For some, it is a word that conveys the fear and dread of financial ruin, while for others it infers a positive economic opportunity. Regardless of the perspective, it is possibly the most misunderstood aspect of any real estate market.
Buying directly from the bank is preferred by many because it is a more methodical, predictable and non-emotional process than buying from the distressed seller.
Not all REOs are good deals. Many banks want market value in order to recoup as much of their losses as possible. Others are more concerned with liquidating their REO inventory as these non-performing assets have a negative impact on their books. We have relationships with asset managers and REO officers, so knowing which lenders are motivated sellers and which properties represent a bargain is where we come in.
If you are an owner of Seattle real estate that would like to know what options you may have in avoiding foreclosure or walking away from the mortgage, fill out the contact form on the right or contact us at (425) 224-1282 to schedule a confidential consultation.
The foreclosure process begins when the lender files a Notice of Default, or NOD, with the County Recorder once a borrower defaults on their loan. The process ends when:
Within the grace period determined by state law (pre-foreclosure), the borrower pays the default amount and reinstates the loan, or
The property is sold during the pre-foreclosure time period, allowing the borrower to pay off the loan. A situation where the loan is greater than the sale amount, but the lender agrees to a loan pay off that is less than what is owed is referred to as a short sale, or short pay. Or,
At the end of the pre-foreclosure period, a trustee sale occurs and the property is sold at a public auction to a third party, or
The lender takes ownership of the property through an agreement with the borrower during the pre-foreclosure time period, or buys the property at the trustee sale. The bank-owned property is referred to as real estate owned, or REO.
Privacy & elegance along the shores of Lake Washington! With a sophisticated & timeless relationship to the water, front row views of Mt Rainier & the Cascades & 180 fron...
Listing courtesy of Windermere Real Estate Midtown.
The 8600 Aurora Apartments /Commercial are located on Busy Aurora Ave N . with easy access to all parts of the city. Great steady income as-is or redevelop the property ....
Listing courtesy of RE/MAX Northwest Realtors.
Perfect opportunity to build amazing mixed uses for retails & apartment with Rainier Frontage. Zoning NC2P40. A block away from Columbia City and St. Edwards School. Min...
Listing courtesy of Keller Williams North Seattle.
A pristine 3400 SF Sky level Residence where soaring walls of windows frame tranquil Sound, Olympic Mountain and City views, a short stroll from the Waterfront, shopping...
Listing courtesy of Compass Washington/Seattle.
The views from the 35th floor of this exquisite home are breathtaking~the Pike Place market, Elliott Bay, mountains and City lights. The residence designed by a well know...
Listing courtesy of Realogics Sotheby's Int'l Rlty.