This page is for those needing to sell their property. Check out our Buying short sales & foreclosure properties page if you want to learn about purchasing a short sale or foreclosure.
Portland Short Sale Specialist
Realtors Resolving Mortgage Debt Through Short Sales
We’re seasoned SFR short sale specialists who are state licensed real estate brokers in good standing. Oregon Realty Company has been helping Oregonians since 1948 and we are honored to be part of our firm’s longstanding heritage of trusted service. Find out how our team of Portland Realtors specializing in short sales can help you make things right with your bank while helping you reclaim your financial freedom.
- As licensed brokers, it’s our legal duty to represent YOU, our client
- You don’t pay us a dime: the bank’s settlement compensates us
- Reduce/eliminate debt and secure your financial future
- Our entire team is certified as Short Sale Specialists
- Join the 100’s of clients we’ve helped & rest easy
Portland Short Sale Specialist: We can Help You
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If you need to sell your home but can’t because the mortgage is too high then you’re not alone. For those facing distant job transfers, family changes, reduced income or healthcare/medical expenses, a short sale can be a way to successfully move forward. We’ve helped many people in the Portland area and we’d like the opportunity to sit down with you and discuss constructive win-win solutions. For our many satisfied clients, a short sale has provided a constructive means of salvaging credit while settling mortgage debt. Basically, a real estate short sale is a process where the property is sold for less than is owed against it and the bank accepts that reduced payoff to resolve the debt. Banks are generally very open to considering these reduced settlements because accepting the reduced payoff usually saves the bank many thousands of dollars over what the bank would get in a foreclosure. In a foreclosure, the bank takes the house back and doesn’t get any money until they pay to maintain the house and then finally sell it (it can take the bank several months before the house actually sells). Often, the foreclosure bank has to pay more money to make costly repairs before a buyer will accept the property or the bank is forced to sell it very cheap in which case the bank loses even more money. For these reasons, the short sale is something that banks would much rather accept in most cases.
The process of getting the bank to agree to the short sale can be very involved because the banks don’t stay in business by giving away free houses. That being said, as Realtors specializing in these types of transactions we help you with documenting the reasons for the hardship to the bank to show the bank why they should agree to the short sale. We’ve helped hundreds of clients in the Portland area show their bank that accepting the reduced payoff and forgiving the remaining debt is the best decision. Our success is built on the foundation of win-win scenarios where the bank avoids costly foreclosure and home owners are freed from bad mortgages. Call us today and find out how we help more Portland area home owners complete short sales than the competition.
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At the end of the day, the final decision about whether or not to go through the short sale process rests with you. However, as long-time innovators in the field of distressed property transactions we can empower you with information to help you make informed decisions that work for your family’s needs. Sellers can meet with us to learn about what factors their bank will examine in general terms and about what to expect before, during and after completion of the process. Furthermore, we can help sellers evaluate offers from potential buyers to help sellers determine which buyer(s) are more likely to work with you and be patient with the bank’s process and what buyers may be more likely to bail out at an inopportune time.
Browse Portland Real Estate.
Is A Short Sale Right For You?
This is a question you have to answer for yourself. However, we can help you in this decision-making process with facts and experience. When we sit down together we’ll discuss your reasons for wanting a short sale, your finances and your short and long term goals and
Avoiding Buyers With Red Flags
While we aren’t fortune-tellers we can help you as a seller avoid many time-wasting and potentially dangerous buyers. Vetting out potential buyers is one of the things we help our clients do because finding the right buyer, who is offering a fair price and who is willing to be patient with the process gives the best prognosis for a win-win outcome for all involved. Certain buyers and would-be investors write hundreds of low-quality offers with terms that may be win-lose and you need to be aware of such things. While this page cannot go into all of the nuances of offers to avoid we can help you to spot signs that you may be dealing with an aggressive “house-flipper” looking for fast process as compared to a patient buyer who loves the neighborhood and is willing to be patient with a win-win process. This process of in-depth offer review educates our clients to make their own informed decisions to limit risk and improve results.
When to Say “NO” to an Offer
When you as a seller accept an offer subject to short sale review, you’re not bound to the offer unless the bank also agrees but you are committing yourself to a process of offer review wherein the bank may take several weeks or months to review an offer. Generally speaking, at any time during this sometimes lengthy bank review the buyer can walk away from the deal which usually means that the bank review timeline will start over. With this in mind, our process of vetting potential buyers before the bank review is just another way how our experience helps our sellers achieve their short sale goals. Helping you weed out overly-aggressive investors who won’t give you a fair price and helping you know when to say “no” to impatient or marginally-interested buyers is part of why we have an industry-leading success rate.
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The wide variety of short sales we have successfully negotiated for sellers allows us to offer priceless insights for the buyers we choose to represent. The fact that we’ve sat across the kitchen table with hundreds of sellers working through the complex details of the short sale means that we are intimately acquainted with aspects of the process that even other SFR Realtors just can’t match. We use our insights to help our buyers put together offers that stand out from the crowd, finding ways to get you a better deal while making it even easier for the seller to say “yes”. There is much more to a short sale than price and we use this fact to help our buyers make win-win deals happen while buying into exceptional value at the same time. A short sale weary seller may be pleased that the offer we helped you right already includes the required bank forms and verbiage before they even ask (this greatly expedites the process and is a way to help yourself by helping the seller). In other instances we’re able to work around difficulties that may have led to previous offers failing. For one buyer client, we put together a special offer package because the seller was deployed in the military overseas. In this example, we got our buyer an astounding on the home and also saved the seller from certain foreclosure. Where that seller had seen many previous offers fail, we were able to provide creative solutions that were a Godsend to the seller while helping our client (the buyer) buy into immediate equity. These types of deals aren’t available for every situation so it’s important to speak with us about how best to maximize the benefits of your position.
