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Foreclosures & Short Sales

Everyone wants a deal so it’s not a surprise that we get a ton of inquiries about foreclosures, REOs (bank owned properties) and short sales in Leavenworth.

We understand that there is money to be made in foreclosures, both by agents and investors.  Heck, we even bought our own house pre-foreclosure when an opportunity of a lifetime appeared.

However, someone needs to come out and say it – Real estate is not for day traders.  “Investors” looking for “get rich quick” schemes should realize that the same schemes can turn out to be “get poor quick” schemes just as easily.

Though we have represented sellers in short sale situations multiple times over the years  and we have helped buyers buy numerous bank owned properties, we are not Short Sale Specialists and not experts in Foreclosures or REOs.  Thankfully, Leavenworth was spared the worst of the 2008-12 recession and we never saw the volume of distressed properties that other markets had to endure.

Our specialty is helping people buy or sell vacation homes in Leavenworth and Lake Wenatchee.   The homes that are likely to be short sales or foreclosures aren’t likely to make great vacation homes. Even in past years when the economy wasn’t doing well, great vacation homes in Leavenworth still sold at market prices to qualified buyers.

Houses that end up as foreclosures here in Leavenworth end up that way for a reason. Usually it is because the owner owes more than the home is worth – too many refinances, paid too much for it in the first place, or they let the house deteriorate. Sometimes all three!

If you are interested in foreclosures,we really recommend this article as a good place to start.  Our friend Christian Nossum also wrote a great piece about Short Sales that is required reading.

If you still think that jumping into that shark infested pool is the direction that is right for you, then let’s talk about how we might be able to help. For most buyers, it just doesn’t make sense.

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