Greater Seattle Area Foreclosures

Foreclosures also have names such as REO (Real Estate Owned), HUD, or VA Foreclosures. These sales are conducted by the banks or government. REO is an acronym used by financial institutions, which means Real Estate Owned. The property comes back into the bank’s portfolio via a foreclosure process. Most foreclosures are sold AS-IS with the seller making no repairs. It is also addressed in their corporate addenda stating that the buyer will purchase AS-IS but still have the right to contingencies and inspections.

Potential risks to keep in mind:

  • Response time from the bank can take up to four weeks
  • AS-IS condition – how handy are you?
  • Often have a multiple offer situation
  • Possible Title issues which could cause delays or additional costs

Potential benefits:

  • You could get a good deal under market value, but you might have some additional costs to bring the property to a suitable condition.

Greater Seattle Area Foreclosures For Sale

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