Archive for the ‘Featured’ Category

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!

Last Friday saw clients of Real Estate Investment Firm purchase three unique properties at the King County Foreclosure Auction.

The first property was purchased at the Factoria foreclosure auction and was a central Seattle townhome project consisting of 5 partially complete units.  The units are approximately 85% complete and were purchased for one dollar over the opening bid of $1,008,500.  The foreclosing lender was owed at the time of trustee sale amounts in excess of $1,860,000 but they chose to discount their opening bid in the hope of attracting a third party buyer at the foreclosure auction.  Estimates to complete the project are about $250,000 for a total investment of just over $1,258,000.  The investor/developer who purchased the properties hopes to resell the completed units at a sales price of $350,000 each.

Next we purchased this 6,340 square foot home in Duvall, WA that sits on approximately 1.5 acres. The current Zestimate on this property is $949,500 and King County has the property tax assessed at $903,000 for 2010.  The opening bid was also discounted by the foreclosing lender, in this case shaving off nearly $500,000 from the amount owed to the bank.  This home was also purchased for one dollar over the opening bid for $595,001.  That equates to less than $100 per square foot.  The house was in great condition with the exception of the landscaping and was a truly amazing deal for our clients.

Finally, we purchased this Ballard/Crown Hill property that has sweeping views of the Puget Sound.  This also was purchased for one dollar over the lenders minimum bid.  Discounted from $861,577 down to $506,340.  The home is just over 3100 square feet and has seven bedrooms, as it was being used as an adult family home.  With a little updating and a new roof, this home will once again shine.

To view these and all the other homes sold at last Friday’s foreclosure auction you can visit the following link.  http://realestateinvestmentfirm.com/auctionsales.pdf

The Seattle Times recently wrote a story about a multi-million dollar mansion in Kirkland’s upscale West of Market neighborhood that has been taken over by squatters.  The home, currently listed for $3.3 million and owned by First Citizens Bank (through their acquisition of Venture Bank from the FDIC) recently saw a family consisting of two adults and two children move into the property and claim ownership of it entirely.  A notice has been posted on the door claiming that “all rights, interest and title in the property” has been transferred to Priority Rose Children’s Outreach of Bothell.  A two week old Charity according to the article.  Coincidentally, the charity shares the same listed phone number as  a Bothell company called NW Note elimination.  A company that “specializes” in “eliminating mortgages” through what many would call dubious practices.  When police were called in to investigate they were shown a document by the new occupant claiming ownership.   Since the police don’t often involve themselves in these type of cases, it will be up to the bank to evict the squatters through proper eviction proceedings and eventually physical removal from the property by the King County Sheriff.

You can read the entire article here.

What are your thoughts regarding this story?  How long do you think it will take the bank to evict the squatters? Post your comments below.

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

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.

Last Friday’s foreclosure auctions had a total of 31 third party sales between the King, Pierce and Snohomish County Auctions.  The breakdown by county was the following:

King County = 14 third party sales

Snohomish County = 7 third party sales

Pierce County = 10 third party sales

Total = 31 third party sales

If you would like to take a look at the properties that sold last Friday and the amounts they sold for then visit the following link: Foreclosure Auction Sales Results

While these numbers are about twice what historical averages have been in a month, it is likely to jump higher still when the summer months arrive. The number of properties on the calendar beginning in June 2010 nearly doubles current numbers so expect a marked increase in total properties going to auction and an increase in the number of reverted to beneficiary and sold to third party properties.

There were 30 third party auction sales last Friday in the auction locations split up among King, Pierce and Snohomish Counties.

You can view a pdf document with all of the sale details including winning bid amount here:

Foreclosure Auction Sales Results

If you are interested in buying at the foreclosure auction, you’re invited to attend our free educational workshop where you will learn how to purchase property at the foreclosure auction at discounts of 20-45% from today’s market value.. 

Every Thursday at 5:30 pm in Redmond, WA at the offices of Real Estate Investment Firm/Advantage Commercial Brokers, Inc.  Register to attend the workshop here

There were a total of 21 properties sold to third party buyers at the King, Pierce, & Snohomish County foreclosure auctions.  There were 12 third party sales in King County, 5 in Pierce County and 4 in Snohomish County.

Below is a link to view all the properties sold at the foreclosure auction last week.

If you are interested in buying at the foreclosure auction, you’re invited to attend our free educational workshop where you will learn how to purchase property at the foreclosure auction. 

Every Thursday at 5:30 pm in Redmond, WA at the offices of Real Estate Investment Firm/Advantage Commercial Brokers, Inc.  Register to attend the workshop here.

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.

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.