CDPE What is it and what could it mean for you
Filed Under BPO, cdpe, foreclosure, Real Estate, REO, Uncategorized · Tagged:
Certified Distressed Property Expert or CDPE is the designation reached by Real Estate Agents who take the extra step in education regarding distressed properties.
Just what are distressed properties? Properties that are in poor physical condition like fixer uppers or condemned buildings for example are considered properties that are in distress.
Distressed properties is also an expression that is used to define a home owners position in regards to there Home. It is when the home owner finds themselves facing possible foreclosure due to circumstances beyond their control like severe financial instability.
It can also be a property that the mortgage obligation of the owner exceeds the properties true market value. In other words he is upside down.
CDPE agents will help you determine which category you are in and what can be done to help. Often times as a CDPE agent I find myself doing more counselling that any thing else. Just because you are upside down in your loan and or you may be facing foreclosure does not mean there is an easy remedy that awaits.
I am sure most of you have heard of Short Sales in real estate. Many of you may know or have heard of people who have bought or sold their homes where the Lender has discounted the owed obligation by tens of thousands and sometimes hundreds of thousands of dollars.
I am here to tell you that is absolutely true. But did you know that there is a qualification process? To be able to take advantage of the Short Sale process you have to be able to prove your need. Give me a call at 503-515-8889 or email me at h.hamilton@remax.net.
I would be happy to take a look at your circumstances and help you to make a decision on what path is right for you be it Short Sale , PFS, HAMP or others I can help.
A 30 year Perspective on Real Estate Interest Rates
Filed Under Portland Oregon, Real Estate · Tagged: Homes For Sale Portland, Portland Homes for Sale
What have Real Estate Interest Rates been doing over the last 30 years ? They haven’t sat still that’s for certain. Even though it seems as if they have been pretty stable for such a long time a little perspective now and then can help.
Funny thing is I hear it said every day often by many of you ” Interest Rates Can’t stay this low forever “ Isn’t it time you made your move? Give me a call or shoot me an email, lets get going while the deals are still to be had.
Thanks Geoffrey for sharing this great Chart.
Chart Courtesy of :
Geoffrey Boyd
Prime Lending
Portland House Hunting Brokers Tour Day
Filed Under Homes for Sale, Listing, Portland Oregon, Real Estate · Tagged: Homes For Sale Portland, idx search, Portland Homes for Sale, portland real estate for sale
Generally I do my Portland House Hunting for my Clients Daily. However in Portland Oregon Tuesday is the traditional Brokers Tour Day.
The Brokers Tour day is when all the Real Estate Brokers go out and see all of the new listings that have come on the market in the last week. It is a throw back to an antiquated tradition when new listings were printed in a Multiple Listing Book and delivered to the office once a week.
The Books have been gone for a long time now having been replaced by the Internet. I still do go out on tour though even though it is more of a Social Outing than anything else. It does however allow me a time to see those really difficult lsitings. You know what I mean, those listings where either the Seller or the Agent can’t help themselves and decide that there home is so exclusive that it must be viewed only by appointment.
In this kind of market it seems like a silly concept, when there are a lot of properties that can be viewed easily. But still all in all the client is best served if I can view them all giving them the best of the best to look at.
Here is what was on my radar this morning. :
Portland Home Search Where is Herb
Filed Under Homes for Sale, Portland Oregon, Real Estate · Tagged: Homes For Sale Portland, Portland Homes for Sale, portland real estate for sale
My Clients Search most every day for their next home using my web site here at www.portlandrealproperty.com and so do I. Where is Herb and how do I begin my Portland Home Search for my Clients?
My search begins daily early in the morning normally around 7:00 am or so. My web site gives you two options. You can go to the Internet and pull up the site and begin searching or you can choose to have the updates emailed to you.
I choose to use the Emailed version which is updated every 20 minutes throughout the day so regardless of when I login to check whats going on the listing information is fresh.
After browsing for the new listings in each of the neighborhoods for my different clients needs I pick out the listings and Print them out. This will normally give me a list of homes to look at in the range of 5 – 20 homes a day.
Who are these clients? My buyer and Seller clients are a diverse group. Many are long term Clients some who I have worked with for nearly 20 years. Many others are people who have found me via the internet reading a blog post or they have stumbled across this site or one of my other sites.
So what am I looking at today? Take a look below and you can see what I will be looking at for N&S. This group of homes is in an area that is a little outside of N&S’s search area. But after looking for a while without finding a home that fits their needs, sometimes you got to do a little exploring.
No listings found
REO BPO Short Sales
Filed Under BPO, Homes for Sale, Portland Oregon, Real Estate, REO, Short Sale · Tagged: Homes For Sale Portland, Portland Homes for Sale, portland real estate for sale, REO and Short Sales
REO’s, BPO’s and Short Sales, what are they and what to they mean to you?
In the world of Real Estate Lending REO’s, BPO’s and Short Sales are common talk but what do they mean to the every day common person. Well first a couple of explanations as to just what they are.
REO : Or Real Estate Owned properties. These properties are commonly institution owned. They can be Foreclosed properties that the Lender has taken back from a creditor who was unable to complete there contract. They can also be properties bought as an investment or properties that are company properties. They may also be properties purchase by a Company via there Corporate Relocation department. These Relocation departments will often buy homes outright from there employees as an incentive to hiring them and or transferring them to a different location.
BPO : The BPO or Broker Price Opinion is somewhat like an appraisal. Lenders and Asset Management companies depend or Real Estate Brokers and or Agents to provide them valuable information and an informed opinion as to value. A company usually would request this valuation when anticipating or after a forth coming foreclosure.
Short Sales : In general the Short Sale is the anticipation by the Mortgagor that they are unable to make good on their commitment to purchase the home and they want to sell it at less than what they owe. This happens less frequently in an expanding market and is very common in a market like what we have experienced in the last 3 or so years where property values have declined significantly. The term Short Sale simply means that the Borrower is trying to Sell for Less than owed, they are Short of the full amount.
A few common myths.
Myth : I don’t need anyones help I will just call my bank where I got the loan.
Answer : The majority of all real estate loans are sold many at the same time as Closing and often times several times through out the life of the loan. Your buddy and friend at the local Bank often never worked on the loan longer than it took him to fill out your application and get you to closing. Even if you do locate your lender they often times will use an Asset Management company to handle all of the details choosing to keep to what they know best, Taking applications and Originating Loans.
Myth : I hear that Short Sales are a nightmare and take forever to close.
Answer : Not true. That does not mean to say that every short sale transaction will be easy to work through. Fore instance, getting a response from those in charge, the Lender or Asset Management Company can still be trying at times. But it turns out that once your offer is accepted the closing time period is no better or worse than a traditional offer. While looking at 3 neighborhoods here in the Portland Oregon Metro area I discovered that the Difference between Short Sales, REO Property’s and or Common Sales in only a couple of days. The average time from date of accepted offer ( Sale Pending ) Till Closing ( Sold ) for these 3 groups is about 46 days.
If your interested in Knowing more about REO’s, BPO’s and or Short Sales give me a call or keep checking back for more articles in the future.
A list of properties listed as Short Sale in a few neighborhoods appear below. To get a more personal list about your neighborhood give me a call at 503-515-8889 or email me h.hamilton@remax.net and or sign up here.
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It's Not about me it is all about YOU ! If there is one thing that I have learned in the 21 plus years that I have been helping people Buy and Sell their homes it is this " Your Needs Come First "
For more info stop by www.portlandrealproperty.com
Call Herb and Start Packing!
