There are 4,448 active residential listings in greater Portland right now. 31 are short sales. 40 are bank owned. Before those numbers mean anything, it’s worth explaining what they are. What Is a Short Sale? A short sale happens when a homeowner owes more on their mortgage than the home is currently worth — and… Continue reading Short Sales and Foreclosures in Portland Metro

Short sales are going to be a part of the Portland real estate market for quite some time.  In its simplest form a short sale is where one or more lenders must approve a real estate sale because they are going to receive less money than they are owed.  A short sale can have major… Continue reading Short Sale Process Flowchart

There is an overall big picture for short sales but the process is different for the buyer or seller.  This flow chart outlines the process for the seller. This is a simplified version of a complex process so do your due diligence. The term “Short Sale” is used to refer to those real estate transactions… Continue reading Short Sale Flow: Chart for Sellers

The process for buying a short sale is similar to the purchase of a conventional or bank owned property with a few key additions.  The biggest difference is that a short sale adds at least one more decision maker: the bank (there may be loans with multiple banks or multiple loans with the same bank). … Continue reading Short Sale Flow: Chart for Buyers

One of the features of a short sale is that the transaction must be “Arms Length.”  This means than an immediate family member or business partner or business associate can not buy your house if it is a short sale.  The reason is that neither the seller, the buyer, nor their associates can benefit from… Continue reading Arms Length Short Sales

There are currently 3386 homes for sale in Portland according to RMLS.  703 (21%) are listed as short sales and of those 251 do not have at offers that have been submitted to the bank for approval.  There are 278 “pending” sale which means that new offers won’t be submitted to the bank until the… Continue reading How the Short Sale was Won

We’ve updated the flowcharts that we created to explain the short sale process.  There are three perspectives: Short Sales for Buyers, Short Sales for Sellers and an Overview of the Short Sale Process.  Those are the links to the original posts.  These are the revised charts: Every short sale is different and may or may… Continue reading Updated Short Sale Flowcharts

Is the distressed property era over? In Portland, the answer appears to be, “yes” but keep reading as to why that’s not entirely true.  “Distressed Properties” are those that are either short sales or bank owned (also know as REO- Real Estate Owned)  In October 2011, I wrote that 20% of all active listings in… Continue reading Is the Distressed Property Era Over in Portland?

Just in time for the holidays, a bill is heading to President Obama’s desk to allow tax relief for those with short sale mortgage forgiveness in 2014. In short (no pun intended), a short sale is a real estate transaction in which the amount paid for a property falls short of the balance and fees… Continue reading A Potentially Sweeter Holiday for Short Sales