Although the pace of home foreclosures nationwide is increasing, it appears Island County isn’t in the grip of the same trend.
The Island County Treasurer’s Office announced eight foreclosure sales for this January.
Treasurer Linda Riffe described the number as surprisingly average.
“I thought with the economic situation the way it is, we would see an increase. But we haven’t,” Riffe said.
One of the highest rates of foreclosures was actually six years ago, when 16 properties were put to auction. Last December, the same time economists say the U.S. first entered a recession, there were no foreclosures listed in Island County.
Riffe credited the aggressive efforts of her office to convince property owners to redeem. Owners have until 4:30 p.m. the day before auction to reclaim properties and remove them from the auction block.
“Jill Smith, our tax foreclosure deputy, once traced an owner to a foreign country. He had lived there for a number of years, and was able to get his property back,” Riffe said.
In some cases, people decide to abandon property and insist that they want it to go to auction. If a parcel is sold for above the minimum bid, the surplus is collected by the title owners.
“This is a bad idea. By selling the property themselves, they would make more money,” Riffe said.
Typical of a down economy, opportunistic scammers are also lowering the collections by foreclosed owners. Some companies claim that people need a third-party to collect money from the auction and charge high fees for their “assistance.” But the treasurer’s office sends the checks directly to previous owners.
Other companies report that owners can continue to live in their homes if “you turn your deed over to us.”
A few of these scams were reported in Island County, Riffe said.
“When people are in foreclosure, they’re panicky and don’t know what to do, which is understandable. When they are approached by these companies, they think, ‘this will save me.’ It’s heartbreaking to see this happen,” Riffe said.
The treasurer’s office is working with the state attorney general to prevent such cons.
The foreclosure sale will be held Friday, Jan. 16 in the Island County Commissioner’s Hearing Room.
Riffe warns that bidders should do their homework. The county makes no guarantee as to the condition of the properties and they are sold on an “as is” basis.
And once a property is sold, the bidder must immediately pay in full by cash, cashier’s check or money order. Otherwise, it will trigger a resale.
“Bidders also can’t leave the sale to get funds and then return,” Riffe said.
One foreclosed property this year was valued at $898,248, on Camano Island, and the treasurer’s office is still working diligently to get the owner to redeem. The minimum bid amount is only $28,196.
Other minimum bids are less than $10,000.
Bidders can review the properties by visiting www.islandcounty.net/treasurer and register by contacting Jill Smith at 678-7842.
