Bellevue Washington Real Estate News - Bellevue WA Real Estate Investment
Quality local news and information from Bellevue Washington real estate professionals.Lenders Discounting Their Opening Bids at the Foreclosure Auction
As foreclosures around the country continue to climb each and every month, we here at www.realestateinvestmentfirm.com have noticed a trend emerging at the local foreclosure auctions. Many lenders are experiencing a dramatic rise in their REO portfolios and as a result many Beneficiaries are lowering their opening bids in hopes of attracting more bidders at the auction. For the savvy investor, this presents a very real opportunity to purchase foreclosure auction property at a substantial discount. The following example is from the trustee sale auction held last Friday, October 5th 2007 in King County, Washington.
This properties last market sale occurred in August 2006 for $350,000. At the time of auction last Friday, the beneficiary, Argent Mortgage Co., was owed approximately $375,399.46 to satisfy the mortgage. When bidding was opened on this property Argent surprised everyone and set their opening bid at $254,250.00. The property ended up reverting to the beneficiary for the opening bid price of $254,250.00
As mortgage defaults continue to rise we predict there will be many more buying opprortunities like the above example. Buying property at the foreclosure auction is not for the faint of heart, but as you can see, the rewards can be extraordinary.
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