HOW EXACTLY DO SHORT SALES IN PORTLAND OREGON WORK?
Short sales in Portland Oregon can be initiated because of different reasons. They are part of the real estate market and are a unique way of trading properties.
It’s not a rare thing that homes for sale in Portland Oregon are in fact properties which are listed in foreclosure auctions. The short sales in Portland Oregon aren’t that different from the national ones, but there are still some unique features that need to be mentioned and addressed.
What are short sales and when do short sales in Portland Oregon occur?
Short sales are homes that can be bought before they go into a foreclosure auction.
Short sales in Portland Oregon happen when a certain homeowner is unable to continue paying the required mortgage due to different reasons. In an effort to avoid the foreclosure process which can have a negative impact on the credit record of the homeowner, a short sale process can be initiated on the property.
In short sales in Portland Oregon, the home is usually sold for a lesser value than the mortgage the homeowner owes to the mortgage lender because of the inability of the homeowner to pay off his/her mortgage debt.
Types of short sales in Portland Oregon
The homes for sale in Portland Oregon available through short sale processes can be found in 2 kinds:
Approved for short sale homes – These homes for sale in Portland Oregon are the ones that have been appraised by the bank and found the owner to be qualified to sell the home through a short sale for a reduced price. The process of short sales in Portland Oregon which are already approved is faster because the homeowner is already qualified and no additional time should be spent on the process of approval.
Third-party review required – This means that the homeowner hasn’t received approval from his/her lender for a short sale or that the process of approving is initiated but not yet closed. This is the riskier
option because of the possibility of the homeowner being rejected to do a short sale in Portland Oregon and having to look again through short sale listings of homes for sale in Portland Oregon.
How do you find homes for sale in Portland Oregon?
The process of finding short sales in Portland Oregon isn’t difficult at all. You just need to find a foreclosure listing service provider and find a listed home you like. After that, all that’s left is to contact the short sale property owner and negotiate on the price together with them and the bank.
You can find foreclosure listings on thousands of websites. The famous real estate websites and have a directory of their own for short sales in Portland Oregon. There are websites specialized in foreclosure listings such as , and local real estate websites for the northwest like .
Benefits of short sales in Portland Oregon
Every party involved benefits of short sales in Portland Oregon. The home seller avoids getting into a foreclosure and the many negative sides of a foreclosure process, the buyer gets to buy a home for a lower price and the mortgage lender avoids the losses that come with foreclosing a property as well as the additional time spent on reselling the same property. Additionally, all other sides that are involved get their fair share of profit – the bank, listing agent/broker, insurance company, and the state.
Short sales in Portland Oregon are a common way of buying properties. It benefits everyone in most cases, which continues to make them a top choice for getting the property one wants.