Seattle Foreclosure Groups

Buying Short Sales: What You Need to Know

Sorin Adamovici — Wed, 01 Feb 2012 14:39:00 GMT

What Does Short Sale Mean?

Buying Short Sales: What You Need to Know

As the real estate market remains volatile, one of the best options for many new homebuyers is purchasing a short sale home. But, what does ôshort saleö mean? A short sale is when lenders have the opportunity to sell a property before the bank forecloses on the home rather than after. While buying short sales creates the opportunity for real estate investors to pay well-below-average housing prices for properties within ideal locations, there are still drawbacks.

If you're interested in buying short sales, here are a few things you need to be aware of:

Why Banks Short Sale Pre-Foreclosure Homes

The last thing a bank wants to do is own a property secured by the bank's loans. When a property owner is in default and owes more than what the home is currently worth, the bank will work with the seller to offer the property for less than they owe on the mortgage loan.

How much money will banks take off? When buying short sales, how much should I expect prices to fluctuate? On average, banks estimate that holding on to the property after foreclosure will cost up to 18 percent of the home value to complete the inspection, appraisals, repair and maintenance. Instead, it is a much easier and financially sound decision for banks to sell the home ôas isö to avoid any third-party inspection process.

The Negative Side of Buying Short Sales

Buying short sales might seem like a good deal for the buyer, but that's not always the case. Here are three major conflicts buyers and sellers face when a short sale, pre-foreclosed home is on the market:

Time: Don't let the name fool you. Buying short sales takes a very long time. There's a whole gambit of scenarios of why a short sale might be delayed, but many of the hurdles buyers have to overcome have to deal with secondary financing on the homeowner's original mortgage, bank processing delays and private mortgage insurance policy breakdowns. Buying short sales is a very complex process, which can leave the short sell buyer in housing limbo for up to six months.

Condition: Short sale homes often need additional maintenance and repairs. When the current property owner is unable to pay the mortgage on the home, more often than not the condition of the property diminishes over time. Additionally, short sale homebuyers should take into account that the property will have had more than one previous owner, which adds to the wear and tear.

Lender Restrictions: Banks can renegotiate a short sale at the last second. If a new law passes, the market begins to change or the bank finds out more information about the property, they reserve the right to change the terms of the contract at any point in the process. Banks will also refuse to pay for extra services like seller closing costs or inspections. If you want something specific inspected on the property, you're probably going to pay for it yourself.

Short sale homes are the real estate market's diamond in the rough. It's true that buying short sales can be a very tricky process, but for the flexible and patient homebuyer, the short sale home can be the dream house they've been searching for.

Investors Moving Foreclosures Faster Than Banks Along West Coast

Sorin Adamovici — Thu, 16 Jun 2011 13:35:00 GMT

BY:Carrie Bay Third-party investors are reselling foreclosure properties they’ve scooped up at auction at a rapid pace in states along the country’s Western seaboard. In fact, they’re moving distressed homes faster than lenders, according to a local tracking firm. Washington saw a similar divergence, though its investor timeline was the longest of all five states. There, investors are able to turn around and sell foreclosure properties in 164 days on average, versus 212 days for...(read more)

Why It's Time To Buy

Sorin Adamovici — Wed, 08 Jun 2011 06:17:00 GMT

Why It's Time To Buy
The Clouds Haven't Quite Parted, But the Long-Term Case for Home Ownership Is Looking Stronger
By RUTH SIMON and JESSICA SILVER-GREENBERG

Despite all the gloom, however, there are growing indications that it is a good time to buy. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable than they have been in years. A historic glut of homes, meanwhile, has created a buyer's market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate ConsultingInc.—some 3.1 million more than normal. Such conditions might not last long.

The upshot: "While we might not see rapid growth in the next couple of years, there are a tremendous number of positive signs that could lead to a rebound," says Anthony Sanders, a real-estate finance professor at George Mason University. Read entire article

Your home buying team and plan

Sorin Adamovici — Thu, 16 Sep 2010 13:24:00 GMT

Your Team

Your Agent
A successful purchase starts with the right representative. In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders. Contact us today

Lender (Appraiser)
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves.

Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for a recommendation.

Contractor
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice.

Your Plan

1. Find the right representative

Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise. Speak to your agent first and he or she can be helping to guide you right from the start.

2. Find out what your price range is
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval. Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating). Use Calculator now

3. Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research. Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4. Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5. Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision. Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer.

With the right team behind you, it really can be that easy!

