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.
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.
