Property Owners Be Aware

Authorities are warning property owners to be aware of the many  different types of distressed property  and  short sale scams. More and more dishonest dealings are being uncovered as the foreclosure rates continue to climb.  With record numbers of homeowners defaulting on their mortgages, risking foreclosure, the rescue scammers seem to be coming out of the woodwork in droves.

Call me and I will assist you in deciphering any offer you receive. I will also show you the proper way to sell your distressed property.

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Foreclosures & Short Sales

With many homeowners underwater and in other financial trouble, many are asking: What is a foreclosure and short sale.

When a homeowner does make their mortgage payments for 3 months, the lender will mail out a notice of default asking for 3 months of payments by a certain date. If the homeowner does not make the payments by that date, the lender authorizes their attorney’s to start the foreclosure procedure.

In the following months, the homeowner will be under much stress and strain, as the process can last as long as 12 months or more. The homeowners credit score is going to be affected negatively and it will remain on your credit report 7-10 years. You will not be able to purchase a home for at least 5 years or more. Believe it or not, the IRS considers a foreclosure as a home sale and the income is taxable.

There are alternatives. Such as a  short sale of your Portland  property before it goes into foreclosure. This is rather a complicated process, but I can help you get through the sale.

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Buyers Market

It can be a very confusing time for first time home buyers. As they say, it is the best of times and the worst of times. But one thing is for sure. It is a buyers market.

There are so many foreclosed homes and short sales, which can be very good purchases. I do caution you; you need an experienced Realtor in these complicated times.  If you are in the Vancouver/Portland area, I will be happy to assist you. If you are in another area, perhaps I can help by referring you to one of my trusted associates.

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Short Sale Q & A

What is a short sale?

A short sale is a program allowed by the lender that allows a homeowner to sell their home for less than the amount owed on the mortgage.

How can you be considered for a short sale?

You may be considered as eligible for a short sale if you have a hardship and can no longer afford the monthly payments on your home loan. Another scenario is if you your home is upside down or your loan is valued higher than the value of your home. To see if you can sell your home short call me.

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