What are Foreclosures & Short Sale Properties?

Foreclosures are homes that have either been abandoned by their homeowners, or reposessed by the lender when the homeowner could no longer make their mortgage payments.  There are different types of Foreclosures, including Bank-Owned properties, and HUD and VA foreclosures. 

A Short Sale is a home still owned by a homeowner who is trying to sell the home for less than the value remaining on the mortgage.  Since the mortgage won’t be fully paid off when the home is sold, the bank needs to approve any sale.  In many cases, the short sale homeowner is behind on payments, and may be on the way toward foreclosure.  It is usually in the bank’s best interest to allow the short sale homeowner to sell his home at a loss to the bank, since in the long run the bank will probably lose even more money if they proceed with a foreclosure.

Buying Foreclosures and Short Sale homes on Whidbey Island

Step 1:  Getting pre-qualified with a mortgage lender is usually the first step in buying any home, including foreclosures and short sales.  All foreclosures, and most short sales, will require the buyer include a  Pre-qualification or Pre-approval letter with any offer.  Getting pre-qualified is a simple process, and can be done over the phone.  I always recommend that buyers get pre-qualified with a local Whidbey Island lender.  Our local lenders understand the intricacies of dealing with local requirements, such as well and septic system inspections, and don’t charge the “junk fees” that some of the internet lenders or big-city mortgage brokers charge. 

Step 2:  The second step is to contact a local real estate agent to help you find homes.   Foreclosures and Short Sales for sale on Whidbey Island are listed in our local Northwest Multiple Listing Service (NWMLS) of homes for sale in the Puget Sound area.  Any home that is listed for sale may be sold be any qualified agent on Whidbey Island.  So even if the property is listed by an agent off-island, a local Whidbey Island agent can help a buyer to see and write an offer on the property.  Certain types of foreclosures require that the agent be registered to sell them (all agents at Coldwell Banker Koetje Real Estate are qualified to sell all types of foreclosures, including VA and HUD homes).  

Step 3:  The third step is to let the agent know what you are looking for in a home, and start looking!   We have a wide variety of foreclosure and short sale properties for sale on Whidbey Island.  Whether you are looking for a Condo, a single family home, a multi-family investment property, or a manufactured home on acreage, we probably have something that will make a great home or investment for you.  

Other things to consider:

Foreclosure considerations - Sometimes as the homeowner is going through the process of foreclosure, they will remove the appliances, fixtures, wiring and any thing else they can sell.  Most sellers facing foreclosure are under a lot of stress, and some will damage the home in their anger at their lender.  As a result, foreclosures often are in need of significant repair.   If a foreclosure is in bad condition, or has structural damage, it may be extremely difficult for buyers to get bank financing.  While foreclosures may appear to be a good value, they may be in serious need of a cash infusion, and so buyers must have a financial plan for how they are going to pay for any needed repairs. 

Short Sale considerations - Because a bank has to approve any Short Sale, there is an added level of negotiation in the sale.  Depending on the efficiency of the bank, they may take several weeks (or several months) to approve the sale, and they may add conditions to the sale.  If you are thinking of buying a Short Sale home it is very important that you hire an experienced short sale agent to represent you.  There are a lot of steps that are handled differently in a short sale than in a normal home purchase, and an experienced short sale agent will be able to properly advise you on your rights along the way.

1771  SW Aberdeen Court, Oak Harbor, WA

Relax on your covered back porch, or enjoy your coffee as you watch the sunrise from the covered front porch. With all the luxuries including granite slab counters w/custom tile backsplash, tile floors in the baths, & stacked stone gas fireplace in the vaulted ceiling great room, this home is ready for immediate move-in. A model-like condition with all the upgrades. Fantastic location across from the golf course, near the beach, parks & town. The community welcomes owners and residents ages 21 and up, but no children as permanent residents.

2129 West Beach Road, Oak Harbor, WA

 Come and see this waterfront home on the west side of Whidbey Island, sitting high on the bluff with magical views across Puget Sound to the Olympic Mountains & Vancouver Island.  Enjoy sunsets over Puget Sound, watch the shipping traffic traverse the Strait, or walk to the nearby beach. The elevated  setting maximizes water views across the wide flat back lawn, & the single story layout appeals to all generations.  Entertain in the huge kitchen w/two islands while watching sailboats glide by.  Soaring tray ceilings, dual Master suites, & generous living spaces.  

 7244 Humphrey Road, Clinton, WA

 Enjoy the best of island living, with views of the sun rising over the Cascade Mountains & reflecting off the waters of Saratoga Passage.  Just minutes from the Clinton ferry docks for an easy commute to Seattle, Everett, or Boeing & Microsoft!  Vaulted & beamed ceilings & expansive windows to soak in the view.  Custom woodwork includes real maple floors & fir trim.  The private master suite occupies the entire top floor with a private deck & incredible water & mountainviews.  The kitchen features stainless steel Jenn-Air appliances & dramatic views.  The separate Library can also be used as a media room & there is an additional separate family room on the bedroom level.  The original owners kept horses in the meadow below the home, but currently it is maintained as lawn space. 

651 SE Bayshore Drive E202, Oak Harbor, WA

 Enjoy sunrises over the Cascades & the view across the harbor & Penn Cove to Mt Rainier in the distance.  You’ll have a front row seat to the fireworks at Windjammer Park & the boats heading out for races in Penn Cove.  The gas fireplace, teak floors, and windows on all 4 sides add warmth to this spacious end unit condo with almost 2200 square feet of living space.  Incredible location on the Oak Harbor waterfont a short distance to shopping & restaurants, o& enjoy the 80+ acre park right next door.  Full ADA elevator access, a private garage, separate 200 suare foot shop or hobby space, & direct gated access from Waterside condos to the beachfront trail and boardwalk!

