Sometimes Bank-owned properties (or those which have gone through foreclosure and are now owned and available for sale by the Bank/Lender/Asset Management Co) are a "good deal" and sometimes they aren't. Here are a few tips if you're looking at Bank-owned properties:

• If you're looking to purchase a bank-owned property, enlist the help of a professional in your area who knows your  market and can help you navigate the Bank-owned process. These companies will often have their own forms and "quirky" requirements. Make sure you understand all the implications before signing on the dotted line
• Do your due-diligence, talk with the neighbors, find out about all "the skeletons", if any,  before you buy. Sometimes the bank will have conducted an inspection of the property but there are things even an inspector cannot find....for instance flooding in the back yard, past leaks or plumbing problems now undetectable. Hire your own inspector! Even if he/she finds nothing, it will be money well spent on future peace of mind.

Currently (as of 12.26.07) there are 4 Bank Owned Properties for sale in the Maple Valley market, this is a higher number than we've seen in the past, but certainly better than many other areas of the Country and hopefully a trend we will not see increasing.

Colleen Fischesser 

www.MapleValleyRealEstate.com       www.ColleenFish.com

Colleen Fischesser has been marketing and selling Homes in the Maple Valley area since 1990. She is the Broker/Owner of RE/MAX Select RE.