Sequim investors cannot find great deals on homes in Sequim.  They are literally unable to find good investment properties to buy with cash.  You would think that in this recession that there would be many homes at incredible bargain prices, and that Sequim investors would be swooping in to snap them up, but such deals do not seem to exist in our market.  Why is that?

Sequim Investors Get Skunked

The headlines around the country for quite a while have been all about the large numbers of foreclosures flooding the market, the crashing housing prices, the home builders going bankrupt, and the mortgage debacle.  Stories are told again and again about the guy who bought a three bedroom home in Vegas for $75,000, or the couple who bought a four bedroom mountain view home on 20 acres in Arizona for $225,000.  Stories abound.

So why can’t Sequim investors find these extraordinary deals?  They don’t exist in Sequim.  Nor do they exist in Port Angeles.  It sure seems like they should, but they don’t.  I have cash buyers waiting for me to find an extraordinary deal.  Try as I might, and I look at a lot of homes in the area, I have not found a home that a Sequim investor could buy, put $20,000 into it with their own labor, and re-sell for a profit.

Sequim Investors Say Where Are The Deals?

Some might think there are many homes for sale, and there are, but not the kind that can be resold within six months for a profit.  Sequim buyers, and this means retirees from outside the area, are not interested in 1970′s style homes with a split level floor plan, or an unusual floor plan, or a home in an unfavorable area.  Investors won’t touch these kinds of homes, because they cannot sell them.

If I could find a post-1990 three bedroom, two bath home with a normal floor plan, a roomy kitchen with plenty of cabinet and countertop space and about 2,400 square feet on a nice one acre lot with a mountain view of some kind, one that needed some remodeling and cosmetic work and could be purchased for about $185,000, I could sell that to an investor in a heartbeat.  He would put about $20,000 to $30,000 into it, lots of labor, and resell it for $240,000.  That would work, but believe it or not, this kind of investment does not exist.  There are homes like this, but the owners want $240,000 for them now, and that leaves no room for investors to profit.  Unlike many areas in the country, the bottom of the Sequim real estate market never fell dramatically.

Sequim Investors Disappointed

While this news has been disappointing to Sequim Investors, it is actually a sign of stability and strength in the Sequim housing market, and this bodes well for sellers as well as buyers.  Buyers won’t find the steal of the century here, but they will buy a home in a stable market and that is a good thing.  Sequim investors may have to look to Vegas or Phoenix to investor their money, and even that will be fraught with significant risk.

Possibly Related Posts:

• Clallam County Foreclosures
• How to Find Sequim Foreclosures
• Are Sequim Foreclosures a Bargain?
• Sequim Foreclosures
• Is Your Sequim Home in Foreclosure or Close To It?

Clallam County Foreclosures are small in number, among the lowest foreclosure rates in the United States.  RealtyTrac just came out with an interactive map to view the number of foreclosures in every state and every county.  Click on this map below, and when you have the map loaded on your browser, zoom in on Washington state and then drag your mouse over the counties and a small window will show the number of foreclosures.

Clallam County Foreclosures

Click on Map to Enlarge

Clallam County Foreclosures

In King County 1 in 603 homes are in foreclosure.  In Pierce County 1 in 529 homes are in foreclosure.  Skagit County, Snohomish County, Kitsap County, and Thurston County all have similar foreclosure rates.  Put this in perspective with Las Vegas (Clark County) which has 1 in 77 homes in foreclosure.

Now compare these rates to Clallam County foreclosures with 1 in 1,560 homes in foreclosure, and Jefferson County with 1 in 3,288 homes in foreclosure.

I wrote in an earlier article about Clallam County foreclosures that, “There are only 6  Sequim foreclosures listed for sale in the MLS today.  We have 835 homes listed in the MLS for sale today.  The Sequim foreclosures represent about 1/2 of 1% of the inventory.”  My argument in that article is that if you are a buyer, it is highly unlikely that you will find your retirement dream home in the foreclosure database.  There just are not very many Clallam County foreclosures.

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• Sequim Investors Cannot Find Homes to Buy
• How to Find Sequim Foreclosures
• Are Sequim Foreclosures a Bargain?
• Sequim Foreclosures
• Is Your Sequim Home in Foreclosure or Close To It?

How can you find Sequim foreclosures?  The Clallam County foreclosure market, including Sequim and Port Angeles is chaotic at best, but I’ve created several resources for you and they are all free.  Having practiced as a real estate attorney for 20 years and having done many foreclosures myself as well as represented many clients in purchasing foreclosures, I know what resources are available and what you as a buyer and investor need.  I also know what fees and costs can be compromised, and I know precisely how to negotiate the best possible price.

