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Kary L. Krismer
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My wife and I work as a team to fully service our clients' real estate needs. As long time residents of King County, we know it very well, but we also
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Kary L. Krismer answered:
You need to clarify what you're asking.
Buying at an actual foreclosure sale is somewhat risky, and also more difficult to obtain financing for. I would suggest it's the the thing a typical buyer should be doing.
On the other hand, properties that have been foreclosed, and bid in on by the foreclosing bank, are typically listed on the NWMLS. I'm not sure any of the consumer sites allow consumers to search just for those, but that's because I'm not terribly familiar with the consumer sites. But in any case, an agent can get that information very easily.
I would point out though that with the bank owned property there is also more legal risk in that you typically do not know what their contract will say prior to making an offer, and their contracts are a bit more one-sided than the NWMLS contracts. Budgeting money to pay an attorney to review any such contracts would be prudent, if not absolutely necessary.
Buying at an actual foreclosure sale is somewhat risky, and also more difficult to obtain financing for. I would suggest it's the the thing a typical buyer should be doing.
On the other hand, properties that have been foreclosed, and bid in on by the foreclosing bank, are typically listed on the NWMLS. I'm not sure any of the consumer sites allow consumers to search just for those, but that's because I'm not terribly familiar with the consumer sites. But in any case, an agent can get that information very easily.
I would point out though that with the bank owned property there is also more legal risk in that you typically do not know what their contract will say prior to making an offer, and their contracts are a bit more one-sided than the NWMLS contracts. Budgeting money to pay an attorney to review any such contracts would be prudent, if not absolutely necessary.
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