Whatcom County Foreclosures (Auction Properies)
Buying a foreclosed property can be best way to buy a home or can it could be the worst nightmare you've ever imagined. Of course, the outcome is determined by the research and analysis involved in the due diligence process. If you are working with someone that is knowledgeable and experienced in this process it can be a great buying strategy, saving anywhere from 10%-30% on your home. With the Bellingham market holding strong this is a great way to beat the competition.
In Bellingham, I usually see homes in all areas of the spectrum when it comes to foreclosed auction properties. There are real dumps, average homes, and also new properties. Something for everyone!
Due Diiligence Process
1. Location and Condition of Property
2. Detailed List of Repairs(interior/exterior) if I can get inside the house to take a look
3. Talk to Department of Health to check status and condition of water/septic systems.
4. Check the MLS or Assessor's site to see when it last sold and for how much/get Comps.
5. Determine your Bid Limit
Once the property is foreclosed on, all subsequent liens are wiped off record. This can be one great advantage of buying a foreclosure with a lot of liens.
Of course when you buy a property at an auction you are buying it "as is', so make sure you do your homework ahead of time and know your limits!
