Washington Foreclosures

Hiring a real estate professional is very helpful if you are considering purchasing a foreclosed home. Taking on a professional on board is a great way to avoid the common pitfalls that investors find themselves in. Buying a foreclosed home involves a few steps which knowledge of is highly important before the actual purchase is attempted.

We can help you with purchasing a foreclosed home in any of the following cities, and more.

Foreclosures for Sale Washington

Here are the basics of foreclosure sales:

Mortgage default. The process starts off when a borrower defaults on the payments. The first missed payment triggers a Payment Notice. However, if the homeowner misses a second payment, the lender sends a Demand Letter.

The reinstatement period. In this part of the process, the borrower continues to miss payments and the lender sends a Notice of Default after 90 days. The loan gets transferred to the foreclosure department, and the borrower has 90 days after this to make the payments. This period is known as the reinstatement period.

Notice of a Trustee’s Sale. The notice of a Trustee’s Sale is recorded after the reinstatement period. The home is placed on a public auction and the public is notified of it. The information includes the name of the owner and the address of the home.

The public auction. The public auction is when the home is resold to another owner. Real estate investors or home buyers that rae interested in buying the foreclosure can bid for the property. The highest bidder ends up receiving a Trustee’s Deed Upon Sale.

It is interesting to note that the auction does not always result in a sale. Sometimes the lenders will have to find buyers themselves as the properties become bank owned ho,es. This is done through a Real Estate Owned specialist.

Foreclosed Homes Washington

How do you find a foreclosed home? Anyone can find foreclosed homes by conducting an online search. Searching for terms such as “Washington Foreclosures” This would provide state-relevant results that you may be interested in.

Some large bank websites also list their inventory of foreclosed homes, and oftentimes banks use asset management companies. Next, you can search government agencies like HUD, Federal Housing Administration, and Fannie Mae.

If you are looking to buy a foreclosed home, contact Barrans Realty. We specialize in foreclosures and are here to serve you. Through our experience, we can provide you with the help that you need for a smooth foreclosure purchase experience. Call us today (253) 315-1652!