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
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
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
You’ll have to look pretty hard for good news in the October 2010 RMLS Market Action. One bright spot is that there is an increase in the number of closed transaction through October 2010 compared to 2009. This is coupled with a decrease in the number of pending transactions. It means that fewer transactions are… Continue reading October 2010 RMLS Market Action
Little crunched on time today as I am holding our annual open house at our home for the Historic Registry Special Assessment Program but this just came from our branch manager and is timely given our past posts and yesterday’s news on rate freezes: Q. My seller is going to be in a short sale… Continue reading After the Short Sale
Turner Realtor Team members Jennifer Turner and Susan Horvat have completed the NAR’s SFR designation. Adding to the alphabet soup of Realtor initials, SFR stands for Short Sales & Foreclosure Resource. The SFR press release cites, “According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or… Continue reading Short Sale and Foreclosure Resource SFR
Searching RMLS for residential property this morning there are 4208 Active listings in Portland. Of those, 441 (10.4%) are bank owned. There is a single listing over $1,000,000 priced at $1.7M. 750 (17.8%) are listed as short sales. There are four short sales listed over $1,000,000; the most expensive being $3,490,000. Though short sales occur… Continue reading Portland Short Sale and Bank Owned Property
What a difference a couple of years makes! In February of 2011, I ran a search in RMLS that resulted in 4208 active listings in Portland. 441 of those were bank owned (REO) and 750 were short sales. REOs made up 10.4 of the market and 17.8% were short sales. I ran the same search… Continue reading The “New” Real Estate Market in Portland