Dan Edwards, REALTOR® Your NW Home reSource.™

If your looking for Bank Owned Properties in Redmond WA below is the market report for October 2009.

Some of the best deals in Real Estate are REO or Bank Owned Real Estate.  Banks are in a hurry to sell a home and they intentionally price it 20% below the market.  A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

If your looking for a detailed list of REO(Bank owned real estate) Properties Simply sign up to receive Redmond WA Bank Owned Properties updates. 

If your looking for Bank Owned Properties in Bellevue WA here is the report of what happened in October 2009.

 A Bank Owned home is property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

October 2009 Report

Active: 13

Pending: 4

Sold: 3

Other: 0

Total: 20

	Bedrooms	Bathrooms	Square Feet	List Price	Selling Price	DOM
Minimum	3	1.50	1,150	$325,000	$406,000	1
Average	4	2.76	2,895	$631,990	$571,333	45
Median	4	2.50	2,440	$594,450	$505,000	22
Maximum	6	4.50	5,950	$1,405,800	$803,000	170
Total Dollar Value					$1,714,000

Average DOM Breakdown and Average % of List Price received on Solds by Market time:

	0-30 Days	31-60 Days	61-90 Days	91-120 Days	120+ Days
No. of Listings	2	0	1	0	0
Breakdown %	66.67	0.00	33.33	0.00	0.00
Avg SP % LP	101.39	0.00	96.21	0.00	0.00

I have complied a FREE report on Bank Owned Properties in Bellevue WA.

Trilogy at Redmond Ridge is the premier active adult community for Redmond WA area residents. If your looking for a community to retire in or live a seasoned active life, then the Trilogy community is for you. Residents of Trilogy at Redmond Ridge enjoy events in the Cascade Club where they can enjoy live music and tall cocktails. You connect with other residents through community events.

Don't forget about the fabulous on-site amenities that include: the nationally-recognized championship golf course, Tranquility Spa, the Cascade Club, dinning option at the Redmond Ridge Grill or Cyber Cafe, tennis and an indoor pool.

Enjoy all that Trilogy at Redmond Ridge has to offer from this Lovely one level home in Trilogy. Highly sought after Sammamish floor plan. 2 bedroom plus den. Keep cool in the summer with A/C, and enjoy the warm gas fireplace in the winter. Many upgrades including custom lighting, wine chiller in the dining room and custom built-ins in the living room. Trilogy is a great summer retreat. A 55 and over community with resort style living featuring golf, tennis, spa, park, pool and fitness center and more.

As a REALTORIt's my professional opinion that Trilogy has everything an active senior would want all in one place. If you or someone you love is thinking about a place to retire or a second home to spend the wonderful northwest summers at Trilogy at Redmond Ridge.

This months item of value is a comprehensive review of Identity Theft. Most would be home owners are never aware of impact that Identity theft has on their ability to get a great rate and it may not allow them to even get a loan. As you begin the home buying process it's important to ensure you aren't a victim of Identity Theft. Here is how to prevent it from happening to you!

ATTEMPTS TO SCAM PEOPLE OUT OF THEIR HARD-EARNED MONEY ARE NOTHING NEW,BUT WITH TECHNOLOGICAL ADVANCEMENTS, SCAMMERS ARE BECOMING MORE SOPHISTICATED.

LEARNING HOW TO QUICKLY SPOT THESE SCAMS WILL PREVENT YOU FROM BECOMING THEIR NEXT UNSUSPECTING VICTIM.

TOP SIX SCAMS

Mortgage Fraud

There are many types of schemes, including foreclosure rescue, loan

modification or reverse mortgage scams, and all contain some type of material misstatement, misrepresentation or omission of information relating to the

property or potential mortgage.

Unauthorized Credit Card Charges

Scamming occurs when a company that has your credit card information on file makes unauthorized charges and hopes the victim either doesn’t notice or thinks reversing the charges will be too much trouble. To get your credit card information, some companies will offer a “free trial” and then sell the credit card information to another disreputable group.

Overpayment Scams

Fraudsters negotiate contracts requiring payment to their victims. Ultimately, the victim receives an illegitimate payment larger than the amount owed, and then scammers instruct their victims to wire the money back to them. Several varieties of this scam exist, such as secret shopper, pet schemes and false roommates.

Identity Theft

This type of scamming occurs through the use of fraudulent, unsolicited e-mails that use spam to steal identity information. The e-mails solicit personal information, such as a bank account number, by falsely claiming that the FBI needs such information for an investigation and non-compliance will be prosecuted.

Insurance Fraud

In these cases, the scammer files a false insurance claim as an illicit attempt to collect insurance proceeds. For example, arson-related incidents have been reported by homeowners of distressed properties in an attempt to avoid foreclosure. This has grown more prevalent in the wake of Hurricane Katrina and other catastrophes. These frauds, in turn, increase the cost of homeowner’s insurance premiums annually.

Computer Intrusion Scams

In frauds such as the Nigerian e-mail scam, the scammer claims to desperately need short-term financial assistance to see them through a crisis with the false promise of full reimbursement and a generous cash gift for their assistance.

