Buy Distressed Real Estate

What Sold at the Foreclosure Auction on October 1st 2010

Last Friday’s foreclosure auctions for King, Pierce and Snohomish Counties saw one of the lighter weeks we have witnessed at the auction in quite some time.  All told, there were only twenty properties that were sold to third party buyers for all three counties combined.  That is about 20-40% lower weekly sales volume than in recent weeks.  The recent announcement by several of the nations largest banks that they were temporarily suspending foreclosures in 23 states is likely to keep the weekly totals toward the lower end of the spectrum until the new year.

To view a .pdf file with details for all the properties that were purchased at last weeks foreclosure auction please select the following link.

Foreclosure Sales Results for October 1st 2010

BK Trustee Set to Sell Mastro’s Medina Mansion for $9.9 Million

The bankruptcy trustee tasked with selling the assets of the now bankrupt real estate developer, Michael Mastro, is set to list the Medina waterfront mansion that up until recently was occupied by Mastro and his wife.  Mastro originally bought the home four years ago for $15 million.  James Rigby, the bankruptcy trustee has indicated the listing price will start at $9.9 million.

REIF Clients Buy 5 Properties at King County Foreclosure Auction

The Factoria foreclosure auction was the place to be on Friday (August 20th 2010) where Real Estate Investment Firm clients purchased 5 properties that were sold via auction at the trustees sale (foreclosure).  Of the five properties, two were in Seattle, two in Renton and one was in Bothell.  Pictures of the five properties are below:

The average price/value on these foreclosure auction purchases was 74 cents on the dollar!  Imagine purchasing your next home or investment property at a discount of 25% or more!

REIF Clients Purchase Three More Properties at King County Foreclosure Auction

Clients of Real Estate Investment Firm purchase three great properties at last Friday's King County Foreclosure Auction.

Read more...

Foreclosure Auction Sales Results for June 4th 2010

Last week’s foreclosure auction sales results are in and the numbers shake out as follows:  In the three counties REIF operates in (King, Pierce, SnoCo) there were a total of 30 sales to third parties.  That is 30 out of 208 properties that were on the calendar to be sold.  The remainder either reverted back to the beneficiary or were cancelled.

You may view a .pdf with property details for all 3o of the third party sales by selecting the following link.

Foreclosure Auction Sales Results for June 4th 2010

Just purchased a Bothell condo at auction for $71,200

We just purchased a 1999 1 bed 1 bath 746sft Bothell condo at the Factoria foreclosure auction for $71,200!

If you want to pick up these type of deals visit Real Estate Investment Firm for more information.

Low Prices on Foreclosures Incite Bidding Wars Among Would Be Buyers

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.

June Housing Stats Say Buyers are Coming Back!

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.

Major Leage All-Star Purchases Malibu Foreclosure Property

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.

Short Video on the benefits or working with Real Estate Investment Firm on your next short sale

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.