Portland Oregon foreclosures and short sales
So you're thinking of buying a foreclosure? It's best to be well-informed with all the details before you head out into the foreclosure market. While the number of short sales and foreclosures on the market are not as high as they were just a year or two ago, there are still quite a variety of options, conditions, and price ranges to choose from. One of the first things you need to be aware of is where you want to actually live or purchase the home if you're considering renting it out. If you're not sure, start by looking at the different neighborhoods and where to live in Portland. My website has all the details for the majority of the more populated neighborhoods around the area from Lake Oswego to Beaverton and everywhere in between including downtown. Once you have a good idea of where you want to buy then you need to decide your price range and condition you're willing to undergo. Remember, foreclosures and short sales are typically not the prettiest houses out there so be prepared to do a little TLC once you find the home that you really want to offer on.
A foreclosure and a short sale are two different types of listings. A foreclosure is one that the previous owner has neglected to pay their mortgage and also neglected to communicate with the lender and the lender has no choice but to evict the owner and resell the house. These typically are in the worst condition and may need severe renovations from simple cosmetics such as paint and carpeting, to major overhauls such as wiring, cabinetry, and appliances. Those interested in a foreclosure need to keep an open mind because although these homes are priced far below market value, you will most likely use that extra money in fixing up and maintaining the home.
A short sale is a little bit different in that the buyer has actually communicated with the lender and they have agreed to sell the house for the owner at a discount price to cover the remaining loan. Short sales may or may not still have the owner occupying the property and a good listing agent will recommend that the seller move out during this time so that buyers can see the home vacant and as blank as it can be. This may not always be feasible for the owners so they can remain in the home during the short sale process. At this point, the owners have no say as to offers that may be presented as these offers go directly to the bank. As ironic as it sounds, short sales are anything but; they typically take anywhere from 3 to 9 months and may be longer depending on the delay from the lender. This is the funny part, because most lenders want the real estate off their books yet the timeframe for everything to come together and approval to be made does take a while. Don't plan on looking at short sales and be moved in within a month; while this is a rare oddity, it is typically not the norm.
Needless to say, regardless of the condition you can get a screaming deal on a Portland short sale or foreclosure. Having the right buyer’s agent that knows the listings coming on the market can save you time and lots of money. Give me a call if you're interested in viewing or personally touring any of the available listings on the market today or if you would just like more information and need to be preapproved Contact Us anytime.