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Windermere North | Direct: 206-949-8895 | Email: jim@northwestrealestate.com
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Northwest Real Estate
You will find that most of these properties have some challenges. They can range from damage that may have been caused by the previous owner. To situations where it might be very diffucult to get any financing on one of these  homes. However, even with that disclosure this is where I often start looking for a home with a client.
(The photo at left is one example of a kitchen that has had the cabinet door ripped off and appliances removed. You would need to replace the kitchen entire kitchen. I would rate the damage as moderate).
 

Bank Owned Properties Definition

Simply stated bank-owned properties have gone through a foreclosure process and an unsuccessful auction sale. After an unsuccessful auction, the bank retains ownership. This type of property is also call an REO property. REO stands for Real Estate Owned
 
Northwest Homes for saleDistinctions
 
In contrast to a pre-foreclosure, or a "short sale", a bank-owned property is no longer the property of the owner. While a foreclosed property still must go through an auction, a bank-owned property has gone to auction, and after an unsuccessful sale, the home has been repossessed by the bank and is being put up for sale. (The photo at left is at the top of the range that I see. It is only missing some appliances and is in excellent condition).


Benefits

For a real estate investor, purchasing a bank-owned property carries the benefit of a lower purchase price, typically lower than a foreclosure property. By the time a property moves from foreclosure to bank-owned status, many of the liens and other expenses have been lifted. With a reduced price also comes the advantage of acquiring a home with equity. If the property is located in a stable area, it's likely that the neighboring property values will be higher.

Disadvantages

Many bank-owned properties are in extreme disrepair thanks to extended periods of vacancy or damage caused by the previous owners before they left. If you're not willing or financially prepared to make repairs or clear any violations, a bank-owned property probably isn't the best way for you to go. And if the property is not in move-in condition, finding financing can be difficult. In addition, disclosure statements, including information about lead-based paint, radon, mold or any other problem areas, are not provided.

Locating Properties

  • For Your convenience below is a map of the Northwest. To Narrow your search:
  • Resize the box around  the location(s) you are interested in
  • Enter in Price - Bedrooms/baths - Square footage - Zip code
  • then click "Start Search"

map search

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To use the ZoomMaps simply hold down the left mouse button and drag a box over the area you would like to include in your search. When you release the mouse button the map will zoom into the area you selected. When the map shows the area you would like to search, apply additional search criteria and click the Start Search button.