Even though there are less of them now, I continue to be a specialist as a buyer's agent for bank owned homes in all areas of the greater Seattle/Bellevue vicinity. I represent the buyer – not the bank! I am very familiar with the process and know the best way to bargain with the banks. There are many mid to high level homes that are bank owned, just waiting for someone's TLC to bring them back to their glory.
Foreclosed properties are not short sales. They are owned by the bank and third party approval is NOT needed, as it is in a short sale. You can generally close on a bank owned home in 30-45 days.
If you are looking for investment property for sale, bank owned homes are a good way to go. Most need some work done to them, some need a lot. This is great way to get an under market value home and sink some sweat equity into a home that can be turned into a rental or resold for profit.
Having an agent that represents you and not the bank is important. I can help line you up with great inspectors and resources to help in the process.
For more information on distressed, bank owned, foreclosed, investment or REO homes, email firstname.lastname@example.org or call 206-227-4012 with your search criteria and I will find the right one for you.
Short sales are still owned by the title holder and also require lender approval to sell. This process generally take 2-6 months or more to close, depending on how many lien holders are on the property. These homes may foreclose during the offer process. Sometimes you can get a good deal on these homes, but be aware that you need plenty of patience when buying a short sale home.
A short sale means that the amount owed on the property exceeds the current market value of the property and requires permission from the lenders to sell the property at market value.
If you own a property that is going to be a short sale and need an agent to represent you and help you through the process, please give me a call at 206-227-4012.