Opportunity takes many forms. In fact, once you’ve spent a little time on the planet, you realize that many of the laws governing science also apply in large part to the rest of life: there’s rarely a negative without a positive, and for every action, there’s usually an equal and opposite reaction.
Our current financial trauma is offering up further proof, as heavily leveraged howmeowners who purchased at or near the top of the real estate boom cycle are contributing to the dramatic increase in foreclosures.
Typically, a bank-owned home is one that has been through a foreclosure proceeding, and is now offered for sale by the mortgage holding lender who is keen to get the property off their books to reduce their holdings. Banks are in the business of lending, and are not well-suited to property ownership or management, so it’s in the best interests of everyone – the bank, new homebuyers, the economy, and the community, for these homes to be occupied as soon as possible, before the effects of long-term neglect can begin to impact the value of the structure.
It’s important to note that the timeframe leading up to a foreclosure can take anywhere from several months to a year or more, which means that bank-owned properties are frequently in need of immediate attention by the time they have completed the process, and are in the possession of a new owner. However, as in our current market, there are also many instances where builders have been unable to meet their commitments, forcing banks to foreclose on homes that have never been occupied. In either case, it is important that you go into a foreclosure purchase with your eyes open.
I’ve developed the following search link to help with your search for bank-owned properties in Seattle. It’s specific to King and Snohomish counties, but will give you a place to start. To refine a search to fit your specifications, please visit PickettStreet.com, or choose an agent to assist you with setting one up.