Brian Ramsay

Hi Jillian,

Great questions. I am sure many buyers are asking themselves the same thing.

Short Sale is when the seller is not able to sell for the property for the amount of the lien(s) on the property and has to a.) bring money to the table, or b.) needs the bank to help them figure out a solution so they can sell the property. Short Sales are not bank owned property.

Foreclosed home has gone through the process of removing the title from the previous owner(s) and the investor has taken title by force. Most cases this is a bank such as Wellfargo, Chase, Bank of America ect....
The bank sells the property without warranty or disclosure. These are not always "deals" as one thinks. It's very situational.

I would never discourage anyone from making an offer on a property that they like, but would never encourage a client to look at properties just because it was listed as a "short sale" or foreclosure. In most cases you will find that even when in a "short sale", it is still priced out of market. There are plenty of resales available in the market with people who are able to sell for market value because they actually have built equity in their property the old fashioned way....time and payments.

Remember, its your hard earned money. You have permission to do with it what you choose. Your Realtor is a person you have hired to give you objectionable and personal perspective on your choices/decision. I would recommend listening to them and then deciding what is best for you.


Best of luck,

Brian Ramsay
Principal Broker
Condos, Lofts and Townhomes
Pearl, Downtown and South Waterfront http://www.oregonstyle.com
503-380-6990 - Wed Sep 3 2008, 19:52

Hi Martin,

The best people to call for this is Frank Carroll with Allstate insurance (503-227-2721 office)
or Corey Kaster with Farmers Insurance (503-419-6421 office). These guys are amazing!

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc
http://www.OregonStyle.com - Fri May 30 2008, 15:29

Hi.

I have a client that wanted to refinance her loan and the lender asked her if her property had been listed in the last six months. The appraiser checks the MLS for comps and will see the property if it has been listed. Each lender is different so I would ask what their guidelines are.

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc - Fri May 30 2008, 15:25

Hey Squeezed.

I think now is a good time to make offers. If you find a property that you want to own, you are able to get it for the price you want, and you and the property are approved for the loan then yes it is a good time to buy.

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc.
http://www.OregonStyle.com - Fri May 30 2008, 15:22

Vincent,

Great question. A certified real estate appraiser is the only way to determine your value. I recommend calling Beth Cannady of PDX Home Appraisals.

Her Phone number is 503-888-6710 (Office) or email at beth@pdxappraisals.com.

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc.
http://www.OregonStyle.com - Fri May 30 2008, 15:16