Buying Foreclosures in the Edgewood, WA Area

It is a great time to buy real estate! There are basically three places that you can take advantage loans in default and foreclosures.

  • Short Sales = These are homes in pre-foreclosure that are listed on the MLS. The lenders have agreed to take less than what is owed on the loan ("short" the lender).
  • Foreclosure (Trustee) Sale = If home owners do not cure their default or sell them home in pre-foreclosure, the home will go to sale. These sales take place on Friday's at the courthouse steps. The lenders set the minimum bid price (usually what is owed) and bidders must have cash for the properties.
  • REOs = These are "Real Estate Owned" by the bank (lender). These homes were not sold at the Trustee sale and therefore reverted back to the lender. These are then placed on the MLS and can be at great discounts.
  • Tax Liens = Property shows up on Foreclosure databases as "Tax Liens" if they have not paid their current property taxes.  Very rarely do these homes make it to sale.  Pierce County has one tax sale every year, usually in December, and properties must have at least three years of taxes due before they make it to sale.  Don't get your hopes up on property that has a "Tax Lein" status. 

There are pros and cons to each type of purchase.  There are MANY websites out there now that give you information about foreclosures and also lists of preforeclosures and REO properties (such as RealtyTrac, ForeclosurePoint, Foreclosure.com, etc).  These can be very helpful in your search, but I have found that a lot of the information is not kept current.  For example, you will find properties listed that were in default months ago and have been settled, yet the website still gives a sale date.  These websites can be very useful, but they do charge a fee to get all of the necessary information about properties.  I like RealtyTrac.com, and have included their search in my site.  Click Here to search their database.
 

If you are interested in purchasing and would like some help in the process, fill out the form below and I will be happy to help.  Remember, having a Realtor help in your home buying process costs you nothing.  The Sellers pay all the Realtor fees.  So use us...we're free to you.

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