how to auction a forclosure house in portland,or. from where to get the information??

Asked by Ping, 97229 Tue Feb 7, 2012

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Dave Sutton, Agent, Portland, OR
Fri Feb 17, 2012
If you want to look for foreclosures to buy, one simple was is the search page on my web site: http://www.davesuttonhomes.com/Search-for-Homes.html and check the box for foreclosures.
1 vote
Tom Inglesby, Agent, Portland, OR
Thu Mar 15, 2012
Not sure of the question, but if you are facing foreclosure you will not be able to sell your house for money money than you owe unless someone is willing to step up and pay off all the debts on the property and that is probably more than the house is worth. If you just bought a house that was under foreclosure and now think you can auction it off for a higher price you will not really be able to do that either. So if you could explain what you are trying to do maybe we all could give better answers. The market is tight and buyers are smart so even with few listings the buyers are not buying property that is over valued.
Tom Inglesby, Broker
RE/MAX Equity Group
ABR,CRS,CDPE
http://www.equitygroup.com/tinglesby
0 votes
Tom Hoffman, Agent, Portland, OR
Fri Feb 17, 2012
I live and work in the 97229 Zip code, so i know the area pretty well. If you are looking to Sale a home I could give you one answer, but if you are trying to buy well, thats a whole other can of worms.

As an Accredited Buyers Agent ABR, I can assist you in the purchase of any home including Distressed homes, but as a Certified Distressed Home Expert CDPE, I can also help sale a home when your underwater, or help you get back on track if that is what is in your best interest.

Tom
Web Reference:  http://www.tomshometeam.com
0 votes
Dave Sutton, Agent, Portland, OR
Wed Feb 8, 2012
Since we seem to be of two minds on whether you want to buy or sell, I'll add a third possibility.
If you are looking to sell your home to avoid a foreclosure, that can be a very smart thing to do. It is called a short sale.

My blog entry at http://bit.ly/rqUfvq explains how a short sale affects your credit.

If you'd like to explore that possibility, there are two agents in my office who specialize in short sales (they've done over 100) and I'd be happy to give you their contact information
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue Feb 7, 2012
Ping,
If you are looking to buy a foreclosure home at an auction, you need to know a few things. Auctions only work with cash. There are lenders who charge high interest for short term loans if you have 20% or more down, but you must pre-arrange this first.
You can go to trustee sites to find out what may be coming to auction on a given day and try to research it or you can use a service who consolidates this for you. My office has started working with a company called Fairplay who provides this assistance. I've attached a link to their Portland site for you to review.
No matter how much assistance anyone provides, remember you will be the one putting money at risk. These purchases are speculative and require lots of due diligence on your part. In most cases, the money you save on the purchase you will earn through repairs and surprises. I don't say this to scare you off, but to prepare you that this is risky and many smart people have made mistakes down this road. I hope all goes well for you.
Best of luck.
0 votes
Marge Bare, Agent, Clackamas, OR
Tue Feb 7, 2012
I recommend you contact Aaron Majors, M Realty. He's really an expert at doing auctions, and does a great job. He's on Trulia too.... i've put the link to his site below.
0 votes
William Metz…, , Portland, OR
Tue Feb 7, 2012
It sounds to me as though you want to auction off your own house. If so, I'd start with a website like auction.com and ask questions.

If you want to buy a house at a public foreclosure auction, Linda Heinrichs has said it all. If you want to buy a home at ANY auction, such as auction.com or the public ones at the courthouse, you do not need a real estate broker.

If you want to buy a bank-owned home that's already been through auction, start with Freddie Mac at http://www.homesteps.com/featuresearch.html--Homesteps--and Fannie Mae at http://www.homepath.com/--Homepath. They both have homes that are not listed in multiple listing.

But most bank-owned homes are listed in multiple listing, and you'll likely need a licensed broker to get access. My website (habitationstation.com) and many other agents' websites will also have search engines that you can use. When it comes time to buy, it's good to use a real estate broker to navigate the difficulties--dealing with property condition, financing repairs, title issues, comparable values and so on. It's what we do for a living.
0 votes
Manisha Jain, Agent, Beaverton, OR
Tue Feb 7, 2012
Hello Ping,
As Linda described earlier about the auction procedure, the key is to have a motivated realtor with your side. If there is any specific home you are looking to get the auction info, contact me and I can provide you the detail information such as when, where is this auction happening and the bid price etc. There are other homes available in 97229 which are already foreclosed and I can help you with them as well. Please do not hesitate to contact for any question at all!
Manisha Jain
Summa Real Estate Group
manisha.realtor@gmail.com
Bethany,97229
Web Reference:  http://www.manishajain.com
0 votes
Linda Heinri…, Agent, Lake Oswego, OR
Tue Feb 7, 2012
Good evening Ping. I am gathering from your question that you are interested in purchasing a Distressed property during the auction process. When a bank forecloses on a home, they hold a public "auction" on the court house steps of each county. If you are looking at 97229 it will likely be Washington County in Hillsboro, Oregon.

To purchase a home at this time you must come prepared with a cashiers check for the full amount you are paying for the home e.g. $200,0000. The lender who is foreclosing will have set a minimum bid and have their representative at the auction. If no one bids over the minimum owed to the bank, then the home will revert back to the lender and they will prepare to list the home for sale with an agent, as a Bank owned property. These auctions are listed in various newspapers, with the county and most Realtors can provide the information.

If you are not specifically looking to pay cash up front for a property with no inspection or recourse, but rather are looking for a bargain, then I would suggest finding a highly motivated Realtor that you can trust to provide the exhaustive search for a great deal and be prepared to act quickly. There are a lot of buyers out there looking for the same thing and we often see multiple bid situations for the "deals". There was just one for a home in the Cedar Mill area this past week. Lots of opportunity, but top notch representation is key.

Good luck.
0 votes
Christopher…, Agent, Portland, OR
Tue Feb 7, 2012
Are you looking for a list of REO properties?
Web Reference:  http://realestatecj.com
0 votes
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