Archive for the ‘Foreclosure Auction’ Category
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.
Real Estate Investment Firm is pleased to announce that Jared Higbee has joined our King County Foreclosure Auction team.
Jared brings over 12 years of Real Estate experience to Real Estate Investment Firm. He has been a licensed agent for 10 years with a primary focus of consulting clients and investors on the purchase of distressed real estate via the foreclosure process. Jared has been a part of more than 1000 foreclosure transactions since starting his career in real estate.
In 1997 Jared joined a team that was pioneering foreclosure investing in Washington State. Leading the way in the tracking and gathering of the necessary information about each property in foreclosure, Jared has become very knowledgeable in property title history, lien analysis, current market values and trends, and the unique live competitive bidding process at auction. These qualities, along with his unwavering commitment to his client’s success help to guide them and give them the edge needed to become successful bidders at auction.
Jared will be an amazing asset for our team. Our Thursday night investor meetings provide you with an excellent opportunity for you to meet Jared and to start taking advantage of his expertise.
Real Estate Investment Firm, LLC anounced Thursday July 2nd 2009 the launch of their new online platform for real-time status tracking of foreclosure auction or trustee sales sales in King, Pierce and Snohomish Counties.
The website, buyWAforeclosures.com, also provides clients with detailed property information, photographs, property condition reports, lien and judgement reports as well as direct to property links to various county and 3rd party web sites such as zillow.com and google maps.
Access to the site is restricted to members or clients of Real Estate Investment Firm. For information on becoming a member please visit Real Estate Investment Firm and register to attend one of their weekly foreclosure training workshops on how to buy foreclosures. At the conclusion of the workshop attendees will be given a username and password to access the site. Worshops are held every Tuesday at 5:30pm in their downtown Redmond, WA office.
“Can we really make money in this real estate market flipping houses?”
We hear that question quite a bit around our office. Usually it comes up on Tuesday during our weekly workshop for new clients & investors on “How to buy foreclosure auction homes, short sales and bank owned/REO’s”.
The answer is most definitely YES! With accurate property research and due diligence combined with a keen knowledge of current market conditions and throw in a little luck for good measure you can make consistant and sizeable profits time and time again.
Below are the details on a recent foreclosure auction purchase made by an investor working with Real Estate Investment Firm, LLC.
Rosario Place, Renton WA
REIF foreclosure purchase
This property was purchased on March 27th 2009 at the King County Foreclosure Auctionfor $1.00 over the lenders opening bid of $364,650.00. When this property was reviewed in our Auction Investor Meeting the night before, the REIF Auction Specialist told the group that a cash buyer could purchase and flip this property in under 90 days and make a net pre-tax profit of approximately $40,000.00. In the end it only took 67 days from the purchase date until escrow closed on the re-sale. When all the costs for acquisition, fix-up, holding and re-sale were calculated, the net profit to our client was $39,463.00 Below is a breakdown of those figures and a chart that shows the ROI (return on investment) for this transaction.
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Rosario Place Breakdow |
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Purchase Price |
$364,651 |
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Purchase Comm. |
$10,940 |
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Fix-up costs |
$3,500 |
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Total Purchase Cost |
$379,091 |
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Sale Price |
$454,950 |
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Sales Costs |
$36,396 |
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|
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Net Sale Price |
$418,554 |
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Minus Purch Cost |
$379,091 |
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Net Profit |
$39,463 |
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Return on Investment Calculation |
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|---|---|
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Amount Invested?: |
$379,091.00 |
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Start Date?: |
03/27/2009 |
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Amount Returned?: |
$418,554.00 |
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End Date?: |
06/02/2009 |
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Gain or Loss: |
$39,463.00 |
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Percentage Gain or Loss (%): |
10.4% |
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Annualized Return on Investment %: |
56.7% |
If we extrapolate this data out to a 12 month time-frame, it would roughly work out to an anual net income before taxes of $240,000.00. Keep in mind as well that the investor who bought this house only spent approximately 30-40 hours of his time working on the property.
If you would like to learn how you can help secure your financial future by investing in foreclosures and distressed real estate then I encourage you to attend one of our free foreclosure investing workshops. They are held every Tuesday at 5:30 pm at our downtown Redmond office
Buying or investing in properties that are in the foreclosure process is your wealth building opportunity!
Did you know that NOW is the best time to invest in foreclosure properties?
Many people are interested in investing in properties that are in the foreclosure process, but are unsure of the steps to take to get started.
The market conditions of today have converged to create a “Perfect Storm” of opportunity for the savvy real estate buyer or investor. The opportunity is there to purchase your next property at discounts of 20-50% under today’s market value. Never again will the same market conditions exist that precipitated our current liquidity crisis, stock market crash and subprime mortgage meltdown. The opportunity to take advantage of this unprecidented market is now! If you are qualified, committed and motivated we will provide you with an inventory of efficient and profitable assets to meet your short and long term financial objectives.
