Foreclosures in Mercer Island on SeattleHome.com are homes that are owned by a bank or lender. These are sometimes referred to as REO (Real Estate Owned), ORE, or bank-owned homes. Other foreclosures are sold at county auctions, which are riskier and require all-cash buyers.
In contrast, these bank-owned foreclosures are fairly straightforward and allow for bank financing. Even inexperienced buyers have access to bank-owned foreclosures. Our buyers have the option of an inspection period before closing the contract on a foreclosure. This allows the buyer a short-term "grace period" in case the property doesn't live up to their expectations.
Mercer Island, WA
Mercer Island is one of the Seattle region's most-revered locales. Situated in the middle of Lake Washington and connected to Seattle and Bellevue by the I-90 floating bridges, this urban oasis maintains an identity all its own. Multi-million dollar waterfront homes dot the miles of shoreline around the island, while upscale homes dominate the inland neighborhoods. Mercer Island's public school district is regularly ranked as one of the best in the state, and its residents have a fierce loyalty to their local schools. The north end of Mercer Island has a retail/shopping/dining district with a handful of condo buildings, while most of the island is heavily wooded, quiet, and residential.
Our exclusive Local Market Research helps you make more informed decisions. Each week we publish market updates for Mercer Island. You can see the latest trends in pricing, affordability, supply and demand. We invest in this research so our clients always have the latest insights to make the best decisions with confidence. Below are the latest home pricing trends for Mercer Island based on zip code 98040.
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