These are difficult times in the real estate market. Many homeowners in Oregon and around the country are in default on their loans and have to sell, and the banks and mortgage companies are holding properties they don’t want. (They make their money making loans, not owning real estate). With interest rates lower than any time in 45 years, and prices around 30% below their peak, homes are a relative bargain.
Even though buyers now drive the market, the road can be very bumpy; even dangerous. Here are a few tips for buying distressed properties: Short sales often go for around 80% of the mortgage balance. If your offer is much below that, even if the seller accepts your bid, the lender is in control and may sit on your offer with no response in hopes they get a better bid from another buyer.
Be prepared with a fast acting lender to close quickly (two weeks or so) after the lender gives approval. This means to have a loan commitment and have any inspections completed so you know what you are getting in to.
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Tags: Foreclosures, Short Sales
This entry was posted on March 14, 2009 at 4:49 am and is filed under Grants Pass Real Estate, Homes for sale in Oregon, Klamath Falls Real Estate, Oregon Living, Oregon Real Estate, Real Estate, Real Estate comments, Short Sales, Short sales in Oregon, Southern Oregon Foreclosures, Southern Oregon Real Estate, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
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AS A REAL ESTATE BUYER, YOU ARE IN THE DRIVER’S SEAT!
These are difficult times in the real estate market. Many homeowners in Oregon and around the country are in default on their loans and have to sell, and the banks and mortgage companies are holding properties they don’t want. (They make their money making loans, not owning real estate). With interest rates lower than any time in 45 years, and prices around 30% below their peak, homes are a relative bargain.
Even though buyers now drive the market, the road can be very bumpy; even dangerous. Here are a few tips for buying distressed properties: Short sales often go for around 80% of the mortgage balance. If your offer is much below that, even if the seller accepts your bid, the lender is in control and may sit on your offer with no response in hopes they get a better bid from another buyer.
Be prepared with a fast acting lender to close quickly (two weeks or so) after the lender gives approval. This means to have a loan commitment and have any inspections completed so you know what you are getting in to.
Like this:
Tags: Foreclosures, Short Sales
This entry was posted on March 14, 2009 at 4:49 am and is filed under Grants Pass Real Estate, Homes for sale in Oregon, Klamath Falls Real Estate, Oregon Living, Oregon Real Estate, Real Estate, Real Estate comments, Short Sales, Short sales in Oregon, Southern Oregon Foreclosures, Southern Oregon Real Estate, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.