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97267 : Real Estate Advice

  • All6
  • Local Info1
  • Home Buying0
  • Home Selling2
  • Market Conditions0

Activity 600
Thu Nov 30, 2017
Jake Heelan answered:
If you have a valid lease, the bank must respect that to the end of the lease. If you don't have a lease they have to give you 90 days.

After the foreclosure sale, you will be contacted by the broker assigned to market the property, the bank or both regarding your status. You need to have a copy of your lease available, and if you will begin paying your rent to the bank through their property management company.

Given that you have nearly a year left, the bank will be willing to negotiate with you a payment (Relocation Assistance or Cash for Keys). Even if it were only the 90 days, they would be willing to negotiate. Their desire is to get control of the property in as short a period of time (30 days) and in as good condition as possible, so the spread between your lease term and 30 days gives you a good deal of leverage.

I am reluctant to give more specific insight in such a public forum, but if you would like to contact me at homes@jakeheelan.com I would be happy to have a conversation with you about what to expect.
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Fri Apr 19, 2013
Bob Hoerner Mlo 978954 answered:
To start with a sale with financing is always subject to a finial loan approval, as this offers all parties a protection should a loan not be approved. So before addressing what happens it is more important to learn why a loan is not approved.

If it is something that can be overcome by making the lenders UW with providing new or different documents to make the loan, then you move forward with the sale. If it is an issue of the home being purchased not being appraised for sales price then you can go back to seller and see if will take the lesser or pay something in between and you the buyer pay the difference.

If there is no way to get your loan approved, or seller will not accept a lesser value then you have an out for your purchase. This will cancel the transaction and any funds you have paid to the escrow company would be refunded to you.

To help you out I would start by sitting down with a mortgage banker like me to go over your options and do a pre-approved mortgage prior to making an offer. This way we can together go over any type of issues that may come up. Let me know if I can help.
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Fri Apr 19, 2013
Ron Thomas answered:
Mon Apr 15, 2013
Eric Steindler answered:
It used to be that we're were only supposed to count finished rooms in the square footage in RMLS. Now we count finished and unfinished, but not crawlspace or attics. It works much better this way, as the old system never really worked- too many agents would fudge things and include raw or unfinished sq ft in RMLS listings. It was changed a long time ago- I'm not sure, but probably 10 years ago. ... more
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Sun Apr 14, 2013
TheRegerGroup answered:
Bart,
Some people are lucky enough that they can afford more than one home at a time, but a majority of people are like yourself and will not purchase a new home until they are able to sell their current home. Once you do get an offer on your current home the key to finding your next home is speed. We have three agents in our group that just show homes, they are online everyday many times a day looking for new listings. When they find a great home, that's when the speed comes in to play. They is always one of my agents that can show you the home right away. Feel free to contact me with any other questions you mat have. ... more
0 votes 10 answers Share Flag
Wed May 15, 2013
answered:
There are lots of good rental agencies here in Portland. Many property managers are also Realtors. If you send me your detailed requirements telling me what you are looking to spend, how long you want to rent and where you want to live, I will be happy to put you in touch with one of the many rental agencies I work with.

Wendy Van Vechten
Academy Mortgage
wendy.vanvechten@academymortgage.com
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Fri Apr 12, 2013
Jennifer Peterson answered:
Thu Apr 11, 2013
Todd Adams answered:
Congratulations on your extensive rental history.

Most landlords keep good records on their units. As long as you have made your rental payments on time and paid the agreed to amount, that should help alleviate any concerns a prospective landlord would have with a tenant that has a bankruptcy.

My suggestion is that you contact your existing landlord and request a copy of your rental history to provide to your future landlord.
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Wed Apr 10, 2013
answered:
You'll need a documented salary history of two years that is enough to support mortgage payments plus any other debts as well as semi decent credit without any recent lates or outstanding collections. Sorry but there is no way around that if your goal is to buy a home. ... more
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Sun Apr 21, 2013
Jennifer Peterson answered:
According to housing inventory stats, a balanced market is 6 months of inventory. Average inventory levels in the Portland Metro area are much lower, which puts the market as a seller's market. However, it is still a great time for buyers since prices are still very low and interest rates are also low at the same time!

Mandy Lewis
www.PDXRockstars.com
503-522-5803
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0 votes 9 answers Share Flag
Mon Jun 16, 2014
Michael Cheng answered:
You should check with a real estate attorney on local laws that govern this situation. In some areas, if you allow your neighbor to encroach on your property for 5 years straight, then that part of the property becomes his.

One option is to create an easement for your neighbor. This way, you're granting him the right to use the strip of land but not transferring the right of ownership to him.

A more formal option is to perform a lot line adjustment. You'll need to get a surveyor to generate a new plat map and record the new lot line with the county. The cost for both will probably run you about $5-10K. This keeps the property lines clear and doesn't present any complications on any future sales.
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Sun Mar 31, 2013
Tom Inglesby answered:
That might help but we are at about a 3% vacancy rate city wide and it can be tighter depending where you are looking. I heard of some real estate management companies charging a retainer fee to find you a place because they come and go quick. I am not much help but it is hard I know when I try and show out of town clients places since they want to rent for a year and watch the prices go up 15%. I hope you are not trying to rent with a pet since that almost eliminates all places. Good luck to you. Tom Inglesby, Broker, RE/MAX Equity Group ... more
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Mon Apr 22, 2013
Michael Cheng answered:
When possible, contact the listing agent and verify the license information. The next safest way is to meet the lister at the house.
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Sat May 4, 2013
Bob Hickey answered:
This is a group of 7 townhomes in NW Portland, built in 2003 and there is no HOA. If you need more info, let me know.
0 votes 4 answers Share Flag
Tue Mar 26, 2013
ellighome asked:
I am working with a potential buyer that is tyring to work up a 4/5 year balloon payment deal on a 300 acre property. I'm not sure where to get information on rates etc.
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Wed Mar 27, 2013
stephen webber answered:
All good news!
And in Seattle we are experiencing more multipul offers than I have seen in my 34 years of real estate. The market is on fire.
Good by recession!!
0 votes 1 answer Share Flag
Sun Mar 31, 2013
Garett Chadney answered:
Hi James,

The short answer is: YES. They do award GNND homes thru the lottery process. I'm unaware of why this particular home was not awarded (as of yet). I would be happy to help research this for you if you wish. ... more
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Fri Apr 12, 2013
The Shelly Casteel Team answered:
Lending requirements have tightened up over the last few years for home buyers. I suggest you speak to a mortgage broker to determine what is your best course financially. If you would like a few referrals for local brokers I can help you with that.

Best wishes,
Shelly Casteel
Principal Broker
Oregon Realty Co.
shellycasteel@yahoo.com
503-957-7705
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0 votes 12 answers Share Flag
Wed Apr 17, 2013
Debra (Debbie) Rose answered:
it's simple really - instead of stressing out over all those questions you have ...........just find and work with a local agent........he or she can get you all the answers you need.
0 votes 8 answers Share Flag
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