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Clackamas County : Real Estate Advice

  • All12
  • Local Info1
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 111
Wed Oct 13, 2010
Lana Lavenbarg answered:
No one can see what is going to happen with any investment right now. Doesn't matter if it is real estate, stocks/bonds, etc. Anything can go up or down. The one thing I can tell you is...no matter what the market is doing - at least with real estate you have something tangible that does come back up in time. Our last downward swing took 9 yrs to re-coop - they say we have been in this one 3-4 yrs already. I hope you get what you need and want and realize a great investment, real estate...one I will always beleive in and put my money into! ... more
0 votes 8 answers Share Flag
Wed Oct 13, 2010
The Stephen FitzMaurice Team answered:
I believe you will be able to get better deals now while the market is much slower. I doubt highly prices will drop further in the summer, maybe they will next fall or winter, but not during the summer. ... more
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Wed Oct 13, 2010
Dan Chase answered:
As the buyer, it does not really matter. The listing had a % listed your realtor got. It came out of the proceeds the seller got from you.

No realtor is going to forget to collect their commission. ... more
0 votes 18 answers Share Flag
Wed Oct 13, 2010
Bob Movin-On answered:
This has to be one of the biggest issues I come across when dealing with victims of foreclosure. So many ex spouses would rather have their children out on the street than to work with with their ex through these trying times. Because you are going through the divorce you do have the ability to work on this matter through the mediation of the divorce, but it will make things much more difficult because there is no way to remove any party from the existing mortgage or any modification of said mortgage unless someone can refinance the mortgage individually which I am sure is not possible if you are asking this question. Remind your ex this will affect their credit score and eliminate them from the mortgage market for 5 to 7 years equally for both parties. Good luck Bob ... more
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Thu Dec 3, 2009
Lana Lavenbarg answered:
I think that question is best answered by a your lender or other lenders out there. It is a great question though. I hope you get the answers you need. You get down into the Grants Pass area - give me a hollar for real estate and I can help! ... more
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Wed Oct 13, 2010
Kelly Gebler answered:
Hi MikeandTracy - I list lots of bank owned homes.....and each bank seems to have their own set of quirks with their docs. And I also completely agree with Janice in that you need to have a good Realtor that knows how the REO process works representing you.

Most of what you said is pretty common when buying an REO. The buyer writes their offer on our standard Oregon Earnest Money Agreement paperwork and, in most instances, the listing agent will either email only the details of the offer or enter the details online through whatever portal the bank is using to present offers. The bank will respond, again usually via email, to their listing agent with an acceptance and send their version of the contracts for you to sign. Once signed, the listing agent then puts the whole package together that includes your original offer and their paperwork and sends them off to the bank for their signatures. Even though they have agreed to your offer via email - they are the last ones to sign everything. It normally takes 2-7 days to get banks signatures back....but I've seen some that have take 2-3 weeks! In the meantime, some bank's paperwork states that all your contingencies and closing time starts ticking at the point of their verbal acceptance and others state it begins upon written acceptance. That's where you really want to read the contract to see when they are starting counting from. And they have to include a real date for closing, not just "29 days after accepted offer" so it sounds like they started counting your 29 days from verbal acceptance. Most cash offers are being written with a 14 day closing period so that may have also caused a change. Offers that have financing involved - the banks are usually making the closing date a full 45 days from acceptance (even if that's longer than you need) to make sure that the buyer has plenty of time. There's almost always a Per Diem charge to the buyer for each day they close after the agreed date, so to make sure the buyer doesn't incur that fee - they extend the closing date.

As for your Earnest Money check....most banks require a photo copy of that to go with your offer, the real check would remain with your buyer's agent and not be turned over to the title company until the offer has been accepted.

