Right now buying a home in foreclosure in either Sequim or Port Angeles appeals to people who are in the market to buy a home anyway, and it appeals to cash rich investors.

Want to know where the best possible deal right now is in the foreclosure market?  I’ll tell you, but you might not be able to afford it. If you can, you can make some serious money here.

The largest percentage of buyers shop in the mid price range, $250,000 to $375,000.  This is where most families shop, because it is what they can afford.  There are some bargains in distress or bank foreclosure in this range right now, but they are not super bargains.  You might shave $15,000 to $30,000 off the fair market value in this price range.  That’s good, and if you’re in the market to buy anyway, it is a bargain and definitely you are buying in a buyer’s market.

But if you can afford to purchase in the upper price range, for example above $500,000, you can pick up an instant $100,000 in a few cases.  Why?  Because when you get in this upper price range, you reduce the number of folks with cash who can actually buy.  In this upper range the percentage of buyers narrows to perhaps less than 10% of all buyers.  When you get to $700,000 and above, you only compete with 2% of all buyers in this area.

As I like to say when it comes to a down real estate market, cash is king.

If you are in the upper price range as a serious buyer, email me or call me.  With 30 years in real estate, 20 in real estate law, and a lot of experience in foreclosures, short sales, and negotitating, I promise that you will be very pleased with my representation.  You’ll get the home of your dreams for a huge discount, and if you are an investor, you’ll be happy to shave a $100 grand off your initial investment.

Email:  chuckmarunde@gmail.com
Cell:    350-775-5424

Chuck Marunde, J.D.
Realtor/Broker/Owner
Sequim & Port Angeles Real Estate, LLC
618 South Peabody St., Suite I
Port Angeles, Washington  98382

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There are Sequim and Port Angeles homes in foreclosure.  Many are in pre-foreclosure, and for some the Trustee’s Sale Date is looming.  This is unfortunate for the owners, and that’s an understatement.  When it comes to getting the home sold in a timely way, and pocket some money, this is more difficult than most think.  Talk is cheap, so be cautious about any investor or real estate agent who talks big, because most of the talk is just that–talk.  At the end of the day, you are very likely in this market to end up simply losing the house at the sale.  All the equity you have will just go poof!

I have several clients who are cash buyers, and they have asked me to find them a good investment.  This is not easy to do.  I have more data on Sequim and Port Angeles foreclosures and more access to relevant information than probably any other agent out there, and having been a real estate attorney and now a broker, I don’t think it is unfair to say I probably have more knowledge and experience in handling foreclosures than most, but . . . it is still very difficult to find a foreclosure property that is a reasonable investment for a buyer.  Let me explain that.

There are many homes in pre-foreclosure and foreclosure, and to do the due diligence required of me to narrow down a 100+ properties, collect the ownership and financial data, look at the homes and evaluate them, do comparative market analyses, figure out what they could be sold for in this market, and work with a potential investor, all of this alone could take 60 hours a week.  In other words, working foreclosures could easily be a full time job, and as a Realtor, I have other clients, other listings, and other responsibilities.

Cash is king!  Always has been.  So, here’s the deal.  If you, or someone you know, has a home in foreclosure, or land in foreclosure, email me with the information or call me, and I will examine your property and see if I can sell it for you.  Of course, that could be to one of my current clients or it could be by listing it and promoting it to other potential buyers.  You won’t find anyone more diligent and caring in this process than me.  I mean that.

May I make a suggestion?  Do NOT procrastinate.  A Trustee’s Sale Date has a way of creeping up on you like a ghost in the night.  You do not have time to fool around, to experiment with various approaches that might sell your home, to try to become an expert in marketing and real estate by being your own FSBO, or by letting an inexperienced real estate agent burn up the next few months dinging around while you lose your home.

May I be bold here?  I am being blunt, because many who are in foreclosure are simply out of time.  Real estate agents are a bit like attorneys.  Ask an attorney if he or she can handle a particular legal matter, and their answer is always, “Yes,” even if they have never touched the subject.  Hey, everyone has to start somewhere.  There’s a first time for everything, right?  It’s just that if you are in foreclosure, you don’t have time to let others learn in the school of hard knocks at your expense.  There’s too much at stake for you.

You know how to reach me.

Sincerely, Chuck Marunde, J.D. (Realtor and Retired Real Estate Attorney
chuckmarunde@gmail.com
360-775-5424

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With all the talk about bank foreclosures, where do we rate in the Seattle and Tacoma areas?  Here are some of the hardest hit cities and their rankings:

No. 1:  Stockton, California
No. 2:  Riverside/San Bernardino, California
No. 3:  Las Vegas, Nevada
No. 4:  Bakersfield, California
No. 5:  Sacramento, California
No. 6:  Fort Lauderdale, Florida
No. 7:  Phoenix/Mesa, Arizona
No. 8:  Oakland, California
No. 9:  Fresno, California
No. 10: Miami, Florida

No. 43: Tacoma, Washington
No. 67: Portland, Orego and Vancouver, Washington
No. 83: Seattle/Bellevue/Everett, Washington

Tacoma ranks 43rd among cities experiencing foreclosures, and Seattle and Bellevue and Everett rank 83rd.  California, however, has six cities in the top ten.

