Are you a buyer looking for a great home in Sunriver and think that bank owned or short sales are the way to go?  Think again…. Sunriver has not been hit nearly as hard with short sales or bank owned foreclosure homes.  However, prices have fallen to give you the same pricing without the hassle of a short sale or constraints of a foreclosure.

It was not that long ago you could not find a home in Sunriver for less than $300,000, no matter where the location, size or age of a home.  Today that has changed.  I am including a list of homes for sale in Sunriver under $400,000 (this is link).

Many of the homes under $400,000 have a proven rental history and are being sold furnished.  Although most of the time renting a home on a vacation program does not pencil out and pay for itself, it certainly can help pay the mortgage.

Any time is a great time to visit Sunriver as a buyer.  In the summer more homes are rented out and so your choices may be a little less (vacation rentals can not be viewed while occupied). Than other times of the year homes on rental programs are more likely to be vacant and available to see.  Give me a call, or drop me an email and let’s see what may suit your needs in Sunriver. A quick side note, none of these 3 homes are my personal listings, my reason of telling you about them are because a lot of people think that the prices in a resort like Sunriver are beyond their means.  In reality Sunriver is more affordable than it has been in years.

One of the first things that a Real Estate Broker in Oregon should do is offer you a copy of the Oregon Real Estate Initial Agency Pamphlet (click to view it). This pamphlet explains agency for both the buyer and the seller. Both the buyer and seller in Oregon are entitled to specific expectations when working with a licensed Real Estate Broker in Oregon.

The Pamphlet explains agency and many do not take this as serious as it should be taken.  The very first paragraph of the pamphlet cites both an ORS (Oregon Revised Statute) and an OAR (Oregon Administrative Rule) these are legal statues and rules.  Meaning that you the consumer have rights and the right for specific expectations.

In Oregon an agent can and often times will represent both the buyer and the seller in a transaction.  We call this dual agency, it is allowed in Oregon but in many other states it is not.  In Oregon Dual Agency or Disclosed Limited Agency is only allowed with written permission and full disclosure.  As a buyer or a seller you have the right to your own representation, this means if you are not comfortable with your agent representing both sides, you can use a different agent.

One of the items that I wonder if buyers or agents for that matter think about is how Disclosed Limited Agency falls into place when you have more than one buyer interested in the same property.  Oregon law and rules does allow an agent to represent more than one buyer per property. So, if you have 3 buyers and all 3 are interested in the same home because it is priced perfectly – an agent can write the offer for all three buyers.

Some buyers may find this to be a conflict of interest.  The buyer wants the home, and is making an offer on the property based on the information that the agent has provided about the market, the home and similar homes that have sold.  So, how can an agent represent more than one buyer on the same property?

Really it is pretty simple as long as your agent is trustworthy and does not disclose the details of your offer to the other buyer.  As a buyer, if a home has this much interest, I would hope that your agent has explained to you as a buyer that there is a lot of interest in a property.  At this point if the home is truly your dream home and you want to move forward with an offer you should make your best offer the first offer.

No agent wants to be in the position to have 2 buyers wanting the same house, but in the market we are currently in, it can happen.  Especially with some of the bank owned homes we see come on the market.  They are priced lower than other homes, in great shape and gives you a lot of activity with other buyers.

Know your rights and what you should expect from your agent.  Ask questions – you need to have a good, trusting relationship with your agent, the Pamphlet helps you know what you are entitled to.

More Information About Oregon Real Estate Contracts in 2011

If You Don’t Know How to Cook, Get OUT of the Kitchen!  You see, right now, there are too many cooks in the kitchen who don’t even know how to boil water!  Hire a chef or go to culinary school, I say!

Annoyed?  That’s an UNDERSTATEMENT!  Isn’t there something in the Code of Ethics regarding misrepresentation?  Don’t agents worry about legal issues when they represent themselves as something they’re not and fail miserably for their clients?  I’ve got a short sale seller’s DREAM buyer–800+ credit score, staying power, full-priced Offer who fell in  love with the property!   Oh, did I say STAYING power?  Repeated requests for a signed Contract have led me to this post. My buyer is tired of waiting on her appetizer (aka signed Contract) so, she has decided to skip the short sale market and purchase a resale! 

This post could be the shortest post ever written and simply state, If you don’t know what you’re doing, refer your short sale listing(s) out to someone who does!  But, as you all know, I just can’t write a short post!  

Seriously, I have had numerous issues with this, just as other agents in my area have.  The problem is that short sale SELLERS are suffering because of the inadequacies of agents who don’t know what they’re doing with regards to the short sale process.  Agents and buyers all around will not touch a short sale property with a 10-foot pole because of the horror stories that they’ve either experienced themselves or heard about from others in the area and across the country.

The most common mistake that listing agents make who don’t routinely work with short sales?  They present multiple Offers to the bank with NO signed, ratified Contract.  The inexperienced short sale agents, treat short sales as though they were foreclosures.  With regards to short sales, the owner of record is the SELLER–NOT the bank.  A short sale is NOT a foreclosure!  A short sale is approved by the bank but, the homeowners of record see the process all the way through to their attendance at Closing, as the SELLERS.  

