Seattle, Washington has one of the most limited volumes of foreclosed homes put up for sale. As of the third quarter of 2008, only one home in every 1,426 houses in the city is foreclosed. That is low compared to those in other cities in other states. The national average is at one in every 465. Thus, Seattle ranks as No. 162 in terms of cities with foreclosures.
The need and demand for Seattle foreclosure homes is high. Currently, prospective homebuyers and investors are finding it hard to find foreclosed homes for sale. The process of selling such homes is quite different in Seattle and in the rest of the state. That is because sale of most Seattle foreclosure homes is facilitated by real estate brokers. This way, the foreclosed homes are classified as real estate owned.
Because Seattle foreclosure homes are REOs, the sale process, as mentioned, is different. Auctions are not held regularly. The seller has all the right to approve or decline buyout offers for any foreclosed house for sale. However, many homebuyers and investors prefer REOs, more than anything else. This is because REOs establish security and lower the risks of buying homes, especially the foreclosed types.
You should strive and aim to buy and invest in Seattle foreclosure homes. Of course, doing so will be a sound investment or purchase. There are just too many opportunities posed, including lower tag prices, attractive homes and reduced risks. It is such a good time to acquire Seattle foreclosure homes.