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Posts made in November, 2010

  • Pickett Street investor purchases at trustee’s sale

    November 19, 2010 /
    John McCants /

    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…Read more

  • Kenmore Rambler ready for renovation

    November 19, 2010 /
    Pickett Street Properties Team /

    On the market for the first time since itís construction, this Kenmore rambler is looking for a new owner. Preferably someone that can appreciate itís mid-century touches like 3-foot eaves, jalousie (or louvre) windows, and double-flued fireplace with indoor barbecue. Ready for renovation with hardwoods under most of the carpets and equipped with three bedrooms and a folding wall for a fourth. Floorplan includes living room with vaulted ceilings and an easterly territorial view. Covered patio looks out at large fully-fenced yard with garden space, raspberries and apple, plum & cherry trees. To download the property flyer as a PDF, click on the link: KenmoreRambler.pdfRead more

  • Knock, knock: Gaining access to a home going to auction

    November 10, 2010 /
    John McCants /

    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…Read more

  • Buying a home at trustee’s sale in Washington State

    November 9, 2010 /
    Pickett Street Properties Team /

    Remember 2006? When there were basically only two types of real estate to buy - resale or new construction? Most people, including real estate agents, hadn't even heard of short sales, and bank-owned properties made up such a small percentage of the market that finding one was a little like hunting a rainbow. It's a different time, and our team has done our best to diversify. It started by educating ourselves on the short sale process, extended into representing local and national banks on marketing their foreclosures, and in the last six months we've developing an effective system of representing buyers purchasing properties at  trustee's sale in King and Snohomish Counties. What is a Trustee's Sale? Sometimes generically referred to as auction, county auction, sheriff's sale, or foreclosure auction, trustee's sales are the natural process in our state for foreclosing on a home. There are two types of foreclosures in our country, either judicial or non-judicial. Judicial foreclosures require banks to go through the court system to foreclose on a property - non-judicial foreclosures, like those in Washington State - don't go through the court system, but instead follow a set of established laws and notices that eventually lead to…Read more

  • 4 bedroom home in the Eagle Heights neighborhood of Arlington

    November 4, 2010 /
    Pickett Street Properties Team /

    This is a rare opportunity to own a 4-bedroom home in the Eagle Heights neighborhood of Arlington. Step in off the covered porch and into an entry that opens to a grand living room highlighted by cathedral ceilings and wood-wrapped windows. New flooring throughout the first story, including the formal dining room with fluted wood columns & crown molding. The kitchen features a gas range, copious amounts of cabinets & counterspace, and looks into a spacious family room with gas fireplace & art alcove. Four bedrooms upstairs, including the master suite with 5-piece bath, jetted tub, and walk-in closet. Slider off the eating area opens to a fully fenced yard that backs to a greenbelt. To download the property flyer as a PDF, click on the link: EagleHeights.pdfRead more