Washington Foreclosures and Foreclosed Homes for Sale

Although non-judicial foreclosures are more common in the state of Washington, lenders must follow very specific guidelines when attempting to foreclose on a home. These guidelines can be complicated at times, and require careful attention on the part of the lender. If you are looking to purchase a foreclosure in Washington, it is a good idea to involve a licensed real estate agent who can fully explain the process to you and notify you of any changes in status on properties of interest.

Before proceeding with a foreclosure, the lender is required by Washington law to notify the borrower. This can be done by either posting the notice of default in a conspicuous place on the property, or delivering the document in person. Once the borrower has been notified, they have 30 days to correct the default before the foreclosure proceeds.

After this time, a notice of sale must be published in a local newspaper. Washington law dictates the notice of sale must first be published 28-32 days prior to the auction. An additional publication must be made no later than seven days before the auction date. These publications are an excellent resource for discovering foreclosures, especially as borrowers only have until 10 days before the auction to settle the outstanding debt on a home. If you find a notice of sale advertising an auction in seven days, it is likely the home will indeed be up for auction on the designated date.

Once you have located a specific property, it is time for the auction. Washington real estate foreclosure auctions are open to the general public, and you can consult a real estate agent for more information on when these will occur. It is good to note that Washington requires winning bidders to pay the purchase price of a property in cash. In situations such as this, an experienced real estate agent will be able to make recommendations to help you secure your new home.

Home:LOOKFORECLOSURES:Washington :Foreclosures, Foreclosed Homes, and Foreclosed Real Estate