F.A.Q.
You have real estate questions; we have the answers!
Most Common Questions
Question:
What’s the difference between a short sale and a foreclosure?
Answer:
A short sale is when a property is listed and/or sold below the amount in which the seller owes the lender. A foreclosure, or often called a bank owned home, is when the bank or lender has taken back the property. Ask us more about going forth in purchasing one of these types of properties.
Question:
How do I search for bank owned/foreclosed homes?
Answer:
We can do that for you! We have access to two different MLS databases that allows us to search for any listed property in the Willamette Valley. Just contact us today and we can send you an email with any that meet your criteria.
Question:
Is this a good time to buy? Is this a good time to sell?
Answer:
An email from Corkye Funk at Cascade Residential Mortgage sums up this question:
“I get asked this question quite a bit, since we’re in a distressed real estate market right now. I’ve read a lot of articles on this situation and every financial advisor and/or real estate market analyst is saying that while you are going to take a hit on you’re the sale of your home right now, if you thinking of upgrading your primary residence, now is the time to do it. After your place is sold, you will be able to take advantage of the low interest rates and you will be in a very strong position for negotiating the purchase price of the new home and I have been seeing some incredible deals come together that I never thought would be possible. Another point to keep in mind is, if this market continues to decline, townhomes and condos are going to take the biggest hit and they are the slowest properties to recover. When you look at the real estate market from this perspective, if you wait until the value of a home goes back up, the value of that detached single family home will go up even more and the Feds will no longer be forcing interest rates to stay low, which means unless your income rises a lot your buying power is going to decrease.”
Question:
How do I go about selling my home?
Answer:
A good page to read is our For Sellers page.
Question:
Who should I talk to first when it comes to buying a house?
Answer:
A real estate broker should be the first point of contact. We have a ton of information for you and can lead you in the right direction in terms of talking to someone to get qualified to purchase a property. You can check out our For Buyers page for more information.
Question:
How long does it take to purchase a house?
Answer:
Anywhere from about one week (if you’re an all cash buyer) to 60 days. Normally, with most buyers who are buying with a conventional loan, the whole process (searching, writing an offer, negiations, due dilligence, and closing) takes about 30 days.
Question:
How long should I expect my house to be on the market?
Answer:
There are many factors that can affect this. The two big ones are location and price. If your property is in a desirable neighborhood, but it’s priced higher than any other property in the neighborhood, the property will most likely sit on the market. The best solution to this is to make sure to take a look at our CMA that we do for your property (which is free by the way), ask us any questions you may have, and price your home accordingly. Market times in the Portland area is usually between 60 to 90 days on market, with those who are priced “right” closer to the 60 day mark.
Question:
Can you help me buy and/or sell even though I live outside of Oregon?
Answer:
We sure can! We have a large network of other RE/MAX Real Estate Professionals across the country. We have worked with many of them with great success.
