Edy Kizaki

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.

Edy Kizaki

Bank Owned Properties in Queen Anne (Seattle)

November 21, 2010 in Queen Anne, Seattle Investor's Guide

These days there is an interesting niche among available properties, and that is bank owned properties, also known as REOs.  A client of mine that had purchased a condo for his kids asked me to be on the lookout for a good deal as he needs a bigger home.  There are a lot of well-priced homes on the market right now as those who are worried about  the slow-down in sales in the winter are making an attempt to be the “best, lowest priced” property in their neighborhood.  But in my experience, bank owned properties are usually among the lowest priced, and even then we can still negotiate.  Bank owned properties will usually be “as-is” so you’ll want it inspected to know what you may have to fix.  We still do all the research on comparables to make sure we understand a fair value for the property, but it’s one of the best places to know you are going to find a lot of opportunity to get a good deal.

Queen Anne is one of Seattle’s “Brand Name” neighborhoods.   There are fewer bank owned properties in Seattle’s top dollar neighborhoods as there is more competition, but searching  the real estate listings in the Multiple Listing Service just now I found six bank owned properties in Queen Anne.  Which is interesting, because this figure is consistent with the number of bank owned homes in Queen Anne about a year ago!  Out of what is on the market today, you can find a charming, small cottage ,four large townhouses from the same developer, with a view of the ship canal and peeks of the Olympics and one is a  brick Tudor built in the 1930s. 

Let me know if you’d like a list of the REOs available in Queen Anne, or another neighborhood of your choice.