Real Estate on the Inside

Bid the Bank pick 3/2/2010

2010-03-02T16:33:00Z

Beautiful home in a upper end neighbor with a great view of Lake Stevens just above Davies Beach. 4 bedrooms, 2 Baths and 1745 sq.ft. Now offered at $359,900

Want more info? info@scionre.com

Bid the Bank pick of the day 3/1/2010

2010-03-01T16:51:00Z

Marysville

3271 sq./ft

2 bedroom

2.5 Bath

nice sound view in Rivers Inlet Community

Now offered at $330,000

Bid the Bank Pick 2/24/2010

2010-02-24T16:33:00Z

2008 Seattle Pacific Home in a New Plat just outside Granite Falls with 2753 square foot, 4 Bedroom, 2 Baths. Nice sized lot. That is less than $100 per square foot!! HOT BUY.

For those of you that aren't familiar with Seattle Pacific Homes, they build a good quality home and have several homesites in our area.

Bid the Bank Pick 1/15/2010

2010-01-15T17:40:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Mount Vernon/Big Lake Area, 3630 sq.ft. 2 story on 23 acres with 6 gar garage. Nice House and acreage according to the picture, now reduced to $469,900

info@scionre.com

425-387-5983

Bid the Bank Picks 1/14/2010

2010-01-15T15:45:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Auburn 3150 sq.ft. two story with 3 car garage on 1/4 acre offered at $359,900

2.) Stanwood/Kayak Point area, 2200 sq.ft on 1.5 acres offered at $289,950

3.) Monroe 3350 sq.ft. 4 bedroom offered at $299,900

4.) Carnation, 2170 sq.ft. view home on 1.75 acres now reduced to $294,500

5.) Puyallup Duplex, 1200 sq.ft. each side offered at $272,738

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Bid the Bank 1/11/2010

2010-01-13T17:49:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) This 2500 sq.ft. Marysville/Whiskey Ridge home is back on the market at $277,800. Featuring; 3 bdms, 2.5 baths, fenced yard and a 3 car garage

2.) Marysville/Alexander Heights, 3590 sq.ft daylight rambler built in 2004 with a city view now offered for $300,000 (under $100/sf !)

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Numbers to Consider

2010-01-13T17:43:00Z

As of today there are a total of 19,072 Active Properties Listed for the Six Counties.

1515 of these are Bank Owned Properties.

291 Bank Owned Properties have been released for bid since Jan 01 of this year.

170 Bank Owned Properties have been reported as Pending subject to Inspection since Jan 01 2010. Of these, the original list price average was $268,762 with an adjusted list price prior to pending of $256,263 average. Average market time of 95 days and average asking price per square foot of $125.73.

From Jan 01 2010 there have been 74 Bank Owned Properties closed, Average sale price of $218,664, Average cost per square foot of $128.92, average days on market of 107. Average Sale price percentage to list price of 98.53%. ( Please note the difference of the cost per square foot of the pendings vs. closed )

What does all that mean?

The market for Bank Owned properties is extremely hot. The discounts on Bank Owned Properties are killing the regular market and will continue to do so until the inventory is depleted. The numbers indicate the tax credit is working. This is a Great Time if you can Buy and Hold for a minimum of 2 years as we liquidate these assets. All indications are we should resume to normal after that period. Not Crazy normal, just normal. It also shows that if a house is priced well it sell very fast in this market..

Bid the Bank 12/17/2009

2009-12-17T19:44:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Today for Snohomish County there are 9 new price reduced Condos in a new development in Arlington. They are really nice and Horizon Bank is dying to get them off their books. They are priced now from $149,950 to $164,950. Good Buys!

2.) This is an odd house with what looks like a lot of potential, 3920 sq./ft. in the Lake Forest Park area on 1/4 acre offered at $299,900.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Current Financing 12/16/2009

2009-12-17T19:40:00Z

We just completed a search for financing. BECU beat everyone by over $3,000 on a loan amount of $150,000. That is big. I will keep you posted on how well the closing is going. One of the competing lenders then said, if they would have known that, they could have beat or matched it. If they can do business profitably at that price... why aren't they?

We really need financing reform.

VA Loan Limits Change for Our Counties

2009-12-17T19:35:00Z

http://www.homeloans.va.gov/loan_limits.htm

This is the link for the new 2010 VA loan limits. They have changed for our counties!!