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Avoid The Most Common Home Buyer Errors

Sorin Adamovici — Thu, 16 Sep 2010 12:38:00 GMT

Shopping for a new home is an emotional experience. It’s also time consuming and comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

Paying too much
Losing a dream home to another buyer
Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).

Unexpected repairs
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Source: www.sorinrealty.com

Queen Anne Foreclosures REO/Bank Owned

Sorin Adamovici — Fri, 10 Sep 2010 10:28:00 GMT

MLS#: 212281

Queen Anne

$344,900

2584 3rd Ave W #A Seattle, WA 98119

Property Type:

Residential , Townhouse

Bedrooms:

Bathrooms:

2.5

SQFT:

1,190

Year Built:

2005

View:

Yes

Pending - Bank Owned

#1 of 6

View Listing Details

MLS#: 138481

Queen Anne

$420,000

3636 13th Ave W #A Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.5

SQFT:

1,688

Year Built:

2010

View:

Yes

New Construction:

Yes

Pending Inspection - Bank Owned

#2 of 6

View Listing Details

MLS#: 138487

Queen Anne

$420,000

3638 13th Ave W #A Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

3.0

SQFT:

1,693

Year Built:

2010

View:

Yes

New Construction:

Yes

Active - Bank Owned

#3 of 6

View Listing Details

Open House Scheduled

MLS#: 138503

Queen Anne

$420,000

3638 13th Ave W #B Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

3.0

SQFT:

1,693

Year Built:

2010

View:

Yes

New Construction:

Yes

Active - Bank Owned

#4 of 6

View Listing Details

Open House Scheduled

MLS#: 178839

Queen Anne

$464,900

2422 6th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.5

SQFT:

1,520

Year Built:

1906

View:

Yes

Active - Bank Owned

#5 of 6

View Listing Details

MLS#: 210468

Queen Anne

$640,000

2518 6th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

3.0

SQFT:

2,920

Year Built:

1906

Active - Bank Owned

#6 of 6

View Listing Details

Queen Anne homes for sale in zip code 98119

Sorin Adamovici — Fri, 10 Sep 2010 08:43:00 GMT

MLS#: 202682

Queen Anne

$449,000

2107 6th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.0

SQFT:

960

Year Built:

1903

Active

#11 of 76

View Listing Details

MLS#: 178839

Queen Anne

$464,900

2422 6th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.5

SQFT:

1,520

Year Built:

1906

View:

Yes

Active - Bank Owned

#12 of 76

View Listing Details

MLS#: 194360

Queen Anne

$474,000

2841 Prosch Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.25

SQFT:

1,610

Year Built:

1992

View:

Yes

Active

#13 of 76

View Listing Details

MLS#: 176778

Queen Anne

$475,000

1957 11th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.0

SQFT:

1,700

Year Built:

1911

View:

Yes

Active

#14 of 76

View Listing Details

Open House Scheduled

MLS#: 205735

Queen Anne

$475,000

3032 11th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.0

SQFT:

1,840

Year Built:

1922

View:

Yes

Active - Short Sale

#15 of 76

View Listing Details

MLS#: 202929

Queen Anne

$485,000

3413 13th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.75

SQFT:

1,910

Year Built:

1949

View:

Yes

Virtual Tour:

Yes

Active

#16 of 76

View Listing Details

MLS#: 202787

Queen Anne

$490,000

1115 W Raye St Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.5

SQFT:

2,360

Year Built:

1951

View:

Yes

Pending

#17 of 76

View Listing Details

MLS#: 111447

Queen Anne

$499,000

3010 12th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.75

SQFT:

2,060

Year Built:

1947

View:

Yes

Virtual Tour:

Yes

Active

#18 of 76

View Listing Details

Open House Scheduled

MLS#: 212566

Queen Anne

$519,000

2451 5th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

2.0

SQFT:

2,260

Year Built:

1905

Virtual Tour:

Yes

Active

#19 of 76

View Listing Details

Open House Scheduled

MLS#: 215597

Queen Anne

$535,000

3336 8th Ave W Seattle, WA 98119

Property Type:

Residential

Bedrooms:

Bathrooms:

1.75

SQFT:

2,140

Year Built:

1927

Pending Inspection

#20 of 76

View Listing Details

Seattle Foreclosed Homes: Getting Your Money's Worth

Sorin Adamovici — Fri, 27 Aug 2010 23:11:00 GMT

Seattle Foreclosed Homes: Getting Your Money's Worth

Author: Joseph B. Smith

Seattle foreclosed homes are probably one of the best ones that you will get from the foreclosures market. Aside from the huge discounts that you can easily make off with your purchase, there are also many other financial opportunities waiting for you in this market. Choosing the type of property is not difficult with many good choices and variety of foreclosed homes that you can buy from Seattle foreclosures. Just keep in mind the following tips to ensure that your investment is well-protected.

