People ask me if there are some great deals in Sequim foreclosures or Port Angeles foreclosures. The real estate market in the Sequim area is different than many other areas of the country, and that is true with foreclosures, too. The foreclosure market here has been chaotic at best, and a disaster at worst. I talk about Sequim foreclosures in this short video.
Sequim Foreclosures
Sequim Foreclosures and Good Deals
Properties that have been foreclosed on are listed and put in the Sequim MLS, so there is no need for a special database to search for Sequim foreclosures. The question some people are asking is whether there are any good deals (i.e. steals) on foreclosures between the time the loan goes into default and the time it is sold at the courthouse and gets listed in put in the MLS?
The answer is a clear and unqualified, “No.” No one I know has purchased a steal or any kind of incredible home at an extraordinarily low price. Not during the time I practiced law as a foreclosure attorney, nor as a real estate agent or broker in the entire Sequim and Port Angeles areas. Surely, someone somewhere will know someone who knows someone who got a $125,000 home for $85,000 and only had to put another $12,000 into it to make it inhabitable. Those kinds of deals are very rare, so rare that I don’t even know anyone who knows anyone who has bought any cheap Sequim foreclosures. I know people in Vegas who have, but not here.
Sequim Foreclosures and the MLS
I believe some of the best opportunities right now in this market are found by motivated sellers who want to sell their home to move closer to their children and grand kids. Want to buy a $775,000 home for a $90,000 discount? That home is probably owned by a retired couple who want to move closer to family in California or Texas or the east coast. But that home is not a foreclosure.
Sequim foreclosures may not be the best values right now and using the online Sequim MLS will be your best bet for finding the ideal home at the best price.
Last Updated on September 4, 2011 by Chuck Marunde
