Today we have two homes in La Pine that are in the NSP area. Remember that the NSP gives you 20% more buying power with no payment or interest until you refinance or sell the property.

These homes are the homes available as of 10/28/11 in the area that qualifies for NSP loans. If you are looking to purchase a home in La Pine or Redmond, you should consider the Neighborhood Stabilization Program!

The Bank Owned Home seems to be coming back into the market just as fall and winter hit. Now might be the best time for you to buy a home!

The Neighborhood Stabilization Program (NSP) is back for selected areas in both Redmond and La Pine, Oregon.   The NSP allows a buyer after going through a specific program a second loan on the purchase of a bank owned home.

In short the NSP program can give you the ability to finance about 99% of the purchase price of your new home.  There of course are specific guidelines but for the right buyer this is an awesome opportunity to have about 20% more buying power.

If you can answer yes to following questions calling or emailing for information on the NSP could be beneficial to you!

• Low to Middle Class income
• Verifiable Income
• Willing to Buy a Bank Owned Property
• 1% of the purchase price for a down payment
• About $1500 for costs associated with buying your home
• Be willing to attend a financing class (1 day class)

I you can say yes to each of the above, and are looking to purchase in Redmond Oregon or La Pine Oregon and a bank owned home would work for you – talking to me about an NSP loan program should be the top of your priority list.

Only some agents and some lenders are qualified to work with this program!

The easy overview of this program is (there are more specifics)

• 20% or up to $35,000 can be borrowed for the purchase of your home.
• 0% interest on this portion of the loan
• 0 payment during the life of the loan
• no pre-payment penalty
• when you sell or refinance you do pay the original loan off

This Home is in The La Pine NSP Area and is Bank Owned

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

Many times throughout the last couple years I receive requests to provide listings or show bank owned homes.  We have a lot of them in Central Oregon and in the past most of the Bank Owned Homes were priced well below a traditional sale.  Today we are seeing some changes in that pricing.

Every area of Central Oregon, offers a few awesome bank owned homes but they also offer some great buys in a traditional sale.  So, what is the difference you might ask, below is a list of things you can expect with a purchase of a bank owned home and a traditional sale.

Bank Owned Home

• No guarantee how long a home has set vacant – in our extreme temperatures this can be an issue.
• No repairs – other than major safety or code violations
• No  history of the home to know how something may work
• Occasional delays because the asset manager (person over seeing the transaction) has multiple files.
• Title and escrow is generally handled with an out of area company
• Often times past due water and sewer accounts are not checked.

The Traditional Sale

• Home has been typically lived in or at least taken care of
• Sellers are more inclined to do repairs to sell the home than a bank will
• Sellers are generally willing to share how the systems of the home work, like winterizing the sprinkler systems and such.
• Sellers are more motivated to get documents signed and keep the contract moving forward
• Title and Escrow is handled in the area of the home, where the title company is familiar with the local associations, districts and so on giving you better protection.
• Water, sewer and other expenses are generally current, or are brought current at time of closing.

Great prices are available in both the bank owned listings and the re-sale listings – if you would like to be notified of listings that fit your price, or other needs I would be happy to set you up with an automatic email for listings that fit your specific needs.

La Pine Bank Owned Homes

Three Rivers South Bank Owned Homes

Sunriver Bank Owned Homes

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.