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Asked by Thew Hale, Tualatin, OR Mon Feb 22, 2010

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Answers

7
D, , Oregon
Mon Feb 22, 2010
Hello!

The realtors have some good information posted for you. Something that came to mind is wondering if you are trying to take advantage of the $8000 First time home buyer tax credit or the $6500 Long term resident home purchase credit? This may help you with your decision.

Crystal Beard
Ambient Home Lending - 50% Off Special! ~ See website for details
http://www.ambientlending.com
crystal@ambientlending.com
0 votes
June Lizotte,…, , Portland, OR
Mon Feb 22, 2010
Hello,

It is important to know that any given short sale may have multiple offers "accepted" by the homeowner but the 3rd party (bank) will choose the best of them to consider; that is often why you see the short sales sitting on the market for so long. The homeowner is not going to make a dime on the sale; therefore they will easily agree to any offer that comes along. However, the one you are concerned with is the bank (3rd party) who will look at all offers (most of the time- unless they have accepted one) that come in and will wait as long as they want to before responding to any offer.
They don't play by the rules of Local Real Estate Protocol. You could wait until the very end, thinking "surely the bank will make a decision soon....auction is almost here". but often the bank will be the winning bidder at the auction and will then list it as a REO, often at a price higher than when it was listed as a short sale.

The benefit of waiting until it is REO is that you'll know the bank will have to respond within a reasonable amount of time once an offer is submitted and could negotiate about 25%. The downside is that it may never make it to REO if there are others loving the home and bidding at auction. Keep in mind too...not all auctions require all cash. Be sure to get pre-approved and have an adequate down payment before going to auction., You can find out the rules of the auction in advance and be ready (or even bid on line) when the time comes.

If you would like a referral for a good agent to assist you in Newberg - one who will do good ground work in advance of any offer so you are not unrealistically low-please contact me and I'll get you through to someone who will do a good job. If you are looking for property here in the Portland or surrounding area I would love to be of assistance if you need a point of contact. My approach to obtaining a short sale revolves around constant communication while waiting for an answer but with a constant progression toward other possible deals...don't stop looking just because you have an offer in on one short sale property...keep the momentum going and let the seller know you are doing so...with a goal of getting the property that best matches your needs . This is a bit of incentive to the party considering your first offer...to know you are not just willing to wait around for them without actively considering other potential properties. They could very well lose you as a buyer if they don't make it happen soon enough. There are other strategies that I would be happy to discuss if you wish to contact me directly.

On another note, keep in mind the interest rates are starting to creep up and the time frame for the first time home buyer tax credit is quickly approaching. You will even qualify fo rthat if you are not a first timer...under certain circumstances.

All the best,

June Lizotte, Principal Broker
Providing REAL Service
June LIzotte Real Estate
503-310-8032
june@junelizotte.com
http://www.junelizotte.com
Web Reference:  http://www.junelizotte.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Feb 22, 2010
There are no guarantees with a short sale, they can take 3 to 6 months and as far as price, the bank usually does not approve sho0rt sales for greater than a 20% discount off what the seller owes. If you have the time and patience, then make an offer,l otherwise be ready for when the bank takes it, to make an offer. make sure you are preapproved and ready to close within 3o days. good luck with your offer.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Ron Ares, , Portland, OR
Mon Feb 22, 2010
Hopefully, the listing agent has chosen to list the property at a price they believe the lenders might accept in a short sale situation. Sometimes, the properties are listed too high and they just sit until they go back to the lender.

Pick a buyer's agent who can do some research for you and advise a proper price. Check first to see if offers have already been forwarded to the lenders and how far along the negotiations are. Can the listing agent forestall the foreclosure? Sometimes, yes.

When properties revert to the lender and re-appear as bank-owned, there is often a feeding frenzy. Cash, short contingencies, etc. usually win.

Good luck!
Web Reference:  http://www.repdx.com
0 votes
The Stephen…, Agent, Portland, OR
Mon Feb 22, 2010
Bank owned is easier, faster and practically guarantees your best possible price. Practically, I would wait.
If you MUST have this house NOW, you'll have to get more details. Find out what they owe the bank (how much the bank would lose) and that figure will determine your asking price success. I have formulas for this..

Best of luck!
503-975-6853
0 votes
Dirk Knudsen, Agent, Hillsboro, OR
Mon Feb 22, 2010
Man this is a good question. The thing to remember is Short Sales are a Crap Shoot. Depending upon the agents involved and the short sales negotiations and banks involved you have long odds of landing an actual sale. Those of us that work the shorts know the odds and the pluses and minuses. Remember that many of them will never close and are priced unrealistically low. With that in mind take a gander at this and see if you want to hire a short sale expert.

Every home on here is a Short Sale in Newberg and this might help. Some are bank owned too. This is the best way to find a new home!

http://www.oregonshortsalebrokers.com/short-sale-maps/westsi…

Let me know what you think!

Bets wishes;

Dirk Knudsen
Broker
Re\Max Metro Gold
Circle of Legends
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 22, 2010
If you don't have an agent consider the services--you need to be aware of recently sold similar properties in the immediate area--factor in repairs, extensive or cosmetic--review the data and make a determination as to a fair offer--keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller “needs” or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place--Is the property priced on target for today's market or slightly below--if so multiple offers can come into play. Your agent can best advise you.
0 votes
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