FORECLOSURES….

 HOW TO ACQUIRE FORECLOSE HOMES,

CONDOS,OR MULTIFAMILY,

WITH 10% DOWN!

Call me TODAY for details!

Besides weekly auctions, the county will be auctioning

off there inventory of homes in early December.

1. In 2009 the properties subject to foreclosure are those on which the 2006 full year tax is delinquent. In some cases, 2005 or earlier taxes may also be delinquent. The grace period is three years and the full year 2006 taxes will be three years past due on May 1, 2009. NOTE: It does not matter if the 2007, 2008, or 2009 taxes are paid. It is not when there are three years of taxes past due but when one year’s tax is three years past due that foreclosure begins.

2. We do not maintain a mailing list to notify people of each year’s tax foreclosure. The great majority of people who ask for information never attend the auction or do any research once they find out what is required and what is involved. Further, people move without telling us and it is a waste of county resources when the list is returned. On or about June 10, 2009, a list of properties in foreclosure can be found by clicking the link at the bottom of this page. The Summons and Notice, which includes a list of the properties, will be published in the Seattle Times classified (legal) section sometime in late October after all our certified mail notifications are completed. A paper copy computer list may be purchased in the office on or about June 10, 2009 for $5.00; $8.00 if mailed.

3. We do not sell “tax certificates or “deeds” of any nature. In some states you may purchase a certificate of some kind showing that you paid the delinquent taxes but we don’t have any information on this procedure because there is no provision for it in Washington State law.

4. If you obtain a list from us for research purposes, remember that you will need to come into our office or visit our web site periodically to delete those accounts that were paid since your list was printed. The web site list will normally be updated daily via the technology staff after normal working hours. Due to the volume of work this information will not be provided by telephone. Parcels may be redeemed from foreclosure at any time up to the day before the auction, thus we do not know what will be in the sale until the morning of the auction.

5. There is no redemption period after the sale except in cases where the owner on the day of the sale was either a minor child or a person adjudicated to be legally incompetent. In those cases, there is a three year redemption period.

6. As real estate taxes are in the first lien position, the tax foreclosure extinguishes all other encumbrances including but not limited to Deeds of Trust, mortgages, contracts, liens, judgments and any similar items. However, any Local Improvement Assessments (LIDs) remain and become the obligation of the buyer. Also, Internal Revenue liens remain.

7. Parcels are sold in the same order as they appeared in the newspaper and in the lists mentioned in #2. Parcels are in numerical order by tax account number which, in turn, derives from the alphabetical order of the plat name or from the Section, Township & Range if the property is unplatted.

8. ALL SALES ARE FINAL. PROPERTIES ARE SOLD ON A “WHERE IS” AND “AS IS” BASIS.

All research must be done by the interested party. Normally this would include checking maps in the Assessor’s Office and doing research through the public computer terminals in the Assessor’s Office. An on-site inspection should also be made. Just because a property looks desirable on the map does not mean it is in actuality. The map does not show the topography such as ravines, hill, slopes, etc., nor does the map show what is on the property (dense growth, swamp, boulders, etc.). Some properties may be private roads covered by easements for ingress and egress. Easements are not extinguished by the foreclosure sale but remain with the land. You may not block the easement to try to extort money out of the users.

Similarly, when you see that a property lies near or under a transmission line easement, there will likely be restrictions against building anything on the land. Transmission line easements do appear on the Assessor’s maps but private easements do not.

Some properties may be subject to use restrictions and covenants set up in the original plat. Some of these may be labeled Open Space, Open Area, Greenbelt or similar. Their use is often strictly limited. The King County Department of Developmental & Environmental Services has ruled it will not issue building permits on any such lots. You should also be aware of properties where the legal description contains the term “Drainage Easement” or Retention Pond” or similar terms.

It is up to you to know exactly what you are bidding on. We cannot stress this too strongly. Every year people who have done little or no research or who do not know how to read a legal description buy properties that, to them, are totally useless. Knowledgeable parties who have done the proper research will avoid these properties. We do not overturn a sale and refund the purchase price because a bidder didn’t know what they were bidding on, nor because they didn’t understand the legal description.

9. Do not count on buying a house at the foreclosure auction. Normally, owners of improved properties subject to tax foreclosure will raise the money to redeem the property before the sale, often at the last minute. Most houses that are foreclosed on have delinquent loans held by banks, mortgage companies or other lenders. There is no department within the county that has information on these lending agency foreclosures.

