Short Sale   In today´s market, expect to see a growing number of "short sale" listings.  This occurs when a property cannot be sold for enough net proceeds to pay off the loan and also pay all the costs of closing the sale, and the sellers do not have the money to make up the difference.  We will see many of these due to the high number of homes that have either been financed at 100% of market value in a booming market, or where the sellers refinanced or perhaps used a home equity line of credit to take out more equity from their home, and now market values have fallen to less than what may be needed to close a sale.  Lenders really do not want to foreclose, because it is very expensive for them to complete the foreclosure process and then market the property.  Also, if the lender owns foreclosed property, it reduces the amount of money the lender may then lend to other borrowers, reducing their ability to make money.  So in many cases, the lender will work with a borrower to sell the property for market value, or even a little below market value.  This process can be very confusing for sellers and also for real estate agents who are not trained in the process.  Bob Wienk has been trained in handling Short Sales and is familiar with what it takes to work with lenders to get the house sold.  Done properly, the lender will also pay the real estate commissions and selling costs, as well as accept less than the balance due on the loan.  It is less damaging to have a short sale on your record than a foreclosure, or worse yet, a bankruptcy*   Short sales can often be a good deal for the buyer, because they are generally priced at the low end of, or even below market price, and if the listing agent knows how to do a short sale properly, they can be closed efficiently.  On the other hand, patience is required when buying a short sale home, because the offer that may be accepted by the seller, does not have to be accepted by the lender!  Until it is, the offer is "contingent" upon approval of that third party.

Is Your Home Upside Down? If you owe more than your home is presently worth, you are not alone!  This is one of the biggest problems facing homeowners today, and I went to school to learn how to help people in this problem.  Fortunately, the lenders across the USA realize that this is a problem that they do not want to inherit by foreclosing homes and then trying to resell them.  It simply costs them too much to do that, and it reduces the amount of money they can loan to other homebuyers, so it inhibits their ability to make money on good loans.  It's not your fault, but don't get caught with a property you can't sell or can't pay for!  We can help!

I'll Stand on My Head to Get Your House Sold! I took a course in Short Sales so I can be proficient at not only selling your home, but negotiating with your lenders to have them accept a sale price that is less than the amount owed on your loans, and to also pay the closing costs and commissions.  But don't trust this complicated proceedure to an amateur!  I am certified!  It's an important time of your life and I can help you through it.

Fannie Mae Guidelines on Short Sales.......   

Guidelines about short sales make doing a short sale VASTLY better for the homeowner vs a foreclosure.

Facing Foreclosure? Learn about the Oregon foreclosure laws and what you'll need to know to avoid this painful and costly process. I can help you through the foreclosure process or maybe even avoid it by providing my extensive knowledge about this stressful time. Everybody needs options and I provide that for you* If you have any questions along the way, please feel free to email me. I am dedicated to each and every one of my clients from beginning to end!  *Note:  Sellers who are facing foreclosure or considering a short sale should agree to seek independent counsel pertaining to sale of their home, land, real property in the matters of state and federal taxes and legal implications. The sellers should contact the appropriate real estate attorney and/or certified public accountant to obtain qualified counsel relating to implications of selling their real property. Renegotiating Your Mortgage Short Sale and/or Foreclosure Disclosure Bulletin Article on Short Sales Oregon Foreclosure Laws Foreclosure Hurts! 9 Options if Facing Foreclosure Buying Foreclosures Purchasing foreclosures at an auction is beyond the reach of most buyers because the successful bidder must pay the full amount of bid with a certified check or cash.  Also, it is not for the faint of heart because all sales are final, and many times the folks who weren't making their loan payments to the lender also were not properly caring for the maintenance and upkeep of the homes, so buyer beware!  But once a lender forecloses and nobody buys the home at auction, the home becomes an REO, or Real Estate Owned by the lender.  The lender will then try to sell it through a Realtor at or as near to current market value as they can get.  Some of these REO's can be good buys, can be purchased with a home loan, and allow the buyer to conduct a professional home inspection prior to closing on a sale.  While the lender will rarely negotiate the cost of repairing any deficiencies found in the home inspection, at least the buyer will have the option of cancelling the purchase, unlike buying at auction. Preparing to Buy a Foreclosure