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Oregon Foreclosure Levels Grow
The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released Thursday. Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, said foreclosure listing service RealtyTrac Inc.
By the end of the year, RealtyTrac expects more than a million bank-owned properties to have piled up on the market, representing about a third of all properties for sale in the US. Oregon ranked No.17, with one foreclosure filing for every 677 households. Washington ranked No. 34, with one for every 1,383 households.
Foreclosures are bad news for anyone who lives nearby and wants to sell their home. While foreclosure sales are booming in many areas, those properties are commanding deep discounts and pulling down neighboring property values.
The Oregonian - October 23, 2008
For help in navigating the foreclosure process as a buyer or a seller in the Portland, Oregon area. Please contact us, we specialize in short sales, the foreclosure process, REOs, and getting properties sold in today’s tough market. WestOne Properties / NW REO Team Call 503-594-0805 or 800-545-6096. www.WestOnePropertiesLLC.com
Pricing an REO
As bank owned properties (REOs) continue to increase in the real estate market, selling them becomes more difficult and costly for the bank. The most important factor for the bank to consider is how long they want to hold that property. The length of time a bank is willing to hold a property should be directly related to the price a listing broker establishes for that listing. In today’s market, the price of the property is the key to selling, or not selling, that property.
When we work with banks to market their REOs, we have an honest conversation with them about their expectations and criteria for each property. How long do they want to hold it? What is their bottom line for a sale? Will they offer financing? What is the monthly cost to carry the property? We want to understand their objectives, but we also want them to understand that today, price is everything in selling properties.
We were a little amazed recently at the pricing of a property that was recently taken back by a bank. We were working with a client who wanted to purchase the property with a short sale. The house was under construction and had not been completed. Before the foreclosure, the listing agent had priced the property at 1.3 million. There were several offers on the property between 1.1 and 1.2 million. The bank did not accept an offer and took the house back through foreclosure. The new agent, hired by the bank to market the property after the foreclosure, priced the property at 1.8 million.
What amazed us was the fact that the house didn’t sell at 1.3million, and the new agent priced it at 1.8 million in a market that is still heading down. We figure that the bank must want to be in the business of owning partially built houses that no one can finance in the middle of winter. Doesn’t that sound like a good business?
We work to sell REOs by pricing them effectively. We want to move those non-performing assets off a bank’s books and return cash to the bank so they can go about their business of making money. If you have REO’s in your portfolio that need to move, or you are interested in purchasing a bank owned property, contact The NW REO Team. We will help! 1-800-545-6096. www.NWREOTeam.com
Great Foreclosure Properties in West Linn
25012 SW Valley View Rd. West Linn, Oregon - 8,000sq ft new construction, 3 acres, Fantastic value in area of multi-million dollar homes. Private estate setting. Excellent value at $800,000. Contact us at 503-594-0805 or visit www.WestOnePropertiesllc.com
117 SE 191st Place, Portland, OR
117 SE 191st Place, Portland, Oregon 97233 1603 sq ft, 4 bedroom, 2.5 Bathrooms, Fantastic Value at $199,000. Contact WestOne Properties at 503-594-0805
Oregon gets HUD Aid for Foreclosures
“The US Dept of Housing and Urban Development will send nearly $20 million to Oregon so the state and local governments can buy and rebuild foreclosed properties. The goal is to prevent blight from spreading from foreclosed properties.
The money is part of a $3.9 billion nationwide program and is part of the Housing and Economic Recovery Act of 2008. Oregon, Alaska, and Idaho will get $19.6 million each, and Washington will get $28.2 million.
The government can use the money to buy, demolish or rehab foreclosed homes. It also can offer low or moderate income buyers help with down payments or closing costs. The grants will be targeted to areas with the highest levels of foreclosure, subprime loans and mortgage delinquencies.”
The Oregonian, September 2008
