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Maple Valley Bank Owned Homes

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.

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Colleen Fischesser is the Broker/Owner of RE/MAX Select Real Estate. She has been successfully helping clients buy and sell real estate in South King & North Pierce Counties since 1990 and specializes in the Maple Valley area. Voted by clients and industry professionals as one of Seattle Magazine's 5 Star, Best in Client Satisfaction for 4 years running, she and her team are committed to remaining on the cutting edge of real estate marketing and technology while providing value-added, personalized service.

Posted by "The Maple Valley Specialist!" Colleen Fischesser Broker/Owner 425-432-5400 on 12/26/2007 04:04 PM

Comments (9)

maple valley market, maple valley bank owned, foreclosures, maple valley specialist, homes for sale maple valley

This post has been included in Washington Information King County, WA Information

9 Comments on Maple Valley Bank Owned Homes

DEC

2007

Always, always, always, have an inspection!!!

DEC

2007

Colleen, nice post for the consumer. You have style and great branding with your blog and I like that! Happy Holidays and I hope you have a great New Year!

Colleen, Absolutely great post - very informative for consumers. Four bank owned properties? You are indeed fortunate

Rich, absolutely....I think it's such a mistake for buyers to try to save $400.

Thanks Jeanean, I hope we ALL have a great '08!!

-Colleen

Karen, yes....I think we are very fortunate. Many owners are able to negotiate short-sales and therefore avoid foreclosure. Thus far anyway!

-Colleen

DEC

2007

Only four! I think that is outstanding. Bank owned and properties about to go into foreclosure are very low in my market too. Absolutely, have your own inspection done! No question about it and talk to neighbors if there is a concern over flooding and such.

I think Wells Fargo is typical where REO lenders are moving with sales. Just closed an REO, and it wanted the buyer to pay the state documentary transfer tax AND the city transfer tax, which amounted to an additional $1,500 at closing. The buyer had to pay extra for the lender's ALTA because the bank negotiated steep discounts with First American Title, which charged more for its lender policy than others in the area. We received a 10-page addendum to the purchase contract, basically saying nothing in the purchase contract applied and its addendum superseded it.

That's great information to know - 4 does sound very low though. I have bought some bank owned properties in Mount Vernon and yes, it can be a very tricky ordeal. Buyers just have to be prepared for the ups and downs of purchasing a bank owned property. One of our houses had LP siding that the inspector missed. ...How on earth do you miss LP Siding here in the NW????

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