• Federal Bureau of Investigation http://www.FBI.gov
• Department of Housing and Urban Development—Office of Inspector General (HUD-OIG reports) http://www.hud.gov/offices/oig
• Consumer Affairs http://www.consumeraffairs.com
• National Insurance Crime Bureau http://www.nicb.org

Stay Informed to stay PROTECTED!

HERE ARE A FEW PREVENTATIVE MEASURES AND TIPS YOU NEED TO KNOW TO AVOID BECOMING A VICTIM OF A SCAM.

Mortgage Debt Elimination Schemes

Be aware of e-mail or web-based advertisements that promote the elimination of mortgage loans, credit card and other debts, while requesting an upfront fee to prepare documents to satisfy the debt. There is no easy method to relieve your debts, and borrowers may end up paying thousands of dollars in fees without the elimination or reduction of any debt.

Foreclosure Fraud Schemes

Perpetrators mislead homeowners into believing that they can save their homes in exchange for a transfer of the deed and upfront fees. The perpetrator profits from these schemes by remortgaging the property or pocketing fees paid by the homeowner without preventing the foreclosure. The victim suffers the loss of the property, as well as the upfront fees. Always seek a qualified credit counselor or attorney for assistance.

Predatory Lending Schemes

Beware of lenders who tell you that they are your only chance of getting a loan or owning your own home, and avoid “no money down” loans. This is a gimmick used to entice consumers to purchase property that they likely cannot afford or are not qualified to purchase. Be wary of mortgage professionals who falsely alter information to qualify a consumer for a loan. Do not let anyone persuade you into making a false statement, such as overstating your income, the source of your down-payment or the nature and length of your employment. Never sign a blank document or a document containing blanks.

FREE PROPERTY MONITOR AND ALERT SYSTEM: http://www.epropertywatch.com/myhome

Things you should do: • Insist on learning the full name, address and contact information for any company soliciting your business, personal information or assistance. • Insist that all solicitors send materials to you in writing so that you are able to study the full details of the offer, as well as any guarantees and/or refund policies. • Research all solicitors through the Better Business Bureau, Attorney General’s Office and/or consumer protection service in the state or city where the company is located. • To stop receiving telephone solicitations, instruct solicitors to delete your contact information from all call lists and register with the FTC’s “Do Not Call” registry. • Report suspicious telemarketing calls, mail solicitations or advertisements to the FTC at 1-877-FTC-Help (382-4357) or online at www.ftc.gov

Things you should NOT do: • Do not make any payments to either secure a prize or improve your chances of winning a prize. • Do not be intimidated into making hasty financial decisions by high-pressure sales tactics. • Do not provide anyone with your sensitive personal or financial information unless it is to an entity whose legitimacy is personally known to you or you personally initiated the contact with the entity. • Do not send funds via wire or electronic money transfer services unless it is to an entity whose legitimacy is personally known to you or you personally initiated the contact with the entity. • Do not be lured by offers that are simply too good to be true ...they almost certainly are.

IF YOU SUSPECT FRAUD, CONTACT YOUR LOCAL FBI FIELD OFFICE OR SUBMIT A TIP ONLINE AT HTTPS://TIPS.FBI.GOV

I trust you find this information useful in preventing Identity Theft. Please pass this blog post along to any one you feel that would value this information. THE GREATEST COMPLEMENT I CAN RECEIVE IS YOUR RECOMMENDATION TO A FRIEND OR FAMILY MEMBER!

I was originally going to post some information on the reported extension of the homebuyer tax credit, but I thought is prudent to wait for more news to materialize about the details of the proposed extension and expansion of the first time home buyer tax credit.

I first heard of the extension from a blogger on Active Rain. In classic fashion senators said it's a done deal. Leaving out that there are many issues still unresolved. Here is where we stand as of October 29th. The tax credit would be extended through the end of June. The home must be in contract by April 30th, 2010 and close no later than 60 days.

Move up buyers would get a new tax credit: "Tax credit for move-up buyers will be less than for first-time buyers, but still significant. They will qualify for a credit of up to $6,500 and must have owned their current homes at least five years. Under the current program and the new one for 2010, first-time buyers qualify for up to $8,000 and cannot have owned a home for the past three years."

One other provision still being worked out is adjusting the income limitations to raise them to $125,000 for a individual and 225,000 for a couple filing jointly. This is up from the previous of $75,000 to $150,000 that is currently in place for the current tax credit.

I was never a big fan of the tax credit however, it has been a motivating factor for many buyers and has generated over 400K in new home purchase transactions. It was a large factor in GDP growth in Quarter 4 of this year (for the first time in 4quarters.) However I always thought that ending the credit in November was a double negative. In the real estate industry, we all know the months of November & December are seasonally slow. And I don't believe this is going to spur major activity over the holiday season, it will keep it from completely falling off. Keep in mind that this still has some final tweaking before the final bill is done, but I think with today's market reaction, to return to strong job growth the economy needs to keep heading in the right direction, up. The extension of the tax credit may be the thing that keeps this economy on the road to recovery.