Bank Owned Homes Sales Report for Issaquah WA - 01/31/10

Bank Owned Homes in Issaquah WA  Some of the best deals in Real Estate are REO or Bank Owned Real Estate.  Banks are in a hurry to sell a home and they intentionally price it 20% below the market.  A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Issaquah WA Bank Owned Market Statistics for January 2010

Active: 8

Pending: 6

Sold: 4

Other: 0

Total: 18

	Bedrooms	Bathrooms	Square Feet	List Price	Selling Price	DOM
Minimum	3	1.00	980	$219,500	$310,500	4
Average	4	3.01	3,461	$586,096	$544,625	41
Median	4	3.38	3,465	$626,150	$589,000	41
Maximum	6	4.50	6,394	$848,802	$690,000	90
Total Dollar Value					$2,178,500

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	2	1	1	0	0
Breakdown %	50.00	25.00	25.00	0.00	0.00
Avg SP % LP	98.51	93.26	95.57	0.00	0.00

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

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