Home Buying in 97214>Question Details

Katherine, Home Buyer in Porland, OR

Seller financing on condos in Portland?

Asked by Katherine, Porland, OR Mon Nov 3, 2008

We'd like to buy a new-ish condo in Portland, probably a one bedroom. We're a couple with two incomes who don't qualify for PDC or PHC help (by a hair). We've only been able to obtain FHA financing, which can't be used for most new condo developments. Does anybody know any developers (close-in east side) who are offering attractive seller financing? North Portland works too; just not NW or SW. The condo market is really depressed right now, I know. We'd love to lock in a mortgage with lower prices and low interest. Also, any idea how flexible condo prices are in this market?

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Katherine,
We are planning on selling our condo in the near future. It is a nice one-bedroom with hardwood floors and a panoramic view of downtown (can see the fireworks all summer long) in a nice nine story building finished in 2002. We plan to get our condo spot FHA approved. Currently we are looking for a home and as soon as we find the home we desire, our place will be on the market (whether as a contingency to our home offer or not). There are a few units in our building for sale, but none of them have the wonderful downtown view.
0 votes Thank Flag Link Mon Jun 1, 2009
Perhaps you can find a resale property in a newer building that is FHA approved. Are you stuck on only buying brand new construction?

Condo sellers are frustrated - buyers are few - so all offers are worth looking at. Have you considered bumping up your price range, knowing that you will offer a commensurate amount less? It might open up another "level" of properties.

I'd be happy to forward listings to you.

Cary Perkins
Windermere
caryperk@windermere.com
503-720-4455
Web Reference: http://www.caryperkins.com
0 votes Thank Flag Link Mon Nov 3, 2008
What is your price range? Depending on what your specifics are for the condo (location, ammenities, etc) and your financing qualifications, there may be some options for you. Are you looking to purchase before the end of the year?
0 votes Thank Flag Link Mon Nov 3, 2008
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