If your looking for Bank Owned Properties in Redmond WA below is the market report for October 2009.
| Active: 18 | Pending: 3 | Sold: 3 | Other: 0 | Total: 24 |
| Bedrooms | Bathrooms | Square Feet | List Price | Selling Price | DOM | |
| Minimum | 2 | 1.75 | 1,300 | $175,000 | $258,500 | 3 |
| Average | 3 | 2.49 | 2,597 | $515,019 | $365,500 | 63 |
| Median | 4 | 2.50 | 2,475 | $447,450 | $408,000 | 38 |
| Maximum | 5 | 3.50 | 3,813 | $937,900 | $430,000 | 442 |
| Total Dollar Value | $1,096,500 |
| 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 | 0 | 2 | 0 | 1 | 0 |
| Breakdown % | 0.00 | 66.67 | 0.00 | 33.33 | 0.00 |
| Avg SP % LP | 0.00 | 92.78 | 0.00 | 97.73 | 0.00 |
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.
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.
If your looking for a detailed list of REO(Bank owned real estate) Properties Simply sign up to receive Redmond WA Bank Owned Properties updates.
