Comments on: Red and Blue States – Foreclosures http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/ Seattle's Leading Resource for Real Estate Information Fri, 19 Mar 2010 23:12:07 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Kary L. Krismer http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261521 Kary L. Krismer Tue, 12 Feb 2008 06:25:53 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261521 I don't think that map is accurate. All the reports I've seen is that our foreclosures are not that bad (and were over-reported as I mentioned). For me it's the low sales volume of listings that's the concern, but parts of King County are very weak (mainly the extreme south end--Auburn, Federal Way, etc.). I don’t think that map is accurate. All the reports I’ve seen is that our foreclosures are not that bad (and were over-reported as I mentioned). For me it’s the low sales volume of listings that’s the concern, but parts of King County are very weak (mainly the extreme south end–Auburn, Federal Way, etc.).

]]> By: Carrie http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261509 Carrie Tue, 12 Feb 2008 06:06:41 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261509 Thanks everyone for the clarification and warning, I didn't realize how complicated forclosures are! Washington state looks pretty pink in that map, coupled with WaMu's "soft" grade on King county, is our market really that bad right now? Thanks everyone for the clarification and warning, I didn’t realize how complicated forclosures are! Washington state looks pretty pink in that map, coupled with WaMu’s “soft” grade on King county, is our market really that bad right now?

]]> By: Kary L. Krismer http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261500 Kary L. Krismer Tue, 12 Feb 2008 05:46:19 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261500 TC realize foreclosures are risky. Unless they're listed prior to the foreclosure, and you go in, you'll have no idea what you're getting into. Also, there can be title issues. TC realize foreclosures are risky. Unless they’re listed prior to the foreclosure, and you go in, you’ll have no idea what you’re getting into. Also, there can be title issues.

]]> By: TC http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261316 TC Tue, 12 Feb 2008 00:38:09 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261316 Thanks for alll the info. Good knowledge to have for this area. I am looking at foreclosures also. Are Government auction sites recommended? Thanks for alll the info. Good knowledge to have for this area. I am looking at foreclosures also. Are Government auction sites recommended?

]]> By: Kary L. Krismer http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261108 Kary L. Krismer Mon, 11 Feb 2008 18:52:08 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261108 I'd think it would be harder to get a bank to do a short sale early on. But whatever. I have no interest in doing short sales, so if they want to find them early, that's fine by me. I'm just glad someone actually wants to do short sales. I’d think it would be harder to get a bank to do a short sale early on. But whatever. I have no interest in doing short sales, so if they want to find them early, that’s fine by me. I’m just glad someone actually wants to do short sales.

]]> By: ARDELL http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261106 ARDELL Mon, 11 Feb 2008 18:43:35 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261106 Kary, The short sale specialists try to catch these situations on the first late payment. By notice of Trustee sale, time is running out to prevent the foreclosure. Many don't have the cash required to buy foreclosures, and can benefit more from the short sale process...buyers that is. Kary,

The short sale specialists try to catch these situations on the first late payment. By notice of Trustee sale, time is running out to prevent the foreclosure. Many don’t have the cash required to buy foreclosures, and can benefit more from the short sale process…buyers that is.

]]> By: Kary L. Krismer http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261087 Kary L. Krismer Mon, 11 Feb 2008 17:56:45 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-261087 You can also just look at the King County Recorders website for Notices of Trustee Sale. http://146.129.54.93:8193/legalacceptance.asp? Most counties have similar systems--just Google it. When that's recorded the sale is roughly 3 months out in most instances. If you look at the substitution of trustee documents, you can get four months notice, but most of those are paying off the mortgage, so you have to know which is which. Keep in mind probably 90%+ of the people who get these notices are not planning on selling. You can also just look at the King County Recorders website for Notices of Trustee Sale.

http://146.129.54.93:8193/legalacceptance.asp?

Most counties have similar systems–just Google it.

When that’s recorded the sale is roughly 3 months out in most instances. If you look at the substitution of trustee documents, you can get four months notice, but most of those are paying off the mortgage, so you have to know which is which.

Keep in mind probably 90%+ of the people who get these notices are not planning on selling.

]]> By: ARDELL http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260611 ARDELL Mon, 11 Feb 2008 03:31:01 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260611 Jillayne, I just hired a team who specializes in foreclosures and short sales. They have been doing huge volume in this area for quite some time. The ink isn't dry on the paperwork yet, but I've seen the elaborate computer system they use that tracks the late payments way before it hits foreclosure stage. I expect their methods and systems are somewhat proprietary given their success in this area. Jillayne,

I just hired a team who specializes in foreclosures and short sales. They have been doing huge volume in this area for quite some time. The ink isn’t dry on the paperwork yet, but I’ve seen the elaborate computer system they use that tracks the late payments way before it hits foreclosure stage.

I expect their methods and systems are somewhat proprietary given their success in this area.

]]> By: Rhonda Porter http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260603 Rhonda Porter Mon, 11 Feb 2008 03:11:15 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260603 www.realtytrac.com seems to be a good resource. I'm pretty sure that title companies (at least locally) do not have the resources to provide foreclosure reports anymore...especially not without a charge. Here's a search I just ran in Bellevue: http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?txtCity=bellevue&txtCity=WA http://www.realtytrac.com seems to be a good resource. I’m pretty sure that title companies (at least locally) do not have the resources to provide foreclosure reports anymore…especially not without a charge.

Here’s a search I just ran in Bellevue: http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?txtCity=bellevue&txtCity=WA

]]> By: Jillayne Schlicke http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260592 Jillayne Schlicke Mon, 11 Feb 2008 02:47:18 +0000 http://raincityguide.com/2008/02/09/red-and-blue-states-foreclosures/#comment-260592 "How does anyone find out what home is in forclosure?" Hi Carrie, As Ardell mentioned, some agents specialize in this area. For everyone else, we go to a title insurance company and order a "foreclosure" report. I honestly do not know if title companies are charging for these. They use to be free. They run a computer database search on the area, say, city of _______ and then they cross reference that search with a public records document called a Notice of Trustees Sale. This report will not be current. The reason why is that there's lag time between the county records filing and the time it takes for the title company's database to get updated, to the time that information is available for a report. Maybe a month or so late/off. So you'd be seeing foreclosure filings for December/Jan if you ordered the report today. To find a title company, google: title insurance company ___your___ county. “How does anyone find out what home is in forclosure?”

Hi Carrie,

As Ardell mentioned, some agents specialize in this area. For everyone else, we go to a title insurance company and order a “foreclosure” report. I honestly do not know if title companies are charging for these. They use to be free.

They run a computer database search on the area, say, city of _______ and then they cross reference that search with a public records document called a Notice of Trustees Sale.

This report will not be current. The reason why is that there’s lag time between the county records filing and the time it takes for the title company’s database to get updated, to the time that information is available for a report. Maybe a month or so late/off. So you’d be seeing foreclosure filings for December/Jan if you ordered the report today.

To find a title company, google:
title insurance company ___your___ county.

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