Thursday, November 12, 2015
More NWMLS Deals
There are 54 single family home listings in Seattle on the NWMLS currently priced under $300,000. Six of these have the word "fixer" in the marketing description. Of these, one is a pre-foreclosure; one is a bank-owned REO; three are listed as possible teardowns, with significant equity.
One of these fixers is on a busy street in north Seattle, and across the street from a public high school's football field, soccer fields and tennis courts. It is small at just over 500sf. But it is situated on a large lot, where a larger house could be built in back. The existing house might be fixed up and used as a detached rental ADU. There is no mortgage on the property, and it is vacant, owned free and clear. Seller financing is a strong possibility for a house like this.
Six of the 54 listings have an "estate" designated as the current owner of the property. That means that a few of the properties are owned free and clear, raising the opportunity for seller-financing terms. Four of these are on lots that are larger than 10,000sf, and it may be possible to subdivide the lots.
Five of the 54 properties are priced under $200,000 - but higher than their tax-assessed land value. Twelve of these properties have been on the market for longer than 60 days, one for over a full year. A cash buyer might be able to pick up any number of these properties for less than the listed asking price.
Six of these homes have four bedrooms, for anyone thinking of renting by the room. One of these also has a second kitchen, where an investor could live on one level and have a separate attached ADU within the home. These might make great first-time homes for an investor who hopes to get some additional income until they are ready to sell and move up to a nicer home and better neighborhood, without having to pay capital gains tax on their profits.
There are many ways to screen NWMLS listings for desirable investor acquisitions. More in tomorrow's blog!