April was a fantastic month for our investors who purchased properties at the King County Foreclosure Auction. On average the homes that were purchased by our investors were 35.5% under current market value.
Here are a couple of examples of investor purchases from April 2008.
Redmond Washington – Ames Lake neighborhood
Purchase Price $476,000 Market Value: $625,000 + $100,000+ for 2.3 acres parcel adjacent to property
This 1991 home in Redmond Washington has over 23oo sqft with an additional unfinished 1000 sqft in the daylight basement. The property sits on 1.25 acres and also included in the foreclosure sale was an additional 2.3 acre lot next door that is confirmed to be a buildable lot according to King County Building and Planning.
The same day our investor purchased this property at auction she received offers of $575,000 to purchase the home.
Seattle Washington – Meadowbrook neighborhood
Purchase Price: $378,001 Market Value: $600,000
This property, in the coveted Meadowbrook neighborhood, was completely remodeled by the prior owner. The investor who purchased this home only had to do minor finish work, landscaping and put in appliances in the kitchen.
The 1st day he ran a rental advertisment on Craigslist he had a signed rental contract for $3000 per month. Not only did the investor gain over $200K in instant equity, the property is going to cash flow as well.
If you are interested in learning how you can participate and profit from buying distressed properties at the foreclosure auction visit our website and sign-up for a free account to view the properties currently in foreclosure.
FreeWAForeclosureList.com - Sign up for free access to all the foreclosure properties in Washington State.
REIF-WA.com – We have scoured the NWMLS for all of the distressed properties currently listed for sale. Those properties include Short Sales, Pre-foreclosures, Bank Owned and REO properties.
RealEstateInvestmentFirm.com - Our corporate website
Find Bank Foreclosures – Finding bank foreclosures may be a tedious task without the availability of the proper resources to do so. However, our foreclosure listings are your one stop destination for finding a foreclosure. Our diversified range of listings will surely help you in your research. Our foreclosures for sale listings include all types of properties. Search Now For Free at http://www.seattleforeclosuresite.com
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Is buying a foreclosed home really the best idea right now? Shouldn’t we wait and see how long it takes for the market to bounce back from this recession? I would have to think some cities are progressing faster than others, but what about our country as a whole?
To be honest, I am not that concerned about the country as a whole when it comes to real estate. Real Estate is LOCAL not national. If our clients were not making money purchasing foreclosures then we wouldn’t recommend they buy them. The fact is, they are making good money and I see no reason to sit on the sidelines and watch others profit.
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