Posted almost 10 years ago

foreclosure step by step-part 1

I've been made aware of a foreclosure sale taking place in Spokane,WA for a Liberty Lake house. I'm familiar with the area, sits between Spokane and Couerdalene. Beautiful spot.

  A friend of mine knows the property and the loan situation. I've checked the liens etc and am prepared to buy. This may amount to a wasted trip. This is why.

There is a first of approx $105,000 including costs. Home was listed for 210K and had several offers in the 180-190 range. Seller was unable to accept the offers due to a home equity line of credit of an additional $100,000. Lender was too stupid to do a short sale.Or, maybe they were too smart and plan on cureing the first and buying at foreclosure.

If the second lender fails to show up, I have a good chance to purchase. Home is nice and would sell in the entry level market for near 200K. WASH has a wierd law against flipping without a General Contractor signing off. This home would be sold by owner(no commission due) and sold as is, with no repairs.

Thursday will be travel day from FL to WA. I'll post part 2 thursday or friday before the sale. If I acquire it, I'll blog the progress, step by step. If you're in that area, you're invited to the sale. Rich in FL, and heading to WA.


Comments (4)

  1. I'll be there at 10 in the morning. We'll see. I do intend to record other prices.


  2. I hope you get the deal you want. I have been to that area many times before to look at potential investments. You are right it is a very beautiful place. My investments there are doing well too.


  3. Rich, As long as you're there, you might want to track other properties. Otherwise you have wasted time and travel expense. At my local sheriff sale, I at least record the various bids that the lenders get the properties back at, so that when it goes REO I know what kind of ballpark number they will accept. Just my $0.02 worth.


  4. Let's hope the 1st doesn't postpone the auction for some silly reason and the 2nd doesn't show up.