Portland’s #1 resource for Home Auctions, Foreclosures, Short Sales, REOs, and Bank Owned homes. We make the process as simple as possible. Here you can research, ask questions, view homes, schedule showings, and submit offers. SEARCH FREE NOW. Asset Managers can find REO services here. We can help STOP foreclosure too.

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Home Auctions

Buying a home through an auction can mean incredible deals. Selling a home ”Auction Style” means selling quick and for as much as the market will pay. A Home Auction is an innovative and effective method of buying or selling real estate. SEARCH FREE. Buyer Representation is available. We are local and licensed Realtors in the State of Oregon.

Bank Owned Homes

Investors and Savvy Home Buyers alike are finding Bank Owned homes a very lucrative endeavor. Also known as REO homes, these properties saturate the market in a down economy. Find steep discounts on bank owned homes in the Portland Metro here. We are Portland’s #1 resource for distressed properties. SEARCH FREE.

Foreclosures

Foreclosed Homes offer some excellent deals in the Portland Market. Ideal for savvy home buyers, investors, rentals, and relocating. Professional Buyer Representation is free and available. SEARCH FREE. We can also help Stop Foreclosure. Contact Us for a confidential and FREE evaluation today.

Short Sales

A Short Sale takes place when a home owner and their lender agree to sell to a buyer for less than what is owed. Short Sales are often bargains and often times are lengthy. Well worth the wait though, if you can purchase the home well below fair market value. We are experts in the Short Sale process, and help both Buyers and Sellers through this process. Search Free or contact us for information on Short Sales.

Expired Auctions

Portland Real Estate – Condo Auctions – Atwater Place

Auction Glossary

• Auction: An open invitation for offers, for the sale of goods or real estate.
• Auctioneer: A person licensed by the state who conducts an auction.
• Back Up Bidder: Is the second highest bidder. Many mortgagees reserve the right to sell the property to the second highest bidder if the first bidder defaults.
• Bid Increments: Acceptable dollar advances as determined by the auctioneer.
• Buyers Premium: A percentage of the high bid at an auction which is added to the high bid to determine the purchase price.
• Creditor: One who is owed money.
• Deed: A legal written instrument that transfers or conveys ownership in real estate.
• Deed of Release: Commonly used to free property from a mortgage lien. Also known as a discharge.
• Default: Failure to meet a contractual obligation when due.
• Encumbrances: A claim or lien on real or personal property.
• Fair Market Value: A price agreed upon by a willing buyer and a willing seller.
• Foreclosure: A legal procedure by which property pledged as security for a debt is sold by a lender in the event of a default by a borrower.
• Foreclosure Deed: Document recorded at Registry of Deeds conveying ownership to high bidder at Mortgagee’s Foreclosure Auction.
• Junior Lien: Liens recorded after the date of the mortgage being foreclosed on. Technically, wiped out at a foreclosure sale.
• Lien: A legal claim on one’s property for satisfaction of a debt.
• Mortgage: A legal document pledging real property to cover a debt.
• Mortgagee: The individual holding the mortgage. The property is pledged to him as security for a loan. Also known as the lender.
• Mortgagor: The property owner who mortgages his/her property as security for a loan. Also known as the borrower.
• Senior Liens: Liens recorded before the date of the mortgage being foreclosed on. These liens are the responsibility of the successful bidder.
• Title: Legal evidence of the right to possess property.
• Title Insurance: Insurance against loss resulting from title defects.

Portland Home Auction

Foreclosure Process

How Foreclosure Starts.
Any time a mortgage remains unpaid after the due date for a payment, the lender has the right to start foreclosure. (An exception is that your loan agreement or a local law may require that the lender wait until a specific grace or “forbearance” period passes.)
A foreclosure starts when the Lender (or his representative) files a legal notice with the County where your house or property is. Normally, the Lender must send you a certified letter stating that your loan is in default and telling you how much is owed in back payments and fees.
How Foreclosure Ends.
A foreclosure will end either when the loan is brought current (“reinstated”) or the house is sold at auction (Sheriff or Trustee’s sale).
Reinstatement.
Some states and some loans require the lender to “reinstate” your loan if you bring the loan current within a certain period after the start of the foreclosure. That cancels the foreclosure and your loan continues as if there had been no interruption. Most lenders will reinstate a loan up until the last day before the Sheriff or Trustee’s Sale, if they receive certified funds for the full amount of payments and fees due.
Sheriff or Trustee’s Sale.
After the required time has passed from the filing of the foreclosure, and if the loan is still in default, a sale will be held by either the Sheriff or the Trustee. This will be an auction, normally held on the “Courthouse steps”. The minimum bid required is usually the total amount due to repay the loan, plus all payments and fees due. If the house sells for more than the amount owed, any additional proceeds must be used to pay other mortgages and liens. Anything left over will go to the foreclosed homeowner.
Eviction.
About five (5) days after the Sheriff or Trustee’s sale, an eviction often takes place. In certain circumstances, you may be able to stay longer, especially if you have genuine legal issues in question.
Balance Still Owed.
In some cases, if the foreclosure sale does not collect enough money to pay all liens and expenses, the former homeowner may still owe money on those unpaid debts.
This will vary from state to state. In some states, the law says the debt is forgiven if the loan was used for the sole purpose of purchasing the debtor’s primary residence. However, any home equity loans or refinanced mortgages would not be forgiven in this situation.
Right of Redemption.
In some states, a person who loses a property to foreclosure may have up to two (2) years to buy the property back after an eviction. Find out if this is the case in your state.

At PortlandHomeAuction.com we receive countless inquiries from numerous buyers and sellers.  It’s our goal to educate our clients as much as possible.  Whether it’s a question regarding the home buying, home selling, foreclosure process or even a random real estate related question we are here to help.  If you have a topic of interest that you would like to have posted just let us know.  What one person is curious about many others are too!  Often in real estate there is no one straight forward answer but in reality more questions to consider.  We believe it’s best to consider different opinions and viewpoints to arrive at the answer that fits your real estate goals.

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CLICK ON EACH QUESTION:

1. Do I have to be pre-approved for a loan before submitting an offer?
2. Are conventional listings as good of deals as distressed properties?
3. What contingencies do I have to protect my earnest money when making an offer?
4. Should I have a home inspection with short sales, bank owned, auctions and REO properties?
5. Should I buy a new home or an older home?
   
6. Why is FHA financing so difficult with short sales and bank owned listings?
7. Bank Owned and Short Sale FHA Financing Alternatives and Options
   
8. Should I buy a short sale or bank owned / REO house?
9. Are short sales taxable?
10. Does the real estate agency regulate home auctions?
11. What documents should I keep after I close on my home purchase?
12. How do I make my offer look good to the seller?
13. The Importance of homeowners insurance coverage
14. What questions to ask before writing a real estate offer
15. What to anticipate with the first time home buyer tax credit extension and the $6500 buyer credit