Don't go with any real estate agent. You need to get with a pre-foreclosure/short sale professional who knows everything there is to buyng a distressed home.

Feel free to check out my website

http://www.seattleshortsaleblog.com

Take care,

Kevin Kim

Bill is right--Find a good buyer's agent who knows the market. One thing to keep in mind is that our inventory levels are extremely high--This means you may not have to buy a short sale in order to get a very good deal. Focus first on yourself--What is it that you're looking for? How much do you want to spend? What kind of property? Will you be living there or renting it out? I imagine any of the agents on here (including me) could email you some suitable properties once they know what it is you're looking for.

Kary makes a very good point with regard to short sales--They can be problematic, but I have to add that they can also be rewarding. I've done a lot of these and am currently a listing agent on one, and a buyer's agent on another. But you should buy one because you like the property, not just because it's a short sale.

If you have further questions, feel free to post them here or drop me a line. I live in Cap Hill and one of my offices is in Bellevue.

I'd avoid short sales entirely unless you're an investor. The time to close can be problematic, and you also run a great chance of running afoul of Washington's new Distressed Property law. Under that law a buyer can be subjected to liability in certain situations.

Also, buying at a foreclosure sale has risks because you have to understand the condition of the title, and I don't believe it's possibe to obtain title insurance on your purchase.

In this market, with the inventory levels what they are, I'd suggest instead looking for buyers with a lot of equity. They may give you the better bargain, especially after you consider the reduced risk.

Brian,

Bill is correct. Your agent will be able to search the ENTIRE data base of listings and quickly determine what properties suit your needs and price range. Sale conditions are listed under the agent remarks. I caution you that unless you are looking for an investment or are not in a hurry (2-3 months to close) short sales are the most difficult to conclude. Public notices, court requirements, ok by the bank/lein holders etc.. don't kid yourself this is a complex and time consuming end of the real estate market. Be prepared.

Best regards,

Sean

Brian,
Short-sales are tricky to find since they look like a normal sale on the surface. Since short-sales must be indicated in listing comments by agents (typically not marketing comments), a realtor can help you identify properties by targeting key words (i.e., short) using the MLS search options. Finding foreclosures is similar but not so generic. An agent can search for properties using owner's name (i.e., lender, bank, etc) to identify those properties having a financial institution as the current owner. I'm not familiar with the reporting services and how up-to-date their data feeds are. Since the MLS has regulations requiring agents to keep each property's status current, it's a very reliable source. Finally, you can always check out the Seattle TImes (online or else wise) for foreclosure notifications. This will tell you what properties are expected to go on the auction block at the "court house steps" within the coming weeks. Statistically this is the most difficult avenue since many homes avoid the auction temporarily of all together. You could do a lot of research on a pending foreclosure sale (aka auction) only to have it cancelled moments before the auction. And since you have to be present to bid, your CA location may prove impractical to deal with. You'll likely find that few agents want to be involved with the auction process so you might need to go it alone.

Brian,
There are several websites out there that you can sign up for and get this information, but what you may find out is that a lot of the information they sell you is out dated. What most banks do is they find local agents to list their forclosed properties. Most people think that because it is forclosed on that they can get a huge discount and that is not always the case it depends on who the bank is. We sell a lot of foreclosed properties for countrywide and they will have an appraiser go out to the property, appraise the property and then they put it on the market under the appraised value. But they typically do not give properties away.

If you would like more info on forclosed properties in seattle and the eastsid (bellevue,redmond, kirkland) just let us know.

Brian,

Get in touch with a local real estate professional. They will be able to support you in this effort and it won't cost you a thing.

Good luck,