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…)
Archive for the ‘Short Sales’ Category
Wow! Short Sales are FINALLY breaking Loose!
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).
Typical Short Sale Story- Limbo for Buyer & Seller
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!
Look at the price on that SHORT SALE! It’s too good to be true!
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.
Hey Short Sale Listing Agents Out There! HELP ME OUT would ya?
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…)
First time home buyers; time is running out to get your tax credit!
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.
What we’re seeing: Market activity picking up, homes priced right are moving
Friday, May 29th, 2009We’re seeing lots of new activity in the market and RMLS’ posting of Oregon and Washington lockbox activity numbers shows the increased activity:
Still waiting to buy a home? Your ship is sailing…
Thursday, May 28th, 2009
Having to Sell Your Home as a Short Sale? Phantom Tax Beware!
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.
Having to Sell Your Home Short? 7 Short Sale Legal Pitfalls
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.Buying a Bank Owned Home? READ THE CONTRACT CAREFULLY!
Friday, March 20th, 2009In this market bank owned and short sale transactions are extremely common and when buying a bank owned home your offer is likely to be responded to with a contract, sometimes 2 pages, sometimes 10 pages or more. These contracts have been fairly harmless in most cases, specifically restating things that are already in the standard Oregon Real Estate Forms Earnest Money Agreement usually adding verbiage, conditions etc that are within reason.
Fannie Mae Gives Renters in Foreclosed Homes a Break
Sunday, January 25th, 2009
Recently, Fannie Mae announced that they are working on a plan that will allow renters to remain in their rental home even after the home forecloses. It sounds like (more…)
Pre foreclosure Homes and What’s Next
Thursday, January 22nd, 2009
I watch the Happy Valley & Clackamas market very carefully, with Happy Valley imersed in short sales I think it’s a good sampling of what’s to come for the other areas of Portland. Here’s what I see for 2009. (more…)
Our Newest Listing; Luxury in Lake Oswego!
Monday, December 15th, 2008
Our newest listing is a high end contemporary home in Lake Oswego designed by Bob Thompson in contemporary/modern fashion! This home is incredible, walls of windows, gourmet kitchen, guest suite with it’s own kitchen, lap pool & jacuzzi, theater room, customizable lighting & sound systems, all high end materials through out (granite, marble, slate, hardwoods sculpted fireplaces and more). And to top it off, panoramic views of Mt Hood, Mt Rainer, Mt Adams, My St Helens and city from most rooms! Looking for the entertainers delight in a luxury home estate in Lake Oswego, look no further give us a call! (more…)