NW REO Team

Offer on REO in Portland

NW REO Team — Mon, 05 Jan 2009 05:00:28 +0000

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

NW REO Team — Mon, 05 Jan 2009 04:42:30 +0000

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

NW REO Team — Mon, 22 Dec 2008 19:48:03 +0000

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

NW REO Team — Mon, 22 Dec 2008 19:30:44 +0000

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

NW REO Team — Fri, 31 Oct 2008 04:55:23 +0000

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

Oregon Foreclosure Levels Grow

NW REO Team — Fri, 24 Oct 2008 04:45:09 +0000

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

NW REO Team — Thu, 16 Oct 2008 05:25:04 +0000

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

NW REO Team — Thu, 02 Oct 2008 21:53:51 +0000

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

NW REO Team — Tue, 30 Sep 2008 22:50:29 +0000

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

NW REO Team — Tue, 30 Sep 2008 04:54:06 +0000

“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