If someone from the bank tells you to submit multiple Offers to them, perhaps you should be speaking with someone who is NOT in the foreclosure department!  A short sale is NOT a foreclosure!

I’d prefer not to moan and groan without offering any proposed resolutions for the problem, so here are a few recommendations to help remedy this problem:

1.  If you don’t have a clue how to handle a short sale, double-team with an agent who DOES–1/2 of something is better than 100% of nothing and if you continue to submit your multiple Offers to the bank, with no seller documentation and no knowledge as to how to follow through with this process, you’re going to send your sellers into foreclosure; thus, receive 100% of nothing.

2.  If you don’t have a clue how to handle a short sale, nor does anyone in your office, refer the listing out to someone who does.  Ask them if they are willing to teach you along the way so that you can later handle your own short sales.  I, for one, am more interested in helping the homeowners avoid foreclosure and would be more than willing to help an agent who has not done short sales–but, you HAVE TO ASK!  If the agent is not willing to help you, then they don’t have the sellers best interest at heart so, move on to an agent who will help you.

3.  There are attorneys in every area who specialize in short sales–find one who does and use him/her as a reference for your short sales.  

4.  If you’ve already listed short sale property and don’t have a clue what to do AND are submitting multiple Offers to the bank, don’t ACT like you know what you’re doing–ASK for help!  I recently had a buyer for a short sale property and the listing agent told me that he had already informed his seller that he had NO clue what he was doing.  I offered assistance and together, we’re working with the bank–between two Brokers-in-Charge–to get the job done and so far, so good!  I’m thrilled that he was honest and upfront and so is his seller.  It’s made for a very amicable transaction and I commend him on his honesty.  He’s learned an enormous amount about short sales during this time and continues to gain knowledge every day about short sales. 

5.  If you’re not a member of Short Sale Superstars, JOIN!  Take the classes and glean infinite information from agents all across the country who contribute to this site on a daily basis.  Not only will you find agents who have truly been in the trenches with short sales for years and are more than willing to share their knowledge with you but, you’ll find agents just like yourself, who ask for help and receive multiple solutions from other members who have experienced similar issues during short sale transactions. 

6.  If you’re a BUYER’S AGENT and you have a client who is interested in a short sale property, contact the listing agent and discuss their experience with them.  If your MLS allows your Broker-in-Charge to research that agent’s sales, your BIC can determine if, indeed, the agent has done any short sales–how many, how long on the market, etc.  Do your research and offer assistance if you know how to work with short sales.  Agents who care about the outcome for their clients (and they ALL should!), will be receptive to your offer.

In summary, if you find yourself in the throws of a short sale and are too proud to let the seller know that you don’t know what you’re doing, please, please, please, ask someone who DOES know what they’re doing for help.  

Finally, DO NOT present multiple Offers to the bank–present ALL offers to the Sellers but, remember, the Seller is NOT the bank!  Present the signed, ratified Contract to the bank with the supporting documentation that is required by that particular bank or those particular banks if there is more than one lien holder and your state’s required Short Sale Addendum.

So, if you don’t know how to boil water, hire a chef or go to culinary school!

Today we visit a home that needs a new owner!  This is a super clean and ready to be lived in home. Located on the corner of Kokanee and Pine Drop this corner lot gives you the feel of more than an acre of land.  With a covered front porch, a great back deck, fully fenced with a two car garage and an additional shop this home is well priced and ready for you.

Light and bright this ranch style home is comfortable and clean.  Easy care landscaping with room for your Central Oregon toys you must see this great property.  Give me a call I would love to show it to you, this is not my listing but is a listing within our office.

Bank owned homes are still a big draw to the first time home buyer and the vacation home buyer, and why not the prices are great.  We are seeing a few of the agents listing bank owned homes are not correctly marking their listings as bank owned, so it is difficult to provide the list I generally provide.

Your Bank Owned List for La Pine Oregon this list shows the 13 homes correctly marked as bank owned homes.  I am familiar with a few others that are on the market and are owned by banks that are not correctly marked, so they do not appear on the list.

As a buyer you need to know that there are several other homes in La Pine that may be of interest to you.  There are currently 276 active residential listings in La Pine, of those 140 of them are currently listed for $175,000 or less.

Instead of focusing on bank owned properties, I would encourage you to find your price range that suits your needs.  Many of the sellers have been able to lower their price to compete with the bank, these homes often time have been and are still loved.  If you have been in any of the bank owned properties  you know that some of them have been lived in pretty hard and will require a lot of elbow grease or repairs to make them livable again.

When you purchase a home that is owner occupied the pride of ownership is generally visible.  Not to mention that when you are dealing with an owner vs a bank you have more power for repairs and negotiation.

La Pine Homes For Sale Under $175,000

Bank Owned Homes La Pine

To obtain your own personal list that updates prices and home contact me directly.