Our wealth-building services help you confidently invest in properties facing foreclosure
Our dedicated team of investment & foreclosure specialists can help you build an intelligent real estate portfolio that capitalizes on current economic and market conditions to create long term and lasting wealth for you and your family.
Real Estate Investment Firm’s core purpose and mission is to become the industry leader in helping people create true financial success through the acquisition of real estate. We maximize efficiency and profitability for our clients through strategic systems and processes. We are leaders, innovators and educators. We help clients implement the strategies that will ensure they reach their financial goals and objectives.
Come and learn how to “Never Pay Retail” again and purchase real estate at 50-80 cents on the Dollar!
Some of what we will cover in the workshop
- The foreclosure process and timeline
- Recent sales data and market statistics for the region
- Foreclosure trends and market analysis
- Lien priority in Washington State
- Investment Strategies to maximize your return on investment (ROI)
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The importance of establishing an exit strategy before you buy!
Of those 203 properties:
- 11 were picked up by 3rd parties at the auction
- 51 reverted back to the bank
- 141 were cancelled/sale off
Since we started the week with over 300 properties on the list, there were aslo over 100 postponements granted as well.
We specialize in foreclosure auctions, short sales, REO/bank owned properties
The first Friday after Thanksgiving is usually considered to be the busiest foreclosure auction day of the year. This year is definitely no exception. One week from today beginning at 10:00 am, outside the Factoria offices of Northwest Trustee Services and in downtown Seattle in front of the King County Administration building, “criers” representing approximately 17 different trustee companies or law firms will proceed to sell to the highest bidder with certified funds in hand, this weeks scheduled foreclosure properties.
As of tonight, there are 307 properties scheduled to go to auction next Friday. Should that number hold out, this upcoming week would turn out to be the largest, in terms of properties taken to sale, that King County has ever seen.
A lot can happen between now and then and several properties will end up getting postponed or cancelled before going to auction, but with such a high numbers of scheduled sales,the sheer volume of homes this week will definately present an opportunity for the savvy real estate investor to pick up a property or two at rock bottom bargain prices.
If you are an investor or perhaps just a homeowner looking to get a great deal on your next property purchase then you owe it to yourself to look closely at buying at the auction. There is simply no better vehicle today that affords the low prices that we have seen lately on the courthouse steps.
Here are some of the numbers broken down by city for Friday’s King County foreclosure auction.
Every Tuesday at 5:30 p.m., Real Estate Investment Firm, holds a FREE workshop on “How to buy foreclosures” at their downtown Redmond WA office location. I would encourage anyone who may be interested in capitalizing on current market conditions and wants to buy their next property at a significant discount to attend this Tuesday.
Last Thursday the twin mortgage giants Fannie Mae and Freddie Mac announced they were suspending all foreclosure sales and pending evictions beginning on November 26th through January 9th 2008. Shortly after the announcment I started receiving calls from associates and clients asking me what affect I thought this would have locally on foreclosures. My answer was not much at all. Even though Fannie Mae and Freddie Mac own neary half of all loans originated in the U.S., the number of loans in their portfolio that are in foreclosure is actually very small. It only represents about 2-3 percent of their entire portfolio.
The end result is that approximately up to 10,000 homeowners will have their foreclosure stalled for a few weeks in order to allow time to work out modifications with them. For those homeowners, this is certainly good news, especially considering the upcoming holiday season.
Many of the people I spoke to were surprised to learn that so few homeowners would be affected by the announcement. The reason is simple however, the majority of homeowners in foreclosure took out loans that Fannie and Freddie would never dream of purchasing. They were the no income, no asset, no credit check loans that are the root cause to our current financial market’s collapse.
And no amount of bailout or releif programs are going to be able to help most of those borrowers. When they couldn’t verify income or assets in the first place, it is highly unlikely they will suddenly be able to now, and one of the major tenants of all of the announced releif programs are that the borrowers must show they are able to qualify for the new loan terms.
Forbes.com recently posted an article listing Seattle as the #1 real estate market in the country most likely to rebound. An excerpt from the story says “Seattle has a reputation for nurturing brainy industries like aerospace and software. That should help it weather the coming financial storm. Seattle also stays strong because of its vibrant, livable downtown where rents are going up and tenants are likely to stick around.”
It’s nice to know that the people at Forbes and the 700+ real estate professionals they surveyed for this piece echo the same sentiments that we at Real Estate Investment Firm have been saying for several months now. When you look at the fundamentals of the Seattle area real estate market and the local economy, there is no better place to be to position yourself to make large gains when the turn around occurs.
You can read the entire article here.
Occording the Matt Steel, the owner of Real Estate Investment Firm, “this is the opportunity of a lifetime.”
As reported in a Seattle Weekly article on November 12, 2008, Steel talks about the current foreclosure market and how his company plays a part in it. Helping thier investors find the “Hot” properties at auction each Friday or helping clients who are behind on their monthly mortgage payments find a buyer, through a short sale, to avoid foreclosure all together.
To see the full article in its entirety, go to http://www.seattleweekly.com/2008-11-12/news/foreclosure-vultures/