Washington Foreclosures

It's a smart time to buy and bank owned properties are a good investment if you do your homework ahead of time.

• Easy Negotiations: Buying a bank owned property is easy. The bank usually responds to your offer within 3 to 5 days and wants to close within 30 days, no delays like Short Sale properties.

• Market Value: Most foreclosed homes are well below market value, but it is important to have a free market analysis done to make sure.

• Home Inspection: Even though most bank owned homes are sold as-is, it is very important to have a home inspection done. Make sure you know what you are buying before you buy it. If the bank accepts your offer, you have a 10 day contingency to do a home inspection. If the inspection does not pass your standards, you can back out of the purchase and get your earnest money back.

• Repairs: Many of these homes only need cosmetic updates - new carpet, paint, etc. Repairs are usually not done by the holding bank, however, to meet the buyer's FHA guidelines, some repairs by the seller (bank) might be negotiable. Not all homes need repairs, you might be surprised.

• Closing Cost: Many of the holding banks will agree to pay some or all of your closing cost and allow the use of down payment assistance programs when available.

• Foreclosure Law: Most of the bank owned properties that we deal with on the MLS in Washington are non-judicial foreclosures. The seller has no right of redemption and you end up with a clear title. Research, as always, should be done on each property before purchase.

How much were these homes originally worth?

Are you really getting a good deal?

Do you get a clear title? Title Insurance?

Let's Talk -

Sandy Michaels ~ (360) 601-3490

sandymichaels@msn.com