The average price/value on these foreclosure auction purchases was 74 cents on the dollar!  Imagine purchasing your next home or investment property at a discount of 25% or more!

The first property was purchased at the Factoria foreclosure auction and was a central Seattle townhome project consisting of 5 partially complete units.  The units are approximately 85% complete and were purchased for one dollar over the opening bid of $1,008,500.  The foreclosing lender was owed at the time of trustee sale amounts in excess of $1,860,000 but they chose to discount their opening bid in the hope of attracting a third party buyer at the foreclosure auction.  Estimates to complete the project are about $250,000 for a total investment of just over $1,258,000.  The investor/developer who purchased the properties hopes to resell the completed units at a sales price of $350,000 each.

Next we purchased this 6,340 square foot home in Duvall, WA that sits on approximately 1.5 acres. The current Zestimate on this property is $949,500 and King County has the property tax assessed at $903,000 for 2010.  The opening bid was also discounted by the foreclosing lender, in this case shaving off nearly $500,000 from the amount owed to the bank.  This home was also purchased for one dollar over the opening bid for $595,001.  That equates to less than $100 per square foot.  The house was in great condition with the exception of the landscaping and was a truly amazing deal for our clients.

Finally, we purchased this Ballard/Crown Hill property that has sweeping views of the Puget Sound.  This also was purchased for one dollar over the lenders minimum bid.  Discounted from $861,577 down to $506,340.  The home is just over 3100 square feet and has seven bedrooms, as it was being used as an adult family home.  With a little updating and a new roof, this home will once again shine.

To view these and all the other homes sold at last Friday’s foreclosure auction you can visit the following link.  http://realestateinvestmentfirm.com/auctionsales.pdf

The Seattle Times recently wrote a story about a multi-million dollar mansion in Kirkland’s upscale West of Market neighborhood that has been taken over by squatters.  The home, currently listed for $3.3 million and owned by First Citizens Bank (through their acquisition of Venture Bank from the FDIC) recently saw a family consisting of two adults and two children move into the property and claim ownership of it entirely.  A notice has been posted on the door claiming that “all rights, interest and title in the property” has been transferred to Priority Rose Children’s Outreach of Bothell.  A two week old Charity according to the article.  Coincidentally, the charity shares the same listed phone number as  a Bothell company called NW Note elimination.  A company that “specializes” in “eliminating mortgages” through what many would call dubious practices.  When police were called in to investigate they were shown a document by the new occupant claiming ownership.   Since the police don’t often involve themselves in these type of cases, it will be up to the bank to evict the squatters through proper eviction proceedings and eventually physical removal from the property by the King County Sheriff.

You can read the entire article here.

What are your thoughts regarding this story?  How long do you think it will take the bank to evict the squatters? Post your comments below.

You may view a .pdf with property details for all 3o of the third party sales by selecting the following link.

Foreclosure Auction Sales Results for June 4th 2010

If you want to pick up these type of deals visit Real Estate Investment Firm for more information.