Last week, I spoke to a client who was looking for a condo but has 3-6 months to move. He was interested in purchasing either a bank owned or short sale property and wondering if he could move within his ideal time line since both type of properties have a reputation for taking longer to close than regular condo due to bank paperwork and bureaucracy.
In other words, how long would it take to buy a bank owned or short sale condo in Seattle? I looked up the data on NWMLS yesterday and put together these charts:
Some interesting factoids:
1.) About 1 in 4 current Seattle condo listings are either bank owned or short sales.
2.) About 1 in 3 Seattle recent condo sales are either bank owned or short sales.
3.) There are more short sales on the market than bank owned properties. For every 2 bank owned condos on the market, they are 3 short sale condos.
4.) The average days on market for bank owned properties is 123 days and for short sales is 129 days. Regular condos took an average of 148 days and this is due to the high end condos taking longer to sell and increasing the overall average days on market.
So bank owned and short sales properties are looking more attractive than they used to-- especially now that the time to closing appears to be a lot shorter than a lot of people expect.