Posts Tagged ‘short sale’

Wells Fargo getting tough on foreclosures & short sale extensions!

Monday, October 4th, 2010

Take a peak at this video, these guys keep me up to date on all the mortgage lending issues pertinent to the real estate industry!  Sounds like Wells Fargo won’t be sitting on their foreclosure inventory like many of the other banks have been doing…. I agree that we need to rip the band aid off and get through this market.

The BIG news is that Wells Fargo is saying they won’t extend foreclosure dates on short sales. This is a big one guys, this means if you write an offer on a short sale it is even LESS likely that you will make it to the finish line. The banks, Wells Fargo included, do not respond to short sale offers promptly as it is, if they aren’t going to push out the foreclosure date then that not only leaves the listing agent scrambling to find a buyer in shorter time, but means it’s even less likely that if they do find the right home buyer, that everything will come together before the drop dead foreclosure date. 

On a positive note I will say that we are experiencing an increase in successful short sales overall; I think the bank’s are starting to figure it out! Close one just last week in fact!  -Kristie, Your Portland Oregon Short Sale Realtor!

Portland Short Sale Homes: Pre-approved Short Sale! $234k in Clackamas just Off Sunnyside!

Thursday, August 26th, 2010

A pre-approved short sale!  (What does that mean you ask?- Read further below).  In the meantime, a GREAT HOUSE at a great price!

  • 2337 sf / 2.1 bath
  • 4 bedrooms w/ 2 car
  • 2003 / backs to greenspace
  • 15477 SE Thornbridge Dr. Clackamas ML# 9049856
  • CALL FOR A SHOWING!

So what is a pre-approved short sale? It means that the seller had an offer, the listing agent worked their butt off with the bank to get it through, the bank finally processed the offer, did all their broker price opinions, accepted the offer, etc. and then the buyer walked (likely had already found and moved into a home because it took the bank so long to respond). So THE GOOD NEWS- Another buyer like yourself can slide in where that offer left off, basically “take cuts in the line” and purchase at the pre-approved price. (if you think you can offer less than the pre-approved short sale amount you will likely find your self at the end of the line with a several month wait)

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Portland’s Bank Owned / Foreclosure List for Today

Saturday, May 1st, 2010

I Tweet this list almost every day but thought I’d toss in a blog today. There are some finds in here for West Linn & Lake Oswegoso take a look!  Bank owned homes are still the better opportunity over short sales if you are serious about wanting a home, if you are in no hurry, not affected if interest rates go up, and have alot of patience than go for the short sale! Our team is excellent with both! -Kristie

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!

Having to Sell Your Home as a Short Sale? Phantom Tax Beware!

Thursday, April 30th, 2009

forgivenessIf 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.

Well… you can get taxed on that phantom income just like any other income and that is where the real estate agent will always tell the homeowner to talk with an attorney and/or their accountant.

The good news is that you may not get taxed on that forgiven phantom amount. It’s not often that I link to other bloggers but this blogger in Orlando, Florida did a great job summarizing who gets taxed and who doesn’t.  For more information on the Debt Foregiveness Act of 2007 click here!  (Thanks Jerry! I loved Florida by the way!)

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Looking for Bank Owned Real Estate? Ask Me to HOOK YOU UP w/a Report!

Wednesday, April 8th, 2009

hookIf you are interested in seeing what bank owned properties are looking like out there, send me the area, zip code, school district, or whatever your area criteria is and I’ll shoot you off a report with pictures, addresses, etc…

I currently have myself set up to get a daily email of every bank owned (aka REO) home “just listed” in the Portland Metro and surrounding areas; I pay particular close attention to Happy Valley (Oregon) of course because it’s our Petri Dish and my stompin’ ground but it’s interesting to see what homes are popping up in all of the areas. It’s particularly interesting to see a short sale turn back up as a bank owned when you KNOW they had great offers that the bank should have worked with!

If you are interested in Short Sales I can do a report for those as well but the bank owned homes are usually priced REALLY well and they aren’t nearly as painful, time consuming and frusterating as the short sale.

Interested? Give me an area you’re curious about and I’ll set you up! -Kristie McD.  Your  “Everything. Portland. Real Estate”  Agent 

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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…)

Short Sales & Bank Owned in Happy Valley Oregon

Saturday, September 20th, 2008

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…)