Living in Portland

There are a couple of big issues with buying a HUD home.  The biggest is that you are buying the home ‘AS-IS’.  So if you submit an offer that is accepted, you do not have the right to negotiate repairs AND you will loose your earnest money deposit (usually $1000.) if you decide to terminate the deal.
The […]

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For the 12 months rolling average ending in September, 2008 vs. the previous 12 months, the average price in the Portland Metropolitan area is down 5.6% according to RMLS.  The average sales price declined from $331,300 to $315,300 and the median price fell from $280,000 to $267,000 for the same 12 month period.  At the end […]

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Assuming the property is in a good location and in good condition, the answer is probably ‘yes’.  Are you curious about what kind of a deal you can get on a bank owned property in Portland?  The word on the street is that they are currently accepting between 82% - 85% of the BPO value […]

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The answer is, you do if you want to buy a house.  The old days of 100% financing are just about over.  Buyers are now going to have to invest their own money into buying a house.  The Seller can still pay the closing costs which add up to about 3% of the purchase price. 
FHA […]

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June 2008 Update:  In May 2008 we saw an average sales price decrease of -4% compared to the last twelve months.  This was the second month we have seen a decrease in value in the Portland Area.  However, the average sales price in May 2008 is UP 3.1% from the average sales price in April […]

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Unlike the rest of the country, the number of foreclosed homes in Oregon is less than one half of one percent.  That’s 0.5% which is among the lowest in the Nation.  Foreclosed properties are listed on the MLS by banks and represented by Realtors just like any other property.  The condition varies widely depending on […]

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As a consumer about to enter the home-buying arena or selling and “buying up”, you surely will have a lot of questions.  Where do I start?  How much home can I afford?  Is my credit good enough?  Should I wait until after I buy a home to buy a new car?  Which area has the […]

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As of this writing, you as a prospective buyer are very squarely in a buyer’s market.  What this means is that there is an abundance of inventory on the market, some of which is composed of sellers who WANT to sell, some is composed of sellers who NEED to sell, and some is composed of […]

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In simple terms, a short sale occurs when the seller of a property owes more than the property is worth.  The property may or may not be in the process of foreclosure.  Agents often list ’short sale’ properties on the MLS but they do have to clearly state that fact.
Are these a good deal?  NO, […]

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