Visit The Property

A property inspection is imperative in the real estate market. You do not want to be lured into buying a house just because it looked good on the picture. There are a lot of other things that you need to consider when buying aside from its facade. You need to know whether it is located in a neighborhood in which you think you would want to live and among people you would want to be neighbors with. You would need to know the condition and feel of the house, what repairs are needed to make it habitable, whether the door, windows and other features are located and placed in such a way that you could deal with them. All these will be addressed by a thorough property inspection.

Conduct A Full Title Search

As much as there are a lot of great buys that you can find in Seattle foreclosed homes, never forget to conduct a full title search to verify the property title. It is important to know that you are not buying a foreclosed home with any outstanding lien, tax obligation, judgment or any other debt attached to it. This could unreasonably increase the cost of purchasing the property for you and could very well defeat your purpose in choosing foreclosures over newly-built homes.

Work With Professionals

The real estate market is a maze of intricately connected issues that you need to address. These include legal, tax and other technical issues that you need to know to avoid any future problems that may arise from any of your transaction. If you are buying Seattle foreclosed homes, work only with qualified agents and professionals who can truly help you throughout the entire buying process. Hire or consult a lawyer to about the legal issues that you need to know before you buy any property.

Article Source: http://www.articlesbase.com/real-estate-articles/seattle-foreclosed-homes-getting-your-moneys-worth-3136253.html

About the AuthorJoseph B. Smith has been educating buyers on the finer points of Seattle foreclosed homes at Foreclosure-Support.com for over five years. Click here to visit and read more advice on finding Washington foreclosed homes.

Visit http://seattleforeclosuregroups.com

Bank of America Now Issuing No Deficiency Short Sale Approvals

Sorin Adamovici — Wed, 25 Aug 2010 18:00:00 GMT

Ross Kilburn - Wednesday, August 25, 2010 Learn how to get your Bank of America short sale approved with no deficiency in this Bank of America Case Study Bank of America "No Deficiency" Short Sale Case Study: Property Location: Lynnwood, WA Lender: Bank of America (BAC Home Loans) Hardship: "Our condominium has been listed for a few months and, even with the price dropping well below the amount we owe, we have not received any offers. In addition, our financial situation is changing....(read more)

2 Story 5 bedroom For Sale in Meadowdale

Sorin Adamovici — Wed, 30 Jun 2010 08:44:00 GMT

5 bedroom home

• 2,114 sq. ft., 2 bath, 5 bdrm 2 story split - $296,000 - Under 300K

Meadowdale, Lynnwood - Lots of upgrades in this 5 bedroom home, new carpets, new windows, fresh paint, newer kitchen with eating area. Enjoy 2 fireplaces in living and family room, great hardwood floors on upper level. Huge fenced backyard with playground and plenty of room for playing or gardening. Great Meadowdale neighborhood walk to schools and parks, near all amenities and freeways. Located at the end of a quiet cul-de-sac a must see.

Property information

Taking Advantage of the Surge in Seattle Foreclosures

Sorin Adamovici — Fri, 18 Jun 2010 14:05:00 GMT

Investors and owner occupant buyers are taking advantage of the surge in Seattle foreclosures.

Seattle, the home of Microsoft and Boeing, was largely insulated when the housing crisis hit in 2008 and 2009 because of its vaunted economic strength. But as the economic crisis deepened, unemployment crept into the city and caused a surge of bankruptcy houses and foreclosure homes for sale.

The increase in foreclosures can be reflected in the number of people gathering outside the King County office building in Seattle every Friday. Investors, owner occupant buyers and observers gather and see what bargains they can snap up during the bidding held by the trustees.

One company that has been winning bids for clients said the number of houses being auctioned off in King County has been rising over the past few months. It expected the number of units to double to about 800 units in June from around 400 units in May.

With the increase in Seattle foreclosures, investors can take advantage of the opportunity of buying lower-priced homes in the area. In normal times, most homes are priced above the half-million-dollar range. But as the number of distressed properties grows, foreclosed homes in the $350,000 range can now be seen.

On one online site, there is a two-bedroom home priced at $365,773, but the difficulties of the times even in high-cost neighborhoods are now highlighted as there are now a lot of foreclosures priced above $1 million.

