Bank Owned Homes in Redmond 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.
Redmond WA Bank Owned Market Statistics for January 2010
| Active: 13 | Pending: 10 | Sold: 4 | Other: 0 |
Total: 27 |
| Bedrooms | Bath | Sqft | List Price | Selling Price | DOM | |
| Minimum | 2 | 1.50 | 1,230 | $129,000 | $359,500 | 5 |
| Average | 4 | 2.59 | 2,604 | $506,666 | $453,963 | 62 |
| Median | 4 | 2.50 | 2,300 | $479,900 | $452,500 | 68 |
| Maximum | 5 | 3.50 | 4,250 | $889,950 | $551,350 | 126 |
| Total Dollar Value |
$1,815,850 |
| 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 |
1 |
1 |
1 |
1 |
0 |
| Breakdown % |
25.00 |
25.00 |
25.00 |
25.00 |
0.00 |
| Avg SP % LP |
113.89 | 90.33 |
92.27 |
96.74 |
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.
If your looking for a detailed list of REO(Bank owned
real estate)properties, simply sign up to receive Redmond WA Bank Owned homes
& property updates.
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Eastside Market Statistics
Photos
