In 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.
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…)
Both my husband and I are realtors specializing in the Happy Valley area… short sales and bank owned is a way of life on the grand “Hill of Views”. It’s no surprise the Happy Valley has established a reputation as Hill of McMansions, Short Sales and 1/2 built homes. They over developed, the economy turned, and now there are an abundance of great deals for those who are able to invest.
Good News? GREAT deals to be had. Anything around (more…)
Happy Valley (Clackamas area just outside of Portland, Oregon) has created quite a stir for those buyers looking for a lot of square footage, new construction, a great deal, and maybe a view. It wasn’t long ago before our real estate debacle that builders were racing to build extravagant homes on the grand hillsides…. Now, they are desperate to sell them. Happy Valley is now overwhelmed with bank owned homes, short sales, and homeowners trying to sell at the same discount prices as their neighbors; quite frankly it’s a mess. For the home buyer it’s a super clearance sale at Macy’s. (more…)