Government foreclosures have also been rising in the Seattle metro area, as VA, Fannie Mae, Freddie Mac and HUD foreclosures continue to get added to real estate listings. As these agencies continue to grab a greater portion of the mortgage market, they also continue to get hit with a sharply rising number of defaults and foreclosures.

While in the past, new homes and existing homes dominated the Seattle market, now foreclosed houses have been accounting for the majority of homes for sale. One major online real estate seller has 2,267 Seattle foreclosures on its website.

Author Resource:-> Original Post: Taking Advantage of the Surge in Seattle Foreclosures on BankForeclosuresSale.com.

Article From Real Estate Pro Articles

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Bidders Snap Up Foreclosed Homes for Sale in Seattle, WA

Sorin Adamovici — Sun, 30 May 2010 14:10:00 GMT

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Bidders Snap Up Foreclosed Homes for Sale in Seattle, WA

By: John Cutts

Bidders continue to snap up foreclosed homes for sale in Seattle, WA as average prices continue to fall.

Outside one of the King County public buildings, groups of people gather every Friday to look at bargains they could buy, fix and resell at great profits. Those who are more experienced in foreclosure auctions have already performed their due diligence and have already determined which of the foreclosed properties for sale would be profitable for them.

Based on statements from foreclosure specialists in King County, where Seattle is located, the number of homes being auctioned off every week has spiked from about 150 units before the housing crisis to about 450 in the first months of this year.

While most of the 25 largest cities in the county have started recovering from the crisis, Seattle and two others are still experiencing surges in foreclosure activity.

Analysts contend that foreclosed homes for sale in Seattle, WA continue to rise in number while foreclosure filings slow down in other areas because the effects of the crisis on Seattle were delayed. Initially, Seattle was largely insulated from the crisis.

When the housing crisis hit, Seattle was able to hold up as the city has one of the strongest economies in the country. It hosts several of the largest employers in the nation.

But as the crisis persisted and spread out, residential and commercial foreclosures began to surge in Seattle and in other parts of King County. In April, a total of 1,282 foreclosure filings were posted in the county, accounting for 29.4 percent of the 4,365 foreclosures filed throughout the state. These numbers are in addition to the 3,439 Washington foreclosed homes posted in the first three months of this year.

With the median price for pre-owned single-family homes falling by 22 percent from the peak to $306,000 in March, bidders and other buyers are stepping up their efforts in looking for foreclosed homes for sale in Seattle, WA to buy.

Author Resource:-> Original Post: Bidders Snap Up Foreclosed Homes for Sale in Seattle, WA on Foreclosure-Support.com.

Article From Real Estate Pro Articles

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3-Level Split For Sale in Queen Anne

Sorin Adamovici — Fri, 02 Apr 2010 09:02:00 GMT

Walk to all the amenities of Queen Anne

• 2 bath, 3 bdrm 3-level split - MLS® $475,000 - Queen Anne

Queen Anne, Seattle - Prime sought after Queen Anne location. Walk to all the amenities of the Queen Anne community. New carpets, updated bathrooms, kitchen on the main floor and small kitchen downstairs with possible extra 4th bedroom, new roof, hardwood floors and a stand alone gas fireplace. Garage plus extra parking w/alley access. Pleasing private backyard with fruit trees and plenty of room to expand.

Property information

3-Level Split For Sale in Cedarhurst

Sorin Adamovici — Fri, 26 Mar 2010 05:41:00 GMT

New updated kitchen

• 1,780 sq. ft., 2 bath, 3 bdrm 3-level split "On three levels" - MLS® $329,950 - Lake View

Cedarhurst, Burien

Property information

Single Story For Sale in Verdeaux Condominiums

Sorin Adamovici — Wed, 24 Mar 2010 21:57:00 GMT

Brand new home wrapped in luxury

• 1,094 sq. ft., 2 bath, 2 bdrm single story - MLS® $279,950 - Furnished ask for details

Verdeaux Condominiums, Norway Hill - Verdeaux luxury condo in Bothell. Minutes to all amenities EZ commuting, 5 mins to UW of Bothell, Shopping, Dining, and Wineries and Northshore SD. Be amazed by 9' ceilings, open floor plan, slab granite and marble countertops, stainless steel appliances, gas cooking, large master w/walk in closet, huge private patio w/storage that faces protected greenbelt. New community offers garage, picnic tables, lawn, and tennis court. This condo comes furnished ask for details. FHA/VA

Property information

What Homeowners Need to Know About Loan Modifications

Sorin Adamovici — Sun, 21 Feb 2010 22:39:00 GMT

In my experience, working with hundreds of Seattle area pre-foreclosure homeowners since 2004, the homeowner is best served when they find closure as soon as possible. Loan modifications, for the vast majority of homeowners, only postpones the inevitable. Consider this reality: Out of 3.1 million delinquent mortgages in September of 2009, only 16% have been successfully modified. The average homeowner has roughly a one in six chance of getting their bank to agree to a loan modification. To even get...(read more)

What’s the outlook for foreclosure activity in 2010?

