REIF Clients Purchase Three More Properties at King County Foreclosure Auction

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