Oregon & Sw Washington Short Sale SpecialistWhat is a real estate short sale in Oregon & Sw Washington?A quick sale in real estate, also commonly called a short sale, happens when a lender is willing
IMO Owner financing is good for the seller and buyer. It should be setup as a land sale with escrow for taxes, insurance, HOA etc. to protect the seller, not the case here. Setting up in this way the buyer could never get a loan (not on title) and if buyer defaults seller would be notified ASAP not 1.5 years later.
Seller gets a little money now (down payment), cash flow, then in 5-7 yrs balloon payment. This eases the tax burdened, net more money for the property and provides income.
For the buyer they get a house without the rigors of qualifying for underwriting until established credit is built.
If anything goes wrong seller forecloses and finds another buyer to do it all over again.
HI & yes, you do pay your condo associate with or without amenities. The costs of maintaining the condo common areas, (i.e., roofs, painting of buildings, street lights in private areas, landscaping, etc. ) depend on continuing support (dues) to accumulate dollars for reserves for future capital investments and, the day-to-day, month-to-month costs. That may seem too high to you and should be researched by asking for the annual budget by attending a Board of Directors meeting or calling the management company employed by your Home Owner Association.
Generally speaking, you can appeal to the board if you have extraordinary conditions over and above not being able to afford to pay these costs and fines for not paying on time. If you do go into foreclosure, the HOA will petition the court for payment and the judge makes the decision if they are paid.
Best of luck to you in your research and proceedings.
As the economy becomes weaker, more and more people are consideringÂ short sales for both the buying and selling process. Unfortunately, short sales are not always an enjoyable experience for the parties
I will go a little sideways here. If its a private label loan, beware. The lender (alleged) is counting the days to foreclosure where modifications and short sales do not exist. Their is no chance of closing in most cases.
(But yeah they do, really , I know....I mean...)
Stop! They do not! I'm sorry but three closed for every one thousand short listing offered? Please. Wait for trustee sale.
All the froclosed properties are listed with Realtors in the area of the home. If it is listed you can find it on Rmls.com, or give me an e-mail with the address and I'll send you all the RMLS information on it. It sometimes takes a while after the foreclosure for it to appear in the RMLS. (a realtor who works with the bank that foreclosed on it may need to evict the people living in the house, change the locks, and clean it up somewhat (remove trash, etc,) so it may take a few weeks for it to be available. (I've represented several banks and they are not always in a hurry to get it on the market--for what ever reason). My direct phone # is 503-680-4449 Jean Pritchard, John L Scott PTL, www.jeansellsportland.com--e-mail is firstname.lastname@example.org... more