Whidbey Isle Foreclosures

Yes, foreclosures are a reality on Whidbey Island.

Once a home has been foreclosed on, there is a trustees sale where it goes up for auction at the Island County Courthouse. Most of the time it ends up going back to the bank that held the mortgage on it, as no-one bids the minimum bid. Then the bank (or HUD, Fannie Mae, Freddie Mac, VA, etc.) lists it for sale on our Multiple Listing Service. These homes are called REO or Bank Owned and there definitely are some bank owned bargains out there. There are challenges with these deals and having an experienced ally can really make a difference. Not all agents want to work with REOs. I have helped over a dozen buyers to purchase foreclosures in the the last couple of years and I would be happy to help you in purchasing one for your own home or an investment. Don't miss this opportunity. Click the link below to:

Search Foreclosures Now!

One more thought, I wouldn't limit your property search to foreclosures alone.

There are some good values occasionally that are not Bank Owned.

Well informed sellers know what it takes to compete with foreclosures on the market.

Three Myths about Buying Foreclosures:

1. You can not be assured of a clear title when buying a foreclosure.

That may be true when buying at auction, but when you buy a REO with a Realtor, you will receive title insurance to assure all recorded liens, back taxes and delinquent water bills and HOA dues are paid.

2. You must pay cash for a foreclosure.

Again, that is true when bidding at an auction at the County Court House, but loans are available for listed REO properties. Many even have special financing with low down payments, no mortgage insurance, and offers for seller paid closing costs.

3. Foreclosures are put on the market in inferior condition.

A home inspection is essential but generally I see deferred maintenance and cosmetic work needed. Many Banks do new paint, carpet, vinyl and repairs before listing their properties. If repairs preventing financing are needed, they will sometimes do a repair such as putting on a new roof before closing. For real fixer uppers, there are rehab loans available. These are called FHA 203-K Streamline Loans; they require only 3.5% down payment. The loan amount will be for higher than the purchase price to allow the buyer to have funds to make repairs after closing. Click the link to learn more:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203k--df

You may also REGISTER for New Listing Alerts to start receiving emails about new listings as soon as they hit the market! Feel free to contact me at (206) 391-1087 for more information or to schedule a showing!

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Whidbey Isle Foreclosures

Shellie Moore