Lenders in Washington can try to recoup losses caused by defaulted home loans by instituting foreclosure. This process involves giving notice to the home owner and public that the property is being foreclosed and will be sold at public auction. Buyers use these foreclosure listings to stay apprised of upcoming auctions. Those who wish to buy foreclosed homes in Washington can do so by placing the highest bid for Washington foreclosures at public auctions.
Find foreclosure listings in your county or other Washington counties. You generally locate foreclosed properties by finding these foreclosure notices in newspapers that run legal notices. If you want to search for Washington foreclosures in every county, you should resort to looking online for these listings. For example, USNPL has a handy list of Washington newspapers that print their publication online. Visit Usnpl.com/wanews.php to find a list of papers that you can find online. Search daily for a couple of weeks to see which newspapers usually run Washington foreclosure listings. You can then just follow those papers on a daily basis to find upcoming foreclosure auctions in various Washington counties.
Use the listings to get information on the foreclosed properties and their related auctions. In addition to the address of the Washington foreclosure, you can find the time, date and place of the foreclosure sale for each home or other piece of real estate. The general rule in this state is that foreclosure sales run on Fridays between 9 in the morning and 4 in the afternoon.
Compile a list of foreclosed properties that fit your bidding range. When you prepare to bid at a Washington foreclosure auction, keep in mind that the lender can also bid and will generally bid the amount due on the property. This allows them to avoid losing even more money on the foreclosure. You will usually have to bid more than that to buy Washington foreclosed properties.
To come up with your bidding amounts, you need to also know the fair market value of the property. You can enlist the help of neighbors of the property or real estate agents or appraisers to help you estimate this figure. Armed with the amount due and the fair market value, you can come up with a maximum bid for each property.
Look at each foreclosure listing to determine the manner and timing of bid payments. When you win, you will have to pay either all or a certain percentage of your bid ;price on the day of the sale. Follow the payment instructions precisely when buying foreclosures in Washington. Otherwise, the auction may be voided.
Take the necessary payment money and bid on foreclosed properties at the public auction. Finish making all payments when you win so you can wrap up the sale.
Obtain a Washington property deed from the seller. A deed is a legal instrument that shows a change of ownership or other interests in real property. You must file a deed, as it is really almost worthless in some ways unless you file it to give notice to the public. File your Washington real estate deed in the same county where your newly acquired foreclosed property is located.
Foreclosure.com: Washington Foreclosure Laws