Sequim foreclosures make up a very small part of the market.  We all hear about the massive number of foreclosures in Las Vegas and Phoenix and several other cities around the county, and people talk about stealing houses for incredibly low prices, but that market does not exist in Sequim.  That’s actually good for local homeowners who hope to sell their homes.  The last thing they need is a glut of foreclosures on the market that would make selling their homes so much harder than it already is.  But it’s also good for retirees who are planning to buy a home in Sequim now.  The last thing a buyer wants is an unstable market with lots of foreclosures.  Buyers want to know they are buying in a stable market so their own investment will be sound in the years ahead.  There just are not very many Sequim foreclosures.

To make the point objectively, here is the entire list of all foreclosures listed for sale right now in Sequim and Port Angeles combined.  Actually, these are all the foreclosures in all of Clallam County.  In our MLS these are called “bank owned” because they have been foreclosed and are now owned by the banks.  As you can see there are only 33 foreclosures for sale in Clallam County, and there are only 6 Sequim bank owned foreclosures in all of Sequim as of today (6/24/2011).  There are only 27 foreclosures in all of Port Angeles.  The first column shows the MLS numbers, and the last column shows the total Days on Market (DOM).

Sequim Foreclosures

Sequim Foreclosures Few and Far Between

Clients ask me regularly, “Can I find a nice 3 bedroom, 2 bath ranch style home on one level on a great lot in a nice area at a fraction of the cost of other homes?”  The answer with respect to Sequim foreclosures is, “No.”  Why do I say no?  First, there are not very many Sequim foreclosures.  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.  Compare this to Las Vegas.  Foreclosure filings were reported on 14,940 properties in Las Vegas in August, one in every 53 housing units, which is more than 6.7 times the national average.  With only 6 foreclosures in Sequim, it is highly unlikely you will find your dream home in that short list.

Second, most of these foreclosures are not what retirees are looking for.  Most of them are not the ideal floor plan, or they are not in an attractive area, or they are in such disrepair, retirees don’t want them.  Even millionaire investors are not buying these homes.  That ought to tell you something.

Sequim Foreclosures and the MLS

If you would like to look at any of these foreclosures, simply use the MLS number or the address to look them up on this Sequim MLS site.  You’ll see full photographs and details about the property.  And if you want to view any of these Sequim foreclosures, just email me or give me a call at 360-775-5424.

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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.

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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.

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I’ve showed several Sequim foreclosures recently to several clients. One of these properties is a nice five acre parcel in a great area, and while there is no water or mountain or valley view, the property sits in a quiet and private place. It is ideal for the person who wants privacy and ideal for the person who wants some animals, maybe a horse or two or cows, Alpacas, or sheep.

Sequim Foreclosures

The shortcoming of this Sequim foreclosure is not the property itself and not the listing price.  The challenge is the house.  The house was built in the ’70s and needs major work and a small garden wheel barrel full of one dollar bills.  The floor plan also is not what the majority of people want.  And as happens often with a Sequim foreclosure, the prior owners left the house in a seriously run down condition.

What about other Sequim foreclosures?

The other Sequim foreclosure is also a nice piece of property with over two acres.  The downside with this listing is that the manufactured home needs major rehab work, so much so that it may not be inhabitable.  The carpet has been completely ripped out and the sub-flooring emits a strong cat urine stench, and the stains in the flooring can be seen everywhere.  The walls need replacing in much of the home, and so much of the rest of the home needs replacing, in my opinion this home is a tear down.  Buyers looking at Sequim foreclosures often find it a frustrating experience.

These listings are priced in the $140,000 to $170,000 range.  Considering the amount of money and labor required to bring these properties up to standard living conditions, they are not such good deals in my opinion.  By the time you put $75,000 to $100,000 in each of them, you’re up to a price that could buy you a nice home that doesn’t need all that work, money, and stress.

Sequim foreclosures are not where you’ll find your best buy in this market.

Some of the best homes and the best prices, all things considered, are currently listed in the MLS by a Realtor.  I’m not trying to sell Realtors here, but if you’re looking for value and a nice move-in condition home, this is the truth.  If you’re looking to buy a Sequim home, my suggestion is that you browse SearchSequimMLS.com.  There are some diamonds hidden in this large MLS inventory of Sequim homes for sale.  If you see one you like and have questions, shoot me an email at Sequim Real Estate Agent, and I’d be glad to answer your question if I can.  There are some Sequim foreclosures out there that could work for you.

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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.

