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The Seattle region has been one of the strongest real estate markets in recent years. Finding a Seattle property for use as a primary residence or as an investment has become increasingly difficult to do at a good price. However, Seattle auction properties provide an excellent opportunity to purchase seized assets below market their market value.
In Washington state, when a borrower defaults on a loan, he or she is given 30 days notice before foreclosure proceedings begin. If the deficiencies in the loan have not been rectified at this time, roughly 30 days of notice regarding the sale of the property will be published in the newspaper. Since the borrower can still pay or complete a pre-foreclosure sale until 10 days before a government auction, listings for auction held in the next 10 days provide the best opportunity.
Valuation of Seattle Auction Property
Once a potential Seattle auction property is identified, it is important to come up with an accurate bid amount. It is of the utmost importance to submit a competitive and accurate bid. If a given bid is far too low, it will be outbid. Conversely, a bid that is too high will negate any potential savings associated with purchasing a Seattle auction property. Since winning bids are final and need to be paid for immediately, an accurate assessment is critical.
Oftentimes, the lender will place a bid on the property in the amount of the outstanding loan and any other liens associated with the property. These values can usually be found by contacting the lending company and checking public records. Reviewing recent home sales in the area can also provide a touchstone for establishing a bid.
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