Central Oregon Real Estate

The Bank Owned Home - Multiple Offers?

So, you are starting to look for a new home and you find bank owned homes to be the most affordable!  So do a lot of other buyers, many times even in “this market” we are finding the bank owned home priced so well that there are multiple offers.

Homes you can expect a multiple offer situation is the home that is clean, not stripped of it’s fixtures and ready to move into.  So, how do you insure you are the winning offer on one of these properties?

1. Know the market - and make an offer that is reasonable.  If you are asking the bank to pay your closing costs, you may need to make your offer closer to the list price or possibly higher than list price.  Most banks are willing to pay up to 3% of the purchase price in closing costs, however if you are in a multiple offer situation you may want to formulate your offer so this is off set in the purchase price.
2. Apply for your loan ahead of time.  Most banks will ask for a pre-qualification letter (prequal) with the offer.  Having a good relationship with your lender will make getting this ahead of time or at the time of the offer much quicker.  If you plan to purchase with cash, the bank will want proof that you have these funds available.
3. Inspection - be sure you have a home inspection, many of these homes have sat vacant for some time prior to going on the market.  Many of the deficiencies of the home may not be as obvious as they would be if the home was occupied.
4. Make sure you have your own agent.  The bank has their agent, and using their agent will not get you a better price.  You deserve to have someone on your side and watching out for your best interests.

As a Certified Distress Property Expert, I am happy to help you purchase a bank owned home, short sale and even a standard resale property.  Real Estate is a crazy world, let me help you make it through the process without the stress.

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Village at Sunriver has New Manager!

The Village at Sunriver has hired a new operations manger, Denease Schiffman is now responsible for tenant relations, overall management and assisting with lease agreements.  She is quoted in the Sunriver Scene as saying “I spent the first 30 days on the job ensuring that tenants are accommodated due to all the construction, mitigating impacts from the construction by  directing traffic flow and ensuring customer access.  Every day is different.  I walk the property looking for issues.  I talk to tenants.   I’ve met them all at this point.  I’ve never dealt with easier clients in the midst of a construction zone.”

As a property manager Schiffman has 12 years of property management, most of which is commercial.  Her experience varies from the U.S. Bancorp Tower in Portland to the simple mom and pop store, she has also worked the Bend retail buildings.  I have yet to meet her, but I have heard great things about her attitude and capabilities.

Ryan Smith, who was the  director or operations has not left us, he is now focusing on promotions and events to attract shoppers, and guests to the Village.

Phase One continues with the redevelopment, installing new composite roofs on buildings 23, 24 and 25 is basically complete.  When you are in the Village, take a look at the new dormers, windows and fresh siding.  Now on to building 22, it is slated to receive new windows, entry doors, cedar siding and some stone work for additional accents.   If you are heading to Goody’s or Toy Kingdom, you might anticipate changes in your entry area.

Building 22 is slated to be the signature building - The outcome of this building is what you can expect for the entire mall.  To read more - check out The Sunriver Sceen the mall update can be found on the front page and page 4.

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Sunriver Short Sales and Bank Owned Homes Nov 09

Sunriver has not had the number of short sales or bank owned properties that the rest of Central Oregon has seen.  But there are a few great homes to choose from that fall into this category, remember not to limit yourselves to just the bank owned or short sale, a lot of  sellers have lowered their prices to compete with the bank owned and short sales in Sunriver.

Click here for your List of Bank Owned and Short Sale Homes in Sunriver

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How Are Short Sales Priced?

One of the most confusing things to a buyer on a short sale is the price.  A property will be put on the MLS with a great price, the buyer will write an offer and the process begins.  The offer is first submitted to the Seller, once the seller and buyer come to an agreed to transaction the offer is submitted to the bank. The bank has the opportunity to accept, reject or sometimes suggest a different price.

Does the bank set the price on a short sale? Yes and No – when the property is listed on the MLS the Seller and the Seller’s agent set the list price.  However, once the bank comes into the negotiations the bank can and sometimes does give a different sales price.

The question then is…. does the buyer have to pay that price the bank would like to get to keep their transaction moving forward?  The answer is like many in real estate it depends.  If you want a fast close yes you would need to step up to the number the bank puts out there or your agent and the listing agent can negotiate with the bank.

Banks depend on agents and appraisers to give them an idea of the value of a property.  They do not know the market, they do not know the area and they do not know why a house is great or not so great without a real estate professionals help.

Pricing of a short sale comes down to 2 things what does the market support and how experienced the agent is in the market and with short sales.

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Do I Qualify For A Short Sale?

Short sale helping hand

Just because you feel you are upside down in your home does not qualify you for a short sale. I do not know how many times I have been told by a seller their home is not worth what they owe so they are going to walk away or quit making payments, then try and sell (short sale) or let the bank take the house. The sooner you talk with an agent the quicker your stress will go down.  Many agents do not let these people know that there are specific guidelines to a smooth and successful short sale.

Banks have been overrun with homeowners attempting to sell their home for less than they owe and so the process can be longer than a standard sale.  Banks have over the last three years formed departments and standards to process and approve short sales quicker than in the past. However, many agents do not have a clue what it takes to put a short sale together consistently, if done correctly you can certainly shorten the time frame a short sale has taken and actually sell the home instead of loosing it to foreclosure.

Did you know there is no place on a credit report to report a short sale to show as a negative but there is a section for a foreclosure? So Do You Qualify for a Short Sale?

The first 3 questions to determine if you qualify are fairly simple, they are;

1. Do your expenses exceed your income
2. Is there a hardship that caused your situation
3. Is the likely sales price of your home less than what you owe and the expenses of selling?

There obviously are more questions to go with each of these but basically that is what determines if you qualify.  Because so many people had no clue of how to proceed with a short sale there are a lot of myths flying around that just confuse the home seller more than ever.

Contact me for more info and a quick interview  - let’s see what we can do to relieve some of your stress. To Successfully sell your home as a short sale it must be listed with an agent.

I am a Certified Distressed Property Expert - and have received special training to assist you in the sale or purchase of a short sale home.  Let me help you!

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