Archive for the ‘Short Sales’ Category
Thursday, October 14th, 2010
Short sales are notoriously risky, unreliable and frustrating primarily because of
how the banks are processing them; at a snails pace and often void of logic and reason. As Realtors in the Portland market we’ve seen more than our share of short sale transactions and we’ve seen a number of them go to foreclosure, list and sell for a price very close to a short sale offer that was on the property before it foreclosed, occasionally for more than the REO list price. This is doing a dis-service to everyone involved including the bank itself as it’s not cheap to foreclose on a home. The National Association of Realtors yesterday aired some grievances about the foreclosure, loan modification and short sale processes and have apparently been meeting with some of the largest banks to discuss these issues, like Bank of America, Wells Fargo and they have meetings scheduled with JP Morgan Chase and Citi. Read more about it here if you’re an Inman subscriber or here if you are not (yes, the latter is a blog, but it posted the article subscription free).
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Tags: foreclosure, loan modification, NAR, REO, Short Sales
Posted in Bank Owned, Short Sales | No Comments »
Tuesday, October 5th, 2010
Last week, Oregon received an additional $82.7 million from the federal TARP fund, adding to the previous allotments of $137.3 million, bringing the state total relief fund for homeowners threatened by foreclosure to around $220 million. The state is working to find the best use of this federal relief money in order to help the over 8,400 homeowners facing pre-foreclosure process. Relief for many homeowners could come as soon as December, though the means of this assistance is still unclear – state officials are working with several models of relief programs designed by Oregon Housing and Community Services.
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Posted in Investment Information, Listings, Market Report, Moving To Portland, Portland Real Estate, Real Estate Tips, Short Sales | No Comments »
Thursday, August 12th, 2010
In a report published in the Portland Business Journal yesterday, we learned that thirty-two percent of Portland homes for sale, listed since the beginning of this month, experienced at least one price reduction. That ranked Portland No. 16 on the website Trulia’s list of price reductions in America’s 50 largest cities.
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Tags: First time home buyer, for sale, home buying, Homes for sale, housing market, interest rates, Lending, Low Prices, mortgage, portland market, Portland Real Estate, portland real estate market, real estate, Short Sales
Posted in Bank Owned, Investment Information, Market Report, Mortgage Rates, Moving To Portland, Portland Real Estate, Real Estate Tips, Short Sales, Tips When Buying a Home | No Comments »
Wednesday, June 16th, 2010
According to the most recent RMLS (Regional Multiple Listing Service) report, one in six homes bought in Portland were bank-owned homes. Buying at or near the bottom of the real estate cycle can be the best time to buy a home. It also may be the best time to sell if you are moving into a replacement home that suits your needs better than your existing home. Why buy now? Let me count the reasons. It is now a “buyers market” meaning the asking prices on property is at or near the bottom of their cycle and homes are not receiving multiple offers as they were during the “bubble” days. As you can see from the statistics on bank-owned homes above, there is a high percentage of bank owned real estate and short sale deals out there if you have the right agent to walk you through the maze. (more…)
Posted in Investment Information, Portland Real Estate, Real Estate Tips, Short Sales, Tips When Buying a Home, Tips When Selling a Home | No Comments »
Saturday, June 12th, 2010
Scott and I have written alot of offers on short sales, few of them result in a happy ending….. HOWEVER, I’ve had 3 of them break loose in the last 4 weeks. What exactly does that mean? It means that you can write an offer on a short sale and with some patience you have a better than 25% chance of getting the home! (with a reasonable offer of course).
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Tags: Short Sales
Posted in Short Sales | No Comments »
Monday, February 1st, 2010
Yep, this is a typical story. It’s amazing! I am always explaining these types of stories to buyers but it’s so hard to believe that the process is this awful! There are “some” circumstances that will allow for a smoother process but in most cases your chances of pulling off a short sale are minimal. To make the short sale process worse, I frequently see listing agents that don’t know what they’re doing in a normal transaction let alone a short sale. IF YOU ARE SELLING SHORT, MAKE SURE YOUR LISTING AGENT IS A SEASONED SHORT SALE AGENT! Anyhow, take a read at the Oregonian’s “Short Sale Leaves Homebuyers, Sellers in Limbo” . -Kristie McD. Your Portland, Oregon Realtor!
