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Bank Owned Properties Listings in Olympia to Include Lots

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By : John Cutts    99 or more times read
Bank owned properties listings in Olympia, Washington will soon include plenty of developed and unimproved home lots if real estate investor Tri Vo fails to negotiate with his Seattle-based lender HomeStreet Bank, which has filed foreclosure actions on his residential properties.

Vo also owes around $2 million in real estate taxes on these residential properties that are being foreclosed on by the bank. These properties will be sold off in a public auction this month if Vo is not able to pay his loans. When asked about the possible closure or bankruptcy of his development firm Triway Enterprises, Vo replied that he was still working out a solution with his lenders.

The investment strategy of Vo is to buy land, develop it, subdivide it into home lots and then sell these lots to home builders. According to Dan Yerrington, president of South Sound Bank, selling home lots was a profitable enterprise in Thurston County years ago because of the shortage of land. Home lots were snapped up quickly, so developers like Vo acquired plenty of lands to subdivide.

But over the past year, credit has dried up, preventing builders and individual buyers to buy home lots. Yerrington added that he has just foreclosed on a residential project in Tumwater that also offered home lots.

Among Triway residential projects that could soon enter bank owned properties listings are Cyrene, Kirsop Townhomes, Kirsop Village 2, Tumwater South Hill, ABS Investments, Rainier Highlands 0407, Viking Investment and a three-parcel 69-lot site in the Horizon Pointe development. According to Vo, about 500 home lots in his residential projects are in default.

Cyrene is among the biggest projects, with around 100 home lots on 14 acres and 21 acres of wide open space. The home lots were already approved by the city for sale to individual buyers and for home construction. The foreclosure notice on this project stated that Vo owed $1.2 million for missed payments on principal, interests and late charges.

Based on Thurston County tax records, Vo also failed to pay real estate tax payments on his Lacey Gateway development in Hawks Prairie, his Larida Passage in a downtown site and his ten-building mixed-use project called Bellatore in the Tumwater community.

According to a HomeStreet Bank press release, the bank is pursuing foreclosures because it has agreed with bank regulators to reduce its bad loans and contain its bank owned properties listings in order to survive the economic downturn.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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