During the month of December 2008, REO in King County sold for an average 86.95% of the banks foreclosure amount or previous loan amount.
Which banks closed with the biggest losses on individual properties?
Here's the top 5 "Biggest Losers" of the month.
#1. Jp Morgan Chase Bank Na (A WAMU asset) @ ..................................39.33%
#2. Saxon Mortgage Services Inc sold a home for ..................................56.31%
#3. Lasalle Bank National Association (A First Franklin asst) @ .................61.64%
#4. Citigroup Mtg Series 2006-Amc1 (An Argent Mortgage asset) @ .........66.01%
#5. First Franklin Mtg 2007-1 sold one of their homes for ........................66.83%
Who were the biggest sellers of the month?
#1. Countrywide with ...............8 units, ...................average sale price @ 84.42%
#2. Deutsche Bank with ...........7 units ................................................. 82.99%
#3. US Bank with.....................6 units ................................................. 93.28%
#4. WAMU (via Chase, etc) ......6 units ..................................................81.34%
#5. First Franklin with ..............5 units ..................................................84.25%
This information about Seattle area bank owned homes for sale was compiled by several sources, deemed reliable, but is not guaranteed by any stretch. Just my own personal research.
I hope it may help you a little when considering making an offer on a bank owned home. Be it help with fear of "coming in to low", sniffing out the banks bottom line or increasing your odds of getting the deal by beating their average. It's not much, but a little insight. Consider it a dart in your quiver of arrows.
Congratulations to those buyers/agents who secured those top 5 deals, trimming 20% more fat then the average bank owned property sale price. The one bank owned Property I closed in December was at 76.78% of the foreclosure amount. Not bad, but I still came in 19th place for the month. The house was in a premier Newcastle neighborhood though, so there's gotta be something to be said for that, right?
Welcome to 2009.
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