Every week over 150 properties are scheduled to go to auction (trustee’s sale) in Snohomish County. On Friday, March 25th, a property in rural Snohomish is scheduled to sell on the courthouse steps, and it represents a great opportunity for anyone wanting acreage or equestrian property for under $275,000.

The structure is a daylight rambler with over 3,400 square feet of living space, with 4 bedrooms and 2.5 bathrooms. The home needs a little TLC, but the real appeal of the property is the 15 acre lot. For those looking for equestrian or even small ranch potential, this is a unique opportunity to buy horse property wholesale. We have investors that will loan cash to qualified buyers on the day of the auction, and even a resource to start an automatic refinance into a contemporary home loan after you purchase the property.

The property is occupied, and we want to be sensitive to the situation that the owner is facing, so we’re only making further information available to those that schedule a personal consultation to go over the details. If you’re interested in learning more about this property or taking advantage of opportunities similar to this, please fill out the form below and we’ll contact you directly to tell you how.

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Tags: acreage, auction, equestrian, Snohomish, Snohomish County

Trevor is my brother-in-law. I’ve been helping him and his wife to find their first home over the last couple of months. We made an offer on a bank-owned home in Edmonds that was accepted, but in a long and twisted tale of banking regulation gone wrong, they had to give up that home and start their search over again. They also had to move – they had given notice at their apartment complex and their unit had already been rented out. So that’s how I gained two roommates

Trevor and Liz were originally hesitant to consider properties sold at trustee’s sale, but being forced to live with me encouraged them to look at all options. After watching a few properties that would normally be outside of their price range sell well within their range, Trevor and Liz threw themselves into the process. They were pre-approved to borrow funds at auction, received a username and password to search our trustee sale database, and started driving properties that they were interested in.

Trevor bid on a home at auction every week for three weeks prior to Thanksgiving, barely losing out on all three. He was being conservative at my insistance – I wanted to make sure that they not only got a good value – but a good home as well.

On Thanksgiving morning we drove two properties in Lynnwood, including the one you see pictured above. We couldn’t get inside, but it was obvious that the home was vacant. We used recent MLS photos to determine the layout and condition of the interior. I called the previous listing agent to get her assessment of the home, and we pulled title to see what liens would survive the foreclosure.

Trustee’s sales usually happen on Friday mornings, but because of Thanksgiving, the sale was postponed until the following Monday. Perhaps because of this, and perhaps because people might have been gone for the holiday, there was a thinner crowd than usual at the auction. The property above was called, and Trevor qualified for bidding, as did three other people. The opening bid for the property was $170,695. I had the current market value at $255,000 – $260,000, and Trevor ended up with the winning bid at $195,500.

Keep in mind that Trevor still hadn’t been inside the home. I met Trevor at his new house and we drilled out the lock on the front door. I gave him a little pep talk ahead of time, saying that it would be ok, and that if need be, they got the property at large enough of a value that it could be rented or sold on the market.

Trevor and Liz moved into their new home this weekend. Trevor and I had walked in to find that not only was the home in good condition, but that the previous homeowner had left all the appliances, including the fridge, washer and dryer. Trevor is over the moon, and not just because the home is in good condition. We’ve already started their refinance, and before Christmas they will be able to cash out the 10% that they put down. They will have paid about $12,000 in commissions and lending fees, will have a 30-year loan at 4.75%, and their mortgage payment will be lower than what they would have paid in rent for the same home.

That’s how I lost my roommates. There is another auction this Friday, and the Friday after that, etc. We have an introduction to auction class every Thursday at 6pm, and we go over the hot properties immediately after that at 7pm. Whether it’s for your primary residence or for your investment portfolio, the best buying opportunities in real estate are at Pickett Street!

Tags: auction, bank-owned, Lynnwood, Snohomish County, trustee's sale

Last Friday, new investor Ron Wong purchased his first investment property at a steep discount (67%) in South Everett. The home was a very well cared for 1955 built rambler on a great street and large lot with a detached garage. Ron met the owner earlier in the week with me (John McCants) and toured the house. The owner had been trying to work with one of the largest banks in America on a modified payment plan for over two years with no success. He was unable to afford the repairs the house and the house ultimately went to trustee sale (auction) and sold to our investor. The property needed a new roof, some landscaping,  and touch-up on the inside to hardwood floors and paint. The home has two remodeled bathrooms and a new kitchen. It is very unfortunate for the previous homeowner that he could not keep his home, but to Ron, it was a opportunity to do what he has dreamed about for years: build his wealth by buying real estate at wholesale.

Ron plans to complete the work in the next few weeks as the previous homeowner moves out and re-list the property with the Pickett Street Team making a handsome profit for his efforts.

Tags: auction, Everett, John McCants, Pickett Street, Real Estate, Snohomish County, trustee's sale

I was in the field yesterday driving a few “Hot Properties” with a investor client.  We were driving the list of properties with bids we had and few that looked hot based on their location and debt amount that did not have specific opening bids. We found a couple homes that were not so hot and marked them accordingly to update our website, but we found a couple properties with valley views of the Snohomish River and one overlooking Puget Sound and views of the Olympic Mountains that were wholesale values prime for auction purchasing.

At one property in a really good neighborhood of Everett we found a nice home occupied by the owner. The homeowner toured the house for us and explained in detail all he had done to update the property and what was wrong  still needed updating. We asked why he hadn’t worked out the situation with the Bank and he said he had been trying for over 2 years with no success. We discussed that issue for a few minutes and left the home with the owners contact info for use later. After leaving the home my investor stated “that was a great house and great opportunity” based on the current opening bid price combined with property condition, location and the updates the owner had done.

The sad part was it was a disaster for the current (soon to be past homeowner). He had recently lost his wife due to all the stress of their financial situation and now he was losing his home to a bank that would not work out a plan for him. His anger was directed at the banks – not at us, as he was obviously more than willing to help us.

All this reminds me why I have been investing at the auctions,  buying wholesale what most people only dream about. Some people  have told me, “John, you’re looking for a needle in a haystack,” and I have agreed that if a needle in a haystack was worth $30-$100k in value I would be tearing apart haystacks on a weekly basis. There is an obvious tidal wave of foreclosures today, and it’s like nothing I have seen over the past 19 years.  Opportunity is knocking for investors and homeowners wanting to acquire a home at a steep discount in great areas of town in all prices. This is a great time to be actively out there looking for wholesale purchases in our market. I am excited to be in the game myself and to be helping investors and future home-owners at Pickett Street.

Tags: auction, Everett, John McCants, Snohomish County, trustee's sale