There’s a lot of competition to find great deals on local Seattle Washington foreclosure properties.
Finding them is only one part of the process – you also need to know how to capture them.
Here are a few secrets from the pros that we’ve used with great success on how to find great foreclosure deals in Seattle.
1. Comb through the same listings everyone uses.
There’s a lot of ways to access local foreclosure data in Seattle and your surrounding area – and foreclosure.com does a relatively good job of combing through default notices, bankruptcies, tax sales and distressed asset lists. The main drawback with online resources like that is there tends to be a lag time in the time they get the info online… so the data can be a bit old sometimes.
2. Search the lesser-known publications sometimes used by smaller lenders.
In Seattle, the majority of publications are indexed and available online, providing easy access to information. However, there are instances where lenders mistakenly publish foreclosure notices in smaller circulation publications, believing it fulfills the legal requirements. These notices, known as notices of default, are legally mandated and serve as an initial indication of a foreclosure. Let’s rewrite the content and add relevant information:
- Online Accessibility and Publication Indexing: In today’s digital age, many publications in Seattle are readily accessible and indexed online. This allows individuals to conveniently search for relevant information, including foreclosure notices. These online platforms serve as valuable resources for staying informed about the local real estate market and foreclosure activity.
- Mistakenly Published Notices: Despite the prevalence of online publications, there are instances where lenders mistakenly publish foreclosure notices in smaller circulation sources. These situations arise when lenders believe that the chosen publication meets the legal requirements for public record. As a result, it is important for individuals interested in tracking foreclosure activity to consider not only the widely available sources but also smaller publications that may occasionally carry these notices.
- Notices of Default: Notices of default are a critical component of the foreclosure process. Lenders are legally obligated to publish these notices in public record as an initial step in the foreclosure proceedings. These notices typically contain important details such as the borrower’s name, property address, and the outstanding amount owed. By monitoring these notices, potential buyers, investors, or individuals seeking foreclosure opportunities can identify properties that may become available in the market.
- Expanding Search Methods: To effectively track foreclosure activity in Seattle, it is recommended to utilize a comprehensive approach that encompasses both widely indexed online sources and smaller circulation publications. By broadening the scope of your search, you increase the likelihood of discovering foreclosure notices that may have been mistakenly published in less prominent publications.
- Engaging with Real Estate Professionals: In addition to monitoring foreclosure notices directly, it can be beneficial to connect with real estate professionals, such as agents specializing in distressed properties or foreclosure experts. These professionals possess market knowledge and may have access to exclusive foreclosure listings or information about properties in pre-foreclosure stages. Their expertise can help you stay ahead of the market and identify potential foreclosure opportunities.
3. Establish great working relationships with at least one broker.
When you’re starting out as an investor in Seattle Washington, you’d better not burn any bridges – especially with the power real estate brokers in this town.
The best of the bunch (and that’s a very short list) work with dozens of investors, and they know exactly who is looking to buy what property – they’ll call the ones that they know will close the deal without hassles to them. Once you’re off the short list of folks who get the calls, you probably won’t get back on it. There are too many credible investors looking for great deals for them to bother dealing with rookie mistakes. Interview a few, and make it your intention to give all your business to one person.
Make it clear what that broker must do to earn and keep your business, play fair and never compromise your integrity. If you have to fire that broker, do so with grace and it will be a learning experience for everyone. But don’t ever fire a pro on a whim. Be incredibly loyal and it will come back to you in countless ways over the years.
4. Find people before their properties are in foreclosure and help them before a default notice gets published.
This one is probably the hardest and most time-consuming method, but it is one of the only ways to avoid the competition of lots of speculators that descend upon any published foreclosure like vultures to a fresh kill. Speaking of which, you don’t win in this business by treating people like roadkill. Remember that your reputation is everything, and act with integrity.
People facing foreclosure are in very difficult circumstances, and they need help – not predatory behavior. When we’re able to help people negotiate short sales, lease options and other complex transactions, everyone wins – and no one loses. Behaving with integrity helps us to get amazing referrals and special deals that never hit the open market. People remember what we’ve done for them, and when their friends and family need similar help they send them to us.
5. Find niche specialists like our firm who know how to find foreclosures in Seattle for you.
We’re not real estate brokers, so we don’t sell information or give away crummy lists.
The properties we advertise are our own investments, so it’s a short but exclusive list.
We’re focused on building a small, tight network of long-term investors who want to purchase credible real estate investments in Seattle. We find deep discounts and pass them along – while keeping a reasonable return that allows us to stay in business.
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