Bank Owned Homes in Seattle 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. 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.
I have broken down Seattle's sales from the Northwest Multiple Listing Service in 3 sections, Bank Owned, Shortsales(Pre-foreclosures), and "Arms Length" Transactions. Some points of interest; the median home sales price is $266,500 $365,000 & $409,500 respectivly making Bank Owned Real Estate(REO) the best value/deal for home buyers. While short sales may seem attractive they take longer to close. Bank Owned Homes(REO's) are already approved and a buyer is negotiating directly with the bank.
Seattle WA Bank Owned Market Statistics for January 2010
| 1 |
1.00 |
0 |
$89,900 |
$97,500 |
0 |
| 3 |
2.03 |
1,791 |
$337,527 |
$280,014 |
51 |
| 3 |
2.00 |
1,460 |
$279,000 |
$266,500 |
42 |
| 10 |
5.00 |
4,740 |
$1,295,000 |
$750,000 |
189 |
| |
|
|
|
$9,240,450 |
|
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
| 13 |
12 |
4 |
1 |
3 |
| 39.39 |
36.36 |
12.12 |
3.03 |
9.09 |
| 101.14 |
95.92 |
100.97 |
92.34 |
99.55 |
Seattle WA Shortsales(Preforeclosures) Market Statistics for January 2010
| 0 |
0.00 |
430 |
$104,000 |
$145,000 |
0 |
| 3 |
2.00 |
1,950 |
$392,972 |
$432,216 |
77 |
| 3 |
2.00 |
1,720 |
$319,000 |
$365,000 |
58 |
| 9 |
6.50 |
9,405 |
$5,650,000 |
$1,185,000 |
499 |
| |
|
|
|
$15,127,568 |
|
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
| 11 |
4 |
8 |
3 |
9 |
| 31.43 |
11.43 |
22.86 |
8.57 |
25.71 |
| 96.88 |
96.46 |
98.52 |
87.23 |
97.90 |
Seattle WA Non-Bank Owned/Shortsale Market Statistics
| 0 |
0.00 |
286 |
$99,999 |
$120,000 |
0 |
| 3 |
2.23 |
2,195 |
$646,736 |
$495,622 |
83 |
| 3 |
2.00 |
1,853 |
$439,000 |
$409,500 |
47 |
| 13 |
8.50 |
11,022 |
$14,950,000 |
$1,925,000 |
997 |
| |
|
|
|
$126,383,677 |
|
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
| 80 |
60 |
39 |
26 |
50 |
| 31.37 |
23.53 |
15.29 |
10.20 |
19.61 |
| 97.59 |
96.10 |
95.06 |
93.96 |
94.50 |
See more reports for Bank Owned homes.
Kirkland WA
Redmond WA
Sammamish WA
Issaquah WA
Bellevue WA
If you are looking for a detailed list of REO(Bank owned real estate)properties, or short sales, simply sign up to receive King County WA Bank Owned homes & property updates.
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