10. Properties not sold to the public at the auction are sold to King County. These parcels are thereafter called “Tax Title Properties”. Most of these parcels are of little value which is why they didn’t sell at the auction in the first place. Many of these properties are “dangling strips” or “isolated triangles”. The former are usually narrow strips anywhere from a few inches to a few feet wide that were left over because of an error in a legal description, a survey or platting error, or a mismeasurement by the Assessor’s office. The triangles generally are created when a street or highway cuts through a lot leaving a small isolated triangle cut off from the rest of the lot or block.

11. The County may try to sell the Tax Title Properties at some future date after the foreclosure sale. Tax Title sale information may be obtained by calling the Property Services Division at 206-296-7470.

12. THE TAX FORECLOSURE AUCTION

No King County Employee or officer, or person who is an immediate family member of and residing with a King County employee, may bid at the sale, nor may such person bid as an agent or allow any agent to bid on their behalf. RCW 84.64.080

We do not have a bidder registration requirement.

The minimum bid includes the amount due to the County for the tax, interest, penalties and foreclosure costs. Bidding must be done in person, not by phone or mail. This is an open oral auction, not a sealed bid auction.

Payment by the successful bidder must be made immediately upon winning the bid. Payment must be made by cashier’s check, money order, certified check, or cash. NO OTHER FORM OF PAYMENT WILL BE ACCEPTED INCLUDING PERSONAL CHECKS, BUSINESS, CHECKS, CREDIT CARD CHECKS, TRAVELER’S CHECKS, LETTERS OF CREDIT OR SIMILAR. There are no exceptions to this policy. Checks are made payable to the King County Treasury.

Most people bring a cashier’s check made payable to the King County Treasury for the maximum amount they are willing to spend, whether they intend to buy just one parcel or bid on several. If the check is for too much, we refund the difference, but if it’s not enough you won’t have time to run to the bank for more.
Foreclosure section phone number (206) 296-4184.

THE FOLLOWING IS THE 2008 FORECLOSURE AUCTION “TERMS OF SALE”. THE “TERMS OF SALE” ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND MAY BE DIFFERENT FOR THE 2009 SALE.

KING COUNTY TREASURY OPERATIONS – KING COUNTY, WASHINGTON
TAX FORECLOSURE SALE, DECEMBER 12, 2008

TERMS OF SALE

1. The opening bid as announced by the auctioneer includes all unpaid general real property taxes, all unpaid deferred real property taxes, all personal property and gambling taxes which have been certified to real property, all delinquent compensating use taxes, all demolition assessments which have been certified to King County Treasury Operations, all special taxes (but NOT Special Assessments), interest to and including December 12, 2008, penalties, and foreclosure costs, surface water management charges, King Conservation District Fees, Fire Protection Fees, noxious weed fees, and principal and interest due King County on unpaid Tax Title Contracts, if any.

2. Properties are sold subject to special assessments. We will announce, prior to the bidding on a parcel, if a parcel is encumbered by liens for delinquent special assessments if that fact was reported to us by Pacific Northwest Title Company of Washington, Inc. Whether or not such an announcement is made, however, parcels are sold subject to any special assessments that may have been placed on such property.

3. We will also announce prior to bidding on certain parcels that they were encumbered by Internal Revenue Service liens if Pacific Northwest Title Company of Washington, Inc. reported that fact to us. Whether or not we make such an announcement, however, parcels sold that were encumbered by an Internal Revenue Service lien are subject to redemption within 120 days of this sale.

4. Bids must be made in increments of no less than $10, in even dollar amounts.

5. The sale will be made by auction to the highest and best bidder for cash. This is a cash sale for the full amount of the final bid plus other fees described in paragraph 8 below. Only cash, certified or cashier’s checks will be accepted and the bidder must pay in full at the time of the successful bid. Personal checks will not be accepted, nor any other form of payment not specified above.

6. If a winning bid is accepted and the bidder defaults by not rendering payment before the completion of the next sale, the parcel shall be immediately rebid. Rebidding shall start at the original minimum bid. A bidder defaulting more than once shall be excluded from further bidding on any parcel at this auction.

7. The sale of each parcel shall be considered final and closed upon acceptance of the winning bid. Unsold properties will be offered a second time at the end of the sale and if there are again no bids, the property will be sold to King County.

