Posts Tagged ‘Short Sale Portland’
Friday, August 26th, 2011
Short Sale Foreclosure Resource Certified Real Estate Broker Licensed in Oregon.
What are the tax consequences of a short sale?
Answer: As Real Estate Agents we can’t give you tax or legal advice but we can recommend you read the IRS Page on Debt Forgiveness and if necessary consult a tax accountant or attorney to obtain further details to your situation* With that said many homeowners are not liable for federal taxes (although cash-out refinancing can create liability). According to the IRS: “The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence… Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.”
*Some tax laws are subject to change and thus be sure to verify all information before deciding to proceed with a course of action.
SFR Certified Agents
How Long Do Short Sales Take? When Do I Start The Process?
The time necessary to complete a short sale can vary considerably and can take anywhere between a few months to a year or more. Some lenders are being very proactive by completing valuations and approving borrowers to complete the sale before an offer is presented while other lenders do not begin any negotiations until after an offer is sent in. Beyond the bank, the “investor” or mortgage insurance company behind the loan also has a large impact on the time needed for review. Once the short sale has been approved by the lender and investor or mortgage insurer then the buyer needs to arrange financing or otherwise pay for the house. So even after the bank says yes it can take an additional 1-2 months for the buyer to close the transaction.
How Will I know If I qualify For a Short Sale?
The best way to find out if you qualify is to list your property on RMLS with an Experienced Agent Team (such as ourselves) and begin the process. Even if you do have a job many home owners still qualify as experiencing a financial hardship due to other living expenses.
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Tags: Portland OR Short Sale, Short Sale Answers, Short Sale Portland, Short Sale Specialist Portland Oregon
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Tuesday, September 7th, 2010
Hope everyone else here in Portland Oregon enjoyed their Labor Day Weekend as much as I did. Anyway, just wanted to take this opportunity to share more photos of our amazing city and the homes in it. After all, who doesn’t like the Hawthorne District or the Laurelhurst neighborhood. And as always, if you need to speak with a Realtor about short sales don’t hesitate to call us today.
Laurelhurst neighborhood Portland Oregon Homes
Short Sales | Portland Oregon
Laurelhurst Park in Porltand Oregon | Short Sales are making Homes more affordable than ever
Tags: Laurelhurst neighborhood Realtors, Laurelhurst Park Portland Oregon, Portland Short Sales, Short Sale Help Portland, Short Sale Portland
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Thursday, August 26th, 2010
Portland Loan Modifications | When to Walk Away?
Some banking analysts have noted that wealthier home owners seem to be less emotionally attached to their homes and often choose to short sale or let the bank foreclose more quickly than lower income property owners (Clackamas Review | “Suburban Slowdown August 25th, 2010 page A1).
Portland Home Owners are choosing against loan modifications when the owe more than the house is worth
Possible reasons may be that wealthier owners look at the numbers and feel that the loan is hopelessly over-leveraged and choose to short sale or declare bankruptcy rather than “throw good money after bad”. Conversely, lower income owners feel more strongly a pride of ownership (this often being their first and only home) and are willing to consider loan modifications which could very-likely hurt them financially if it means saving their house.
Is It Time to Short Sale?
Call today to talk with a short sale listing agent in Portland Oregon today: 503-473-8001.
Tags: Lake Oswego Oregon, Portland Loan Modifications, Portland Real Estate, Portland Short Sale Realtor, Short Sale Portland
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Monday, August 23rd, 2010
Loan Modifications Falter as Short Sales Rise
High percentages of those who do get loan modifications will end up back in default due to the fact that a loan mod only seeks to alleviate some of the financial burden of making payments while stressors such as financial hardship and reduction of income may still exist. For these reasons many are now considering short sales as a viable alternative to foreclosures.
Lower Home Prices make modifications less attractive as home owners want rid of negative equity
I would encourage anyone considering a loan mod in Portland Oregon to “do the math”… that is, really look at the facts and make the right decision.
Some factors worth considering:
-Some loan mods only offer a “teaser-rate” and then the payment will go back up.
-Other loan mods increase the life of the loan: extending it from 30 years to 40-50 years… who wants to be making payments at 90 years old?
-Beware of “temporary” or “trial” loan mods because the bank can later decide to foreclose after receiving the lower payments from the borrower.
-What is your plan for dealing with negative equity? Many loan modifications only lower the payment but leave the home owner many thousands of dollars upside down on the house.
Does your Loan Mod leave you with negative equity?
If you are ready to short sale, call us today: 503-473-8001.
Tags: Exclusive Portland Real Estate, Portland Homes For Sale, Portland Loan Modifications, Portland Oregon, Realtors Portland, Realty Portland Oregon, Selling Portland Real Estate, Short Sale Portland, Short sale Realtor Portland
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Friday, July 9th, 2010
Rental data as reported by The Wall Street Journal (“Apartment vacancies Fell in Quarter” A4 July 8th, 2010) shows that vacancies of multi-unit properties fell during the first quarter of 2010. Real Estate investors are now raising rents by 0.7% as vacancies began to drop. During the height of the real estate market crash; land lords were forced to lower rents in order to retain tenants as falling home prices led some renters to buy foreclosures and short sales while others were forced to moving in with family members or room-mates in order to weather the market crash.
Rental Houses in Portland Oregon
Rentals and the Portland Oregon Housing Market
This is an encouraging albeit early sign that stability may be returning to the Portland Oregon Housing Market. The plight of over-extended real estate investors was exacerbated by the fact that although adjustable rate mortgage payments were going up, rental income was going down.
