I would be happy to help
If you are adamant about a short sale, make sure you find a broker to represent you that understands the short sale process and is experienced. Make sure the listing broker is not getting their short sale experience on the property in which you want to make an offer on. Most importantly, review the title and CC&R's. Read the title to determine how many and what liens are on the property. Read the CCR's to make sure there is nothing conflicting with your intended use. Ask to see the HOA financials and meeting minutes to make sure the HOA is strong and has plenty of funds and reserves. Check to see if there is any pending litigation. This will not be on title, but find out if the sellers loan has mortgage insurance. Be cautious if it does, you also want to make sure that the seller has a hardship and/or that their lien holder is encouraging them to short sale
Experienced when it matters the most!
Jeffrey A. Costello CRS CNE ABR CDPE CIAS
Coldwell Banker Bain
If you are looking for a deal, find a great local agent who works those markets and look at everything. There are often owner occupied units in good buildings that are motivated to go. By limiting yourself to distressed properties you are going to miss some and not be prepared to fully gauge what a good deal is.
I did a quick search and found 27 properties fitting your general description that you could consider. Some are over $210,000 but there may be room for negotiations.
I've attached a link to my search below. Good luck.
Beware of foclosures in crappy condo projects. You may end up getting screwed by special assesments.
You can search bank owned (REO) properties at http://RBIBrokers.com
Give me a call if you want to talk.
Columbia Real Estate Group
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You obviously are going to get a lot of offers to help you here. I would suggest, that as a buyer, you Google every agent that responds to your question here on Trulia, learn as much as you can about who they are online, read their client testimonials, so you know what their clients are saying about them, and then give us each a call and just ask us why we think you should work with us instead of another agent. This will take you a little while to do, but will be time well spent, as choosing the right agent is the first step towards choosing the right home. Then, pick the best fit for you and let them go to work for you with the skill and knowledge that they have. I hope to hear from you soon.
Here are the bank or REO properties: http://www.matrix.nwmls.com/DE.asp?ID=4279139388
These are the short sales: http://www.matrix.nwmls.com/DE.asp?ID=4279123406
I have been in the business for over 20 years and welcome your call 206-227-1915.
Take care, Jirius Isaac
Do you have any specific areas within Seattle you are interested? I will be happy to do a search for you. Can you provide me with some criteria or shoot me a personal email? Thank you.
Real Estate Broker/Investment Properties Specialist
Certified Short Sale Negotiator
eXp Realty, LLC