In all instances of buying a home, you are to receive clear and marketable title to the deed and the title company will be responsible for running that search and will provide you with a Preliminary Title Report within a few days of escrow beign set up. You will have 5 days to review that report and make sure it's acceptable. Because these banks take these properties back via foreclosure - they don't have any knowledge about defects against the deed until that title search has begun. When you buy a home and have financing - the amount of your loan determines the amount of title insurance needed.....because you are paying cash - that may be why they are saying they are not providing title insurance. You can talk to the title officer about the options you have regarding title insurance and whether you could obtain that for yourself.

I hope that helps clear up some of what you were asking. If you have other questions or would like some help or your own representation from someone who knows how this process works - just give a call. My team would love to help!

Kelly Gebler, Broker
Your Nines Team
Keller Williams Realty
503-516-1637
... more
0 votes 5 answers Share Flag
Wed Jul 18, 2012
Kris Simpson answered:
Jman,
From your question, it appears you are not represented by a real estate broker, which really is most appropriate in these circumstances. Short Sales are a long, challenging process. Also, if the bank sent you the counter offer, it would seem that this is an REO (real estate owned) property, not a short sale. The entity you are dealing with is different than if it is a Short Sale, where the Seller (the bank's borrower) is still involved as far as signatures on offers that are submitted to a bank for approval.

If you ARE represented by a real estate broker, then they should be assisting you in the decision of whether or not to submit an acceptance of the bank's/seller's counter offer, or to respond with your own counter offer. Either way it is your decision if you want the property and what you are willing to pay for it.

If I can help please let me know.

Kris Simpson
World Wide Realty
503-367-5817
... more
0 votes 6 answers Share Flag
Thu Sep 17, 2009
Craig Loughridge answered:
Jane,

Most of Tualatin is very nice. Part of it is in Clackamas County. The part in Clackamas County consists of several suburban subdivisions just east and south of Meridian Park Hospital, with the remainder in homes with acreage further to the east and south. Many of these latter properties are estate-type homes.

Feel free to contact me if you have additional questions.

Take Care,

Craig Loughridge
Bryson Realty
503-349-6892 cell
... more
0 votes 1 answer Share Flag
Thu Sep 17, 2009
Craig Loughridge answered:
Jane,

Canby is a small town, so no matter what the crime rate is in the part of town you're in, you won't be far from another part of town with a higher or lower crime rate.

Clackamas County has a good web site for crime data all around the county (including Canby): http://web5.co.clackamas.or.us/pmap/

As for planned communties, it depends on what you mean by "planned." Canby has a golf course development around the Willamette Valley Country Club. There are a couple condominium developments also near the golf course. There is a senior living development off SW 13th Ave. There is a planned unit development with rowhouses & detached single family homes on small lots in the NW part of town. There's Tofte Farms with it's own community amenities in the SE part of town.

I worked out of a real estate office in Canby for more than 5 years. I'd be glad to answer any additional questions you may have. Just contact me at your convenience.

Best Wishes,

Craig Loughridge
Bryson Realty
... more
0 votes 0 Answers Share Flag
Thu Jan 24, 2013
Phil Anderson answered:
"Safe" is relative, but I think Oregon City is a terrific town to live in!

What is your price range and what type of home are you looking for?

Phillip Anderson
Owner/Broker
New Portland Home
(503) 789-8701 Direct
phil@NewPortlandHome.com
... more
0 votes 3 answers Share Flag
Wed Oct 13, 2010
Jean Pritchard answered:
Danielle,

I can't speak for jobs, especially union, but Oregon City has good schools. My grandchildren had gone from first grade to HS grad at Oregon City and we were very happy with the system.

What typeof home are you thinking of looking for? Send me some information and I'll e-mail you listings as they come on the market.

Jean Pritchard
Principal Broker
Amerivest Realty of Portland
jeanprit@msn.com
503-680-4449
... more
0 votes 5 answers Share Flag
Wed Oct 13, 2010
Kristen Peterson-Pask answered:
Kitchens and Bathrooms give you the most bang for your buck. Granite is appealing to buyers but color is a factor.

