Blog
Offer on REO in Portland
Great news! I got an offer yesterday on my first REO listing. I was given the responsibility to help manage one of my team members REO listing in Portland. I get to make sure the heat is on so pipes don’t freeze, keep the property clean, and make sure the neighbors don’t park their cars in the driveway and on the lawn of our listing. Yesterday we received a great offer on the property. If all goes well, the offer will be accepted by the bank and I can help close my first REO. I’ll keep you posted. - The REO Rookie
Oregon Foreclosures Soar
This article was published this past week in the Portland Business Journal and gives some statistics about foreclosures in Oregon.
“Oregon foreclosure rate soars 142% - The year ends on a sour note for the beleaguered residential market as two leading indicators show foreclosure rates soaring while home prices sink in Oregon and elsewhere. The bad news comes from RealtyTrac, an Irvine, California based firm that tracks foreclosure rates, and First American CoreLogic Inc, a Santa Ana, California based company that tracks home prices.The foreclosure data was nothing short of terrible. RealtyTrac said 2,965 foreclosure-related actions were taken against Oregon mortgage holders in November, an increase of 142% over the past year and more than 4.3% over October. ”
“According to RealtyTrac, there was some form of foreclosure action against one in every 488 households in the US in Novemebr. Oregon fared somewhat better with a foreclosure rate of one for every 535 households. Deschutes County had Oregon’s highest rate of foreclosure activity with 397 actions, or one for every 183 households.
Multnomah County had 883 actions, or one for every 347 households
Clackamas County had 367 actions, or one for every 406 households
Washington County had 423 actions, or one for every 475 households
First American CoreLogic said local home prices decreased 9.05% in October, its most recent data.”
Portland Business Journal, Page 6 - January 2, 2009
Looking for Bank Owned Properties in Portland
It’s me, the REO Rookie. I haven’t written for a while; I have been busy with BPO activity. Over the last month and half or so I have completed more than 20 BPOs. I am begining to get the hang of it and I am getting quicker at completing them. It still takes some time to line up access to properties and drive around taking pictures. Supposedly, doing BPOs will turn into getting some REO listings. We’ll see, it all takes some time. Others on my team are very busy with REO and short sale activity and I am looking forward to landing my first bank owned deal on my own. It will happen soon, and when it does I will do a great job to market and sell the property so the bank will give me another. I will keep you posted and let you know when it happens.
If I can help anyone out there with buying or selling a bank owned property around the Portland area, contact me, or if you would rather have someone else with more experience, our team is the best there is. Contact us. NW REO Team/WestOne Properties 503-594-0805 or 1-800-545-6096 - Ask for the REO Rookie!
Sold REO in West Linn
The NW REO Team and WestOne Properties just completed a successful sale of an REO property for West Coast Bank. The house was under construction and had several complications to get the sale completed. We were thankful for the opportunity to assist our buyer and the bank to complete a successful sale.
NW REO Team works hard to market and sell bank owned properties in the Portland Metro area. If you are a bank or lender looking for a real estate team to sell an REO or a buyer looking to purchase an REO opportunity. Contact us. NW REO Team/WestOne Properties 503-594-0805 or 1-800-545-6096
Experienced REO Agent Wanted
I am a REO/BPO rookie, but today, I received my first BPO assignment. I recently joined the NW REO Team and I am learning a lot everyday. It has been my job to complete BPO and REO applications for lenders so that we might have a greater opportunity to serve others in the Oregon real estate market. After filling out multiple applications for multiple companies over the last few weeks, I was excited to see an assignment show up in my email box today. Tomorrow, I will finish it and get it off to the lender, and it will be the best BPO they will have received.
Today, I also recieved a rejection notice from a BPO company. They said I needed at least 1 year of experience, before they would look at my application. I was disappointed, but it made me all the more determined to produce the best results possible for the companies who do choose to use me and the NW REO Team. I am surrounded by the best team in the REO, BPO, and foreclosure business in Oregon. I will be learning a lot in this market filled with opportunity, and I have no doubt that I will be one of the best REO agents a lender could use.
I will keep you posted on my progress. The REO Rookie
Oh, and by the way, I would love to work for you, if you have a BPO or REO assignment. You won’t be disappointed. Contact us and ask for The REO Rookie. Call 503-594-0805 or 800-545-6096
