Portland Short Sale-What Is A Short Sale?
Portland Short Sale Specialists-What Is A Short Sale? By Portland Realtors
Exclusive Portland Real Estate specializes in listing homes for sale and selling property. Our Portland short sale professionals take care of all the paper work and every detail involved with successfully completing the preforeclosure sale. When you list your home with the Exclusive Portland Real Estate team we take immediate actions to protect your financial interests; pushing your bank to postpone the foreclosure auction to give our clients much-needed extra time before moving (banks auction postponement policies vary). We handle the frustrating phone calls to the bank. Take action, don’t let foreclosure happen to you.
Short Sale Portland Oregon
What Is A Short Sale?
A Portland short sale is a sale of Portland real estate in which the sale proceeds fall short of the balance owed on the property’s loan. Portland short sale often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. The Exclusive Portland Real Estate team will negotiate your Portland short sale and help stop foreclosure.
Personalized Solutions From Portland Short Sale Professionals
The Exclusive Portland Real Estate team will give you the personal service and attention you are looking for. Our team of Portland short sale professionals offer our clients a wealth of experience in the Portland short sale real estate market. This extensive Portland short sale experience allows us to put our clients needs first. The Exclusive Portland Real Estate team will help you list your home while securing a very good price and keeping you informed to protect your interests. Contact our professional Portland Realtors at the Exclusive Portland Real Estate team before you sell your home.
Short Sale Portland Oregon Realtors
Portland Short Sale Process
In a Portland short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is “doing the other a favor;” a Portland short sale is simply the most economical solution to a problem. With a Portland short sale banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A Portland short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer. This is one more reason why you want professional Portland Realtors from the Exclusive Portland Real Estate team of Portland short sale specialists negotiating your Portland short sale.
Lenders often have loss mitigation departments that evaluate potential Portland short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion (abbreviated BPO or BOV).
Lenders may accept Portland short sale offers or requests for Portland short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept Portland short sales than ever before. This presents an opportunity for “under-water” borrowers who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure as a result. Contact our professional Portland Realtors at the Exclusive Portland Real Estate team before you sell your home.
Short Sale Portland Oregon Realtors
Short Sale Consent
Portland short sales are different from foreclosures in that a foreclosure is forced by a lender, whereas both lender and borrower consent to a Portland short sale. However, this consent may change at any time, and negotiations may be ongoing between the lender and borrower even while the short sale is on the market. The borrower may decide to remain and refinance their house, or become obstinate and force foreclosure. The bank may renege as well if they decide to stick with the current borrower, or if they disapprove of the sale price. Any Portland short sale contract includes a contingency where the bank must approve the sale.
Personalized Solutions From Portland Short Sale Professionals
Our Portland short sale professionals take care of all the paper work and every detail involved with successfully completing the preforeclosure sale. When you list your home with the Exclusive Portland Real Estate team we take immediate actions to protect your financial interests; pushing your bank to postpone the foreclosure auction to give our clients much-needed extra time before moving (banks auction postponement policies vary). We handle the frustrating phone calls to the bank. Take action, don’t let foreclosure happen to you.The Exclusive Portland Real Estate Short Sale team will give you the personal service and attention you are looking for. Our team of Portland short sale professionals offer our clients a wealth of experience in the Portland short sale real estate market. This extensive Portland short sale experience allows us to put our clients needs first. The Exclusive Portland Real Estate team will help you list your home while securing a very good price and keeping you informed to protect your interests. Contact our professional Portland Realtors at the Exclusive Portland Real Estate team before you sell your home or face foreclosure.
