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
| Active: 84 | Pending: 62 | Sold: 33 | Other: 0 |
Total: 179 |
| Bedrooms | Bath | Sqft | List Price | Selling Price | DOM | |
| Minimum | 1 | 1.00 | 0 | $89,900 | $97,500 | 0 |
| Average | 3 | 2.03 | 1,791 | $337,527 | $280,014 | 51 |
| Median | 3 | 2.00 | 1,460 | $279,000 | $266,500 | 42 |
| Maximum | 10 | 5.00 | 4,740 | $1,295,000 | $750,000 | 189 |
| Total Dollar Value |
$9,240,450 |
| 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 |
13 |
12 |
4 |
1 |
3 |
| Breakdown % |
39.39 |
36.36 |
12.12 |
3.03 |
9.09 |
| Avg SP % LP |
101.14 | 95.92 |
100.97 | 92.34 |
99.55 |
Seattle WA
Shortsales(Preforeclosures) Market Statistics for January 2010
| Active: 258 | Pending: 228 | Sold: 35 | Other: 0 |
Total: 521 |
| Bedrooms | Bath | Sqft | List Price | Selling Price | DOM | |
| Minimum | 0 | 0.00 | 430 | $104,000 | $145,000 | 0 |
| Average | 3 | 2.00 | 1,950 | $392,972 | $432,216 | 77 |
| Median | 3 | 2.00 | 1,720 | $319,000 | $365,000 | 58 |
| Maximum | 9 | 6.50 | 9,405 | $5,650,000 | $1,185,000 | 499 |
| Total Dollar Value |
$15,127,568 |
| 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 |
11 |
4 |
8 |
3 |
9 |
| Breakdown % |
31.43 |
11.43 |
22.86 |
8.57 |
25.71 |
| Avg SP % LP |
96.88 |
96.46 |
98.52 |
87.23 |
97.90 |
Seattle WA Non-Bank
Owned/Shortsale Market Statistics
| Active: 1711 | Pending: 512 | Sold: 255 | Other: 0 |
Total: 2478 |
| Bedrooms | Bath | Sqft | List Price | Selling Price | DOM | |
| Minimum | 0 | 0.00 | 286 | $99,999 | $120,000 | 0 |
| Average | 3 | 2.23 | 2,195 | $646,736 | $495,622 | 83 |
| Median | 3 | 2.00 | 1,853 | $439,000 | $409,500 | 47 |
| Maximum | 13 | 8.50 | 11,022 | $14,950,000 | $1,925,000 | 997 |
| Total Dollar Value |
$126,383,677 |
| 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 |
80 |
60 |
39 |
26 |
50 |
| Breakdown % |
31.37 |
23.53 |
15.29 |
10.20 |
19.61 |
| Avg SP % LP |
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.
Related posts:
Eastside Market Statistics
Photos