Sorin Adamovici — Sun, 21 Feb 2010 20:00:00 GMT

New Decade Presents New Opportunities in Foreclosure Market

Posted By Paige On February 9, 2010 @ 4:48 pm In Consumer News and Advice, Home Buying 101, Real Estate, Today's Marketplace | Comments Disabled

RISMEDIA, February 10, 2010—In this month’s column, I’ll try to answer some of the most frequently asked questions about the foreclosure market.

Q: What’s the outlook for foreclosure activity in 2010?

A: It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted as this issue goes to press, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.

Q: Will we see a flood of REOs?

A: Investors, home buyers and real estate professionals have all been anxiously awaiting a tidal wave of REOs for the past two years. Instead, inventory levels have remained frustratingly low, even in some of the hardest-hit foreclosure markets. Expect more of the same in 2010.

What this means for buyers and sellers is that there will be limited availability of REOs, albeit at higher-than-normal levels. No flood, but a good chance that the trickle on the market today will grow to a more steady stream. While this makes it less likely that we’ll see a “double dip” in home prices, we also won’t see much price appreciation until these distressed assets are finally gobbled up. The most likely scenario is a long, relatively flat period of recovery in the housing market.

Q: Will there be a surge in short sales?

A: A big frustration for potential foreclosure buyers has been the difficulty in buying a property via short sale. Agents have questioned why banks reject a short sale offer 20% below the mortgage amount only to spend tens of thousands of dollars to foreclose on the home and then sell it as an REO at a 50% discount.

We’ll see an increase in the number of short sales if the Treasury Department has anything to say about it. Lenders participating in the Obama Administration’s loan modification program will be strongly encouraged to offer any homeowner who doesn’t meet the requirements for HAMP (Home Affordable Modification Program) a short sale opportunity as an alternative to foreclosure.

But short sales won’t be a panacea, either. In many cases, the presence of a second loan will make negotiating a short sale much more difficult; in other cases, the owner of the primary loan might foreclose on the home, wipe out the second loan, and sell the home, using the amount of the second loan as a “market discount” to move the property.

Q: What are the implications for real estate professionals?

A: Working with foreclosure properties will require diligence, persistence and patience. But there has never been a market with as much inventory to choose from, and the combination of deeply discounted pricing and historically low interest rates make many deals once-in-a-lifetime opportunities.

Whether you’re a buyer’s agent looking for investment properties or a listing agent looking for REO homes, 2010 marks the beginning of a decade of unprecedented opportunity. Let us know how we can help you succeed.

Rick Sharga is senior vice president at RealtyTrac. For more information, visit www.realtytrac.com ^[1].

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com ^[2].

Don’t miss these headlines on RISMedia.com:

5 Reasons REO Properties are Great Deals

Sorin Adamovici — Sun, 21 Feb 2010 18:53:00 GMT

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5 Reasons REO Properties are Great Deals

By: Heather Seitz

With REO properties flooding the market, is it time for you to add them to your real estate investing business?

The simple answer is yes! The fact is, REO properties make up the majority of "REAL DEALS" in this market and you need to be taking advantage of this great opportunity.

Here are 5 reasons REO properties are the way to go!

1. Bank Has Already Taken Loss First and foremost, if the property is an REO, then the bank has most likely already gone through a lengthy and expensive foreclosure process and hasn't seen a nickel on the properties for the last 1 to 2 years. Long story short, they have already conceded and taken the majority of the loss. Their main focus now is to simply get rid of the property as quick as possible.

2. Banks Make for BAD Landlords Banks also don't make for great landlords and have no intentions of being landlords. Banks make their money off loaning money; not own defaulted properties. For several reasons along with several federal regulations, the best thing for the banks to do is to get these properties off of the books and move on. This means deep discounts for you!

3. Property Chased the Market All the Way Down Also, it is very likely that the REO property "chased the market" all the way down to rock-bottom before the bank finally took possession. Now, they are competing with the rest of the properties on the market and need to discount the properties even more just to compete with the competition. Remember, they NEED to get rid of their REO inventory and get back to their main business of loaning money.

