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Home Ownership in Snohomish County : Real Estate Advice

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  • Home Buying11
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Activity 3
Tue Oct 28, 2014
Kary Krismer answered:
Someone else asked a similar question, and I repeated my answer below, but added the following:

"I'll expand a bit on that now that I'm not using my phone to answer.

Between 2008 and 2012 REOs were usually priced well. Then our market improved, and the banks noticed. As with any type of situation you can still find some well priced REOs, but it's harder. And I'm not just talking about the list price. You need to remember that with an REO the terms to the buyer are not as good. I addressed some of those issues here: http://www.trulia.com/blog/kary_l_krismer/2011/12/buying_an_…

Finally, in the Seattle area there simply are not that many REOs. You'd be really limiting yourself if that's all you're looking at."
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Sun Nov 3, 2013
Jirius Isaac answered:
Sounds like a big can of worms & I do not know if anyone really has a good answer for you. The bank may never ask you for he money in any case, but if they do, you can just pay them if you want. Meanwhile, if it was me, I would cash the check until something else happens. It is not your job to sort this all out. You might want to talk to an attorney that does a lot of short sales as well. I would recommend Dale Galvin in Montlake Terrace.

Good luck to you in any case,
Jirius Isaac

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