Distressed Real Estate and Foreclosure Auction Properties

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At tonight’s Real Estate Investment Firm’s investors’ meeting, we recapped several foreclosed properties that sold at auction recently, to give our investors and first-time visitors a feel for the amazing deals that can take place.  Here’s a prime example…Property ID # 2710, a beautiful 3,360 square foot home on an 8,125 square foot lot, is worth $1,015,500, and it sold at auction for $503,600–that’s fifty cents on the dollar! 

The investors learned that higher-priced properties (above $420,000) have less competition for them at auction.  If you have cash, then you’re in an even better position to buy, because most hard money lenders will only finance up to $425,000.  However, keep in mind that here at REIF, our hard money lenders will finance more than that.  And if you want even less competition, check out the higher-end properties in Snohomish County–there aren’t that many people bidding on them at auction.  Let’s take a look at a prime example of an excellent opportunity up there.

In Mukilteo’s Kamiak Pointe subdivision (near Boeing), at tomorrow’s auction, the actual opening bid on a 3 bed/3 bath home is just $334,800!  That’s a $60K drop bid on a property (ID # 11720) worth $489,500!  As Kristian Aasgaarden, one of our senior partners, commented, it’s a “screaming deal” on a nice property, with a pretty decent equity spread of $150K! 

Another example of Snohomish County deals is of the best kind–a deal in disguise.  Keep your eye out for a drop bid on property ID 7697, located in Lynnwood, which is potentially sub-dividable into 3 separate lots!  This lakefront property is a 27,442 square foot lot which currently has a 6 bed/2 bath, 2,411 square foot home on it.   Right now, there’s still not an actual opening bid on the property, but the estimated opening bid is $712,110.24, and the estimated market value is $577K.  Because the estimated opening bid is so much higher than the estimated market value, you can be sure that there will be a drop bid coming up soon on this one.  The last time it was up for auction, it had an opening bid of $585K, but the auction was postponed.  Watch this property closely–don’t miss this great opportunity.

Just remember that no matter what you’ve read or heard, now really is the best time to buy property–you always want to buy when nobody else says it’s a good idea.  Even in King County, where the usual cost of properties is high, at auction tomorrow, there are some great deals to be had. 

Have you ever wanted to own a house in Kirkland, but thought it was beyond your price range?  Take a look at property ID 1304525, in between Rose Hill and Totem Lake.  The actual opening bid on this 2 bed/2 bath, 1,060 square foot home on a 11,556 square foot lot, is just $266,857, and the estimated market value is $425,000!  It’s an excellent bargain with over $150K in equity!  Because the first mortgage is in foreclosure, the 2nd mortgage will fall away when you buy this home at auction tomorrow!

We’ll see you at the auction tomorrow! 

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