Tags: Portland Homes For Sale, Portland Real Estate, Portland Real Estate Market, Short Sale Portland, Short Sales Portland
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Tuesday, June 22nd, 2010
Exclusive Portland Real Estate
As with all Portland Realtors, we here at Exclusive Portland Real Estate have a front row seat for the nascent real estate market recovery in the state of Oregon. Important questions arise such as what will become of congress’ vote to extend the real estate tax credit for those home buyers who were in contract before the cutoff date? And, what effect will the tax credit have on the large numbers of Portland Short Sales?
Loan Modifications | Portland Oregon Foreclosures
Statistically, homeowners who get a loan modification have a 65-75% chance of facing foreclosure again in a year or less. Fitch Ratings Ltd. forecasts that most borrowers who get lower real estate mortgage payments under federal government loan modifications program will default within 12 months. So (on average) the struggling homeowner fearful of becoming another Portland Foreclosures statistic who gets a loan modification will be behind on their mortgage a year later… Meaning that the home owner bled dry for even more money and still lost their home. These reasons are why more are considering Portland Short Sales as a real long term solution.
Portland Short Sales and Loan Modifications
Among those with loans that aren’t backed by any federal agency, the redefault rate within a year is likely to be 65% to 75% under the Obama administration’s Home Affordable Modification Program, or HAMP, according to a report to be released Wednesday by Fitch, a New York-based credit-rating firm. Almost all of those who got loan modifications have already defaulted once.
Contact us for all things Portland Short Sales.
Tags: Exclusive Portland Real Estate, Exclusive Portland Real Estate For Sale, Portland Homes For Sale, Portland Oregon Real Estate, Portland Real Estate For Sale, Portland Real Estate Listings, Portland Realtors, Portland Short Sale, Short Sale Portland
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Friday, June 18th, 2010
Pending Portland Real Estate Sales
At Exclusive Portland Real Estate, we are keeping a close watch on the Portland Housing Market by using Pending Homes For Sale as a measure of Market Conditions. Pending Home Sales show us the most up to date picture of what home prices are doing as well as an idea of how many homes are being purchased. This is an important factor when considering real estate supply and demand.
Pending Real Estate Transaction (Pending Sales), are when the buyer and the seller have fully agreed to go through with the transaction but certain conditions such as the buyer’s mortgage, inspection period, or other aspects of closing have not yet been completed. The following visual aid shows the number of pending homes in Portland Oregon over the most recent three years.
Graph shows Pending Real Estate in Portland Oregon
Portland Real Estate | Closed Deals
Closed sales are on of the main factors that Portland Realtors examine when considering the housing market as a whole. This graph shows the closed real estate sales over the past three calendar years in the greater Portland, Oregon metropolitan area. Notice the amount of closed transactions in each year; 2010 has seen increases during the first three months compared to the same months in previous years. Portland short sales and foreclosures surely account for some of that volume, with very low prices being the main driving factor combined with buyers looking for the real estate tax credit.
Closed Portland Real Estate Deals
Exclusive Portland Real Estate
Don’t forget to check back with your friends at Exclusive Portland Real Estate for all the latest in real estate info on Portland Oregon and surrounding communities.
Tags: Exclusive Portland Real Estate, Exclusive Portland Real Estate For Sale, Portland Homes For Sale, Portland Oregon, Portland Oregon Real Estate, Portland Oregon Realtors, Portland Oregon Short Sale, Portland Real Estate For Sale, Portland Real Estate Market, Portland Realtors, Portland Short Sales, Short Sale Portland
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Thursday, June 17th, 2010
Residential Portland Real Estate Values
Exclusive Portland Real Estate has seen closed real estate transactions in addition to pending homes sales both both improve substantially. The many value-priced Portland Short Sales have no doubt added some fuel to the fire when looking at homes for sale. These factors on home values in Portland have even more impact when considered with the lowering of average and median sale price of Portland Oregon real estate market trends. Closed homes for sale in May expanded by over 47% when compared to May of 2009. The numbers say that conditions have improved and prices are certainly better than ever. So, with attractive prices combined with stellar interest rates, many investors as well as first time home buyers are buying into residential real estate short sales and foreclosures.
Graph of Closed Real Estate Transactions in Portland Oregon
Portland Oregon Real Estate | Home Values
These are important facts for everyone looking at buying or selling in Portland. Real estate closing sale prices in Portland Oregon for May 2010 sank 5.5% compared to May 2009, while the median homes for sale price also went down 4.4%. See the real estate residential highlights table below. When comparing Portland Oregon Real Estate from May 2010 to the month prior, April 2010, the average homes for sale price fell 2.3% ($275,500 v. $282,100) and the median homes for sale price decreased slightly by 0.4% ($239,000 v. $240,000). Keep up with Exclusive Portland Real Estate for all your home buying and selling needs.
Graph shows Portland Real Estate Home Values
Tags: Exclusive Portland Real Estate, Exclusive Portland Real Estate For Sale, Portland Homes For Sale, Portland Oregon, Portland Oregon Homes For Sale, Portland Oregon Real Estate, Portland Oregon Realtors, Portland Oregon Short Sale, Portland Real Estate, Portland Real Estate For Sale, Portland Real Estate Help, Portland Real Estate Listings, Portland Real Estate Market, Portland Short Sale, Selling Portland Real Estate, Short Sale Portland
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