Several weeks ago the REO Division of Keller Williams Tacoma arranged a trip to the Pierce County Foreclosure Auction. A group of agents and s few investor clients met at the Keller Williams office in Tacoma to review the basic procedures and terminology of what goes on at the weekly foreclosure auction. Basically, buyers must pay cash at the auction and purchase the properties without inspections, etc - so even though the deals are often very good, only 5-10% of the homes actually sell at auction. Doug Arbogast, Keller Williams Tacoma agent and long time foreclosure auction specialist, took time in between the auctions he was involved in to explain what we were observing. This way we all learned to identify strategies to assist investors and other clients for whom buying at the foreclosure acution makes good sense. In order to get a sense of the 'life cycle' of a home that has been foreclosed on, we then toured several bank owned homes in Tacoma. A reporter from the Seattle Times interviewed us and created a video that features my commentary and several of our Keller Williams Tacoma agents, and the listings of REO listing agent David Hitchcock. I am thrilled that the efforts of our agents who are attacking the Market of the Moment received htis type of media attention. Please forward this Seattle Times article and video to your sphere, and I invite any Realtors in Pierce County who want to really understand the REO market to attend our REO Division meetings every Friday from 12-1 at Keller Williams Tacoma.
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