What’s the difference between a short sale and a foreclosure?
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.
How do I search for bank owned/foreclosed homes?
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.
What is the first step in buying a home?
Finding out what you can afford is one of the fist steps, which can be done by pre-qualifying for a home loan. This step will help you narrow your search for both a neighborhood and particular houses. A pre-qualification is a simple calculation that considers several factors, but primarily your income. There are no guarantees with a pre-qualificaiton, but it will be expected of you when you make an offer on a home.
How long does it take to purchase a house?
Anywhere from about 10 days (if you’re an all cash buyer) up 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 30-45 days.
Should I write a low-ball offer?
A low-ball offer is a term used to describe an offer on a house that is substantially less than the asking price.
While any offer can be presented, a low-ball offer can sour a prospective sale and discourage the seller from negotiating at all. Unless the house is very overpriced, the offer will probably be rejected.
You should always do your homework about comparable prices in the neighborhood before making any offer. It also pays to know something about the seller’s motivation.
How long should I expect my house to be on the market?
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.
Can you help me buy and/or sell even though I live outside of Oregon?
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.
How do I go about selling my home?
A good page to read is our For Sellers page.