I wouldn't think it likely that the lien holder in this situation would make repairs to the damaged windows. But if it is significant the property will likely sell for a price that reflects this condition issue.
John L. Scott real estate
So, you might imagine that the closer it gets to the 120th day, the more likely it is that the price will drop. But there's also the time problem with a short sale. For a short sale to occur, the lender has to approve by agreeing to take a hit. Somtimes there are two lenders, and they both have to agree. In general, the approval process takes 45 to 90 days, and it des not start until an offer is received on the property. During this period, the foreclosing lender MAY delay the short sale, which means the foreclosure deadline gets extended past the 120th day.
Is this clear as mud?
Desirable short sale properties may receive several offers. Some agents advise tendering only on offer at a time. Some go ahead and tender them all. It's a very, very , messy process, and there's no one answer that's consistent in every case.
Thank very much you all for putting your time and experts in answering my question. I will consider all your input and see how the seller takes it. The other question I have is that how long it takes a property to drop its price or to be foreclosure especially a short sale list.
Again, thank you for your input.
These foreclosures and short sales need to get moved on before our market will return, and hope not jump up with large increases again or we will back here again. Slow growth in value is better than the over heated markets of the early 2000's.
As for the taxes, you can appeal them and hope they get lowered. However because of Measure 5, passed years ago which capped our taxes and put in place how much they could go up, many folks may not see there taxes go down even though we have lost quite a bit of market value in our homes in 07 & 08. This is because we were paying a much reduced rate.
I encourage you to contact the Multnomah county tax assesors office for a complete explaination of how this all works.
Also, have your agent buy a home warranty if you proceed. That way, the major systems in the home will be repaired if something happens.
Our recommendation is to build the cost of window repair into your offer for this property. On the tax issue, they are what they are.........however, if you feel they are out of line with similar homes in the area, once you have ownership of the property, you can petition for the taxes to be adjusted to be in line with the other homes in the neighborhood.