Oregon Short Sale Experts

Many Oregonians today find themselves owing a bank more for their house than what it could currently sell for. Often these homeowners are delinquent on their mortgage payments or are no longer able to make their payments at all due to a variety of reasons such as job loss, divorce, or illness. Others may simply be relocating out of state and are now forced to sell.  

A good option for homeowners in this situation may be to “short sell” their property. A short sale is when the proceeds from selling a property fall short of the full mortgage balance and the seller is unable pay the difference. If you are in a difficult situation, and need to sell your home now, contact us today!

Here are some points to consider when looking at a short sale option:

 - Your bank(s) or lender must approve all the terms and conditions of a short sale in order for the sale to be completed. While you as the seller also negotiate with the buyers, the final negotiations ultimately are in the hands of the banks.

 - All funds from the sale of your property will go to pay off the bank(s), real estate brokers, escrow company, title fees, and any other fees associated with the transaction. As the seller, you will receive no proceeds from the sale. However, you will be released from any and all obligation to the banks.

 - Negotiating with lenders and effectively structuring a short sale is very complex and can be tedious and time consuming. The Craig Reger Group works with trusted experts and has successfully helped many homeowners sell their homes in a timely manner and avoid foreclosure.

 - A short sale may make financial sense for you even if you are not delinquent or behind on your mortgage payments, however, it will still negatively affect your credit.

 - A lender may still begin the process of foreclosing while your house is on the market as a short sale. It is crucial that you list your home at a price where it will sell quickly to help avoid the foreclosure process.

 - Even if your bank has already begun the foreclosure process, you may still be able to list and successfully sell your house as a short sale. Time is of the essence in this situation, however, so contact The Craig Reger Group immediately.

 - There may be tax consequences associated with a short sale. Please consult your tax advisor.

If you think selling your home as a short sale might be a good option for you, contact the experts at The Craig Reger Group today. We can get your home sold and you can avoid foreclosure!

Considering Buying a Short Sale?

It’s no secret that there can be tremendous opportunity for buyers when a distressed home is for sale. A home listed as a short sale tells the buyer that the sellers are forced into selling for whatever reason, and may be more likely to consider lower offers.

Buyers should note that purchasing a short sale can be a frustrating and difficult process. Consider this when looking at buying a short sale:

 - Offers are subject to approval from the seller’s bank or lender. Even if the seller accepts your offer, it’s not legally binding until it is approved by this 3^rd party. This can take 2-3 months or longer.

 - Most banks are overwhelmed by the abundance of short sales. This makes most of them unable to respond in a timely manner, and because the bank is really in the power position, their decisions are often unpredictable and can seem unfair to both the buyer and the seller. For example after considering one buyer’s offer for months, a new offer may come in at the last minute, which the bank accepts instead.

However, there are many situations when purchasing a short sale could be a great option, especially if you:

- are interested in investing in real estate.

- do not need to close on a property within a certain amount of time.

- are a cash buyer.

To successfully purchase a short sale, it is essential to work with real estate brokers who are experienced with the short sale process, such as The Craig Reger Group. Contact us today to start your search!

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