If you want to buy a foreclosure, may I suggest you use these resources online, and then do the next logical thing:  ask me to represent you as your Sequim Buyer’s Agent.  I cost you absolutely nothing, because the selling bank pays my fee even though I represent you against their best interests.  I love that, and my clients love that too.  Okay, let’s get to your free online resources for Sequim foreclosures.

Sequim Foreclosures

Sequim Foreclosures

I have a site I designed to make it easy for you to search for listed Sequim foreclosures, which are called REO’s.  These are foreclosures that are back in the bank’s ownership and have been listed in put in the Sequim MLS and the Port Angeles MLS.  This site pulls up the foreclosures that are listed in the Northwest MLS and are foreclosures.  The site is Sequim Foreclosures.  You can also just click on the above image.

Sequim Foreclosures

If you search my blog, Sequim Real Estate Blog, with the phrase foreclosures, you will find many articles, videos, and links to Sequim foreclosures.

1. Are Sequim Foreclosures a Bargain?

   Sequim foreclosures may not be the best values right now and using the online Sequim MLS will be your best bet for finding the ideal home at the best price. …

2. Is Your Sequim Home in Foreclosure or Close To It?

   Foreclosure Process in Sequim Do you own a Sequim or Port Angeles home that is now in foreclosure or just a month or two away from the foreclosure process? …

3. Looking at Sequim Foreclosures

   Jun 20, 2010 … I’ve showed several Sequim foreclosures recently to several clients. One of these properties is a nice five acre parcel in a great area, …

4. Foreclosure Process Defective

   The foreclosure process of many homes around the country is being challenged because of allegations of wrongful procedures by financial institutions. …

5. Foreclosures of the Rich and Famous

   Foreclosures are not just hitting “average folk.” Even the rich and famous … The foreclosure saga of Ed McMahon, 85, Johnny Carson’s former “Tonight Show” …

6. Foreclosures

   As a real estate attorney who handled many foreclosures and short sales, and now who represents buyers in short sales as a real estate agent, …

7. Short Sales and Foreclosures

   Sequim Foreclosures, Port Angeles Foreclosures, and Short Sale Opportunities for Buyers …. in utah and your post on Sales and Foreclosures looks right on! …

8. Port Angeles Foreclosures

   The following foreclosure database is a subscription service I pay for, but I offer it to you here at no cost with the permission of the largest foreclosure …

9. The Truth About Buying Foreclosures

   When we speak of a foreclosure, we are referring to a note and need of trust which is in default. The note is the evidence of the debt, and the deed of …

10. Foreclosures, Short Sales, and Credit Scores

    Apr 25, 2010 … What effect does a foreclosure or a short sale have on your credit score? Negatives on a credit report are scored by three factors: recency …

Search for your Sequim foreclosures and then email me at chuckmarunde@gmail.com or call me anytime at 360-775-5424.

Sequim foreclosures courtesy of Chuck Marunde.

Possibly Related Posts:

• Sequim Investors Cannot Find Homes to Buy
• Clallam County Foreclosures
• Are Sequim Foreclosures a Bargain?
• Sequim Foreclosures
• Is Your Sequim Home in Foreclosure or Close To It?

People ask me if there are some great deals in Sequim foreclosures or Port Angeles foreclosures.  The real estate market in the Sequim area is different than many other areas of the country, and that is true with foreclosures, too.  The foreclosure market here has been chaotic at best, and a disaster at worst.  I talk about Sequim foreclosures in this short video.

Sequim Foreclosures

Sequim Foreclosures and Good Deals

Properties that have been foreclosed on are listed and put in the Sequim MLS, so there is no need for a special database to search for Sequim foreclosures.  The question some people are asking is whether there are any good deals (i.e. steals) on foreclosures between the time the loan goes into default and the time it is sold at the courthouse and gets listed in put in the MLS?

The answer is a clear and unqualified, “No.”  No one I know has purchased a steal or any kind of incredible home at an extraordinarily low price.  Not during the time I practiced law as a foreclosure attorney, nor as a real estate agent or broker in the entire Sequim and Port Angeles areas.  Surely, someone somewhere will know someone who knows someone who got a $125,000 home for $85,000 and only had to put another $12,000 into it to make it inhabitable.  Those kinds of deals are very rare, so rare that I don’t even know anyone who knows anyone who has bought any cheap Sequim foreclosures.  I know people in Vegas who have, but not here.