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More foreclosures are on the horizon just about everywhere in these United States.  Retirement havens Sequim and Port Angeles are no exception, although we certainly have a much smaller foreclosure market than most.  Our own foreclosure market is a function of the mortgage debacle and the recession.  Owners who find they owe more than the house is worth are making hard decisions about whether to continue to make the mortgage payments or just walk away.  But there’s another reason we will see more foreclosures.  This national recession is taking a tremendous toll on family finances.  Many are unemployed.  The self-employed entrepreneurs, who are the backbone of this great nation, are getting hit hard, and this will mean more foreclosures.   To make matters worse, national banks with mortgage loans on the Olympic Peninsula are quite uncooperative and generally unwilling to work with distressed homeowners when it comes to  what are text book cases for loan modifications and short sales.

So we certainly will see more foreclosures in 2010.  How will this effect the real estate market for buyers and sellers?  Will this present grand opportunities for buyers?  If you are a buyer, should you be scouring the market for that diamond in the rough, aka that foreclosure bargain?

Not all foreclosures are disasters like the one in this photo, but many foreclosures are in such disrepair, or have been damaged intentionally by the previous owners so much that they simply do not appeal to 98% of all buyers.  Several of our local foreclosures have had fixtures torn out, sinks ripped out, kitchen islands taken, hot tub parts removed, and yards left looking like a natural disaster occurred.

Buyers tell me the first priority is location.  What good is a great house if it is in a horrible location?  With that in mind, foreclosures do not lend themselves to the first priority.  A foreclosure cares not where it is located, what the neighborhood looks like, whether there is a mountain view, a water view, or no view at all.  A foreclosure does not care if it is next to a junk yard or 200 feet from a major highway.  You don’t get to pick the location of a foreclosure.

Foreclosures on the Olympic Peninsula are not like foreclosures in markets like Las Vegas or Phoenix, where there are so many that they have had to develop systems to organize how the banks will work with the REOs, the appraisers, new lenders, and the listing Realtors.  By comparison, the foreclosure market here is in chaos, not order.

When foreclosures are listed in Las Vegas, they are listed at sellable prices, not excessively high listing prices.  But this is not necessarily true in Sequim and Port Angeles.  Many foreclosures here are listed at prices so high, you can find much better deals in the MLS that are not foreclosures or distress sales.

Of the very few needles in the foreclosure haystack that we do get, you can bet that the property either will not make it to the Trustee’s Sale before a full time investor has already purchased it, or it will be sold within two hours of listing.  It is almost impossible to compete on that level.  First, you can’t compete in the first instance, and in the second, there’s no way to know when a foreclosure will find its way back into the MLS.  But there are some who are either on the inside (don’t get me started on that issue, because I do not have the evidence to reveal some of what I suspect may be going on in the foreclosure market behind the scenes), or they are just involved in a series of coincidences.  As a buyer, you can’t count on being lucky with a foreclosure.

Conclusion.  An increase in foreclosures in the Sequim and Port Angeles areas will not help buyers as most of them hope or think it could.  The vast majority of buyers (98%) have no interest in the foreclosures that come across their radar.  Of the few who are interested in pursuing the idea of buying a foreclosure, most of them will give up after great frustration and months of searching.  For homeowners who have their homes listed for sale in the MLS with a Realtor at a reasonable price, the homes in foreclosure are not really competition.  Those who would buy a foreclosure are almost never those who would buy a nice three bedroom, two bath home in a nice area here.  Or perhaps that should be said the other way around.  Those who are in the bell curve of buyers who want a nice three bedroom, two bath home with an attached garage in a nice area are not likely to find those parameters in a foreclosure.  And those buyers who retire here and are serious about finding their prefect retirement home often cannot find it in the regular MLS listings.  These buyers will purchase a lot in the perfect location with a mountain view or water view, and hire a custom home builder so they can live the rest of their days in a castle of their own design.  (See Sequim Custom Home Builder)

Recommendation.  I would urge you to narrow down precisely what it is you want and can afford, as well as your timeline.  Then scour the market with your Realtor’s help and find the best home for you.  Whether that is a FSBO, a regular MLS listing, a foreclosure listing, or building your own retirement home doesn’t matter.  What matters is that you live in your dream home for the rest of your days in peace.  In other words, don’t focus all your energy on finding a foreclosure.  That can turn out to be a very frustrating failure.  Instead, focus all your energy on finding that ideal home in the ideal location.  That may or may not be a foreclosure, but  with this strategy your probability of success just went up dramatically.

A great tool online for finding a home or land in the MLS, whether it is a foreclosure or not, is this online MLS search:  Search the Sequim and Port Angeles Homes and Land Listings.

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