Two “Gems” purchased at the July 18th Foreclosure Auction
July 29th, 2008 by Kristian Aasgaarden | no responses
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The foreclosure auction was very good for our investors on Friday July 18th 2008.
We purchased two properties at auction that day and both were exceptional deals. The first property was a beautiful home in the Bridle Ridge neighborhood of Bellevue. Tne home was last sold in December 2006 for 1.099M. The prior owner then proceeded to spend an additional $180K in upgrades and remodelling.
We bought this house at the foreclosure auction for an investor for one dollar over the opening bid of $723,000. By that afternoon we had all cash offers from potential buyers for $905,000. We will be re-listing the property on the MLS for $1.1M in the next couple weeks and expect to sell very quickly.
Below are some pictures of the property.
The 2nd property we purchased was a house less than one block from Greenlake. We purchased the house at auction for $378,600. According to the tax records the property was only a 2 bedroom 1 bath but the former owner had almost completed finishing out the basement which adds another bedroom and bath and approximately an additional 400 sqft.
The investor will spend about $25,000 fixing up the house and the ARV (after repair value) of the property is between $550,000-$600,000
If you would like to learn more about how you can purchase foreclosure properties like this at signifigant discounts you are invited to attend our weekly investor training class held every Tuesday at 4:30 at our downtown Redmond office.
Real Estate Investment Firm 16300 Redmond Way Suite #202 Redmond, WA 98052 Please RSVP for this event
The Author: Kristian Aasgaarden
About: Kristian, one of the co-founders of Real Estate Investment Firm, brings over 16 years of industry experience to REIF. Kristian began his career in the escrow field and was an escrow closer for many years before turning to real estate investing.
This entry was posted by Kristian Aasgaarden, on Tuesday, July 29th, 2008 at 6:03 pm and is filed under Buy Distressed Real Estate, Featured, Foreclosure Auction, Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
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