Biggest Loser - REO version

By
Real Estate Agent with Admiral Real Estate Eastside

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. 
 

Comments (1)

Anonymous
Rod Dantzler

found a property I am interested in purchasing as my home in which to reside which was foreclosed on in Jan.'09 and was owned by LaSalle Bank National Association.  From reading this I assume it is now owned bt BoAmerica.   This home is in the Philadelphia, Pa area and the payout at the time of the foreclosure was $389,000, and needs a lot of initial maintenance leaking roof, old and out dated appliances 12" dia. hole in one bedroom ceiling and numerous other problems unknown.  What would anyone suggest I offer and with whom should I pursue this?   Is there a specific division with Bank of America handling foreclosures?  Are they locally handled?

Any suggestions would be appreciated..............!!! 

Aug 19, 2009 06:20 AM
#1