Bank Owned, Short Sale, Foreclosure Homes in King County WA January 2010

By realtordan62 On February 1, 2010 · Leave a Comment · In Bellevue, Issaquah, Kirkland, Redmond, Sammamish

href="http://www.danedwardsproperties.com/bank-owned-homes.asp"
target="_blank">Bank Owned Homes in King County WA style="font-weight: bold;"> 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. style="font-weight: bold;"> 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 King
County’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 $260,000 $367,000
& $410,000 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.

King County WA Bank Owned Market Statistics for January 2010

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
color="green">Active: 446 color="orange">Pending: 344 color="red">Sold: 139 Other:
0 Total:
929 style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
width="15%"> Bedrooms width="15%"> Bath width="15%"> Sqft width="15%"> ListPrice width="15%"> SellingPrice width="15%"> DOM height="20"> nowrap="nowrap"> Minimum 0 0.00 160 $61,600 $59,000 0 height="20"> nowrap="nowrap"> Average 3 2.23 2,135 $333,890 $309,272 54 height="20"> align="left" nowrap="nowrap"> Median nowrap="nowrap"> 3 nowrap="nowrap"> 2.50 nowrap="nowrap"> 1,830 nowrap="nowrap"> $268,900 nowrap="nowrap"> $260,000 nowrap="nowrap"> 42 height="20"> nowrap="nowrap"> Maximum 10 9.00 8,190 $1,750,000 $1,351,000 970 height="20"> nowrap="nowrap"> Total
Dollar Value nowrap="nowrap"> nowrap="nowrap"> nowrap="nowrap"> nowrap="nowrap"> $42,988,747 nowrap="nowrap">

width="95%">

Average DOM
Breakdown and Average % of List Price received on Solds
by Market time:

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
0-30
Days 31-60
Days 61-90
Days 91-120
Days 120+
Days height="20"> nowrap="nowrap"> No.
of Listings
59
34
26
9
11 height="20"> nowrap="nowrap"> Breakdown
%
42.45
24.46
18.71
6.47
7.91 height="20"> nowrap="nowrap"> Avg
SP % LP nowrap="nowrap"> 100.42 nowrap="nowrap"> 95.89 nowrap="nowrap"> 97.74 nowrap="nowrap"> 97.03 nowrap="nowrap"> 92.56

King County WA
Shortsales(Preforeclosures) Market Statistics for January 2010

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
color="green">Active: 1314 color="orange">Pending: 1147 color="red">Sold: 90 Other:
0 Total:
2551 style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
width="15%"> Bedrooms width="15%"> Bath width="15%"> Sqft width="15%"> List Price width="15%"> Selling Price width="15%"> DOM height="20"> nowrap="nowrap"> Minimum 0 0.00 430 $75,000 $134,950 0 height="20"> nowrap="nowrap"> Average 4 2.28 2,248 $391,462 $449,628 95 height="20"> align="left" nowrap="nowrap"> Median nowrap="nowrap"> 3 nowrap="nowrap"> 2.50 nowrap="nowrap"> 1,980 nowrap="nowrap"> $299,950 nowrap="nowrap"> $367,000 nowrap="nowrap"> 68 height="20"> nowrap="nowrap"> Maximum 9 6.50 9,405 $5,650,000 $2,050,000 969 height="20"> nowrap="nowrap"> Total
Dollar Value $40,466,558

width="95%">

Average DOM
Breakdown and Average % of List Price received on Solds
by Market time:

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
0-30
Days 31-60
Days 61-90
Days 91-120
Days 120+
Days height="20"> nowrap="nowrap"> No.
of Listings
28
15
11
8
28 height="20"> nowrap="nowrap"> Breakdown
%
31.11
16.67
12.22
8.89
31.11 height="20"> nowrap="nowrap"> Avg
SP % LP nowrap="nowrap"> 97.91 nowrap="nowrap"> 97.87 nowrap="nowrap"> 98.79 nowrap="nowrap"> 91.55 nowrap="nowrap"> 94.74

King County WA Non-Bank
Owned/Shortsale Market Statistics for January 2010

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
color="green">Active: 6056 color="orange">Pending: 1491 color="red">Sold: 528 Other:
0 Total:
8075 style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
width="15%"> Bedrooms width="15%"> Bath width="15%"> Sqft width="15%"> List Price width="15%"> Selling Price width="15%"> DOM height="20"> nowrap="nowrap"> Minimum 0 0.00 286 $87,500 $84,500 0 height="20"> nowrap="nowrap"> Average 4 2.47 2,534 $674,369 $492,700 101 height="20"> align="left" nowrap="nowrap"> Median nowrap="nowrap"> 3 nowrap="nowrap"> 2.50 nowrap="nowrap"> 2,200 nowrap="nowrap"> $439,950 nowrap="nowrap"> $410,000 nowrap="nowrap"> 70 height="20"> nowrap="nowrap"> Maximum 13 12.00 209,088 $32,000,000 $5,574,400 1043 height="20"> nowrap="nowrap"> Total
Dollar Value $260,145,553

width="95%">

Average DOM
Breakdown and Average % of List Price received on Solds
by Market time:

style="border-style: outset solid solid outset; border-color: white rgb(157, 157, 161) rgb(157, 157, 161) white; border-width: 1px; border-collapse: separate;"
border="0" cellpadding="0" cellspacing="0"
width="100%">
0-30
Days 31-60
Days 61-90
Days 91-120
Days 120+
Days height="20"> nowrap="nowrap"> No.
of Listings
160
114
91
51
112 height="20"> nowrap="nowrap"> Breakdown
%
30.30
21.59
17.23
9.66
21.21 height="20"> nowrap="nowrap"> Avg
SP % LP nowrap="nowrap"> 97.45 nowrap="nowrap"> 95.48 nowrap="nowrap"> 96.14 nowrap="nowrap"> 95.27 nowrap="nowrap"> 94.70

See more reports for Bank
Owned homes.
href="http://www.yournwhomeresource.com/2010/02/bank-owned-homes-in-kirkland-wa-sales-report-013109.html"
target="_blank">Kirkland WA
href="http://www.yournwhomeresource.com/2010/02/bank-owned-homes-in-redmond-wa-sales-report-013109.html"
target="_blank">Redmond WA
href="http://www.yournwhomeresource.com/2010/02/bank-owned-homes-sales-report-for-sammamish-wa-013110.html"
target="_blank">Sammamish WA
href="http://www.yournwhomeresource.com/2010/02/bank-owned-homes-sales-report-for-issaquah-wa-013109.html"
target="_blank">Issaquah WA
href="http://www.yournwhomeresource.com/2010/02/bank-owned-homes-sales-report-for-bellevue-wa-013110.html"
target="_blank">Bellevue WA

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