I found a foreclosure in the Hawthorne Neighborhood. Priced at $249,000 and boasting over 1100 square feet this home is close to shopping, transit, and Parks. Se Hawthorne boarders the Buckman, Abernathy, Richmond, Mt. Tabor, and Laurelhurst neighborhood. Very trendy and desirable location. Foreclosures offer can offer good deals on homes in Portland. I advise you start your search with distressed properties, just to see what kind of deals are out there.

AUCTION ALERT – FREE LIST OF FORECLOSURES

Click the image to the left to sign up for AUCTION ALERT. Tell us what area and price range you are looking in and you will get a notification every time a distressed property comes on the market. Don’t ever pay for foreclosure listings. They are Free. You will also get notifications of Portland Foreclosures, Bank Owned Homes, Condo Auctions, and Home Auctions.

Tips for buying a Foreclosure in Portland

1. Learn about the different types of properties and the foreclosure process.
Not all foreclosures are the alike! Educate yourself on the difference between the three basic types of properties, including notice-of-default (NOD), notice of trustee sale (NTS), and real-estate-owned REO, as well as the positive and negative aspects of buying at each stage of the foreclosure cycle.

As a rule of thumb, the best savings can be made at the pre-foreclosure stage, where home owners can avoid a foreclosure and lenders can save the time and cost involved in going through the process. Another critical point in the process is immediately prior to the auction date, when all parties might be most open to a last-minute solution.
2. Secure financing early
It’s important for a buyer to be pre-qualified before engaging in discussions with a seller. This ensures that the buyer is in a financial position to purchase the property, and is in the strongest possible position to negotiate.
3. Engage a real estate agent as a “buyer’s representative”
There’s a distinct difference between a buyer’s and a seller’s Agent. A Buyer’s Agent has the home buyer’s interests at heart, and are charged with finding the right property and negotiating the best price for their clients. Picking the right real estate agent will make your life much easier. Ideally, select an agent who specializes in the foreclosures.
4. Do your homework
Purchasing foreclosure properties is somewhat more risky than buying traditional real estate properties. But, with that risk comes reward in the form of much higher potential savings. With the right examination and due diligence, buyers can significantly reduce the risks. As with any purchase, timing is everything! But, it makes sense to give any property under consideration a thorough examination, including determining its condition and value, finding out the amount in default and the remaining loan balance, and running a legal investing report to make sure the property is free of any financial liabilities. Of course, it never hurts to foster a positive relationship with the seller!
5. Make a realistic offer
If you want to be taken seriously as a buyer, you must be realistic when preparing an offer. Lenders aren’t likely to give properties away, particularly in a real estate market where prices continue to rise. Additionally, homeowners in financial distress may be difficult to deal with, particularly early in the foreclosure process. An educated buyer—one who knows how much is owed on the property and what its market value is—can usually come up with a realistic offer; one that offers significant savings, while meeting the requirements of the lender.

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My Thoughts

I feel that if you are searching for a new home, then you should start with distressed properties such as foreclosures and bank owned homes. I follow Channel 8 News and they reported that one out of 12 home mortgages are behind in payments or in foreclosure. My point is that foreclosures are hitting nearly every area of town. Thanks for reading my blog and please feel free to contact me with any questions.

Warm Wishes,

Aaron Majors

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.