Unlisted Seattle Homes for Sale

One of the best sources for real estate investor property deals are off-market sales. They are even more attractive when they include the possibility of creative financing. Here is one unlisted property, where the underlying mortgage is provided by a private lender:

Super convenient West Seattle location on corner lot! Charming 3 bedroom, 1.75 bath home with classic hardwood floors throughout, updated kitchen, fully fenced yard, energy efficiency upgrades, and 2 years new heating system. Steps away from bus lines to the stadiums and downtown, convenient to shopping, restaurants, coffee, library, and beautiful parks. Intuitive main floor plan features a spacious living room that fills with sunlight and offers a cozy wood burning fireplace, along with formal dining room, modern kitchen, and 2 bedrooms. Privacy fence surrounds a south and west facing yard that is perfect for gardening, BBQing, pets, kids, and quality hammock time. The completely finished, terra cotta tiled basement offers plenty of room for storage, workspace, and entertaining. Includes 3rd bedroom, and room that is plumbed for second kitchen. Attached 1 car garage is accessed through basement. Energy efficiency upgrades include double pane windows, attic and wall insulation, and new heating system with fully programmable thermostat. All appliances stay. Asking price $339,000.

• 1,820 sqft
• Efficient heat pump
• 2014 tax $2370
• Year Built 1947

The owner of this next unlisted property in South Seattle has quite a bit of equity, so may be able to finance part of the down payment:

1. Hardwood floor throughout main floor
2. Home features 4 bedrooms (2w/closets) and 1 3/4 bath
3. Breakfast nook plus formal dining room
4. One attached garage
5. Leveled back yard
6. Walk to bus line
7. Washer and dryer on the premises
8. Nice workshop attached to garage
9. Partial lake view from the front door
10. Gas heat

Asking price: $320,000. 

For more information on these or other unlisted properties for sale in Seattle, please message me privately at HomeLandInvestment@gmail.com

Happy Investing!

Bank REOs for Sale

Many investors find that the best prices and best deals on real estate are on foreclosures, or distressed properties. Many investors look at short-sales, which are pre-foreclosure sales, on properties that are worth less on the open market than what is owed on the property. Other investors buy at auction, which is the end of the foreclosure process, where properties are purchased for cash to the highest bidder on the courthouse steps.

I am now looking at post-foreclosure properties that have reverted back to the lender. Banks call these REOs or Real-Estate Owned properties. Most investors tend to wait until these REOs are listed on the Multiple Listing Service. There are 58 active REO listings in Seattle on the NWMLS today. There were 261 sales on the NWMLS of REOs in Seattle in the past six months. These REO houses typically sell for 102% of list price within the first 30 days on market.

However, it is possible to purchase these properties directly from the bank BEFORE they are listed on the open market. This is the space in which it is possible to find the best deals, at the best prices, and with the least amount of competition. From time to time, I will use this blog to identify these REO properties in Seattle that I think may be of interest to investors and other bargain hunters.

Here are just a few I like right now.

One is a fire-damaged property on Delridge Way SW in West Seattle. It is on a 4986sf lot zoned NC2-40 (see previous post for examples of commercial zoning and uses). The value is in the land here. The current tax assessed value of the land is $248,400. However, the bank had advertised this property previously for over 200 days on market at $235,000 and it did not sell. I spoke with the bank REO department, and they are willing to negotiate and open to receiving offers now. This property would be of particular interest to a small builder or developer, keeping in mind that there will likely be a parking requirement by the City as this is not in a designated Urban Village.

Another land parcel is located adjacent to Westcrest Park in West Seattle. It is a 30,075sf raw land parcel zoned SF7200. So it is possible to build four homes on this parcel. The tax assessed value of the land is only $129,000 and the previous owner defaulted owing $93,000 in taxes and penalties to the bank. This parcel will eventually be listed for sale, based on a bank appraisal of value.

The third property that I like is a charming 1946 view home in West Seattle, with 4 bedrooms and 2.25 bathrooms, and 2160sf. Zillow puts the value of this home at $493, 274. The last sale on this property was for $350,000 in 2002, and Realist puts the current value around $521,000. It is not yet determined when this will come on the market.

If you would like additional information on these or other REO sales in Seattle, please message me privately at HomeLandInvestment@gmail.com.

Happy Investing!

Affordable Greenlake/Ravenna/U District Location!

Location-Location! Check out this charming 2 bedroom home in Ravenna with covered front porch, OWC and hardwood floors, unfinished basement and attic. Newer vinyl siding, gas furnace and roof. Kitchen has been remodeled. Very tastefully decorated. You will love the fenced garden retreat with koi pond and raised garden beds in the back yard. Extra off street parking fenced, behind the house. Walking distance to the University of Washington and to Greenlake. A great neighborhood! Location is north of 45th and south of 65th Streets, east of Interstate 5.

Tax Assessed (2009): $328,000
Zillow Zestimate: $347,000 ($308,000-375,000)

Comps:
1209 NE 56th St Sold 2/19/2010 $380,000 3BR/1BA 1100sf 0.30mi from subj property

810 NE Ravenna Blvd Sold 1/29/2010 $309,000 2BR/1BA 1000sf 0.37mi fr subj property

5016 Keystone Pl N Sold 1/06/2010 $494,900 2BR/1BA 1010sf 0.48mi fr subj property

Lots of recent updates completed. Needs about $10,000 worth of improvements--replacing bedroom carpets, replace tub surround, minor touch-up painting or repair, remove popcorn ceilings, level southwest corner of living room.

If interested, please email me at:
HomeLandInvestment@gmail.com

Sweet Starter Bungalow in Seattle (Unlisted!)

Location-Location! Charming 2 bedroom home in Ravenna with lots of OWC and hardwood floors, unfinished basement and attic. New vinyl siding,gas furnace and roof. Kitchen has been remodeled. Very tastefully decorated. You will love the fenced garden retreat with koi pond and raised garden beds in the back yard. Extra off street parking behind the house. Walking distance to the University of Washington and close to Greenlake.

Location is north of 45th and south of 65th Streets, east of Interstate 5.

Tax Assessed (2009): $328,000
Zillow Zestimate: $347,000 ($308,000-375,000)

Comps:
1209 NE 56th St Sold 2/19/2010 $380,000 3BR/1BA 1100sf 0.30mi from subj property

810 NE Ravenna Blvd Sold 1/29/2010 $309,000 2BR/1BA 1000sf 0.37mi fr subj property

5016 Keystone Pl N Sold 1/06/2010 $494,900 2BR/1BA 1010sf 0.48mi fr subj property

Lots of recent updates completed. Needs about $10,000 worth of improvements--replacing bedroom carpets, replace tub surround, minor touch-up painting or repair, remove popcorn ceilings, level southwest corner of living room.

Total Investor/Buyer Acquisition Cost: $260,000 (includes assignment fee)

I can help you find great deals on homes like this in desireable Seattle neighborhoods! For more information on this or other homes like this, please email me at HomeLandInvestment@gmail.com