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Our first real August summer day, high of 89 degrees, cruising on Alki Beach is as close to California beach cruising as you will get in Seattle Area. House prices have dropped considerably so you can find a house on the ave for well under $1000000 and condo for as low as $279000!!! Call Licensed Loan Officer Nick Krehnke at 206-497-8605 to get your own slice of paradise. To verify my Mortgage Licensing go here : www.nmlsconsumeraccess.org
One possible way of finding a bargain is a mortgagee sale. A mortgagee sale is where an owner has defaulted on their mortgage payments and their lender has taken possession of the property. The lender is now trying to sell the house to pay off the debt. The reason these gain often mean bargains for property buyers is because the bank simply wants to pay off the loan and will take a price far below market value to do that. In essence it means taking advantage of someone else’s misfortune. However, the property is there to be bought so someone will buy it. It may as well be you
Mortgagee sales are done by auction, so the highest bidder wins, providing the bid meets the bank’s minimum requirements.
There are a few disadvantages to mortgagee sales, however. Firstly, you do not get to dictate any terms as you would in a normal sale. How it is, is what you get. Secondly, you will not have the same rights to access and inspect the property before the sale. This is a major disadvantage. Normally you would insist on a building inspection, but this may not be possible with a mortgagee sale, especially if the unhappy former owner is still living on the premises. Thirdly, you won’t be guaranteed what house fixtures or fittings on the house you are getting because you may not know be privy to what comes with the house.
Because of these disadvantages it takes a bit of confidence as there is an element of risk involved. However, finding a property at a discounted price can make a big difference in turning a property cash flow positive or reselling for profit, so the rewards can be well worth it.
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