Check out this Bank Owned Condo in Downtown Portland. Priced at $269,900 and in the Mosaic Building right next to Safeway. This Bank Owned condo boasts 1200+ Sq Ft and street access. The Mosaic is nestled in downtown and surrounded by very desirable neighborhoods such as: Portland Heights, The Pearl District, Goose Hollow, and Nobb Hill. I always say to start your search with bank owned condos, then Foreclosure Condos before looking at retail condos. There are so many condos in Portland in distress so definitely worth a look. A bank owned condo is different from a foreclosure condo because the bank has already taken back the condo and usually the condo is vacant. Foreclosures usually have the previous owner in the condo and will take longer to close due to the short sale process. A short sale on average take about three to six months.

AUCTION ALERT - FREE List of Bank Owned Condos in Portland

Click the image on the left to sign up for AUCTION ALERT. Fill out the form and tell us your price range and area. You will receive a list of all distressed properties in Portland. Foreclosures, Bank Owned, Condo Auctions, and short sales.

Why Are Bank Owned Properties Special?

Bank owned real estate is unlike any other kind of properties. Banks are not usually in the business of buying and selling property. They want to deal with the money, not the home. Thus providing an advantage to the savvy home buyer. The bank only needs a portion of Fair Market Value (FMV) in order to settle the debt owed from the previous owner. Since banks usually try to aggressively liquidate these homes providing a discount.

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Who We Are

We are local and licensed Realtors in the State of Oregon that provide professional Real Estate Services. Here you can research, learn, search, ask questions and find your next home. Buyer’s pay nothing for our fees because the Seller pays our commission.

My Thoughts

I feel that the condo crisis in Portland is very bad. Last September, The Atwater PL on the South Waterfront had a huge auction of their luxury condos and it worked amazingly. They sold 40 condos in the new and trendy neighborhood. This was a good indicator of the condo market in Portland. When I researched condos back then, I found over 800 condos on the market in Portland. Yes.. I did say over 800. Portland was over built during the real estate boom and now we are paying the price. Channel 8 News has reported that one out of 12 home mortgages are behind on payments or in default.
Good luck on the search of your new home and if you need to contact me directly.. I can be reached at 503-332-9777.

Warm Wishes,

Aaron Majors

Principal Broker

About the Author | Aaron Majors

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Born and raised in Alaska, Aaron came to Portland after serving in the U.S. Marine Corps. Aaron enjoys the outdoors, volunteering, teaching, learning, and being active in the community. Always loving architecture and buildings, it seemed natural that Aaron's passion became Real Estate. He is a member of the Portland Metropolitan Association of Realtors, National Association of Realtors and is always continuing his Real Estate education. He sells Real Estate in the Portland metro area and specializes in selling Homes and has an extensive background in foreclosures, Home Auctions, Short Sales, Bank Owned homes, and investments.