Short Sale Portland Oregon |

Short Sales Portland, OR

Understanding Short Sales Here in Portland, OR and Elsewhere

A short sale often means more house for less money. Also, in a short sale, curb appeal is less important.

A short sale is a sale where you negotiate with the bank to take less than what’s owed on a particular property. Right now there are millions and millions of properties in foreclosure and more and more people are behind on their mortgage payments. That number is growing and so short sales are increasing.

Many of these properties have negative equity because homeowners took out these creative loan vehicles, such as interest only loans, or, borrowed 100 percent of their money and then when their payments reset and the markets dropped, whatever equity was there to begin with, disappeared.

One of the important things to know about a short sale is this: When we get the bank to accept the short sale, the homeowner doesn’t lose their house at the foreclosure sale, which is important because they don’t end up with a foreclosure on their credit report. We’re able to buy the house for a price significantly below value and can give the homeowners some money to move and get a fresh start.

Remember, if you foreclose and you lose your house and the bank takes over the property, at that point the foreclosure on your credit report can drop your credit score by more than 100 points. With a short sale, the bank can report that in different ways. They might report it as a short sale, they might report it as satisfied, they might put satisfied by a short sale. We often ask the bank to put it down on the credit as being satisfied. That way, it looks as if the homeowners sold the house and satisfied the loan.

In a short sale, we do the opposite of curb appeal. We want the bank to take less than what’s owed so we don’t want any painting and sprucing up and making things look any better. The property should look as bad as it can.

A successful short sale takes time and patience. A series of negotiations have to take place with the bank that can take a lot of time.

Please contact us to learn more about our expertise in short sales, or to schedule a showing of any Portland, Oregon Metro area short sale property you might find in our short sale search below.

We look forward to hearing from you and working with you in the future!

Thanks,
Michelle Maida

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