Home Buying in Cully>Question Details

Jeffrey Free…, Home Buyer in 91102

Looking for loft rental prior to buying in Portland or rent-to-own. Also interested in foreclosures and economic prognostications for the area.

Asked by Jeffrey Freedman, 91102 Fri Aug 27, 2010

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5
Jeffrey you have probably found a place to rent and if you have lived here for 6 months so no is the time to buy as rates are going up. Rates have risen almost 1% in the past 4 months or if you had a $200,000 loan your payent has gone up $100 and your buying limit has just been reduced by $20,000. There are some great values but you need to be educated to get into the market. Good luck to you.

Tom Inglesby, Broker
RE/MAX Equity Group
ABR, CRS, CDPE, Earth Advantage Broker
503-319-9035
0 votes Thank Flag Link Fri Feb 18, 2011
Hi, Jeffrey

I'm assuming your new to Portland. If so, welcome...

If your new to Portland, I think it's smart to rent 1st. The reason being is that it gives you time to check out all the pockets of Portland and see what fit works best for you. If you have already narrowed it down to Cully, then renting will give you a taste of Cully, without the huge financial commitment of buying.

Rent to Own? I can't say I have any personal or client experiences in this department. Be cautious, and do your homework and get educated if you choose to exercise this option..

A great resource for Newbies to learn about Portland's Neighborhoods is:

http://www.portlandneighborhood.com

It gives you great information about Portland, and it's local.

You can contact a local Agent for Foreclosure information, and Real Estate statistics for the Cully neighborhood. Best Wishes,

Kimberly Kinville
East Metro Specialist
0 votes Thank Flag Link Thu Dec 16, 2010
RMLS Market Action is a great source of un-baised Portland housing market information.

I would look it up - if you can't find it - you can sign up on my website.
0 votes Thank Flag Link Sat Dec 11, 2010
Jeffrey,

I agree with Beth that the rent-to-own deals can easily go wrong if certain things aren't done in the beginning.

A few things to make sure of if you take this route:

Make sure owner can prove mortgage is current upfront.
Pay bank directly with rental payments to avoid loan being unpaid, if possible.
Make sure the option amount you agree on upfront is close to fair market value.


Hope that helps! We also have more advice and info on our site.
0 votes Thank Flag Link Fri Sep 3, 2010
Jeffery,
It's a great idea to rent before you own, though lease with the option to buy (or rent to own) don't always work as smoothly as you would like. There are a lot of foreclosure in Portland, though banks are pricing them at about 88% of the current market value, so you don't get the screaming deals that most buyers are looking for. To learn more about the current market in NE Portland, and the rest of the city, I recommend checking out my blog below, or meeting with a Realtor, such as myself. The condo market, small home, and luxury markets all have different prognoses, and should not be lumped together. I hope this helps, and welcome to the Cully neighborhood, I am a happy resident!
0 votes Thank Flag Link Fri Aug 27, 2010
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