The fact of the matter is that too many sellers feel that the "winter season" for selling homes is a lost cause. It is true that the volume of sales typically drops during this period but nothing could be further from the truth about it being a lost cause.
At this time, buyers are driven by driven by value, opportunity, and NEED. The one constant is the need of the buyer. Buyers that are motivated and have need will be searching for value and opportunity regardless of what the season.
By viewing the market as being "thin pickings" and removing yourself from keeping up to date with opportunities you will likely be correct. On the other hand, by maintaining a positive outlook and continuing to keep yourself updated with the local market you just may be able to find that gem......a home that meets your total needs, in the right location, and being offered at a price that you just can't resist.
Stay in the game.....it can still happen!
Congratulations, you have been approved for a home loan. There are several factors to consider when buying a home such as location and condition of the home. There are benefits to buying in a desirable area for resale value. Also in determining a sale price, consider the condition of the home and repairs that will be needed. Often, a home at a lower price that needs numerous repairs may not be as good of a deal as a comparable home in good condition at a higher price. The best recommendation is for you to buy a home in a price range that best fits your budget and you can comfortable life with.
Prudential California Realty
DRE 985176... more
Again, I believe you would be best served to speak with Eric Newman of Summit Mortgage Corp. in Portland. He will know if there is any way and what your best plan would be ,whether it is to wait and for how long and what to do in the mean time to get ready to purchase. I also recommend spending some time with an accountant if that is possible.
Eric Newman- 503-698-5801
Bonny Crowley, ABR,CRS
Portland Principal Realty
I would recommend speaking with a licensed Mortgage broker. I have a couple different ones I am working with that are excellent at what they do. Would you like me to forward you their contact info?
And when the time is ready you can also view homes on this interactive neighborhood map of Portland. http://RelocationToPortland.com
I am a Portland relocation specialist and would be able to help you out with all of your relocation needs.
Feel free to browse around my site, it will ahve everything you need for your move to Portland.
Looking forward to hearing back.
Now is just fine. A good Realtor will take the time to understand what you're looking for, perhaps go out on an exploratory tour to see first hand what you really love.
Find out what a Realtor can provide for you now; I offer a free home warranty and something even better... but I'll let you find my website if your interested.
The Realtor can keep you up on the market, pick out awesome potential homes, and basically have your back all the way.
Anyway, best of luck! I'd be happy to help.... more
Well I guess it depends on the price of the area and the quality of the resorts in the area. Would you be trying to keep it and re-sell the property after holding it a bit, or renting it? I think that if you are investing to rent the home out a college town will be a more stable income area. But areas like Hawaii or Sedona can have great property values because people not only like to visit, they like to move there. Good luck on your search!... more
The answer to your question is very in depth and has many possiblities. I work with investors who invest in cash flow properties and have an excellent system they use to do so. Feel free to contact me and we can talk about the different options available to you. Right now you need to get as much info as possible and then make an educated decision with the information that you collect. I look forward to talking with you soon so that I may help you do what is best with this decision.
Rian Muleback... more
Most contracts that we are familiar with contain a clause that protects the former listing agent from losing their customers in this type of scenario....whether innocent or contrived. The length of time the company/agent's interests are protected will likely be specified as 90, 150, 180 days. This term may vary from contract to contract or company to company.
Our recommendation is to review your listing listing agreement relative to this prior to entering into a relationship that could be problematic.
I'm glad to hear that you will eventually be coming back to Oregon.
To answer your questions- Yes, I would say that the negatives still apply to purchasing a manufactured on Real land. These have all of the risks you listed.
You can buy a really nice piece of property wih a manufactured home. You just need to realize when you go to re-sell that's when you can feel the result of the downside to a manufactured home.
It's really, really difficult to sell a manufactured home in a tough Real Estate market. It can be tough in a good market too.
Most of the value, will be in the land only. There will be little value in the manufacture home, regardless of age. They depreciate so very quickly.
I would say, are you thinking long term or short term.
If you want to buy the land at a deep discount and eventually build a home. I can see an upside to that in the long term.
Short term, if we continue to depreciate I can't see an upside at this point. Not only will you be loosing value in the land, but also in the manufactured home too.
It's a personal choice. Manufactured have a personal upside. Lower maintenance, less expensive which is why people choose this route.
This market is so affordable for land with stick homes and land with Manufactured homes too. I don't see affordability changing much in the year to come.
You sound as if you are getting educated on your options to buy. Glad your asking for our imput.
I wish you the best in your decision.
Oregon- East Metro Specialist
If a buyer can't afford a property within a certain area, then the buyer is left with the property they can afford. But, if given a choice of two properties, both at market value, I would choose the property with the better location, even if the property with the better location is more expensive. Assuming the buyer could afford the better property.... more
It can be, but there is a lot of risk involved. You need to know that local regulations will permit it, need to understand what improvements will be required, and you need to ba able to figure in the costs of those improvements. I've done it a couple of times with success, but the whole concept is based on increasing demand for the finished product ( one or more parcels) and based on appreciation. Neither of thosefactors have been present in the marketplace that much lately. Due diligence is critical.... more
Perhaps consider renting your current home out. Or offering it on a lease-option basis to a tenant-buyer. The latter will produce a bit more in monthly income, and might result in an ultimate sale at a break-even price.
You have a lot to put down, considering your planned purchase price . . . if you can find a property for $40,000 or so. And that raises another question: Would you be able to find financing in any case on the new property? That loan amount ($20,000) is below the threshhold that most lenders will consider lending. So you might well be looking at owner financing on your new property. Nothing wrong with that; in fact, that can work to your advantage.
However, I wouldn't advise you to buy (or commit yourself to buy) a new place until you absolutely know what you'll be doing with your current home. So, really, that means having a Realtor do a CMA on your current property (to know what it's likely to sell for) and having the Realtor tell you what your present home could rent for, and talking to a lender (to find out whether you could even borrow the money you'd need for the new property, or whether owner financing is your best option).
Hope that helps.... more
Hi buying short sales for investment can be tricky as they can take a long time to close. as any investment you have to weigh cost and payback. i think bank owned homes can be a better a investment. at this point. The area of Vancouver,Wa can be better than Portland OR as prices are lower and rents are similar. I would be happy to send you info on bank owned homes in the vancouver area. let me know. bradfix@ johnlscott.com thanks Brad... more