Sequim Foreclosures and the MLS

I believe some of the best opportunities right now in this market are found by motivated sellers who want to sell their home to move closer to their children and grand kids.  Want to buy a $775,000 home for a $90,000 discount?  That home is probably owned by a retired couple who want to move closer to family in California or Texas or the east coast.  But that home is not a foreclosure.

Sequim foreclosures may not be the best values right now and using the online Sequim MLS will be your best bet for finding the ideal home at the best price.

Possibly Related Posts:

• Sequim Investors Cannot Find Homes to Buy
• Clallam County Foreclosures
• How to Find Sequim Foreclosures
• Sequim Foreclosures
• Is Your Sequim Home in Foreclosure or Close To It?

Clients often ask me about Sequim foreclosures and whether they should be looking for a good deal among the Sequim foreclosures or the Port Angeles foreclosures.  I looked up all the foreclosures this calendar year (from Jan 1 to Oct 22, 2010).  We’ve had a total of 404 foreclosures as evidenced by the “Notice of Trustee’s Sale” documents that have been recorded.  This includes foreclosures in all of Clallam County.

Sequim Foreclosures

Sequim Foreclosures Not So Many

The number of Sequim foreclosures is a much small number.  A Notice of Trustee’s Sale must be recorded part way through the foreclosure process.  The beginning of the foreclosure process is the issuance of a Notice of Default, but in Washington that document isn’t recorded, so there will be more foreclosures than represented by the number Notice of Trustee’s Sales recorded.  But that is offset by the fact that some Notice of Trustee’s Sales are recorded more than once, and there are also Discontinuances (termination of the foreclosure).

Sequim Foreclosures Not for Retirees

This means that the actual number of Sequim foreclosures is a small number, perhaps 50 homes.  Can retirees find great deals in this inventory of foreclosures?  Not really.  The many clients I have been working with over the past several years have not found a nice home in a good area at a great price among the Sequim foreclosures.  Trying to find a foreclosure you would want to live in and trying to negotiate with a bank REO on the east coast is a bit like entering a Twilight Zone movie.

There are also many problems looming in buying a foreclosure because of the legal problems with the bank foreclosure process.  See my earlier article at Sequim Foreclosures and Problems.

I don’t list foreclosures, but I do represent clients as a Sequim Buyer’s Agent or a Foreclosure Buyer’s Agent.  If you do find a foreclosure you want to buy, why not use a retired real estate attorney who understands foreclosures intimately and who is a Sequim real estate broker?  Email me or call me on my cell phone.  Sequim foreclosures are not necessarily the best buy for retirees but if you find one I would love to represent you.

Possibly Related Posts:

• Sequim Investors Cannot Find Homes to Buy
• Clallam County Foreclosures
• How to Find Sequim Foreclosures
• Are Sequim Foreclosures a Bargain?
• Is Your Sequim Home in Foreclosure or Close To It?

Do you own a Sequim or Port Angeles home that is now in foreclosure or just a month or two away from the foreclosure process?  It is a sign of the times that many good people find themselves on the verge of foreclosure or in the middle of one.  Some have suffered the loss of their full-time job.  Others have a limited pension, but with large losses in retirement funds managed by so-called professional money managers during the past two years, increasing health care costs, and financial uncertainty, continuing to make large monthly payments on a mortgage is no longer manageable.

In earlier years you might have simply sold your home and down scaled, but with the real estate recession, many homes are now upside down:  they are worth less than the balance of the mortgage.  Some have put their homes up for sale, but have not had any buyers make an offer.

What can you do if you are close to foreclosure or in foreclosure?

As a real estate attorney I did many foreclosures in Sequim and Port Angeles.  I know the process, the costs and fees associated with a foreclosure, the timelines involved, and I know what it takes to keep your house out of foreclosure.  Some of the costs and fees can be compromised, and there are statutory deadlines that cannot be compromised.

As a real estate broker I know what it takes to sell a home in this market.  I also have worked with banks on loan modifications and short sales.  To help my clients and prospective clients, I have many online articles about the foreclosure process, short sales, and marketing a home in this market.

If you are in or approaching a foreclosure on your home in Sequim or Port Angeles, and you would like to sit down with me for a free consultation on what the process involves, how much time you have, what you can do, and whether trying to sell your home makes sense, call me at 360-775-5424 for an appointment.  Do not procrastinate, because time is your enemy in this situation, and I can help only if we have enough time before the statutory Trustee’s Sale at the courthouse.

Possibly Related Posts:

• Sequim Investors Cannot Find Homes to Buy
• Clallam County Foreclosures
• How to Find Sequim Foreclosures
• Are Sequim Foreclosures a Bargain?
• Sequim Foreclosures