Foreclosure Tours Are Held Every Saturday At 10:00 AM. Click on Foreclosure Tours To Register and to receive the tour list by email.
Get Your Free Foreclosure Lists with pictures here.
Foreclosures in Kitsap real estate are on the rise much as they are nationally. Our sympathies go out to the families that suffered the loss of their home. The foreclosure process is not fun for anyone but the truth of the matter is that foreclosure homes will be sold to somebody, often at bargain prices. Actually there are many ways that properties become available through foreclosure sale. The two primary sources become available through bank foreclosures and tax sale auctions. The bank foreclosure process can be time consuming and expensive for the lender and almost always result in a loss. Credible sources report that the supply of foreclosure properties is expected to grow in 2010. Until job creation begins to turn around we cannot expect much improvement on this front so expect the numbers to stay high for at least another year.
To sign up for free foreclosure listings and register for updates on new homes in foreclosure click on the Kitsap Real Estate Advisor foreclosure list tracker.
To sign up for a no cost, no obligation tour register here for our foreclosures for sale Saturday tours.
Every foreclosure listing on the tour is immediately for sale. Every tour participant will be provided with information including recent foreclosures sale data giving you the original sales price, the listing price on the date of sale, the sales price and cumulative days on market to gauge where you might make a successful offer on an individual foreclosure for sale. Buying a house foreclosure smartly requires credible information on trends and comparable sales. This is the same data that the lenders use to make their decisions. Shouldn't you be armed with the same or better data?
Register on our homepage for other Kitsap Real Estate Advisor benefits.
The current market conditions make it a perfect time for a small investor to purchase one or more parcels for their private residence, rental or resale. During economic downturns, more upscale homes go into are lost, so the notion that they are only available in crime-ridden areas is inaccurate. The process starts when a property owner falls behind on mortgage payments. Many owners of homes that go into foreclosure have been struggling financially for almost a year before they give up, which usually means that the house has not received needed repairs or general maintenance for a while. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available.
Some owners losing their home to mortgage defaults are understandably upset and may leave home in poor condition upon exiting. This may include everything from missing light bulbs to roof leaks. Tree limbs in front yards, broken appliances and windows, and dirty carpets, floors and walls are found in even very-affluent area homes. Thus buyers must be prepared for general cleanup and repairs. The dollar amount of cleanup and repairs must be considered carefully in the offer process.
The buying process most often will require more diligence on the part of the buyer which is the best reason for any buyer to work with an licensee experienced in trading these type of homes. Here is a checklist of steps you should consider to prepare to become a successful and savvy buyer in this market:
Line Up Your Property Loan In Advance
Make Sure Your Broker Has An Experienced Team of Home Buying Experts, Professionals and Contractors
Ask Your Broker To Provide You Not Only With Lists of Available Homes But Reports and Statistics On Current Market Trends For the Areas You Are Interested In
Make Your Best Effort To Define Precisely What You Consider A Good Deal Prior To Deciding To Make An Offer
Ask Your Broker To Provide You With Updated Prospect Lists At Least Weekly.
Tour Available Properties Personally
Occasionally we will find a foreclosure auction conducted by REO asset managers. Although not widely in use in the Pacific Northwest, yet, the auction process can be a good opportunity to buy foreclosure properties for an even better bargain than one-on-one bargain and sales.
You can obtain free foreclosure lists of homes and commercial property here at the Kitsap Real Estate Advisor but it is important to keep up with new foreclosures as sales of home foreclosures in Kitsap have been relatively brisk, some even with multiple offers. Investors specializing in property foreclosure and first time home buyers alike in 2010 have begun to see the likliehood that what they see in opportunities today may be the perfect storm of low prices and low interest rates not to be available again in perhaps a lifetime.
This may include everything from missing light bulbs to roof leaks. Tree limbs in front yards, broken appliances and windows, and dirty carpets, floors and walls are found in even very-affluent areas.
Not all bank owned homes are previously owned homes because some are re-possessed from builders. Very often they do not appear appear on national lists. Over time these opportunities will decrease as the lenders work off their unsold new home inventory and builders are unable or unwilling to build new replacements.
Lenders truly do not want the properties acquired and make great effort to turn the inventory around. This makes them motivated sellers and thus buying foreclosure is of interest to home buyers and investors alike. Due in part to the unprecedented volume of mortgage foreclosure the staff processing foreclosures have difficulty completing the process in a timely fashion. Learning how to buy foreclosures is important because the process can be intimidating for the buyers. Even though lenders are anxious to sell every foreclosure home in inventory the actual number of foreclosure listings available at any one time is really only the tip of the iceberg.