A/C units will not hinder a sale except if you have hot water heat. I would put the money into the kitchen. ... more
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Wed Oct 13, 2010
Thomas Dwyer answered:
The effectiveness of open houses is an often debated topic. I would say you should never rely on an open house to sell your property, but it never hurts. Real estate is a numbers game and the more marketing you do, the better your chances of success. Often times 'nosey neighbors' might have friends or family that are interested in moving into the area and can be a great marketing tool. We always personally deliver flyers announcing open houses to all the neighbors when we hold one, and encourage them to drop by. Theft can be an issue but is easily controlled by putting all valuables and prescription medicine (number one item stolen, sadly) away before time, and having two realtors at your open house, one to greet and one to accompany guests. The odds of selling your home at an open house are slim, but it is another way to get "the word out" about your home. In the market we have, why not have an open house ? Hope this helps - Tom ... more
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Wed Oct 13, 2010
Kelly Gebler answered:
Hi Ann - Without knowing the whole situation with the property, it's hard to answer that question....there are different reasons why an agent's name might not be on the home. If you want to send me the address - I'd be happy to provide you with the listing agent's name and phone number. I would also be happy to answer any questions you might have and/or show you the home if it's available. Just let me know how I can help.

Kelly Gebler
Real Estate Broker & Loan Officer
Keller Williams Realty & Sunset Mortgage Co.
... more
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Wed Oct 13, 2010
David Waite answered:
BOFYRIGS,

I agree...it depends on price, location, style...etc. I am attaching the latest market action report produced by the Portland RMLS which should give you an idea. Can I assist you with selling your property? I have a great repuation for listing and selling properties quicker than most with my marketing compaign. I will be showing a property in Wilsonville tonight and could give you an idea of what I think with a drive by, if your interested.

http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5396

David Waite-JLSMC
503-887-5323 or waite-david@msn.com
... more
0 votes 2 answers Share Flag
Wed Jul 1, 2009
Craig Loughridge answered:
You will not likely get much time to find a replacement home, so you should get started right away.

If you are planning to stay in Molalla, there are well over 50 homes for sale in town that have at least 3 beds & 2 baths. Their prices run from $149,700 and up. If you are considering a purchase, I would be happy to refer you to a lender who can determine what price range you should be looking in. It's important to go thru this process to get qualified by a lender because the sellers that are offering the lowest home prices are requiring that buyers already have loan approval before they submit a purchase offer.

If you want to rent, the best place to check is the North Willamette Classifieds in the Molalla Pioneer. I also know a property manager you could call to see if they have any properties available. I live and work in the area, so give me a call if you would like additional help.

Best Wishes,

Craig Loughridge
Bryson Realty
... more
0 votes 8 answers Share Flag
Tue Jan 5, 2010
Dorene Slavitz answered:
I would be a little worried because it might be difficult to correct any defects that might be found in the constructon of the project. Speak to your Agent and It would not be a bad idea to consult a lawyer as well.

Best of Luck to you!
... more
0 votes 4 answers Share Flag
Wed Jun 17, 2009
Kate Myers answered:
Hi Jerry:

The short answer is that it just depends upon how agressive the provider is in trying to make money. Part of what comes into play is the secret life of a home loan. A home loan is more than just a piece of paper where a lender promises money to a borrower in return for interest. It is a commodity - precisely the factor that led to the 'mortgage crisis'. Lenders bundle groups of loans with certain risk levels and sell them on the open market as a commodity, just like a stock or a bond.

Now look at the different players and their interest in this primary part of the business. If you are a bank, you may be keeping some of the loans as part of your own portfolio, but you may also be planning to sell some on the open market. Wells Fargo is an example of a large bank that carries a lot of its own 'paper' (loans). Of course, if you are the bank, you are only offering your own bank's programs. Banks may be able to offer slightly lower rates but may try to make up some income with higher transaction fees.