How Time Works For (and Against) Buyers
Short sales can take much longer than traditional real estate deals so it’s important to be honest with yourself about your circumstances. For the buyer that must purchase a home to live in immediately a short sale may not always be the best option to pursue. While patience is a virtue, it’s also important to take immediate action when you find the right deal at the right time because today’s record-low inventory of Portland real estate listings means that great deals are often gone the same day. This balance of patience and shrewdness helps our buyers to weigh their options while taking decisive action before their dream-house slips away. In other transactions you can parlay your extra time into getting a better price. For example: many short sale sellers need more time to move due to financial hardships and we’ve helped buyers save many thousands of dollars simply by helping the seller out with a flexible moving date. This is just one of many ways we can offer be generous with the seller in ways that don’t hurt you and in return give you the benefit of big savings. One other very interesting way that help our buyers put time on their side is information management. An example of this is stalling on responding to a seller counter offer in order to put a little pressure back on the seller to accept the terms we wrote. We’ve seen instances where a seller made a counter-offer to a buyer and subsequently (after the buyer delayed their response) the seller withdrew their counter and accepted our buyer’s original terms. These are a few examples of how our sense of the nuances of a deal have given our buyers the home-field advantage. At the end of the day we give you the facts, you make the decisions.
- Experience of the Listing Agent: if the listing agent is fluent in short sales it means they’ll need less coaching from us which greatly simplifies the process.
- Number of Loans, banks involved: My personal record as a listing agent was closing a short sale with five loans against it, however even having a first and a second mortgage can mean increased complexity with more failure points that can delay/derail the transaction.
- Seller (Dis)Organization: sellers in a short sale are experiencing emotional and financial turmoil. That said, a well-organized seller is a great sign to the buyer that the seller can complete the complicated steps required to finish the deal. Conversely, a disorganized seller may miss important deadlines and then give up out of frustration after the buyer has waited months for a response.
- What types of debt are present: We’re well-versed in settling Home Equity Lines and other debts in short sale but be aware that these types of debt can be much more difficult/time-consuming to settle.
- Is the seller’s hardship valid: some sellers don’t have a clear hardship and simply don’t want to pay the mortgage. Banks are very wary of these “strategic defaults” and often decline them so as a buyer ask some questions about the seller’s motivation to ensure the odds of success are strong.
Factors That Increase/Decrease Your Odds of Success When Purchasing Portland Short Sale Listings
Call us to learn more about buying distressed properties and make us your Realtor team of dedicated specialists when its time to make your purchase. Even if you ultimately decide on a non short sale the fact that you have the backing of an experienced team means you have the knowledge and experience on your side.
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The SFR (Short Sale Foreclosure Resource) designation is available to real estate brokers in good standing who are members of the National Association of Realtors. The SFR program is designed to give certified specialists in-depth knowledge with a view to helping both buyers and sellers with the many aspects that are unique to these more complex distressed property transactions. There are many otherwise very experienced real estate professionals who simply haven’t dealt with short sales and who are not certified. In contrast, our team’s combination of SFR Certification and real-world experience means that we’re fluent in the complicated language and protocols involved in helping our clients achieve their goals.
Classroom Knowledge & Real-World Experience
Offering the finest in short sale representation to our clients has been a living, growing experience where every successful deal we close further refines our craft. More than a plaque hanging on the office wall; the greatest asset we have to offer people who need help is what we’ve learned out in the field. There are other agents who have obtained a short sale specialist certification but we have yet to find another broker or team who has worked with the variety and shear number of distressed property transactions as our team has. While nobody can predict the future with 100% certainty our successes give us the ability to help our clients to anticipate the bank’s next move and stay ahead of the process. This in-depth knowledge helps cut out the frustration that has become stereotypical amongst other, inexperienced Realtors. In summary, we’ve helped 100’s of short sale clients; call us to find out how this vast knowledge-base of the various protocols when dealing with different financial institutions can help your family reclaim financial freedom.
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One of the functions of the short sale specialist working for the seller is to compile and submit the documents collectively known as the “short sale package”. The package is often not a monolithic document but rather a collection of many different papers that may be sent in at once or over the course of the process, depending on the bank and the exact details of the transaction. Essentially, the package can include everything from listing documents, purchase contract(s) and most specifically financial/hardship documentation. Some financial institutions require that each document of the package be uploaded into a specific section of the bank’s secure online portal whereas others want all of the documents sent to a specific fax line for review. With certain banks (such as Wells Fargo), most documents must be submitted via secure portal but there are special circumstances and mortgage types which necessitate faxing in some or all of the documents as well. We’ll help you with every step along the way and do everything we can to make things simple and straightforward for you, our valued client.
- Establish that the borrower should be released from their obligation to repay the loan.
- Prove that it is in the bank’s best interests to forgive the debt and accept a reduced payoff.
- Initiating the valuation process (BPO Broker Price Opinion) whereby the bank verifies that the short sale proceeds are not sufficient to pay off the mortgage(s)
- Prove that the property was marketed to achieve an unbiased, “arms-length transaction” that gets the bank a fair price.
- Determine seller’s eligibility for federal hardship incentive programs under HAMP & HAFA or under FHA guidelines.
Goals of The Short Sale Package
Explaining your circumstances in a way the bank will listen to
In summary, the short sale package sits at the heart of the transaction and we’ll help you at every stage of the process. Much more than a bunch of papers or online PDF documents, the short sale package is a way for us to help you explain your situation in the ways that your bank can understand. And while we can’t force the bank to agree, we show the bank why accepting the short sale and forgiving the remaining balance isn’t just smart business, it’s the right thing to do.
Get Portland Short Sale Answers Now: 503-473-8001