{"id":6317,"date":"2009-07-10T23:12:16","date_gmt":"2009-07-11T06:12:16","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=6317"},"modified":"2009-07-10T23:12:16","modified_gmt":"2009-07-11T06:12:16","slug":"drive-by-sign-of-the-times","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/07\/10\/drive-by-sign-of-the-times\/","title":{"rendered":"Drive by sign of the times"},"content":{"rendered":"

\"Hwy<\/a><\/p>\n

Everyday for well over a year I drive by this development hovering over Hwy 2 as you head eastbound to Lake Stevens or Snohomish.\u00a0\u00a0 I noticed this one lonely house (with paint all over it) with a tree surrounded by vacant lots.\u00a0 Late this afternoon on my way home from the office in Everett I decided to drive by (pics below).\u00a0 I had no idea what was painted on this house until I drove right next to it.\u00a0\u00a0 While a few may find humor in this,\u00a0I do not.\u00a0 Sign of the times.<\/p>\n

This morning I attended the Snohomish Co. foreclosure auction at the county courthouse and spoke with Kathy, an older woman who is a seasoned investor of these auctions.\u00a0\u00a0 She indicated to me that about 90% of the sales are going back to the lender and will come back on the market as REO at a future date.\u00a0\u00a0 I left at 11:30 am and I only witnessed one home (of scores on the dockets) being sold.\u00a0 All the other sales up to that point were delayed, postponed or went back to the Beneficiary (lender) if the bid start price was too high for any investor to bid on—generally the bank buys it back for what is owed on the first mortgage.<\/p>\n

I think purchasing an REO (bank owned) property could be more appealing to a buyer looking to get a good buy vs. a foreclosure.\u00a0 There are a lot of risks in buying a foreclosure.\u00a0 For example, it is rare to be able to inspect the interior.\u00a0\u00a0The home could also be trashed by the owner just hours or days prior to the sale.<\/p>\n

\"hwy2<\/a><\/p>\n

\"neighbor\"<\/a><\/p>\n

\"hwy<\/a><\/p>\n

\"Hwy<\/a><\/p>\n

\"model<\/a><\/p>\n

On the gable over the windows is writing that says, “Model Home.”\u00a0\u00a0 You can barely see it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Everyday for well over a year I drive by this development hovering over Hwy 2 as you head eastbound to Lake Stevens or Snohomish.\u00a0\u00a0 I noticed this one lonely house (with paint all over it) with a tree surrounded by vacant lots.\u00a0 Late this afternoon on my way home from the office in Everett I…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[5,176,175,7],"coauthors":[],"class_list":["post-6317","post","type-post","status-publish","format-standard","hentry","category-features","tag-anecdote","tag-builders","tag-developers","tag-foreclosures"],"yoast_head":"\nDrive by sign of the times \u2022 Seattle Bubble<\/title>\n<meta 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