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97215 : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 6
Mon Aug 5, 2013
Tom Inglesby answered:
The first place to start is getting a value for your property and talk to a lender to see what you can afford or with a refinance of your project getting a new loan with a possible lower interest rate. Then go look at homes to see what you like and can afford. Remodeling is a large step and a project that can take months and are you ready for that? Then get a couple of estimates for the remodel. I currently am remodeling my home and have a contraction back ground and I am a trade ally of Energy Trust so I have taken many of the new energy courses. The parking lot might not bother you but is it buildable like for an apartment or high rise or town homes that would then be looking in your back yard. You can find zoning information at www.portlandmaps.com and see what your house and surrounding property is zoned for now and if any property it touching commercial then it is pretty easy to get a variance and get a zone change because the city wants higher density housing. I am currently working with some past clients now and they are getting estimates to do a complete remodel or take the house down that they inherited. The market was hot this spring but it has slowed down a little due to the increase in interest rates and the normal late summer slowdown.
I would be happy to come over and give you an evaluation of your current property. Thanks, Tom Inglesby, Broker, RE/MAX
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Wed Oct 26, 2011
REITrust Corporation answered:
If your question is specific to the Mt. Tabor neighborhood, it is certainly a better choice than many neighborhoods in Portland because of the property values in the area maintaining better than most, and a somewhat lower crime rate. Regarding rent-to-own risks, we highly recommend you consult with an attorney knowledgeable in the subtle nuances of this area of law rather than rely on advice from any well-meaning real estate brokers because recent case law negatively impacts this kind of transaction and most brokers may not be aware of the changes. As a buyer, you would also do well to discuss what your rent/lease-credit standing might be at the end of the lease period with a mortgage broker well-versed in these types of transactions. What is commonly known as rent-to-own, lease, and lease-options are often incorporated into our method of helping first-time home buyers and buyers who have lost their homes to foreclosure discover a viable path to home ownership - but our agreements are unique to each situation and carefully crafted by real estate attorneys to avoid the pitfalls many unknowing buyers and sellers typically stumble into. One common pitfall for sellers using boilerplate agreements is that recent court decisions have determined that many lease-option and rent-to-own agreements constitute defacto sales agreements. Because of these findings, landlords are being legally forced to use the expensive and time-consuming judicial foreclosure process to evict a tenant-buyer instead of the simpler and much less expensive eviction process. This is detrimental to the landlord recovering their property because it can take up to a year to re-gain possession in many states; and, also detrimental to the renter-buyer as it appears on their credit record as a foreclosure, almost certainly quashing any future hopes of qualifying for conventional financing for many years to come. If you are the buyer in the transaction, and your seller-landlord defaults on their loan, you could end up losing everything you have paid into the deal. Buyers/Sellers beware - especially when entering into any lease-to-own scenario. Structured properly, they can be a viable solution for both buyers and sellers. Structured incorrectly, they can be a nightmare. ... more
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Fri Aug 19, 2011
Lana Lavenbarg answered:
Sounds like you got it all already - good luck and I hope your home sells for you!
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Sun Apr 11, 2010
Kallcroft answered:
Pat Philipps with Weichert Realtors in Moorestown, NJ is my favorite all star realtor.
856-816-2219
patphilipps@comcast.net

Also Karen Colangelo Hinger in the same Moorestown Weichert office is fantastic!
khinger@weichert.com
karenhinger@comcast.net
Mobile Number:
609 680-1322
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Thu May 8, 2008
Elisha Joyce answered:
BEST ANSWER
Hands down I say the Hawthorne house. Anything close in and "urban" (like Hawthorne) is always in higher demand and tends to build better appreciation in the shorter term. You will reap much better equity putting your sweat into the Hawthorne house (provided it is keeping with the character and charm of the vintage so that it appeals to urban buyers when you go to resell). As for Tigard, it is a GREAT suburb of the city and not to far from downtown... but simply not "Portland" and without the awesome, artsy, urban vibe many people are drawn to.

As for the 1 bathroom issue, urban buyers are more forgiving of homes that have 1 bathroom and 1 (or no) gararage because they are typcially buying the location and charm of the house (versus the amenities that newer construction homes offer). So, not a huge issue for resell down the road (although it would be great if you could figure out a way to add a second one).

All of this advice is based on the resell potential down the road... but, nothing should discount what your living goals are NOW. If you're coming to Portland and want urban and can handle the space the home offers you and your lifestyle, then the Hawthorne house is it (per the reasons listed above). If you want to be out of the city, then Tigard isn't too far outside of downtown and would be a great urban alternative.
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