I also like to look for properties that are right around the median home price in good neighborhoods, and not on a busy arterial. A three-bedroom, two-bath house is the ideal size. These properties are typically in the highest demand from both buyers and renters. Even better if it comes with owner financing.
So taking a quick look at my favorite Seattle zip code of 98115, the very first house I look at is owned free and clear by an owner who lives out of town in Bellingham, WA. It is a tear-down fixer in Ravenna that has been on the market for 43 days.
The next one in Ravenna, a small two-bedroom, one-bath bungalow is underwater on their mortgage. Maybe they will get the $339,000 that they are asking, but it will cost them at the closing table. I also like to make offers on underwater houses, but more so when they are off-market. That is another whole topic for another blog post.
Let's see if we can find any more free and clear properties. These searches take a bit more work and time, but they are worth it!
Yes, here is a sweet three-bedroom, one-bath Maple Leaf home for under $400,000, that was inherited by the current owner.
And here is a three-bedroom, one-bath home in Bryant, also for less than $400,000, free and clear with an out-of-state owner. He has another one in the same neighborhood listed at $535,000.
Here's one in Maple Leaf that was bought at auction for cash less than a year ago, but just over $400,000 in price.
Here's a 3/2 in Wedgwood that was just reduced in price to $470,000.
So six of the 24 properties for sale in 98115 priced under $700,000 are owned free and clear, making the prospect of seller-financing a possibility.
For a complete list of free and clear properties in your favorite Seattle zip code, please message me privately at HomeLandInvestment@gmail.com.
Happy Investing!
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