8. The successful bidder will be responsible for payment to King County of $57.00 for the deed and recording fee. The payment for the deed and recording fees must be made at the same time as payment of the amount of the final bid price. A receipt for payment of the bid price and fees for the deed and recording is given at the time of payment.

9. The parcels are offered on a “where is” and “as is” basis, and King County makes no representation of warranty, expressed or implied, nor any guaranty of warranty, expressed or implied, as to the condition of title to any property nor the physical condition of any property or its fitness for any use or purpose. Bidders are further advised that certain properties may be subject to easements or use restrictions set forth in the Covenants, Rights, and Restrictions of certain plats, as well as in zoning and other land use controls. Certain parcels may be designated as “Open Space”, “open area”, “permanent open area”, “common area”, “drainage” or similar designations, and are subject to open space restrictions which include, but are not limited to, prohibitions on placing improvements on such parcels. Bidders are further advised that King County does not warrant or make any express or implied representations regarding the physical condition of any parcel including, but not limited to, whether the parcel is contaminated with hazardous waste or contamination from any source, or whether the parcel is subject to restrictions based on the King County sensitive areas ordinance or other applicable land use laws or regulations. For any property purchased, it shall be the buyer’s sole responsibility to make a determination whether any such contamination exists or whether the property is restricted in any manner.

10. If you are a successful bidder, a Tax Deed will be issued for the parcel in about 45 days and forwarded to the King County Records, Elections and Licensing Services Division for recording. If you are a successful bidder, your name and address as given to us for issuance of the Tax Deed will be available by law as a public record. Because of the volume of paperwork, which needs to be accomplished following the auction, we will not be able to make records from the foreclosure sale available for inspection by the public until January 14, 2009.

11. No King County employee or officer, or person who is an immediate family member of and residing with a King County employee, may bid at the sale, nor may such person bid as an agent or allow any agent to bid on their behalf.

12. No one claiming any right, title, interest or estate in the property may redeem at this time or hereafter; EXCEPT, the real property of any minor or person adjudicated as legally incompetent may be redeemed at any time within three years after the date of the Tax Deed.

13. It is possible that a parcel may be registered under the Torrens System. King County Treasury Operations cannot advise you if it is. If this is the case, the purchaser will be required to register certain portions of the foreclosure proceedings themselves and at additional expense.

14. 2009 first half taxes are due on April 30, 2009. You will be mailed a current 2009 tax statement on February 13, 2009 for any parcels you purchase at the name and address provided for the Tax Deed in paragraph 8 above. If you have not received a 2009 statement by March 7, 2009, contact our office at 206-296-0923.

15. If necessary, we will take a lunch break at 12:00 noon and resume the sale at 12:45 p.m.

Continue to King County Property Tax Foreclosure List

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© 2009 King County

Taken from the Rain City Guide

ARDELL 

August 2009

Everyone wants a bargain, especially in this market.  But the truth is that many bargains go to investors and people inside the industry, because they can handle all the hiccups better than owners who plan to occupy the property.  Whether it’s a short sale, a foreclosure, an estate sale or other “discounted” property, often it’s like buying yesterday’s donut.  You can expect something to go sideways in a short sale, and often you can’t get it to go perfectly straight.

1) The closing date may be delayed. In fact you can pretty much count on it.  For someone who is trying to coordinate a move, this can wreak havoc on their life.  If you are trying to link together the sale of your house with the purchase of a short sale, well good luck with that one.  If you are trying to give notice to your landlord and be able to move into the short sale property on a firm given date, not always a reasonable expectation.  Most often short sales involve a series of extensions strung together until it closes. If someone is not planning to live in the house, such as an investor, not a huge big deal.  But for someone trying to move into it, it can be a nightmare of uncertainties.

2) The bank does not approve the sale price. One of the hardest things to understand about a short sale is that the buyer and seller agree to a price, but the bank is the one calling the shots.  Even when you get the HOORAY OK from the bank, the road can be very bumpy to the end.

Say you are buying a house for $820,000 and the payoffs on the seller side are $860,000 including a first and second mortgage and sellers closing costs including excise taxes.  The 1st mortgage is going to be paid in full, so it is the second mortgage lender who is agreeing to whatever is left after other costs are paid. You send them an estimate that they are going to get $60,000 of the $120,000 owed to them.  They say OK.  Now during the time you waited for them to say OK, guess what happened.  Yup.  ALL THE COSTS INCREASED!  The first mortgage payoff got a lot higher than expected.  The utility bills went into arrears and the utilities may even have been shut off.  The arrearages grew and grew and now the 2nd lender who agreed to take $60,000 is only getting $50,000.