1187 NW Redwing Drive, Oak Harbor, WA

Located less than 5 minutes from West Beach & the state and county parks, this home is perfectly located for outdoor living!  Close to the community park, this almost-new home features large rooms with vaulted ceilings in the Living & Dining Room, large decks for entertaining, & a luxurious Master Bath retreat for relaxing in the main floor master suite.  The spacious yard has room to garden, play, & entertain.  Walk to the High School, and convenient to main base & shopping.

 SOLD !!! 2170 Hillside Place, Oak Harbor, WA

Located in the marina community of Mariner’s Cove, this mid-century modern home clings to the hillside with incredible views of the Cascade Mountains and the waters of Saratoga Passage.  The open design and loft living are accented by orange shag carpet, wood panelling, and psychedelic wallpaper.  The best of the 70′s!

The home was designed for entertaining, with a large great room and family kitchen with views of the water, and a fireplace for cool evenings. The kitchen features two islands, one with a breakfast bar and sink facing the water. There is a large Dining Room for formal entertaining, and a library for private relaxation.

There are also three very large bedrooms, two of which have private bathrooms, and the third has private access to the third bath. There is also a large sunroom facing the view.

But of course, the greatest feature of this gracious home is its location on the waterfront on Whidbey Island.

The pictures don’t do this home justice, it must be seen in person.  Contact Hal Hovey at (360) 929-0261 for a private showing.

Looking for a great northwest home for sale on Whidbey Island?  Then look no further!

An exceptional northwest style home with expansive views of Saratoga Passage & the Cascade Mountains. Just minutes from the Clinton ferry docks for an easy commute to Seattle!

The home was architect-designed home w/vaulted ceilings, tall windows, wide decks & patios on 3 levels to maximize the views from all rooms. Custom woodwork includes maple floors, & fir trim. The kitchen features stainless steel Jenn-Air appliances and expansive views.

 The private master suite occupies the entire top floor w/private deck & incredible views, and a large Master Bath with walk-in shower and large soaking tub. The Library/media room has a vaulted ceiling and is plumbed for a wet bar.

The property includes almost 3 acres of land, including a lower meadow that was used by the original owners for horses. Come out and see this great Whidbey Island Home for Sale in Clinton, WA.

If you loved the 70′s the way I did then you will love this house!

Designed with a mid-century modern style, and still featuring some of the highlights of the 70′s like orange shag carpeting and psychedelic wallpaper, this house is truly a reminder of everything we loved about the era of Twister, Joe Namath, and Angie Dickinson!

Beneath the retro veneer, this is a real gem of a house.  With clean lines, and phenomenal views, it is just waiting to be discovered!  The mechanicals are in great shape, including a high efficiency gas furnace, newer siding, decks and roof, and recently upgraded railings throughout.  This is a great home just waiting for you to release your inner Austin Powers!

Here are the Initial Statistics for 2011 home sales on North Whidbey Island:

 -   $247,897 – the average price of single family homes sold on North Whidbey Island in 2011, a decrease of 1.4% compared to 2010.

 -   334 - the number of single family homes sold in 2011 on North Whidbey Island, the exact same number as sold in 2010!

-   121 days – the number of average Days-on-Market for homes sold on North Whidbey Island in 2011, up slightly from 111 days average for the same period last year.

-   12.5% – fewer homes for sale this year than last.  With 12.5% fewer homes on the market this year, there is now only an 8.3 month supply of homes for sale, vs. a 9.5 month supply at this time last year.

Looking for an Oak Harbor condo for sale?

So you wanted a large condo with a view of the water & mountains?  Well it is too late for this one, we just sold it!  This top-floor, end-unit condo is in like-new condition, and has a 1 car garage and additional carport parking, all just a few blocks from the marina, college, and all the shopping and restaurants of downtown Oak Harbor.  It is a great condo and will be home to some new folks now.

But even though you missed this great condo, there are more where this came from! Give me a call at (360) 929-0261 or drop me a note at halhovey@gmail.com .

I’m happy to report that we just closed on this great condo in Langley, here on Whidbey Island, WA.  Despite the real estate market doldrums, we were able to sell this condominium in only 35 days, compared to the last condo to sell in this community which took 217 days.  We also sold for a higher price, almost unheard of in the current market!  So how did we do it?  Answer:  By having great sellers who were willing to follow some simple staging recommendations.

When I first visited this condominium it was packed to the rafters with antique furniture and knickknacks.   It was very clean, and in great condition, but buyers couldn’t see how big it was inside, and all the “stuff” distracted from the appearance and made it feel old.  I asked my sellers to remove almost everything, and to just create a couple of vignettes.  

My clients were fantastic.  They did everything I asked, and cleaned the condo until it sparkled.  They didn’t paint or replace the carpet, they didn’t buy any furniture or other decorator items.  They arranged a couple of sitting areas so buyers could relax and enjoy the rooms, and they put some clean towels in the baths and tied them with ribbons.  They used what was there and made the home feel new and livable, and opened it up for buyers to imagine themselves in the home.

Success – we got a lot of showings, and were able to sell in just over a month for a very fair price.  Two other condos in the same complex remain on the market with an average time on market of 247 days.  Neither has been staged to sell.

Proof once again that staging doesn’t have to be expensive, or over-the-top dramatic.  Usually the best staging involves just clearing away the “stuff”, so buyers can see the home as their own.   I just love working with great sellers!