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Making the Most of Washington Foreclosure Listings

Save money on property purchases with Washington foreclosures

By Emmet McMahan
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.

 

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.
Try: 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
Try: 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.
Try: 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.

 

  • 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.

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