Bank Owned Homes in Bellevue, WA 206-818-8816

Bank Owned Homes in Bellevue WA   I have broken down Bellevue'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 $489,995 $587,500 & $509,950 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.

Bellevue WA Bank Owned Market Statistics for April 2010:

Active: 14

Pending: 7

Sold: 10

Other: 0

Total: 31

	Bedrooms	Bath	Sqft	List Price	Selling Price	DOM
Minimum	3	1.00	860	$224,900	$225,000	5
Average	3	2.37	2,339	$474,344	$454,986	48
Median	3	2.50	2,210	$474,900	$489,995	36
Maximum	5	3.50	4,690	$899,000	$701,000	305
Total Dollar Value					$4,549,860

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	7	1	1	1	0
Breakdown %	70.00	10.00	10.00	10.00	0.00
Avg SP % LP	99.36	100.16	100.04	93.10	0.00

Bellevue WA Short Sales(Preforeclosures) Market Statistics for April 2010:

Active: 43

Pending: 83

Sold: 13

Other: 0

Total: 139

	Bedrooms	Bath	Sqft	List Price	Selling Price	DOM
Minimum	0	0.00	870	$259,950	$355,000	2
Average	4	2.44	2,499	$592,091	$662,231	75
Median	4	2.50	2,060	$495,000	$587,500	53
Maximum	6	5.75	7,810	$1,600,000	$1,310,000	426
Total Dollar Value					$8,609,000

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	4	2	1	2	4
Breakdown %	30.77	15.38	7.69	15.38	30.77
Avg SP % LP	96.93	96.92	90.98	99.39	96.98

Bellevue WA Non-Bank Owned/Shortsale Market Statistics for April 2010:

Active: 427

Pending: 168

Sold: 57

Other: 0

Total: 652

	Bedrooms	Bath	Sqft	List Price	Selling Price	DOM
Minimum	2	1.00	780	$224,950	$249,000	0
Average	4	2.84	2,999	$997,690	$815,382	82
Median	4	2.50	2,610	$649,000	$509,950	45
Maximum	10	8.00	10,740	$9,750,000	$6,400,000	690
Total Dollar Value					$46,476,752

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	30	8	4	1	14
Breakdown %	52.63	14.04	7.02	1.75	24.56
Avg SP % LP	97.03	95.18	95.78	91.32	86.78

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.

See more reports for Bank Owned homes.
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