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Pickett Street investor purchases at trustee’s sale
November 19, 2010 /Last Friday, new investor Ron Wong purchased his first investment property at a steep discount (67%) in South Everett. The home was a very well cared for 1955 built rambler on a great street and large lot with a detached garage. Ron met the owner earlier in the week with me (John McCants) and toured the house. The owner had been trying to work with one of the largest banks in America on a modified payment plan for over two years with no success. He was unable to afford the repairs the house and the house ultimately went to trustee sale (auction) and sold to our investor. The property needed a new roof, some landscaping, and touch-up on the inside to hardwood floors and paint. The home has two remodeled bathrooms and a new kitchen. It is very unfortunate for the previous homeowner that he could not keep his home, but to Ron, it was a opportunity to do what he has dreamed about for years: build his wealth by buying real estate at wholesale. Ron plans to complete the work in the next few weeks as the previous homeowner moves out and re-list the property with the Pickett Street…Read more
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Knock, knock: Gaining access to a home going to auction
November 10, 2010 /I was in the field yesterday driving a few "Hot Properties" with a investor client. We were driving the list of properties with bids we had and few that looked hot based on their location and debt amount that did not have specific opening bids. We found a couple homes that were not so hot and marked them accordingly to update our website, but we found a couple properties with valley views of the Snohomish River and one overlooking Puget Sound and views of the Olympic Mountains that were wholesale values prime for auction purchasing. At one property in a really good neighborhood of Everett we found a nice home occupied by the owner. The homeowner toured the house for us and explained in detail all he had done to update the property and what was wrong still needed updating. We asked why he hadn't worked out the situation with the Bank and he said he had been trying for over 2 years with no success. We discussed that issue for a few minutes and left the home with the owners contact info for use later. After leaving the home my investor stated "that was a great house and great…Read more
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Buying a home at trustee’s sale in Washington State
November 9, 2010 /Remember 2006? When there were basically only two types of real estate to buy - resale or new construction? Most people, including real estate agents, hadn't even heard of short sales, and bank-owned properties made up such a small percentage of the market that finding one was a little like hunting a rainbow. It's a different time, and our team has done our best to diversify. It started by educating ourselves on the short sale process, extended into representing local and national banks on marketing their foreclosures, and in the last six months we've developing an effective system of representing buyers purchasing properties at trustee's sale in King and Snohomish Counties. What is a Trustee's Sale? Sometimes generically referred to as auction, county auction, sheriff's sale, or foreclosure auction, trustee's sales are the natural process in our state for foreclosing on a home. There are two types of foreclosures in our country, either judicial or non-judicial. Judicial foreclosures require banks to go through the court system to foreclose on a property - non-judicial foreclosures, like those in Washington State - don't go through the court system, but instead follow a set of established laws and notices that eventually lead to…Read more