[Source of Data:  RealtyTrac and The Seattle Times, Seattle Foreclosure Activity Up, July 25, 2008, page D1]

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“We want to buy a nice 3 bedroom, 2 bath home in a good area, and we heard we can get a really good deal right now buying a foreclosure.  Can you help us find one?”  I get this question a lot lately.

As a Realtor who was a real estate lawyer for 20 years and did many foreclosures and short sales, let’s clear the smoke and get to the truth about buying foreclosures.  There is far too much nonsense being published about buying foreclosures, mostly by get-rich-quick artists and seminar leaders who have found a niche to make a lot of money fairly easy.  There’s a lot of hype, and there are also a lot of foreclosures in some parts of the country, especially California, Nevada, Arizona, and Florida.  So what is the truth?  Can you buy a great foreclosure home in Sequim or Port Angeles, or anywhere for that matter?  If you are an investor, can you make tons of money buying foreclosures.  Let’s shine a light in the dark corners of the foreclosure world, expose the lies, and reveal the truth.

(more…)

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What is a short sale in a foreclosure? Here’s a short video on the subject.

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Sequim and Port Angeles mortgage default online help is now available, and homeowners who are struggling to make loan payments can work directly with their lending institution, and this new system has the capacity to get very quick responses through this well connected database network.

Homeowners who use the system are able to get responses from the banks in as little as one week. That’s practically unheard of. This is cutting edge technology, and it’s a business model desperately needed now. I believe this could be an answer for thousands of people across the country. I have been authorized by the owners to make this exclusive news announcement, and I am the first to announce this new system for homeowners in Washington state. I urge you to take advantage of this help, if you need help with your current mortgage.

We are in challenging times, and a loss of job or reduction in hours can be the cause of a default, but there are many other legitimate reasons a person might find themselves in trouble. Divorce, death of a spouse, injury, or other circumstances can cause a person to get behind on their mortgage payments.

As a retired real estate attorney and now as a Broker/Owner/Realtor, I’ve spent time interviewing the founders and owners of this company, and I am greatly impressed with what they’ve put together. I highly recommend this site if you need to communicate with your lender to seek a modification of your loan, a forbearance, or a refinance.

If you are in foreclosure on a local level in Sequim or Port Angeles, be proactive to find solutions. Don’t wait until the 11th hour of the Trustee’s sale when it may be too late. Having been a real estate attorney, I understand the process inside and out and what can be done. I also have a site where buyers can look at listed foreclosure properties: SequimForeclosures.com or PortAngelesForeclosures.com.

To modify your loan or to communicate with your lender for other requests, go to this site: Resolving Your Loan Default Now. You’ll be glad you did. Email me and let me know how they were able to help you.

Courtesy Sequim & Port Angeles Real Estate, LLC

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Foreclosure properties for sale in Sequim and Port Angeles are now available through a retired real estate attorney who himself did many foreclosures in Sequim and Port Angeles. Chuck Marunde now offers his clients a service at no cost, which gives them the ability to search the entire foreclosure database here, including pre-foreclosure properties, trustee sale properties, and REO properties (already foreclosed and listed for sale). This service is offered through Sequim & Port Angeles Real Estate, LLC.

The following is taken from the search page:

The following foreclosure database is a subscription service I pay for, but I offer it to you here at no cost with the permission of the largest foreclosure database in the country, Foreclosure.com. If I can answer a question for you about the foreclosure process or how to bid for a foreclosure, either before the Trustee’s Sale, at the the Sale, or when the property is an REO (bank owned listing), don’t hesitate to email me or call me at 360-775-5424. By the way, if you’re looking for foreclosures in any county in Washington or in any state, make your offer through me. I just might be able to save you a lot of money because of my experience. Why not use me to make money?

One thing I want to share with you up front, although this is self promoting, is that I’ve done more foreclosure work in Sequim and Port Angeles than most, since I was a real estate attorney here, and I did many foreclosures and forfeitures from beginning to end. I know the process intimately, the costs involved, what can be waived or negotiated away, and how to deal with second mortgages, third liens, judgments, tax liens, bankruptcies, and L&I liens. Real estate agents have been calling me for 15 years to understand how to handle these issues. My point? I know this subject. Can I earn your business?

Search the Entire Foreclosure Database for Sequim and Port Angeles here.

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Home foreclosures in Sequim and Port Angeles are in fact up, although not nearly so prevalent as in many other states. If your home is in default, none of the national statistics matter, and empty promises don’t matter. One thing does matter: saving your home from foreclosure.

How can your save a home from foreclosure? Solutions for resolving the default range from reinstatement (bringing the loan current by catching up on past due payments), a workout with the lender, refinancing, paying off the debt in full, or selling the property, which has to be done fairly quickly to avoid the trustee’s sale. If none of the above happens by the auction date, your property will be sold to the highest bidder, and typically the bank takes the property back for the amount of the debt.