4. Low Value No Longer Means "Trashed" Property Use to be that the vast majority of REO properties on the market probably ended in a long, lengthy rehab. While rehabbing is a great option for many REO properties, it may not be for everyone. The good news is that many of the REOs coming on the market today are actually in great shape. That means you are getting a property at a rock-bottom price that doesn't need much work (or money) at all.

5. Less Time - More Deals Another great aspect regarding REO properties is that your start-to-finish time for your deals is cut in half. For many of the reasons listed above, negations are normally quick. The banks really have no emotion involved which can make negotiations go faster and more businesslike. Generally, once you've agreed on a price, things move pretty fast. This means less time on each property and more deals!

Author Resource:-> Learn REO Real Estate Investing Techniques That Work In Today's Market and Gain Access to Real Estate Investing Tools, Tips, and Technology, Get Your FREE Instant Access to Our Brand New Real Estate Investor Video Training Series. Click Here Now => www.RealEstateTrainingAcademy.com

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The general trend in Seattle Foreclosures

Sorin Adamovici — Tue, 16 Feb 2010 02:48:00 GMT

The general trend in Seattle Foreclosures

Author: Ron Akins

Seattle foreclosures are on the rise, reflecting a national trend in rising foreclosures. They offer great opportunity for investors who want to invest in good properties at competitive rates.

Seattle is the biggest city in the U.S., Pacific Northwest. It is located in King County, Washington. Real estate agents and home buyers can look forward to some very good buys in Seattle as Seattle Foreclosures have started spiraling.

The figures have a story to tell.

There were 432 new foreclosures in Seattle in May 2009. This is 168% up from May 2008 and 27% up from April 2009.
This is not the case with the State level figures. Foreclosure filings were reported on 3, 559 Washington properties in April 2009 which was a decrease of 21% over the previous month, though 34 % up from April, last year.
Foreclosure activity in the state has slowed down probably because the unemployment rate has held steady.

Finding a dream home at a cheap price in Seattle has become easy because it heads the list of bank foreclosures. Seattle comes out with its list of foreclosed properties, mostly available on the internet. In Seattle the economic down turn has led to increase in foreclosures as more and more people are defaulting on their mortgages. While it is good news for investors, for the borrower, it is a harrowing time. Many have landed in the soup because sometimes the lender has resorted to fraud and partly due to the economic downturn. To prevent Seattle Foreclosures it is best to be aware of Seattle real estate laws. Organizations like Urban League and Solid Ground are also willing to help you.

Most lenders prefer that they get back their loans rather than being saddled with foreclosed properties. So usually they give time for you to cough up and re-arrange for your finances during a grace period. But anything beyond sixty days is considered that the property is in pre-foreclosure stage and the home owner is in default. You may want to consider various options to wriggle out of foreclosure. For instance, consult your lender. Many lenders offer programs to get you back on track while collecting some sort of payment for their mortgage. Even if you are not able to prevent foreclosure of your home, you may have managed to save a sum, which can be used to purchase a new home. Alternatively consult the Foreclosure Prevention Program that has been instituted by the government in Seattle to prevent increasing number of Seattle Foreclosures.

Article Source: http://www.articlesbase.com/real-estate-articles/the-general-trend-in-seattle-foreclosures-962222.html

About the AuthorRon Akins is Chief Writer on Real Estates and Foreclosures with over 20 years of experience in writing and provides expert tips on buying Seattle Foreclosures. For more details please visit Seattle Foreclosures

Seattle Foreclosures - Benefits and How to buy

Sorin Adamovici — Tue, 16 Feb 2010 02:39:00 GMT

Seattle Foreclosures - Benefits and How to buy

Author: Ashley Caird

Foreclosures in Seattle are very famous because they provide properties at much cheaper rate. Seattle foreclosures gave augment to investors providing good properties at Competitive rates. Foreclosure can be defined as the legal and professional proceedings in which a mortgagee, or other lien holder, usually a lender, obtains a court order of termination of a mortgagor’s equitable right of redemption.

Seattle is a biggest coastal city, and a major sea port located in the Pacific Northwest region of US. Seattle is a flourishing metropolis driven by a diverse and resilient economy, strong entrepreneurial spirit and vital business sector for Seattle foreclosures. It is one of the major headquarters of Seattle Financial Service Company.