You can see how this can turn into a big yo-yo affect with the buyer feeling like someone is not telling the truth.  Yes the 2nd approved the short sale.  No the 2nd isn’t letting it close now.  You must remember that the 2nd mortgage never approves the sale price of $820,000 in the example above. They approve the amount that they are going to be “short” on their payoff.

The buyer thinks the bank approved the sale price of $820,000 when we got the first Hooray OK, when in fact what they approved was receiving $60,000.  Now when you do the final closing statement and the payoff is $50,000…you are back to square 3.  You are not back to square 1.  You have made progress.  But not as much as you thought and the closing date is again delayed and the sale, again, may not happen at all.

3) Now you get to the final stage.  The bank approves the $50,000 or the buyer agrees to come up with an additional $10,000.  Somehow the gap between the $60,000 approved and the $50,000 left to pay the 2nd mortgage has to be bridged.  Possibly with a little give and take on everyone’s part, including the agents.  The buyer who is now being asked to give a bit more than agreed to at a sale price of $820,000 doesn’t understand why.  “I thought the bank agreed to the price of $820,000?”  Remember, the “shorted” lien holder never approves a sale price.  They approve the “short payoff” which is a moving target! It can get very frustrating and difficult to comprehend and follow.

4) Now the buyer wants to walk through the property the day of signing.  Uh-oh…the utilities are shut off.  Anyone who can’t make their mortgage payment and who is not living in the house, is not likely to keep the utility bills current during this long approval process. Yes it is reasonable for a buyer…normally…to want the utilities on for the final walk through or for the inspection.  But getting them turned on is easier said than done.  Whose name do they get turned on in?  If it is closing in the buyer’s name in 3 days, they likely don’t want the utilities in their name yet.  In fact the utility companies may not even let a non owner/non-tenant put the utilities in their name.  It clearly is not something a lawyer would advise a buyer to do prior to closing.

The seller isn’t forking out any money to get the utilities turned on, they have no proceeds and are not putting any money into the house.  Same goes for repairs.  You walk through and see something wrong with the house and want the seller to get it fixed.  No way Jose.  Seller is walking off with his tail between his legs licking his wounds.  He’s often depressed and disgusted and beat up by life.  He’s not coming over with a licensed contractor to make repairs.

4) The Buyer Agent often agrees to a short commission.  So if you have arranged with your Buyer Agent to receive a portion of the commission, don’t be surprised if that amount changes at the end.

Lots of headaches.  Lots of uncertainties.  The truth is that investors foresee most of this.  They don’t care as much about the mundane things like what date it will close or making repairs.  They are going to gut it anyway. Although difficult if you are willing to be patient and aren’t in any hurry to move you can get a great deal on a home or condo you wouldn’t traditionally be able to afford.

So the next time you wonder why investors and insiders always seem to get the best deals, ask yourself this.  Who else would put up with all of this nonsense?  Looking for a bargain?  Great.  Just remember this.  It’s often like buying yesterday’s donut instead of a warm Krispy Kreme straight from the oven.  The taste left in your mouth after all’s said and done…may be a little stale.

What you need to know now

Don’t let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.

Yet another reason, you may want to shop around is to get in on the action while it’s still a buyers’ market. Others certainly see the U.S. as a stable place to invest. According to the Association of Foreign Investors (AFIRE), a survey released earlier this year showed that more than 53 percent of respondents ranked the “U.S. as the country providing the most stable and secure real estate investments.”

Some buyers are hesitating to buy their first home now. Perhaps you are unsure because you’re worried about the real estate market, or you’re afraid you can’t qualify for a mortgage loan. Maybe you don’t want to make a move yet, because you’d like to wait until you think the market is going to hit bottom.

But did you know that RIGHT NOW is the best time to buy? Buying an owner-occupied house is not based on the market; it’s based on YOUR family’s needs and capabilities. If you can afford the monthly mortgage payments, then seize this opportunity to provide your family with the security of owning their own home. In fact, right now IS the best time to buy your first home. Why?

