesday evening at 5:30 pm at their downtown Redmond office.
Below are the sales results from the King County Foreclosure Auction on July 10th 2009.
| King County Foreclosure Auction Sales Statisics for | July 10th 2009 |
| Total # of Properties Scheduled for Auction | 254 |
| Discontinued/Sale Off | 139 |
| Reverted to Beneficiary | 101 |
| Sold to 3rd Party | 12 |
| Unknown? | 2 |
| King County Foreclosure Auction Sales Statisics for | July 6th 2009 |
| Total # of Properties Scheduled for Auction | 78 |
| Discontinued/Sale Off | 43 |
| Reverted to Beneficiary | 29 |
| Sold to 3rd Party | 6 |
| Unknown? | 1 |
Free Counseling and Help is Here
If you are a homeowner that is facing foreclosure or you are behind on your mortgage payments and are concerned where to turn, there are three workshops scheduled in the coming days from Everett to Tacoma sponsered by local government agencies and nonprofit groups.
At the workshops, homeowners can learn about possible refinancing options and loan modifications that may be available to them. These services are all provided free of charge to homeowners.
Below is a list of locations and dates for the workshops:
| Everett Location | |
| Cascade High School 801 E. Casino Road | Thursday July 23rd from 11a.m.-7p.m. |
| Seattle Location | |
| Cleveland High School | Friday July 24th |
| Tacoma Location | |
| Evergreen State College Tacoma Campus | Saturday July 25th |
Those attending the workshop should come prepared with photo I.D., Social Security number, monthly mortgage statements, copies of loan closing documents, recent pay stubs and bank statements and their last two years tax returns.
For more information on any of the workshops you can contact the Urban League at 800-368-1455.
The Seattle Times just published an article this morning on the bidding wars that are erupting between potential buyers for foreclosure and bank owned properties in several areas around the country. Most of the frenzy is taking place in the hardest hit ares for foreclosures such as Phoenix, Las Vegas, Southern California and South Florida.
Investors, flush with cash to spend are flocking to pick up newer built homes in the lower prices neighborhoods popular with first time home-buyers and those with families. Prices on these foreclosed properties are in many cases over 50% less than their peak prices of 2006 and 2007.
With all the attention being paid to these foreclosures, many first-time home buyers in these markets are finding it hard to compete and are making offer after offer in an attemp to land their first home.
While the Seattle foreclosure market has not had the sheer numbers that other major markets have had in terms of total foreclosures and existing inventory, it is still a lucrative market for both investors and those looking for a terrific deal on their next home. Most of the properties sold to a third party at the foreclosure auction recently have been sold in the range of 65-75 cents on the dollar of todays already discounted prices. For investors, it is now common to see several homes available each week at the foreclosure auction that would be cash flow neutral or slightly cash flow postive with a 20% down payment from the buyer and typical financing terms for the balance. Two years ago, that was virtually unheard of in King County. Now is the time to strike if you are looking to pick up a great investment property or personal residence drastically under market value.
The most recent report on area home sales offered good news to Puget Sound’s homeowners and a bit of hope that buyers are slowly jumping off the fence and writing offers and closing deals.
In June 2009 the number of closed sales on single family homes was up 4 percent over the same month in 2008. June’s sales totals marked the first year-over-year increase since the market peak of 2007.
One area to see a dramatic rise in the number of closed sales was the east King County neighborhoods of Juanita-Woodinville-Duvall which saw a 31 percent increase in the number of sales over the same time period last year. And the numbers show that buyers are not just 1st timers jumping into the market to capture the federal $8,000 tax credit that is set to expire in November. According to the NWMLS, sales in what is considered the most affordable areas of King County, the Southwest and Southeast actually declined while sales in traditional upper middle income neighborhoods in Seattle and on the Eastside actually saw the uptick in activity.
While it is too early to say if there is a trend developing, any increase in buyer activity is welcomed.
Ryan Braun, the All-Star outfielder for the Milwaukee Brewers knows a good deal when he sees one. Braun just closed escrow on a bank owned foreclosure property located in Malibu that was once listed during the peak real estate prices of 2007 for $8.9M. Braun picked up the Mediteranian styled ocean view villa for the bargain basement price of $4.85M
To read the full story follow this link.
You don’t have to be signed to a Major Leage contract however to be able to pick up a bargain property that is in foreclosure. If you are looking to save 20-50% on the purchase of your next home or investment property then sign up to attend a free workshop presented by Real Estate Investment Firm in Redmond, Washington.
When your looking for the most experienced and knowledgeable short sale and distressed property consultants look no further than Real Estate Investment Firm. To learn more, you are welcome to attend one of their free workshops on “how to buy foreclosures” held weekly at their downtown Redmond office.
