Pre-foreclosures in Pierce County, WA

[Tim West]

I am  starting to evaluate deals in the Pierce County, WA area, and I see that there are some opportunities for houses in pre-foreclosure. When I call on some of the properties, I find that many are in trustee or power of attorney situations where someone is trying to get the property sold before it goes to auction. Are there any pitfalls I should be aware of in the State of Washington with these pre-foreclosure properties that are NOT owner occupied? Also, if a deal is secured where the bank gets their amount outstanding due, is there a lot of red tape that would create a slow closing or put the deal at risk? Just looking for some local knowledge from folks on here with experience in the Tacoma, Lakewood, Puyallup, Sumner, Bonney Lake areas. Thanks!

[Kyle Baxter]

from my limited knowledge I'd just add that the bank typically wants to get their total owed amount. This can be found on the foreclosure paper usually put on the door of the property. From the last time I investigated one of these, add 30% and that's what the minimum bid will go for when it goes to auction. 

And obviously get a title report to check for liens before trying to negotiate with the bank or the owner :)