Cash only at Foreclosure - Seattle?

[Maria Keating]

Hi, I'm semi interested in a condo in Seattle that will come up on auction in October.  Reading the foreclosure guidelines, it seems that one needs to have cash to bid on the property.  Is that how all foreclosures work?  You'll have to bring $300K if you want the property? People actually do that?

If anyone is familiar with Seattle foreclosures, is there a bidding war like on the regular market?  Crazy bids?

FWIW:  The reason I'm interested in this unit is because I already own an identical unit in the same building.  Thus, I am intimately familiar with the area/building/renters market.  I'd be interested in the unit at the opening price or thereabouts, but not much more.  But this is in an area where even a tear down goes for well above half a million.

Any insights/experience with Seattle foreclosures is greatly appreciated.

[Rob Terpilowski]

I've bought a few properties through the auction in Seattle, and you need to have your full bid amount at the auction.  I've used Veristone Capital as a hard money lender for my auction properties, and they will bid at the auction, and provide payment, and will require you to wire a 20% down payment to them if you are the winning bidder.  You could also check with them to see if they can do a title search for you to learn of any liens on the property.  If not Caliber real estate is at the auction every week and provide the title search service to their clients.

hth,

-Rob