Learn about 206th Street Ct E in Spanaway, WA
This property is available as a short sale at 206th Street Ct E.
This property features 3 bedrooms and 2.5 bathrooms, perfect for investment and/or your personal residence.
With 1,985 square feet of living space, you can enjoy sizable rooms for comfortable living and flexibility in the common areas for family gatherings.
Our team of real estate experts has conducted a thorough analysis of the current market conditions in Spanaway, specifically for 206th Street Ct E and comparable listings. Based on this expert analysis, the estimated market value is $441,276.
If purchased for rental purposes,
the monthly rental rate could range between $1,640 and $2,000, providing a solid return on investment.
Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals.
Properties like this one on 206th Street Ct E are updated daily along with others in Spanaway, Washington, ensuring you have the most current and accurate information.
Property Information
Public Records
Short Sale
The property located at 206th Street Ct E in Spanaway, WA is listed as a Short Sale
Short sale properties like 206th Street Ct E in Spanaway, Washington represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.
First Steps to Buying a Short Sale
Short sales often present opportunities for real estate investors to purchase property at below
market prices. A short sale occurs when the mortgage lender on a property agrees to give a
release for less than the amount owed on the loan. This usually occurs when the loan on the
property becomes delinquent and is headed toward foreclosure. An alert property owner who knows
he is facing foreclosure is well advised to keep an open line of communication with his lender.
And the lender is well advised to keep an open mind to the consequences of a loan default and
the benefits of agreeing to a short sale. When the lender and property owner can agree on a
short sale price, the owner can advertise that the property is a short sale and can list it
accordingly. Such listings attract a lot of attention and can expedite the sale of the
property.
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Here is how to proceed:
- Contact the property owner and get as much information as you can about the sale. How
much is owed on the loan? How much is the lender willing to accept for a release? How
much time do you have before the property is no longer available because of foreclosure
action?
- If these questions are answered favorably, you will structure a tri-party contract so
that you, the property owner, and the lender are all in agreement. You need to agree on
when the closing will occur, how much is being paid, and how the money will be
distributed at closing. Such agreements may be complicated and should be drawn up by an
experienced real estate attorney.
- Just because the lender is agreeing to a short sale, that does not necessarily mean that
the amount it is willing to accept is a good price. Some properties have been
over-financed and the short sale amount could be higher than the property value. For
this reason, you still need to hire a qualified real estate appraiser so you will know
for certain the deal is a good one for you.
- As in any real estate transaction, the property should be inspected at least for the
soundness of the roof, electrical and mechanical systems, mold and other environmental
concerns, infestations, and air conditioners and heating systems. (Please keep in mind
that the owner may still be living in the property and their privacy should be
respected)
- Also, because the short sale is being structured between yourself, the property owner
and the lender, you still need to have the title checked to make certain your interest
and the interest of your own lender are protected. Short sales occur out of a hardship
on the part of the property owner and motivation of the lender to not take title to the
property. The property owner’s financial distress may have resulted in other liens, so
it is important to know the condition of the title.
- At least sixty days prior to the closing date get your mortgage financing secured so you
will be ready with the funds when it is time to close on the sale.
Short sales can create opportunities to save big on the purchase of a property. Such
agreements are entered into between a purchaser, a property owner, and the lender. Even
though by definition a short sale means the lender is accepting less than the amount owed on
the mortgage loan, it is not a certainty that the property is being purchased at a below
market price. For that reason, you must still perform the same due diligence as you would on
any other real estate transaction. The professional services of an appraiser, property
inspector, and title agent are advised when structuring a short sale.
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Rental Value
The estimated rental value for
206th Street Ct E
located in Spanaway, WA
is $1,820/month. Comparable homes around 206th Street Ct E that are rentals have monthly ranges starting as low as $1,640 per month and as high as $2,000 per month. An owner looking to use this property as an investment could bring a return in the area of $1,640 - $2,000 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
Listing History
| Start Date |
End Date |
Listing Type |
Bank Name |
| 10/17/25 |
|
Preforeclosure |
|
| 10/15/25 |
|
Short Sale |
|
| 08/29/25 |
|
Preforeclosure |
Cross Country Mortgage LLC |
| 03/06/17 |
03/17/17 |
Preforeclosure |
PENNYMAC LOAN SERVICES LLC |
| 10/31/16 |
03/17/17 |
Preforeclosure |
MERS / PENNYMAC LOAN SERVICES |
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