Making the most of Washington foreclosure listings allows you to buy a property well below market value. Foreclosure listings are used both by investors wishing to sell the property for a quick profit and business owners who want to use the property for their business.

A property appears on a Washington foreclosure list because the owner has missed some mortgage payments and is defaulting on the loan. The lender must file for foreclosure in order to collect on the remaining debt. This gives them the legal right to sell the property and it may then appear on a foreclosure listing. There are three points in the foreclosure process at which you may purchase a property:

1. The pre-foreclosure stage; the property will be foreclosed if the mortgage debt is not settled within a given amount of time.
2. The foreclosure auction; most foreclosure listings in Washington state are sold at public auction because the lender only needs to recover the remaining debt instead of the property's full value.
3. Real Estate Owned (REO) property; REO property is owned by the lender and may be purchased before or after the auction.
   

Action Steps
The best contacts and resources to help you get it done

Learn about the laws on foreclosure homes in Washington

Laws on Washington state bank foreclosures cover issues such as foreclosure notices, sales procedures and deficiency judgments. Most states allow for a judicial foreclosure which involves filing a lawsuit to obtain a court order to foreclose. Generally the property will be auctioned off to the highest bidder after the court declares a foreclosure.

I recommend: Stop Foreclosure offers a summary on foreclosure law in Washington and a related glossary of legal terms. American Foreclosure Specialists provides an overview of the foreclosure laws in Washington and outlines the foreclosure procedure.

Get more information on a Washington real estate foreclosure listing

Washington state government foreclosures often offer current foreclosure news. They may also offer other information such as a description of the foreclosure process or a FAQ on foreclosures

I recommend: ForeclosureWashington.net offers Washington foreclosure news in real time in addition to other types of news. E-foreclosuresearch.com provides a FAQ on foreclosures and a blog.

Locate Washington state foreclosure listings online

Many websites allow you to search for foreclosure properties by specific location. These sites may also offer additional services to members such as email alerts and photographs of foreclosure properties.

I recommend: ForeclosureWarehouse.com lists foreclosed properties for sale in Washington by county, city and zip code. FindForeclosureProperties.com offers a search for foreclosed property in Washington by county and provides information on the most popular foreclosures.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Determine the market value of a foreclosure in Washington. The best way to do this is to have it independently appraised by a professional. You will need to make arrangements with the current owner or trustee of the home for the appraiser to visit the property. You should then compare this appraisal to the value given by the party in charge of the sale.

The smart buyer can take advantage of Washington real estate foreclosure deals on a wide variety of properties. Foreclosures in Washington state result in properties to be quickly resold and are good deals for those looking for lucrative real estate investments or to purchase low cost property.

There are many online Washington state foreclosure listings to choose from, most of which require registration and charge a usage fee. There are free foreclosure listings in Washington state, but they tend to be less comprehensive than pay sites. After finding a Washington foreclosure list that's right for you, remember you'll need to pay for any foreclosure homes in Washington state with a cashiers check.

The consumer looking into foreclosure needs to consider both standard foreclosures and what's known as pre-foreclosures. These pre-foreclosure homes in Washington are meant to be sold quickly by owners trying to avoid a full foreclosure and are sold at greatly reduced prices.

Some things to remember when checking out foreclosure in Washington:

1. Know the area where you'd like to buy and the price you’re willing to pay.

2. Thoroughly check out a property on a Washington foreclosure list before making any purchase commitment.

3. Find information about local foreclosure auctions.

Action Steps
The best contacts and resources to help you get it done

Use a website that searches for Washington foreclosures for you

There are many sites that specialize in listing foreclosures around the country. A few are free and open, but most require you to register and possibly pay a fee for usage.

I recommend: Searchable databases that require registration include Foreclosure Data Bank, RealtyStore.com and ForeclosureListings.com. All Foreclosure Information offers links to sites that list foreclosures for free.

Research foreclosures and pre-foreclosures in order to find out what is right for you

Purchasing foreclosed property is an activity that requires a good knowledge of the policies and practices of foreclosure in Washington.

I recommend: All Foreclosure Information gives information on both foreclosures and pre-foreclosures.

Consider pre-foreclosures as well as foreclosures

Pre-foreclosure listings in Washington state can offer good deals in a more standard real estate purchase.

I recommend: Find Me Distressed Homes has a form that can be filled out with location and price range information.

Look for sites with information about auctions of Washington state government foreclosures

Most foreclosed properties are sold via auction, generally locally at county courthouses.

I recommend: GovernmentAuctions.org and Real Estate Disposition Corporation give Washington state foreclosure listings and auctions and will send you e-mails of upcoming events.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Especially if you're looking at local foreclosure listings, make extra sure that you check out all properties before making a commitment.
• •  When looking into Washington real estate foreclosure, you might want to consult with a real estate professional to make sure you're getting the deal you expect.