If your home is in default, you cannot afford to experiment or fool around for months learning how these things work by trial and error. As a sword swallower might say, “Don’t try this at home. You could get hurt.” If your home is in default, find a professional who knows this stuff inside and out. Attack the problem right away. Procrastination will cost you valuable time, which you don’t have right now.

To learn more about the foreclosure process in Sequim and Port Angeles, review these articles:

Short Sales and Foreclosures
Buying Foreclosures
The Legal Foreclosure Process

When you’re ready for professional help from someone who is a real estate broker and Realtor, and who practiced real estate law for 20 years, email me or call me. I’d be glad to answer your questions, and maybe I can help.

Chuck Marunde, J.D.
Broker/Owner/Realtor
Sequim & Port Angeles Real Estate, LLC
618 South Peabody St., Suite I
Port Angeles, WA 98362
(360) 775-5424
chuckmarunde@gmail.com
SequimPortAngeles.com

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Sequim Foreclosures, Port Angeles Foreclosures, and Short Sale Opportunities for Buyers

1. Find and identify homes that are in default (even before the formal non-judicial foreclosure starts);
2. Of course, also search for homes that are in foreclosure with plenty of lead time before the Trustee’s Sale (you need many weeks and probably a couple of months to coordinate, so if the Trustee’s Sale is around the corner, it is too late to do a short sale);
3. Narrow this short list down to the one you would want to buy as your own;
4. Do an accurate CMA (comparative market analysis) using “sold” homes of the same or very similar features (you’ll need access to a good database, like the local MLS);
5. Find out the exact mortgage balance and the status of the default or foreclosure;
6. Find out if there is a second or third mortgage (trap for the unwary);
7. Find out if there are other liens (tax liens, mechanic’s lien, labor lien, state liens, etc.)
8. Know how to talk to the loss mitigation department of the mortgage holder (not always a bank);
9. Beware that purchasing a home in a short sale, which is before a formal foreclosure takes place, does not wipe out any subordinate loans or liens;
10. You need to know which costs and fees, in addition to the mortgage balance, can be compromised and by how much (this is learned from experience);
11. Put together a comprehensive package to the mortgage holder, which is the key to making all this happen. This includes the Purchase & Sale Agreement, and it includes a thorough analysis of the home, prices, the local market, and justification of the offering price (this must be very professional or your offer will be dismissed without serious consideration, and you must convince the bank they should sell at your price to you);
12. Follow through with all parties and details is critical to reaching the closing table on a short sale.

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Everyone knows foreclosures are up nationwide, but there are several states with very high rates that push the national average way up and push this news to the frontpage.

“The highest rate, for the ninth month in a row, was in Nevada, which had 1 filing for every 185 households. Florida was No. 2, with 1 filing for every 253 households, followed by California with 1 for every 253 households. Other states with foreclosure rates in the Top 10 last month were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.” Providence Business News, Chart Couresy RealtyTrac, Inc.

We have not seen such high foreclosures in Washington State. Certainly, we will see more. While a foreclosure is sad news for the homeowner being foreclosed upon (because of a loss of a job, divorce, or some other major financial crisis), it does present opportunities for buyers with cash. During any kind of downturn in real estate, the old rule still applies: Cash is King!

If you do have funds to purchase foreclosures, please be aware of the traps for the unwary. If you haven’t been buying foreclosures for years (and even if you have), you would be well advised to get help from a professional who understands foreclosures and how to purchase them at the lowest possible price SAFELY. See help elsewhere on this site on buying foreclosures.

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If you’re facing the possibility of a foreclosure on your real estate in Sequim or Port Angeles, you have a lot on your plate. Most people have heard sound bites of how a foreclosure works, how much time you have, and what your options are, but can you afford to find out if the rumors are true? Wise counsel is always good in a difficult time.

Having done many foreclosures as a real estate attorney, I had to work through the process, the statutory time lines, the costs and fees, and resolving real life dilemmas. There’s not enough time in a short blog to review the entire foreclosure process in Washington state and to discuss various options that can save you, but if there is an interest, I will gladly share more about the process than what is already on my website at:

For someone who is considering selling their real estate before it goes too far down the foreclosure pathway, I strongly urge you to consult with someone who has a lot of experience with this subject, including the legal process, short sales, and the real estate sales end of it. Frankly, that sounds like me since I have both the legal end and the sales end (Realtor) on my resume. If I can help, email or call (360-457-4587), but don’t procrastinate, or you may lose it all.

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A search on the Internet for the word “foreclosure” in Google gives you 24,100,000 hits. Eghad! Having done many foreclosures as a real estate attorney going back to 1986, I can tell you very few people make money in foreclosures. Most of the money is made in selling services, seminars, and books on how to make money in the foreclosure market. I can count on one hand the clients I’ve had who actually made money in foreclosures. Can you make money with a foreclosure? Absolutely. But they are far and few between. This is a reality check for some. For others, I’m sure this is no surprise at all. If you want to know exactly how the deed of trust foreclosure process works in Washington, go to http://freerealestatelaw.com/Foreclosures.html.

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