I have a home in Portland, OR. 3/4 of the home has foundation. About 20 feet does not, has pier and block type. Is my property financeable?

Asked by Leeya, Portland, OR Thu Apr 1, 2010

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Mary Jean Ha…, , Portland, OR
Thu Apr 1, 2010
Leeya, I would be happy to come out and see your home, take some pictures and get an answer for you. Just email me at maryjean@kw.com or call 503-516-3979. Warm wishes, Mary Jean
1 vote
June Lizotte,…, , Portland, OR
Fri Apr 2, 2010
Financeable is based on more than your foundation so the overall condition will be taken into account when the home is appraised. It will depend on the type of financing the buyer will use and also on the specific lender who will underwrite. You may want to get lenders (maybe your current lender) to approve the home for financing and then when you market the home you can provide a lender to the buyer who has already agreed to underwrite a loan for this home. That will certainly give buyers more security going into the transaction. Of course the buyer will have to have a qualify for a loan with that lender. (Remember a loan is written when both the home and the buyer qualify for underwriting).

If you would like assistance getting this home on the market I would be happy to meet to discuss it.
I hope you found Trulia to be helpful to your research.

June Lizotte
June Lizotte Real Estate
Providing REAL Service
Web Reference:  http://www.junelizotte.com
0 votes
Janeese Jack…, Agent, Portland, OR
Thu Apr 1, 2010
I think you've received some great answers for the financing from a lender's perspective. But, I would just add to be sure and fully disclose to your Realtor and to the buyer through your "Seller's Disclosure Statement". It would be a disappointment for everyone to have the future buyer disapprove the foundation (based on a property inspection AFTER a negotiated sales price, etc). Let the buyers know right up front what the foundation involves. I did have that experience once with a buyer being surprised by the fact that a portion of the foundation was pier and post and it didn't matter to them whether the lender would accept or not. However, not every buyer will feel the same!!! All the best....
Janeese Jackson, Principal Broker
Real Estate Resource
0 votes
Stacie Hartm…, , Portland, OR
Thu Apr 1, 2010
Good Afternoon Leeya,
The answer would depend on the overall condition of your home. As long as the different foundations have not caused any damage and you do not have direct earth to wood contact you should be fine. Portland has many neighborhoods that have this type of foundation. If you would like to talk about it in more detail please feel free to give me a call!

Thank you,
Stacie Hartman
0 votes
., , Portland, AR
Thu Apr 1, 2010
I'll supplement the" it depends" answer with an offer to send you a financing package that I identified for a manufactured home that we currently have listed in Arbor Lodge.
0 votes
wilma Lambert, Agent, Lake Oswego, OR
Thu Apr 1, 2010
I would contact a mortgage broker who does the financing. He/She should be able to answer the question accuratley. Some lenders may allow it and others may not. Thank You. Best Regards, Ron & Wilma Lambert Professional Real Estate Brokers Portland , Oregon 503-730-0100
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Thu Apr 1, 2010
Again, that depends on the lender-we have been able to do loans on that type of home in the Grants Pass area but it had to be a conventional loan. It also depends on the stability of the buyer. Best of luck to you!
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Marge Bare, Agent, Portland, OR
Thu Apr 1, 2010
Hi Leeya,
It would be easy if we could just say "yes" or "no" but it depends on many factors. The bottom line, you need some advice which any Realtor would be happy to help you with after seeing it in person. There are different answers depending on the type of financing, conventional or government-insured such as FHA have different guidelines.
I would suggest you contact a Realtor that can help you by reviewing the options to see if selling it today is your best one or not. Of course, I would be happy to help! And there could be other issues with your home that you can find out about up front before you put it on the market. Give me a call and I can make some suggestions for you.
Best of luck to you!
Web Reference:  http://www.betterhomesnw.com
0 votes
Bob Weaver, , Portland, OR
Thu Apr 1, 2010
You need a lender's opinion; You need to talk to an good loan officer: Here is one FINANCIAL CENTER MORTGAGE
1642 Willamette Falls Drive
West Linn, Oregon 97068
503-720-3833 cell
503-675-0196 office
503-675-0196 fax
0 votes
Craig Loughr…, , Oregon
Thu Apr 1, 2010
I would have to say it depends. Are there posts or floor joists sitting on top of non-concrete blocks? Is there any wood-earth contact? How spread out are the supports in the area of that "20 feet"? Is there evidence of the house settling? If I had more info, I could be more helpful.
Web Reference:  http://www.bybryson.com
0 votes
Leeya, Home Seller, Portland, OR
Thu Apr 1, 2010
I would also like to add I bought this home on contract with previous owners.
It just wouldn't make sense to put it on the market if it wasn't financeable.
0 votes
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