The primary purpose of Washington foreclosure listings for beginners is to buy a property below the market value. Foreclosure listings can help a business owner locate an inexpensive property from which to run a business or can aid an investor who wishes to sell a property quickly for a profit.

A foreclosure in Washington appears on a foreclosure list because the owner is defaulting on the loan. The lender must file for foreclosure in order to list the property in a foreclosure listing. Most foreclosure properties are sold at a public auction since the lender only needs to recover the remaining debt on the property instead of its full value. There are three general online sources of basic information on foreclosure listings:

1. Sites with foreclosure listings in Washington state. These sites usually have the ability to display only those properties that are in Washington.
2. Sites of Realtors in Washington. Some real estate agents specialize in foreclosure homes and may provide additional information for first time home buyers.
3. Sites with laws on foreclosure homes in Washington state. These laws provide basic information on the foreclosure process in Washington, such as deficiency judgments, foreclosure notices and sales procedures.
   

Action Steps
The best contacts and resources to help you get it done

Locate a Washington foreclosure list

A Washington foreclosure listing is a great way to find out about the houses for sale in Washington. Foreclosure listings include basic information about the property, such as the address and the broker's contact information. Many websites with foreclosure listings in Washington also provide a FAQ or other basic information on foreclosures.

I recommend: Western Washington Mortgage provides listings with the address and price of foreclosure properties in Washington. SeizedRealEstate.com has the address, price and other details of foreclosure properties throughout Washington.

Learn more about a Washington real estate foreclosure from a Realtor

Real estate agents frequently have foreclosure lists in Washington and may provide general information on the foreclosure process. They also may offer news on foreclosures that is of special interest to first-time home buyers in Washington.

I recommend: Realty World Pacific Northwest in Washington provides an overview of the foreclosure process and listings of foreclosure properties. Windermere Real Estate/Lake Stevens offers a description of foreclosures and a list of foreclosure properties in Washington.

Study the laws on foreclosure homes in Washington

Foreclosure laws in Washington are specific to that state and are subject to frequent change. Foreclosure laws also provide a description of the foreclosure process in Washington, which is helpful to beginners. Washington foreclosure laws generally allow the property to be auctioned off once the court declares a foreclosure.

I recommend: Foreclosure Assistance provides an overview of the foreclosure procedure in Washington. ToStopForeclosure.com summarizes foreclosure law in Washington and outlines the foreclosure process.

When it comes to Washington state foreclosures, there are many informational websites that offer guidance on everything from utilizing a Washington foreclosure list, to Washington foreclosure law, to ultimately closing the deal and acquiring a property. Each of these areas has information that is specific to the state of Washington.

Take the time to learn Washington foreclosure listings basics so that you understand the process and can make a sound investment for your business. Here are some informational resources to help get you started on your journey.

1. Find websites that detail Washington state foreclosure listings to learn some of the basics.

2. Learn about the laws associated with foreclosure in Washington.

3. Go to real estate based websites that provide Washington foreclosure listings basics.

Action Steps
The best contacts and resources to help you get it done

Locate websites dedicated to foreclosure listings in Washington state

When it comes to familiarizing oneself with foreclosure listings found within Washington state, there are many websites dedicated to providing those listings. Peruse those websites, and learn about the basic components associated with each listing.

I recommend: Go to the website of ForeclosureNet for more examples of Washington foreclosure listings separated by county. Foreclosure.com also has a comprehensive list of foreclosure listings that may be found in the state of Washington.

Find out about the laws, rules and regulations associated with Washington real estate foreclosure

When it comes to foreclosure laws, they can vary greatly by each state. Each state court system is charged with the responsibility of enforcing the laws of foreclosure. Therefore, it's best to read up on the Washington state foreclosure laws so that you understand the process. Whether you are a potential buyer or a defaulted borrower, it will bring clarity to the process of trying to keep or purchase a place of business.

I recommend: Go to the website for Foreclosure University for a detailed description of the foreclosure laws in effect within the state of Washington. Foreclosure Law.org also details the laws associated with obtaining a property as well as the rights of the defaulted borrower undergoing the foreclosure process.

Check out realty websites that focus on Washington foreclosure listings basics

There are many websites that not only detail Washington foreclosures, but also provide informational trends associated with the region. This can be helpful as you begin to research an area so that you can follow trend lines and make a sound investment. Things such as the number of recent foreclosures and the amount of money for which they were sold will all be detailed.

I recommend: Go to the website for Realty Trac for foreclosure homes in Washington state. The website for Trulia also provides foreclosure trends info as well as Washington state free foreclosure listings.