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.
Create Seattle's newest waterfront community minutes from downtown's commercial core. 125-WFF of Lake Washington acreage, 43,000-SF, 3 historic city lots, zoned SF-5000 f...
Listing courtesy of Windermere Real Estate Co..
Spectacular western facing Lake Washington home w/75' of low bank frontage & exceptional privacy. 3 finger dock w/deep water moorage fits 4 boats + has boat lift & 2 Sea...
Listing courtesy of Windermere R.E. Northeast, Inc.
1902 Four square design situated at the highest point of Capitol Hill. Views of Cascades, Mt. Rainier, Lake WA and Bellevue skyline. 2017 Renovation includes new hardwo...
Listing courtesy of Flat List RE.
ATTENTION BUILDERS! 5000 sq ft lot with new LR2(M1) zoning located in the heart of Ballard. Multiple development possibilities: 5 new townhouses, keep existing house and ...
Listing courtesy of Kelly Right RE of Seattle LLC.
Spacious daylight rambler- big lot -with panoramic views of Lake WA minutes to U of WA, shops. AFH income potential. Two level home features 7 BR. 3.5 BATH, 2 Liv Rm, 2 ...
Listing courtesy of RE/MAX Eastside Brokers, Inc..