Bank Owned and Short Sales
The Portland Metro area continues to have its share of banks owned and short sales. We can do a RMLS search specifically for these properties by area and price range.
I wrote several offers on short sales in 2010 most of which closed, but it takes a lot of patience on the buyer’s part and a lot of prodding on the Realtor’s part. The average time from offer to 3rd party approval / acceptance to closing varies. I personally have seen a trend that indicates the higher priced properties get 3rd party approval faster than the lower priced properties. We can only speculate why that may be, I have my ideas.
I also wrote several offers on bank owned properties and found that the banks are not “giving” the homes away. While there is less “emotion” in the sale of a bank owned property it appears the banks are pricing the homes to sell and not budging much on price. We also see some banks set the property on the market for a week or two before offers will be reviewed as well as not open the home for sale to investors until they exhaust any owner occupied buyers.
If you would like a list of banks owned or short sale homes please call or email. We will be happy to send you detailed info for your review.
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