Downtown Portland Bank Owned Condos – Pearl District video tour
by Aaron Majors on Nov 26, 2009
Downtown Portland Bank Owned Condos
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I was on the search in the Pearl District for a Mixed Use Condo (retail and residential) and I found this one that is bank owned. Zoned retail and residential this condo offers a great solution for a business owner. Live up stairs and have an office downstairs. The Pearl District is a desirable and trendy part of Portland that offers contemporary living in the heart of Downtown Portland. The Pearl District borders other desirable neighborhoods such as: Portland Heights, Goose Hollow, and Nobb Hill. The average sales price in the Pearl District is: $569,814, average year built is 1987, and the average price per square foot is $468.
Eight Tips for Buying Bank Owned Homes
Savvy home buyers want to find a deal and buy a Bank Owned Home (REO) which are often times under priced. When banks sell homes under Fair Market Value, often times they will get multiple offers thus producing some tough competition. The banks will reject most these offers and either accept or counter offer the highest offer. If we are real lucky, then bank will just accept the highest offer upon receipt.
- Get the history - You can often see what the bank put as the sale price on the Trustee’s Deed. Your agent should be able to see this on the tax record. Somewhere in between this amount and the original sale price of what the previous home owner bought it for is what the lender will generally accept.
- Run Comps – Ask your agent to run comps on the home. We call it a “Comparative Market Analysis” here in Oregon. Also known as a CMA. I would also ask a title company for some comps too. Two opinions are always wise.
- Competition – Are there other offers? This will make it tougher to come in lower. I would say that if there are more than two offers then you would have to come in above the asking price.
- Be Pre Approved – Get pre approved from a lender of your choice. If you don’t know one, then ask your family, friends, or Realtor. Submit this with the offer.
- Don’t ask for repairs yet – Often times banks will do repairs if you ask, but wait for the inspection period. You have time for this later. Don’t clutter up the offer with this.
- Shorten the Inspection Period – Get an inspection the next day if you can. The faster you can do the inspection and move on the more you will be deemed the most serious buyer.
- Pay for your own closing costs – If you have used a title company before often times they will give you a discount the next time around. The less you ask from the bank the more it might pay off in equity.
- Ask to see the Bank Appraisal – The banks usually have an appraisal from the foreclosure / auction period. This would allow you to see what the bank sees when determining value on a property.
My Thoughts
I feel that bank owned condos is a great place to begin your search when looking to buy a condo. Bank Owned Condos have already been taken back from the bank and usually are vacant. Closing is usually about 30 days as well. I hope you enjoyed my video blog. Take care my friends and feel free to contact me with any questions about finding a “Pearl” in the Pearl District ;o)
Warm Wishes,
Aaron majors
Condos for sale in the Pearl District
About the Author | Aaron Majors
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