Central Oregon Real Estate

Yes Sunriver Has a Few Short Sales and Bank Owned Homes

Sunriver Oregon does have a few short sales and bank owned properties.  Some buyers have recently told me that other agents have told them that Sunriver has not been affected by this market.  To them I say “please tell the truth.”  Sunriver prices are lower than we have seen in years, homes with great updates, remodels and in awesome locations can be purchased for lower than expected prices.

Click here for a List of Bank Owned and Short Sale homes in Sunriver

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VA Tax Credit Info

Guest Post by:
James Kelley blogs on veteran’s issues, real estate and finance across American markets at VA Benefit Blog .He also works with VA Mortgage Center, proudly serving American military families as a leading national VA lender.

Due to new, stringent practices many lenders have implemented since the credit crisis of 2008, many veterans are finding it harder and harder to get VA loans for their new home. But the news isn’t all bad for America’s servicemen and women.
For first time military homebuyers who have been abroad, good news actually awaits: they still have a full year to qualify for up to an $8,000 tax credit when buying a home. The deadline has passed for all other homebuyers except U.S. military members who have served overseas for at least 90 days sometime between Jan. 1, 2009 and May 1, 2010 – this tax credit has been extended specifically to account for their being away and unable to look for a home. If you or your spouse served abroad between those dates, don’t pass up this opportunity as you look for your new Oregon home.

To qualify for the full $8,000 tax credit, you must also be considered a first-time homebuyer. This means that you are looking to buy your first primary residence of the past three years. If you are considered a long-time resident – meaning that you’ve owned and lived in the same house for five of the past eight years – you can qualify for up to $6,500 in credit. Other requirements include:

• Home purchases cannot exceed $800,000
• Incomes filed jointly (you and your spouse) cannot exceed $225,000
• Single-filed incomes cannot exceed $125,000

Some allowances may be made on a case-by-case basis for some veterans who are above the annual income requirements

The credit extension lasts until April 30, 2011 for you to put a house under contract and until June 30, 2011 for you to close all purchases. Finally, some veterans have been concerned that they may lose the credit if they are forced to move from their new home due to redeployment. However, the Internal Revenue Service has exempted those who are redeployed from having to repay the credit.

And, while it has become harder to obtain, veterans still have the opportunity to couple their tax credit with VA financing. If you’re looking to finally own your own Oregon home, you ought to take advantage of this opportunity as soon as possible. Contact an agent or lender today and take the first step toward owning your own home.

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Short Sale Questions Answered

One of my readers posted a comment which truly deserved to be answered publicly as it seems from looking at some of the search terms used many people have similar questions.  I have highlighted the questions in green and answers in brown.  Hope this helps clear the confusion for a few people.

I have heard a lot different aspects of doing a short sale and, to no surprise, some things people have told me conflict with one another. I was wondering if you could clear some things up for me. And I ask these questions in regards to residential property in Oregon.

First, in Oregon to go through short sale do homeowners need to be in default? Or could they consider and talk to lenders about potentially doing a short sale if the homeowners expect that they can no longer make payments on their homes?  The answer to this question is complex – There is no rule that says in Oregon or any other state that a seller must be in default to do a short sale.  Some banks will not discuss a short sale if you are not in default because they have so many of them in the system, that if you are still making your payment you might not get the attention you would if you are behind.  The guideline is that you must have a hardship – and it must be a valid hardship. So, let’s say that you have been paying your payment out of your retirement account and now you are close to being out of money – you have a potential of being behind in the near future.  When you list the property and find the buyer you very well may be in default or very close to it.

A seller that is just upset because they are upside down in their property, yet still able to make the payment is less likely to get bank approval than a seller that has lost a job or had a major change in their life. When a short sale is presented to the bank a financial worksheet is generally included which will show if you can or cannot make the payments. If you can see disaster coming down the road, some banks will actually try and work with you, your first option should always be to talk to your lender, an attorney and possibly a tax professional.

Second, do you absolutely need to have a potential buyer when trying to qualify for a short sale? Or can that part be satisfied after being okay-ed by the lender for short sale? When you are trying to sell your home as a short sale, you generally need to list it with a REALTOR® just like any other listing.  The buyer will come from the listing of the property – so do you need a buyer – in the end yes – you can not sell without a buyer.  However, you do not need a buyer before listing the property or being considered for a short sale.

