Tom Inglesby

Vk, an up date on Arbor Homes. They have a promotion going right now that you can get up to about $7500 off the list price or they will do a buy down on the interest rate or your can get closing costs back from the builder. When this allotted money is gone it is done. This goes until the money runs out. If you like the floor plan but don't like the prices you can get the same exact floor plan at Murry and Scholls Ferry Arbor development for $20,000 less in this location instead of Bethany area.. Arbor is the top selling builder in the state and builds a great product for the money. You have to look at each sale separately in regards to what it is worth today building and location and floor plan. I think there is always room to negotiate but the terms and motivation of the seller is the most important. If you wait rates and loan programs are going to change Oct 1, 2008. New rates will be off your credit score and low down payment loans are going away so now is the time to buy. Get an ABR licensed realtor to represent you and make an educated offer. Good luck.

Tom Inglesby, Broker
RE/MAX Equity Group Inc.
ABR.CRS, CLHMS, eco Broker EA S.T.A.R.
503-495-5416 - Thu Nov 13 2008, 14:44

Listed at $339,000 withdrawn now taxes $3000. The house has been on the market for 3 months and it looks like it had two offers on it. The listing says it is getting a new furnace next week. If the sellers had an AHS warranty on the house they might have received a new furnace from the warranty. Great area. the house started at $359,000, 7/28. If you want more information give me a call.
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
ABR, CRS, EA S.T.A.R. eco broker - Sun Nov 9 2008, 21:11

You have to know the market and what homes like the one you are bidding have sold for in the past few months. I saw buyers that thought they were getting great deals pay $50,000 above what the same house sold for earlier in the day last Jan at the auction. I saw the same floor plan sell for $410, $430, $465 and $485 when it was previously listed for $585 the year before. The house that sold for $410,000 sold 1 month before the auction in a short sale the seller lost his 20% down and never moved it. He was going to flip it and relisted it the day it closed and 16 months later it sold. All the homes were with in blocks of each other. There are buyers in the audience that are raising the price against you to help the builder or seller. You also pay a 5% on top of the price to the auction people so figure it out was it a good buy or should you try and buy before the auction. One buyer has the house back up for sale for $565,000 it will not sell at that price. Good luck. Most buyers have no idea what the similar homes sell for. Hire a buyer’s agent and get the facts before you think you are making a great deal. Good luck.
Tom Inglesby, Broker
ABR, CRS, EA STAR eco Broker
RE/MAX Equity Group Inc
503-319-9035 - Sun Nov 2 2008, 23:24

The first question if why a lease option? I would have the buyer qualify under a few different ways. Check with the lender on how much of the rent or rent plus extra rent (option money) can go towards the down payment? What happens if the house goes down in value will the seller take the lower price or does the buyer lose the option money? I would have a lawyer draw up these different options. Biggest problem is most buyers think that their rent can be applied towards the down payment and that is not correct. Can the buyer put a cloud on the title and the seller cannot sell it if there is an option. My opinion let an attorney do everything. If I was the seller I would just rent the house out. If the seller is going a wrap around their old mortgage in most cases this is illegal. Can the seller rent the house out legally and is the house free and clear? Good Luck

Tom Inglesby, Broker
RE/MAX Equity Group Inc
503-495-5416 - Thu Oct 30 2008, 09:24

Anjie, no legal advice here but the first response is you must have all cash. The homes are sold as is no repairs and no recourse if there are issues to the title. A broker can keep you out of many mistakes. I only help buyers that cannot afford the hugh loss or mistake in one of these since there are better more safe ways to buy. Don't take what you see and hear on TV to be the way homes are sold in Portland, Oregon for the best deal. Good Luck to you.
Tom Inglesby, Broker
RE/MAX Equity Group Ince - Wed Oct 29 2008, 14:18