Before you you search for properties it?s important to understand the terms foreclosure and ?REO.?? A Foreclosure is a property which has been acquired by a lender when the borrower no longer makes the payments on a loan. Banks refer to these properties as ?REO?, an acronym for ?Real Estate Owned?.
Bellingham & Whatcom County real estate markets have been changing and more properties for sale are now owned by a lender who has acquired title by foreclosing on a loan. Lenders typically list these properties with agents in the local multiple listing service. In some cases, the pricing is very aggressive and offers an opportunity for a below market purchase to a buyer. In other cases, the lender is striving to get as much return on their investment as possible and is very firm on their price.
The process in purchasing a REO is much more straightforward than trying to purchase a short sale, because the lender has established the price. While the response time may be longer than with an individual seller, it is usually within a week or two.
You can search for Foreclosure/REO properties on our website by selecting the city name be
Bellingham Foreclosures
Birch Bay Foreclosures
Ferndale Foreclosures
Lynden Foreclosures
Sudden Valley Foreclosures
East Whatcom County Foreclosures
If you have specific question about real estate in Bellingham or foreclosures feel free to contact The Johnson Team Real Estate at 1-888-713-3056 or by email at Info@JohnsonTeamRealEstate.com
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