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.
In a private Lake Washington setting, this is one of Seattle’s great estates. With over 200 feet of waterfront and sweeping views of the Cascades from Mt. Baker to Mt. Ra...
Listing courtesy of COMPASS.
A once in a generation opportunity to own the entire Penthouse floor in one of Seattle's most luxurious condominium buildings offering an unparalleled level of service & ...
Listing courtesy of Coldwell Banker Bain.
Rare owner-user industrial opportunity in South Seattle. 18’ clear concrete building with 3 grade-level doors - Zoning IG2 U/65 . 3 separate meters and demised already...
Listing courtesy of COMPASS.
Designed by acclaimed architect Tom Kundig & interior by George Suyama & Gulassa this award winning boutique building is of unmatched style & presence in the heart of bus...
Listing courtesy of Ewing & Clark, Inc..
For over 30 years Zackys Custom Rods & A+ Body and Paint have been doing remarkable work, from ground up custom to smooth body work bringing back to life the beauty of au...
Listing courtesy of The Preview Group.
The database information herein is provided from and copyrighted by the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright.