Contrast that with mortgage brokers who can shop for the best loan program any where: with any bank or government agency. Some mortgage brokers only place loans. Other mortgage brokers self-fund the majority of their loans, effectively acting as private lenders. Then they sell those loans on the secondary market. These lenders may offer slightly higher rates, but have lower transaction costs.

So, how do you know which loan is right for you? Well, this is where the Good Faith Estimate comes into play. Every lender should be able to provide you with a good faith estimate. That should level the playing field. Not only will it show you your actual payments, but also your true APR (annual percentage rate) with both the interest rate and the transaction fees added together.

The two lenders that I refer most often are:
Julie Atchison, Landover Mortgage
julieatchison@landovermortgage.com
503-635-2294

Aaron Johnston, Mortgage Trust
aaron@mortgage-trust.com
503.439.9910

As a final note, a truely exceptional lender will look at you home loan and the rest of your financial goals and pick a program that really fits your needs. For example, when are you planning to retire, could your get a better return on your investment by having a lower mortgage payment and investing the difference elsewhere? Don't hesitate to 'get deep' with your mortgage professional to really test their knowledge. Likewise, get multiple bids and ask each mortgage pro to match the best points of others. You might be surprised at how flexible a lot of their fees really are.

If there is anything else that I can to do assist you, please don't hesitate to call. As you can tell, I like to get into the why behind things. It serves me well as a Realtor.

Cheers,
Kate Myers, Realtor, GRI
Coldwell Banker Barbara Sue Seal Properties
503-675-4712
katemyers@cbseal.com
www.kate-myers.com
... more
0 votes 3 answers Share Flag
Wed Oct 13, 2010
Craig Loughridge answered:
Hi Tiffany,

How did your father purchase the property? What type of document did he use when he purchased it? How long ago did he take out his loan? What type of loan is it? All these factors can affect your ability to do what you want.

If your father has a typical mortgage on his property, then he has a signed an agreement with his lender saying that his loan cannot be assumed (payments taken over), or that it cannot be assumed without the approval of the lender. Depending on your situation, and your father's, you will likely have to take out a new loan yourself, or get approval in writing from his lender to assume payments. Even if his lender allowed you to assume the payments, the lender almost certainly would require you to go through a complete credit qualification process.

Assuming that you took over payments, whether in violation of the your father's loan agreement or not, you do need some kind of document to protect your interest, and that document needs to be filed with the county recorder's office in the county where the property is. If you take over payments without lender approval, however, filing your "document" with the county recorder potentially puts your dad's lender on notice that he is in "default" on his loan, which could allow the lender to order that the property be foreclosed. That would mean that both you and he would lose the property. If you don't file with the county recorder, then you have nothing to prove that your "document" exists, or when the "document" was executed. There are another whole host of problems that can result by not filing your "document" with the county recorder.

As for the type of document to use to prove your interest in the property, most real estate transactions in Oregon involve either some type of "deed" or a "land sale contract." There are several kinds of deeds to consider, and a "land sale contract" can be drafted with any provision you want (as long as the provision doesn't violate a law). But whatever document you use is best worked out by talking to a real estate attorney. If you need a referral, I can provide you (off-line) the names of several real estate attorneys. Or you can use the Oregon State Bar's Lawyer Referral Service. Attorneys on the Lawyer Referral Service charge $35 for an initial consultation: www.osbar.org/public/ris/lrsform.html

If you have any other questions, feel free to e-mail or call me. I will be glad to help to the extent that I am able.

Best of Luck,

Craig Loughridge
... more
0 votes 2 answers Share Flag
Wed Oct 13, 2010
HLR answered:
Yea, the lenders have made many many errors in their spend to close all those loans. Get a good lawyer and don't give up. I have heard of them losing mortgage payments, and now put the wrong legal on documents, and on and on. In many cases it will take them months to figure out their error, if you just bring it to their attention. But get someone to work for you. So good luck. ... more
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