Third, I have read and heard from various sources that in order to qualify for short sale homeowners must meet certain criteria (i.e. the home’s market value has dropped, the mortgage is in or near default status, the seller has fallen on hard times, the seller has no assets)? Do homeowners need to meet all the criteria or is just one of them enough? Also, are there other factors lenders look into when determining if homeowners qualify for short sale?  Every short sale is different and the same.  If your home’s value is more than the amount owed, it would not be a short sale it would be a standard sale.  A short sale is simply put – a sale of a property that the purchase price is less than the loan amount (or amounts), the bank or banks must approve the price, the terms and so on before the sale can take place.  There are generally 3 things that every short sale has – 1.  The property is worth less than the amount owed.  2.  The seller has a hardship causing them to be in default or default is going to happen.  3.  There is no cure in site for either of the first two items.  There are a few banks out there that are more difficult to work with because of the work load they carry, and some have their own specific guidelines as to when they will or will not consider a short sale.  Every seller, bank and transaction is different.

If you could answer these questions for me, it will be greatly appreciated. Thank you. I hope this helps you – I would be more than willing to expand or answer any other questions you may have.  Give me a call, drop me an email or leave a comment and I will do my best to help you out.

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The Short Sale and The Buyer

We have talked about Central Oregon short sales, and many of the differences for a buyer of a short sale compared to a traditional sale.  However, with all things in real estate, especially over the last couple years, things change.  I thought it might be a good time to go back over a few of the things a buyer should be aware of when it comes to buying a short sale.

A short sale on the buyer’s end should be thought of as a traditional sale, you have a buyer that is wanting to purchase a home, a seller wanting to sell a home.  The only difference at this stage is that the seller can not sell the home at the sales price without the bank’s approval.

Bank approvals do seem to be coming a little more quickly than a year or two ago, but you will still hear grumblings of the bank taking too long and buyers walking.  When this happens it is the perfect time to slip into place as a buyer.

A short sale as we have discussed takes bank approval.  When a buyer submits an offer the seller must first accept the offer, then the listing agent and the seller will prepare the offer and the seller’s personal information to be submitted to the bank.  If a buyer withdraws their offer during this process and you the new buyer submit a new offer, you can often times cut the bank’s response time down, because the previous buyer has already done most of the waiting.

Most of the time a short sale offer can be written so that none of your time lines begin until the bank has approved your offer.  What does this mean to you, the buyer?  It means that none of the standard inspections, appraisals and so on will be started until the bank approves your offer.  Which in turn means you do not spend any money on the chance of being accepted.  Once the bank approves your offer, then your home inspection, appraisal and so on is started and then and only then do you incur the costs associated with purchasing a home.

When the bank approves your transaction, it is time to kick things into high gear.  Often times the bank approval will require a shorter closing period than you might expect.  It is important if you are purchasing your home with a loan that you have your lender in line with your needs.  You should get your loan application in, and keep your lender informed of where the process is, so that when the bank approval comes in your lender is completely ready to move forward with you.

Buying a short sale in today’s market is not nearly as scary as it was a couple of years ago.  But they are still complex, they still take patience and they most of all require that everyone be prepared to jump into action when the time is right.

La Pine Oregon Short Sales

Three Rivers South Short Sales

Sunriver Oregon Short Sales

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Firewall and Solid Door with Attached Garages

I can not tell you the number of times a buyer has a home inspection and one of the items that come up are that there are voids in the sheet rock on the wall the separates the home from the garage, sometimes the wall has no sheet rock at all.  The door between the garage and the home can be a concern also, as a buyer’s agent or a seller’s agent this is one of the repairs I encourage to be completed.

Tonight, the local news reported on a fire that hit home with me regarding why these two items are so important.  A local family experienced exactly why a good firewall is so important.  Because the home they lived in had a good firewall and a good fire door when their garage went up in smoke, the house was spared.

Whether you are selling your home or not – take a moment to take a look at the wall that separates your home and your garage – if there are areas not covered with sheet rock, get it taken care of – check the door and make sure it is a metal door or a solid core door.  These two items can save you, your family and your precious belongings.

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