Tags: short sale, Short Sales
Posted in Short Sales | No Comments »
Sunday, December 13th, 2009
Yep! It probably is. Until an offer is received, the short sale process between the homeowner and the lender(s) cannot begin. In other words, the seller & listing agent need an offer, any offer, before they can turn in the initial packet required to get the process started. You are likely being used; they just want your offer.
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Tags: ebay, foreclosures, pricing, Short Sales
Posted in Short Sales, Tips When Buying a Home | No Comments »
Tuesday, November 3rd, 2009
I find myself having to call the listing agents of short sales all the time with the same questions, over and over and over. Even the “famous” ones (well they are the worst actually) do little in their listings to help me out (or other real estate agents for that matter). Please short sale listing agents, note answers to the following in the agent remarks of your listings so I don’t have to bug you!!!!! Every short sale is different! (more…)
Tags: for sale, help, listing, Listings, Short Sales
Posted in Portland Real Estate, Real Estate Tips, Short Sales | No Comments »
Saturday, September 12th, 2009
So I was discussing with a client today when she should have a home picked out, negotiated and in escrow to ensure she gets the tax credit when I realized, we’re less than 3 weeks away from what I consider a safe bet, September 30th.
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Tags: First time home buyer, Short Sales, Tax Credit
Posted in Portland Real Estate, Real Estate Tips, Short Sales, Tips When Buying a Home | No Comments »
Friday, May 29th, 2009
We’re seeing lots of new activity in the market and RMLS’ posting of Oregon and Washington lockbox activity numbers shows the increased activity:
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Tags: Bank Owned, housing market, portland real estate market, REO, Short Sales
Posted in Bank Owned, Market Report, Portland Real Estate, Real Estate Tips, Short Sales | No Comments »
Thursday, April 30th, 2009
If you are needing to sell your home “short” (a short sale) there is always the question as to whether you will have to pay taxes on the difference of what it sells for and what you owed… when the bank forgives the difference it is often referred to as a “phantom” income in that you never see it but it’s there when the bank forgives it so that the home can be sold.
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Tags: debt forgiveness act, phantom income, short sale, Taxes
Posted in Short Sales, Tips When Selling a Home | No Comments »
Saturday, April 11th, 2009
Frequently I find myself at a listing appointment and find that the homeowner owes the bank far more than what their home will sell for. If they are needing to sell because they can no longer afford the home, need to move, etc. they will likely fall into a short sale scenario. In many cases the homeowner will seek a second opinion, even a third or fourth. Unfortunately they may eventually find a Realtor that either doesn’t know better and takes an overpriced listing or “buys the listing” because they are hoping to generate new buyers/clients from the listing. Regardless, the homeowners can lose alot of time which is frequently the one thing they do not have. (more…)
Tags: legal pitfalls, selling short, Short Sales
Posted in Short Sales, Tips When Selling a Home | No Comments »
how the banks are processing them; at a snails pace and often void of logic and reason. As Realtors in the Portland market we’ve seen more than our share of short sale transactions and we’ve seen a number of them go to foreclosure, list and sell for a price very close to a short sale offer that was on the property before it foreclosed, occasionally for more than the REO list price. This is doing a dis-service to everyone involved including the bank itself as it’s not cheap to foreclose on a home. The National Association of Realtors yesterday aired some grievances about the foreclosure, loan modification and short sale processes and have apparently been meeting with some of the largest banks to discuss these issues, like Bank of America, Wells Fargo and they have meetings scheduled with JP Morgan Chase and Citi. Read more about it here if you’re an Inman subscriber or here if you are not (yes, the latter is a blog, but it posted the article subscription free).
