Tag Archives: Lewis County

699 Oppelt Road Onalaska – For Sale!

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Ruth Jones

RE/MAX Key Land Company
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MLS#: 569348
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699 Oppelt Road
Chehalis, WA
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$ Click for current price
1080 Square Feet

Immaculate and well maintained! 3 bdrms 2 baths, an open floor plan and vaulted ceilings gives this home its spaciousness. Privacy and Wilderness! Located at the end of Oppelt Rd, this fully fenced 5 acre parcel is surrounded by 1000s + acres of Weyerhaeuser forest land. Outbuildings include a new 2 car garage and a full height RV storage shop, Detached extra building for hobbies or guests with a loft. Raised gardens and with a planting shed.

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New!! 143 Bazinet Drive, Chehalis Washington

Desirable location, one of 4 beautiful homes located on Bazinet Drive, a rare find! This 3300 sqft home, with living room, kitchen and 3 bedrooms on the main floor.  The downstairs is 1536 sqft, with exterior ground level access, a large recreation room, mini kitchen-bonus room and an extra finished room with a ¾ bath, this would make a great separate living or entertainment area.  All situated on 4.6 acres, beautifully landscaped yard surrounded by firs.  Easy commute only 3 miles to I-5.  $380,000

Bank Owned Properties – What you need to know!

Real estate owned or REO is a class of property owned by a lender, usually a bank, these properties are often referred to as foreclosure properties.

Buyers need to understand that; bank owned homes (REO) are listed on the mls at a discounted price. They are priced to sale and spend far less time on the market than a standard homeowner’s property will.  Bank owned homes are valued by an appraiser or real estate broker prior to pricing and listing.  Their list price is already discounted based on the condition of the home and real estate market for the area.  Currently the sales price of foreclosure home averages about $61.00 per sqft compared to a standard homeowner sale price, at $98.00 a sqft.  On a 1500 sqft home that’s a whooping deal at a $55,400 savings.  Most importantly, bank owned properties sell at about 95% of their list price, because they are already discounted.  This percentage is what a buyer needs to know, not only for successful negotiations, but to estimate potential return on investment properties when selecting what to purchase.

Uneducated buyers, hunting for that “deal”, will often submit an offer far below the list price, referred to as a “low ball”.  What happens when a bank receives a low ball offer?   Most often, they simply won’t respond or counter low ball offers, and if the home is getting lots of buyer attention, it is going to be the educated buyer that wins.  Discounts on bank owned properties vary from area to area.  So before you put it on paper, check with your local real estate broker, and find out what “percentage of list price”, bank owned properties are typically selling for.  It’s the educated buyer that gets the “deal”.

Data based from Lewis County sales over the past 180 days.


Image: Salvatore Vuono / FreeDigitalPhotos.net

2010 Lewis County Foreclosures

Throughout 2010 I have kept a close eye on local area foreclosures numbers.  Specifically tracking the percent of foreclosure homes in our MLS inventories and the effects those numbers have on our local market for buyer and sellers. 

Foreclosures can be very attractive for buyers hunting for a great deal, they often come with deep discounts, selling far beneath the average $/sqft.  Along with the great price tag, these homes tend to sell in less time.  The average “days on the market” for Lewis County foreclosure homes sold over the last month is 54 days vs. 191 days for non-foreclosure home sales.  A smart investor/buyer looking for a great deal, is wise to work with an agent who can keep a constant eye out new arrivals and know the ins and outs of what a typical bank wants to see on an offer.  Even in today’s market, getting there early and presenting a flawless offer meeting the lender requirements can make all the difference. 

For sellers having a high percent of bank owned foreclosure properties available to buyers, can add to the already tough challenges of selling in today’s market.  Competing with the price is an obvious factor.  The average $/sqft of foreclosure homes sold over the last 30 days was $67/sqft vs. $112/sqft for the average non-foreclosure homes sales, that makes a significant difference in the price tag, over $67,000 on the typical 1500 sqft home.  Although a large number of foreclosure properties are in need of repairs making financing difficult and those don’t always attract the same type of buyer.  So many of the available foreclosure homes won’t necessarily compete with the typical seller owned home on the MLS but they are an indicator of overall health of our housing market.   Check out todays numbers below.



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