2010 loan limits for King, Peirce, and Snohomish counties is$ 481,250 vs $550,000 in 2009
2010 loan limits for San Juan county are $505,000 vs $525,000 in 2009

Bid the Bank Suggestions 12/16/2009

2009-12-17T06:55:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Lake Stevens, 2000 sq./ft. split, offered at $214,434.

2.) Marysville, 1600 sq./ft. on 1/4 acre offered at $174,900.

3.) South Everett, Nice townhouse, 3 bdm., 2 bath and garage offered at $99,000

4.) Maple Valley, 6000 sq./ft. with 22 car garage on 7.5 acres, offered at $775,000.

5.) Federal Way, 1800 sq./ft. Split $179,000.

6.) Enumclaw, 4000 sq./ft. on 4 acres $593,237.

7.) Covington, 1700 sq./ft split offered at $164,500.,

8.) Sammamish, 5300 sq./ft. on 1/2 acre with Lake View, offered at $826,500.

9.) Coupeville-Penn Cove condo with sound view $114,900.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Foreclosure Buying

2009-12-14T18:19:00Z

This weekend we came across a good example of the difference between buying at the foreclosure auction and buying with Scion Realty Group. A house at 9418 105th Ave. NE in Lake Stevens was built in 2004 and needs about $10,000 to repaint the interior, carpets and some trim work. It is on a nice 1 acre lot in a nice neighborhood. It is assessed at $450,600, it came up for Auction at $390,000. Nobody bid on it, Now it is offered at $330,000. That is a big difference and unlike the auction, you don't need cash. You get a clear title as well, and you can do a structural inspection. It is a Great example of the difference between the two ways to Buy Foreclosed Properties. If you have any questions, email me or give me a call.

Bid the Bank 12/12/09

2009-12-12T22:23:00Z

Here are the picks for today of bank owned properties that may deserve some attention from buyers:

1.) Lynnwood fixer on 3.5 acres with water and sewer offered at $119,94.

2.) Snohomish Fixer, we have highlighted this one before, nice neighborhood, fixed up worth $240,000 to $245,000. Needs about $35,000 worth of work, roof etc. priced reduced to $178,249. Would be a good buy at $140,000 to $150,000.

3.) Marysville, 2004, 2200 sq.ft. offered at $249,900.

4.) Marysville, 2800 sq.ft. 2005 with detached garage as well as attached 3 car garage on 4 acres. Good buy

5.) This could be a sleeper, Shoreline area, Innis Arden, 2500 sq.ft. on 1/2 acre, offered at $572,900, sound view.

As always, contact us for details on these, or any properties:

info@scionre.com

425-387-5983

Move Up Buyer / Seller

2009-12-10T17:01:00Z

Many people can see that Now is the time. We have recently been helping referred clients to make the Move Up.

One of our recent clients moved up from a 1200 sf rambler to nearly 3000 sf new construction two story with 4 bedrooms, den, granite counter tops and everything they wanted for their growing family. Their smaller home was in the right price range and we had a buyer in just 33 days (average time on market for most homes was around 100 days plus). What they saw was the opportunity to get their dream home at a vastly discounted price (when compared to just a couple of years ago). This meant that while they couldn't get as much for their old home as they might have a couple of years ago, they more than made up for it on the home they purchased.

We are currently working with another client in a similar situation. We found them the home of their dreams and they took the plunge. They were able to get into the new home for $125,000 less than what it was originally listed at. We'll be selling their previous, smaller home at a competitive price in the next couple of weeks (feel free to inquire about the details of the home that will soon be on the market). The new home is luxurously appointed, but in their price range with the current state of the market.

Many other people are realizing the possibilities, and the fact that these conditions may not be around much longer. Have a similar experience? Questions? Let us know.

Bank Owned Properties and You

2009-12-10T16:59:00Z

Some of the best opportunities in the current market are properties that have been foreclosed on and are owned by the bank. They are selling these properties at discounted prices to try to get them off their hands fast.

At the ScionRE blog you can see some great current bank owned property opportunities as I post some Bid the Bank picks of the day. Check it out often and see what's available in our area.

http://www.scionre.com/blogs/scionre/default.aspx