Investing in Seattle foreclosure is a wiser decision because finding a dream home at a bargain price is not difficult in Seattle because it tops the list of Washington bank foreclosure. Some of its benefits are

•    In a present market situation where the rates are skyrocketing, a foreclosure house is like a blessing because the investment cost is lower than even the market price.•    Seattle foreclosures provide homes with much cheaper than the equity that the home Owner originally paid
.•    It gives attractive opportunities for investors to find cheap foreclosed property.
•    The economic turn down in Seattle has lead to increase in foreclosures as more and more people are defaulting on their mortgages
•    The percentage of Seattle foreclosures rises 27 %up from April 2009.
•    People with good resource can easily invest in Seattle foreclosures, as they can also expect low interest rate in future.
•    Education: Seattle is the nation’s most educated city, with highest number of       college graduates.
•    Dining: Here one can have various coffee carts café, Seattle food, fresh local ingredients’ and great Pacific Northwest microbreweries and wineries.
•    Visiting: Best thing in Seattle to view are the wonderful mountain and water views, like Smith tower observation deck, Columbia tower observation deck etc.How to buy?
•    Spend time in searching titles of foreclosed homes.
•    The maximum emphasis should be on the legality of the property and transition.
•    It should be legitimate to justify in transition of ownership and money
•    Visit the home and check its surroundings and neighborhood.
•    Look for price signs whether it is right for the investment in Seattle foreclosed homes.
•    Seattle foreclosures require reliable and unbiased inspection of the property so that any expensive repairs can be avoided.
•    Communicate with the title owner of Seattle foreclosed homes, be its lender, bank or court.

Article Source: http://www.articlesbase.com/real-estate-articles/seattle-foreclosures-benefits-and-how-to-buy-1089962.html

About the AuthorAshley Caird is skilled writer of Real Estate Foreclosures having 18 years of writing experience. She provides tips and guidelines on buying all types of foreclosures. For more details please visit Seattle Foreclosures.

Single Story For Sale in Cambria Hills

Sorin Adamovici — Tue, 26 Jan 2010 02:10:00 GMT

Affordable Luxury

• 2 bath, 2 bdrm single story - $237,900 - Access to UW of Bothell

Cambria Hills, Bothell - Affordable Luxury! Cambria Hills, renovated 2007 w/Fireplace, Brand new Maple finished Cabinets, Tiled Counters in Kitchen and Baths w/ All new appls. Lots of storage! Enjoy the Community Pool, Fitness Center & Clubhouse. Surrounded by all amenities Easy commuting, & access to UW of Bothell, Shopping, Dining, and Wineries. Northshore Schools!

Property information

Foreclosure notices in U.S. rise 21% in 2009 to record; up 60% in King County

Sorin Adamovici — Sat, 16 Jan 2010 08:57:00 GMT

The increase in King County was even more dramatic with the number of filings up nearly 60 percent. In Washington state, filings were up 35 percent.

Foreclosure proceedings in King County increased 60 percent in 2009, but the Seattle area still has not been hit as hard by the crisis as the nation as a whole. Read More

Originally published January 13, 2010, The Associated Press and Seattle Times
http://seattletimes.nwsource.com/html/businesstechnology/2010786920_foreclosure14.html

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Sorin Adamovici — Sat, 16 Jan 2010 07:48:00 GMT

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes. Click here to Read the whole article.

U.S. Department of Housing and Urban Development (HUD)

http://www.sorinrealty.com/

http://www.seattleforeclosures.com/

Seattle Foreclosure Homes - Listings Benefits!

Sorin Adamovici — Wed, 06 Jan 2010 20:46:00 GMT

Seattle Foreclosure Homes - Listings' Benefits!

Author: Clint Jhonson

For many people, finding cheap real estate is a dream. However, they often tend to overlook the actual prices of Seattle foreclosure homes. This is indeed a great and perhaps unique chance to find affordable real estate and make a quick purchase. If you have convinced you, then the only thing you have to do is search through Seattle foreclosure listings. Locate the properties present out there, including government homes, bank owned and federal houses. They all have one thing in common, meaning they are quite bargain-priced! Seattle foreclosure listings include a wide range of offers for prospective buyers, all of them with a huge savings potential. These are what we know as distressed properties, sold by the lender to recover an outstanding debt owed by a previous owner. Experts in Seattle foreclosure homes can help one find affordable properties, explaining at the same time the results obtained by using an online database. Among the choices found through Seattle foreclosure listings we can expect to find both residential and commercial properties, all at discounted prices.

