I have just earned the National Association of Realtors certification as a Short Sales and Foreclosure Resource.  This specialized training has prepared me to provide better service to my clients when seeking to purchase short sales or bank-owned properties.  It has also improved my skills to help clients look to other avenues that may help them keep their home.  If that is not an option, I am can provide assistance to determine if a short sale is a viable alternative to foreclosure.

Financial institutions are not in the business of holding and maintaining real estate properties.  They would prefer to have these properties sold.  Foreclosure auctions rarely offer the best prices for buyers and seldom provide any access to inspect the properties before the auction.  Once a property fails to sell at auction, it is then called bank-owned or REO.  Beaverton, Portland, and otherwise throughout Oregon, real estate markets now contain many bank-owned properties.  They typically listed at better market prices than comparable properties, but purchasing from banks has certain disadvantages.

Purchasing a short sale property provides the opportunity to buy a home at competitive current market prices while helping an owner that is facing the threat of losing the home to foreclosure.  The seller may be more responsive to buyer concessions than the holder of a REO.  Despite a common short sale myth, the bank with the lien on the property is not a party to a purchase transaction.  Approval of the original lender is just another contingency for the sell to be completed.

As a real estate agent listing a short sale property, I insure that all possible steps have already been taken for the lien holder and any other lenders with an interest in the property to approve a reasonable offer after the buyer and seller sign a purchase agreement.

If you have any questions or interests in short sales or foreclosed properties or know a home owner that I may assist, please contact me at 503-267-8370 or at dannyshepard@oregon.

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