Bank Owned properties in Magnolia (Seattle)

November 21, 2010 in Magnolia, Seattle Investor's Guide

At the present time there are three bank owned properties for sale in Magnolia.  If you saw my blog about Queen Anne REOs (REO is the same as bank owned) then you noted the comment that in the top dollar Seattle neighborhoods there are fewer bank owned or short sale homes.  Still, the ones that are there are representing a great bargain even in this buyer’s market.  These area have not depreciated recently, yet there are still some homeowners deciding to let go of their property rather than catch up on a mortgage (usually made at the peak of the market and at a high interest rate).

Of the three bank owned homes in Magnolia at present, one is around $400,000 and  WELL worth a look in this neighborhood at this price!!  If you would like photos of the property and surroundings just email me.

Meanwhile there are two luxury properties in the Magnolia REO category avaliable at present. One has views of the Sound and the other the Seattle skyline and Mt. Rainier.  Both are over 4,000 square feet.