In all honesty the current real estate market in Central Oregon has brought out a series of buyers that vary almost as much as the Central Oregon landscape.  One common thread Realtors® hear no matter what the price point of the buyer or the type of home a buyer might like is that they would like to see foreclosures.  The public knows that a foreclosure is priced below the market value and that they can get more bang for their buck.

You Can’t Buy a Foreclosure!

Foreclosure is a process not a status of a home.  As an experienced real estate agent in Central Oregon, I don’t correct my buyers when they say they want to see foreclosures, I show them Bank Owned Homes or homes that are also known as REOs (Real Estate Owned).  A foreclosure is the process that a bank, homeowner and property go through when the homeowner is behind on the payments.  In Central Oregon most mortgages are actually Trust Deeds, meaning that if you default there will be a process that leads up to a Trustee’s Sale.  Once you are 90 days past due the bank can issue what is called a Notice of Default.  At some point during this process your lender will turn the information about the default out to the public. That is where websites like RealtyTrac, Zillow and Trulia (Zillow and Trulia appear to actually get this information through RealtyTrac) pick up homes that are listed as FORECLOSURES.  These homes are often listed on these sites with a price of half what other homes are selling for or obviously great deals.

It May Not Be For Sale!

This week it became painfully clear to me that the public needs to understand that those websites out there that show homes in the foreclosure process that are not for sale. I was cruising through Trulia and had answered a couple questions that the general public had asked to have answered, something I do occasionally.  (sometimes it is fun to see out of area agents try and explain things from Central Oregon they can be pretty humorous) Then I noticed a common thread, there are a lot of buyers out there looking at these Foreclosure homes and asking for information.  Sometimes the addresses are listed a price and even a photo, why would a buyer not think they could buy this home.

Beware of Owner!

So let’s say that one of those homes really peaked the interest of a buyer.  Saturday rolls around and the family is out for a drive and the parents say, oh that house we saw online last night is in this neighborhood, we should stop and take a look.  They pull into the driveway it appears the house is vacant, the yard is slightly over grown, there seems to be signs of disarray. When people get into financial trouble, they often give up or sink into depression.  Back to our happy buyers, they pull into the driveway, and the kids start running around the yard, mom is working her way around back to look in the kitchen window and dad is heading for the window on the side of the garage, just then he hears a voice (or a gun being chambered) can I help you?

No Sign – No Agent – Generally Means Not For Sale

On these foreclosure properties, the home is generally worth less than is owed, so if the house is for sale, it MOST of the time is listed through a real estate agent.  If this home is not upside down it might be a for sale by owner, or it simply may not be for sale.  Just because a home owner gets behind in their payment does not mean they will lose the property.  Home owners do find ways to bring the payments current, or have the bank modify their loan.

List of BANK OWNED HOMES

La Pine Bank Owned Homes

Three Rivers South Bank Owned Homes

Sunriver Bank Owned Homes

Bend Bank Owned Homes

Earlier in the Fall I had the opportunity to have an incredible evening with Peak Performance and became part of the Peak Family.  We took a Sunset Ride to the top of a couple different buttes out off Spring River Road.

What a great time, as a local I, like a lot of you probably, take our beautiful area for granted.  I always admire our mountains, the river and those things that we see everyday.  But, it is easy to forget how awesome Central Oregon is.

The tour that the guys and gals at Peak Performance took us on was amazing!  As we approached the top of our first butte, as if on cue upon our arrival to the top smoke jumpers appeared.  So, not only did we have the beautiful sunset, the mountains, rivers and lakes below to view, we also had the grace and precise skydiving of the smoke jumpers.

It had rained during our ride and it was a massive thunderstorm, which made the trip almost more fun.  It settled the dust, but also had us all laughing and in awe of nature the entire trip.

The folks at Peak have such a great respect for nature and people that I would highly recommend anyone use their services for ATV or Snowmobile tours.  You can’t help but have a great time with these people.  Many small businesses in town impress me, but the Peak family is just that – they are a family (although not related) and they treat you like family.

Whether you are visiting Central Oregon and looking for a great adventure or if you live in Central Oregon and want to do something different, I highly recommend you call  Peak Performance and book a tour.

Now that spring is here the buyers seem to be more active and the banks are starting to place properties on the market that have been sitting for a while.

A couple of the homes that you will find on these lists have been sitting vacant  for several months.  That does not mean they are a better or worse home, I only point it out so that you will understand that these lists may start growing for the simple fact that the banks are starting to get properties put on the market for sale. The weather is improving although we certainly could use some of our beautiful sunshine.

Bank owned homes can appear to be the best deal on the block, but remember there are other homes that may be a better value.  My job is to know what you need or want in your dream home and help you make that dream a reality.

Each Box Below will take you to a current list of Bank Owned homes in each area.

Looking at the bank owned homes in La Pine, Sunriver and Three Rivers South it seems that the numbers may be growing a little.  Many of the homes that are priced well are still available this week.  Although winter generally brings slower sales, recent bank owned sales have continued no matter what the weather.

Many of the HUD homes seem to be now listed with agents that are not aware of the area in which the homes are located.  I seem to be finding a lot of errors on schools, counties and so on.  The bank owned home often times takes a little more research, so using an agent that knows the area is very important to the buyer.

Buyers unless your loan requires a bank owned purchase, don’t limit yourself, there are several great properties out there that are doing their best to compete with the bank owned home.

Your Weekly Lists of Bank Owned Homes

La Pine Oregon Bank Owned Homes

Three Rivers South (Between Sunriver and La Pine) Bank Owned Homes

Sunriver Oregon Bank Owned Homes

I am always available to be YOUR BANK OWNED BUYERS AGENT!

Did you know that an FHA loan is not just for first time home buyers? It is a myth that FHA home loans are only for the first time home buyer. Today, we are going to take a look at what our friends over at Home Loan Ninja have to say about FHA loans.

FHA loans can be used to refinance a home, and may be a good choice because of the leniency regarding credit scores. Whether purchasing or refinancing there are reasons people choose an FHA home loan.
An FHA home loan currently allows for a borrower to have a 580 FICO score, however this can change and sometimes one bank will have a different requirement.  This is set bank by bank, some will banks during changes will require a different score than another.  Now that does not mean you should shop on and on for a lender that will allow a lower credit score, what it does mean is that you should be working closely with your REALTOR® and your lender from the start. This way when changes happen you are prepared.  FHA loans allow you to finance 95% of the property value. Many conventional loans will only finance 75% to 80% of the property value. Additionally many conventional loans are only available for those with a 720 FICO score.

Additional Ask The Mortgage Professional Articles

Looking for a mortgage professional? I would encourage you to contact;

Jason or James – your Home Loan Ninjas at 503.799.4112 or you can visit their website and see more info about mortgages and what you should expect.