If you consider finding Seattle foreclosure homes to be difficult, then you’ve probably need specialized assistance. Find yourself a company with experience in the field and allow them to help you browse through Seattle foreclosure listings. They will transform the entire purchasing experience into something pleasant and fruitful. These listings can be your source for the most amazing discounts on properties you have not even dreamt of owning. And think about it, you can have all that right from the comfort of your own home, sitting at your computer. After you have selected several properties from the Seattle foreclosure listings, these specialists will teach you all about home values and how to select the best property. As many people search for Seattle foreclosure homes with the purpose of investing, it’s essential that they benefit from specialized help. They need to know if that investment is worth to be made and discover the different advantages of purchasing apartments, town homes or commercial properties. Seattle foreclosure listings are for them a comprehensive database of information and it is only understandable why it is considered so useful. Properties can be searched according to their prices, location and various criteria.

The moment you are ready to start your investment adventure, you should consider resorting to Seattle foreclosure listings. You will discover a world filled with opportunities and the most amazing discounts for Seattle foreclosure homes. The information presented on these websites represents valuable advice for anyone trying to succeed on the real estate market by purchasing properties that have been foreclosed. Thanks to the specialized help offered, one will be able to gain good knowledge of the market and the properties in question, watching out for potential hidden costs. The value of the money invested in Seattle foreclosure homes will be maximized. Seattle foreclosure homes are sold at prices lower than the market value by lenders wishing to recover their losses.

These properties do not require the assistance of real estate agents and they are sold usually really fast through Seattle foreclosure listings. If you were to browse such a list, you would discover that there are several details presented for each property, along with info regarding the public auction. Research is essential when one is interested in Seattle foreclosure homes. Considering the beauty of the city and the inviting temperatures, we can all understand why Seattle is a popular destination for homeowners. Many of the properties are close to the ocean and thus they tend to have very high prices. Seattle foreclosures make these properties more affordable.

Article Source: http://www.articlesbase.com/real-estate-articles/seattle-foreclosure-homes-listings-benefits-507347.html

About the Author:
We offer access to a great number of affordable properties through our Seattle foreclosure listings . Research with us for Seattle foreclosure homes and you will definitely be satisfied with the end results!

Investing in Foreclosures

Sorin Adamovici — Sun, 03 Jan 2010 12:46:00 GMT

Investing in Foreclosures

Author: Gary Giardina

There are many ways to get started in the real estate market. The best one right now for many investors is by investing in foreclosures. This tactic allows you to buy quality properties for pennies on the dollar. With the recent real estate crisis, there are many foreclosures on the market to choose from.

There are some basic rules you should follow when investing in foreclosures. The first one is to know what you want. This is a simple matter of creating a business plan. By listing what you want to accomplish and how you are going to do that will help keep things on a more narrow road. You will not get side tracked by every "good" deal you come across.

When you are investing in foreclosures you must first determine what you are going to do with the property. You need to realize whether you are going to buy it, refurbish it, and resell it, otherwise known as flipping. Or are you going to hold on to the property for some time and use it as a rental. This will determine what types of properties you will want to look at.

The business plan should include what types of houses or properties in which you are going to invest. If you are familiar with commercial real estate, then it would be good to stick to this type of property. You may want to deal with single family homes. Again, this is also going to be determined by what you want to do. Single family and multi-family homes are great for someone interested in being a landlord.

Market research is also part of putting together a good business plan. The market will have a great deal to do with the types of properties you buy. Just because there is a fantastic English Tudor for sale at 50% less than market value, does not mean it is a good investment. The homes in the neighborhood which are selling may only be three bedroom ranches.

Cash flow is also an important part of the business plan. You will want to generate a positive cash flow as soon as possible. To do this you must be able to generate cash from either a family member, friend, or the lenders. When you are investing in real estate, the lenders will be examining the property values, the market and your credit risk. A good, solid business plan can sometimes be more persuasive than just walking in and asking for a loan.

With a business plan there will also be a team you put together to help when investing in foreclosures. The first member of your team should be a qualified real estate agent. This is the person who can tell you the market trends for the neighborhood. You will also want an inspector or contractor. This is the one who will let you know just what kind of repairs you will have to make on any of the properties you are looking at. You will also want someone who has experience with investing. This may be a friend, family member, or even another investor. With a solid team behind you, investing in foreclosures is not as hard as some people think.

Article Source: http://www.articlesbase.com/finance-articles/investing-in-foreclosures-326641.html

About the Author:
Gary Giardina
For More Information on foreclosures,please visit:
http://www.aboutforeclosurelistings.com

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