Lowest real estate values in many years. As you know, the real estate values are lower now than in the last few years. Will the values rise soon? Will they continue declining? It really doesn’t matter because…

Long-term appreciation. Although real estate values operate on a cyclical market (increasing, then decreasing, then increasing), over the long term, appreciation still averages about 5% in Washington and many other states. So if you’re buying a long-term family home that you plan to leave for your children, the short-term market fluctuation shouldn’t affect your plans.

High inventory level. Right now, there are lots of houses on the market. I can help you choose from homes in established neighborhoods, bank-owed REOs, foreclosures, short sells, and new homes offered by builders. In this buyers’ market, you’re in the driver’s seat!

More experienced real estate agents. The market fluctuation has weeded out many real estate agents, so the agents still doing well in sales are those quality, experienced agents.

More personal attention. With fewer buyers out there, real estate agents now have more time to devote to you, paying close attention to your needs. As a matter of fact…

Buyers are preferred. In today’s buyer’s market, buyers are highly sought after, because they drive the sales and therefore the market. Typically, real estate agents are focused on pursuing sellers, and often ignore buyers. But not anymore!

Sellers are more willing to negotiate. Quite simply: more houses for sale = more choices for buyers = more leverage to negotiate better price and terms! Your Realtor® can help you make offers and negotiate the best price and terms for your situation.

Great quality loans available. Yes, despite some things you may hear, borrowers can find terrific mortgage loans. And now they’re at all-time low, competitive interest rates. You can trust your loan application to a local, reputable lender with a track record of serving borrowers successfully for many years.

Loan payoff programs. You’ve heard of bi-weekly mortgage payoff programs, but now there’s a new method: an early mortgage acceleration program that can help you pay off your 30-year loan in as little as 8 years WITHOUT any extra payments! This totally new concept is mathematically sound, saving you $100,000 – $500,000 of interest (depending on your loan amount). Previous borrowers did not have this opportunity. 

Tax credit! Don’t forget that you can receive a mortgage interest deduction on your annual tax filing. It can be substantial enough to offset any additional expense of owning (versus renting). If you can afford to buy, consider making homeownership a goal this year, especially if you haven’t owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.

If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you’re extra speedy and have already filed your 2008 return, don’t worry—you can file an amendment to claim the credit. You have three years to do that. You’ll need IRS Form 1040X to do that.

Taking the credit on your 2009 return or getting the benefit now, before filing your return, by adjusting your income wage withholding are also options.

The full credit applies to those first-time homebuyers whose modified adjusted income is less than $75,000 or $150,000 (filing jointly). The credit amount drops as your income rises. And if your income is over $95,000 or $170,000 (filing jointly) then you’re out of luck—the credit is eliminated.

Be sure to speak to experts to ask questions as some other qualifications apply.

So now there’s no excuse!

Remember, you’re not buying for the appreciation. The main reason to buy a house is because you and your family would like to have a safe, secure, stable home. Another reason is that you can begin owning real estate with an owner-occupied investment, and later on you can buy a larger “move-up” house. So if your property appreciates, that is great, it’s “icing on the cake”, but not the main reason to buy your home.

Now it’s time to get out there and find your dream home. Start your search at www.teamfollowup.com which offers the largest listing of homes for sale online. So don’t put it off any longer…Take the first step to fulfilling your family’s dream of home ownership today!

We’ve worked very hard the past several months to get our website just the way we want it to better serve you the real estate public. TeamFollowup.com is taking shape quite nicely. We’ve included tons of content for buyer’s and seller’s which we feel can be quite useful for you when preparing to make your next real estate move. We also have links to all the Puget Sound Counties, with more information than imaginable. Brittany and I are here to help you with all your real estate questions and needs. We’ve made trusting our team easier that ever knowing that you have the best of both worlds with Brittany’s youthful energy in combination with my years knowledge, experience and wisdom. Join our team and see how we can make your next move a positive experience.

Chris and Brittany

We’d love your opinion of what you think of our new site

Plaza coming to Westlake Streetcar Stop

The City has announced a plan to close down a part of Westlake Ave between Olive and Stewart at the South Lake Union streetcar’s southern terminus. The buzzing street will be replaced with the new “McGraw Square Street Car Plaza”.

This plan should address the very annoying double crossing when approaching the streetcar stop from the west on Olive, and make the downtown area a whole lot more transit-friendly in general.

Original reporting and a visual in the DJC , but most of the info is behind a pay-wall (boo).
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