Bank Liquidation Open House in West Seattle, Washington

frontI did an open house two days in a row, for 5 hours each day.
Here is how the story goes.

fireplaceMy friend Dean Orrico got a bank owned listing. It had been for sale, but nobody bought it. It went to foreclosure auction and no investor bought it there. So the bank took it over.

They got it ready to sell, and listed it with Dean at a price of $379,000. He had done a good job of promoting it, but it was still for sale, despite several price drops.

He gets the second most dreaded notice a real estate agent can get on a bank owned kitchen
property. Do three open houses in a row, not to benefit YOU, but to benefit US. The property is going to be sold at a public liquidation auction.

Great! More work. No money. Got to love that one, right?

(The most dreaded notice is, “The asset is being reassigned” Translation, despite all your hard work, the house has not sold and we are jerking it away from you and giving it to one of your competitors.)

open house set upDean emailed me. “We are having a family gathering this week-end. I am playing guitar at church on Sunday. Can you do these two open houses for me?”

“What! You are putting God and Family above work? What is WRONG with you!!”

“Of course I will do them for you, Dean.”

I spend several hours reading and printing material about the auction. The house was currently listed for $349,900. The opening bid at the auction was something like $149,000.

I prepare to sell the house. Ready for 3 competing offers to present to Dean on Monday, after spending 10 hours at the house.

Result? No offers.

The house does go to auction. Does not sell. I was told by one of the investors that the auction is somewhat of a scam. (Her words, not mine) That they advertise a ridiculously low price to get people there, but if their minimum is not met, they will not sell the house.

And so it was with this one. It is back listed with my friend Dean. And the new price is $299,900.

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This post has been included in Washington Real Estate News King County, WA Real Estate News Seattle, WA Real Estate News West Seattle (Seattle, WA) Real Estate News
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4 Comments on Bank Liquidation Open House in West Seattle, Washington

AUG
03
2010
575,539 Points 15 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

geez - a lot of hub bub wasn't it.  Interesting the different methods of getting these out there - thank you for sharing:)
4:32pm • #1
555,452 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks Courtney

You are a major force on Active Rain!!

Phil
4:44pm • #2
355,812 Points 4 Featured Posts Attended Rain Camp

Phil,

What price did Dean say it was worth on his BPO? Was there another BPO done by a different agent?

 
11:50pm • #3
AUG
06
2010
555,452 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Marcy,

All indications are that this house is worth a lot. The neighborhood is very trendy, with stunning views all around the periphery.

What isn't obvious, is that it is too expensive for a rental, and with three story apartment buildings on three sides, almost no one would want to live there.

Phil
7:39am • #4


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Phil Leng Team Residential Real Estate Experts & Bank Owned Property Experts

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