Designated Broker Helping People In Residential,Commercial Sales,& Lease To Own
Current
Michael J Real Estate
Seattle, Kirkland, Tacoma, Puyallup, Olympia, Arlington, Bellevue, Bellingham
WONDERING ABOUT GREATER SEATTLE REAL ESTATE? We can help you find an affordable place to live, downsize, or invest. Whats HOT? REO's Real Estate Owned homes. Basically 3 kinds of properties in the market to choose from. It makes a bigdifference.1. Regular homes: Currently 7week buyer supply with no excessive liens or dire motivation, average market time is 50 DAYS or less. 2-6 offers if the home is priced right to compete with. 2. Short Sale: 800,000 U.S. properties in 2023 down dramatically from the peak of 2,871,891 properties with foreclosure filings in 2010. A person buys a home and owes idk lets say $480,000 to one bank and :$120,000 to another for the 600k home they bought 0 down payment, lets say in 2004-2007. Now the homeowner is 60 days late and the bank comes calling. ONLY PROBLEM IS THAT HOME IS NOW WORTH $450,000 and the backpayments may be another $15,000-60,000 now add the $10,000 Foreclosure lawyers charges. PROBLEM 1 process takes 2-6 months for the process. PROBLEM 2 bank can accept multiple offers and you may wait for nothing and be outbid up to the last day of closing. PROBLEM 3 home forecloses while you are waiting for mutual acceptance on your offer.3. REO, the bank has foreclosed this home (22,000 plus in Washington in 2024 now the previous owner 95% of the time takes the appliances and goodies out of the home, but price is very negotiable. The home is appraised after foreclosure and prices are realistic. AND 5-15% of list price is still negotiable as the BANK DO NOT WANT TO HOLD 1 HOUSE; LET ALONE 22,000.