Thursday, December 30, 2010

7 Tips for Short Sale Success

Article From Buy And Sell.HouseLogic.com

By: G. M. Filisko

Published: March 19, 2010



Have to sell your home for less than it's worth?
Our seven tips will help you get the best price.

When you owe more on your home than it's worth, but you have to sell, you need to squeeze every dollar possible from the sale. Here are seven tips for navigating the short-sale process.


1. Know who you owe

A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who've placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they'll need from you.

2. Pick your short sale team
You'll need to work with a team of short sale experts, including a real estate agent, real estate attorney, and your accountant. Look for agents and attorneys who advertise themselves as short sale experts. Interview at least three, and listen carefully for signs that they understand the complexities of the short sale process.

Agents should explain how they'll arrive at a suggested price for your home. Ask them to show you a sample short-sale package or for an example of a prior short-sale success.

3. Get your documents ready
Gather the paperwork your creditors and mortgage lenders asked to see, like your listing agreement and a hardship letter explaining why you need to do a short sale. You'll also need proof of what you earn and what you owe as well as copies of your federal income tax returns for the past two years.

4. Expect delays
Despite a federal rule saying banks participating in the federal government's Making Home Affordable loan modification program (http://www.houselogic.com/articles/making-home-affordable-modification-option/) must respond to short-sale offers within 10 days, it may take weeks or months for your lender to decide whether to allow you to sell your home in a short sale--and even longer if you must negotiate with more than one lender or lienholder.
Your lender and lienholders don't have to agree to your proposed short sale. They can reject your terms or make a counteroffer, which can create further delays.

5. Anticipate demands
Discuss with your short-sale team how you should respond to common short-sale demands from lenders. For example, are you willing to sign a promissory note agreeing to pay outstanding amounts after the sale is complete?

6. Know the tax implications
Any unpaid amount of your mortgage "forgiven" by your lender through a short sale may be considered income to you under federal tax rules. Ask your attorney or accountant whether you qualify to exclude that amount as income on your tax returns under the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Also ask if you'll be required to report amounts "forgiven" by other lien holders, if applicable.

7. Consider how the short sale will affect your credit and what you must pay
Ask whether your lender will report the short sale to credit-reporting agencies. Having a portion of your debt forgiven may negatively affect your credit score, but a short sale typically damages your score less than a foreclosure or bankruptcy.

Ask you lawyer whether you'll be responsible for paying back the lenders' loss. If the lender says it will forgive any losses on the sale of your home, get that promise in writing.


G.M. Filisko is an attorney and award-winning writer. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Tuesday, December 21, 2010

Negotiate Your Best House Buy

Article From: BuyAndSell.HouseLogic.com

By: G. M. Filisko

Published: June 04, 2010



Keep your emotions in check and your eyes on the goal, and you'll pay less when purchasing a home.


Buying a home can be emotional, but negotiating the price shouldn't be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counter offers.

Here are six tips for negotiating the best price on a home.

1. Get pre-qualified for a mortgage
Getting pre-qualified for a mortgage proves to sellers that you're serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they'll go with buyers who are a sure financial bet, not those whose financing could flop.

2. Ask questions
Ask your agent for information to help you understand the sellers' financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.

3. Work back from a final price to determine your initial offer
Know in advance the most you're willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.

Work with your agent to evaluate the sellers' motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.

4. Avoid contingencies
Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

5. Remain unemotional
Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.

Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won't budge, make it clear you're willing to walk away; they may get nervous and accept your offer.

6. Don't let competition change your plan
Great homes and those competitively priced can draw multiple offers in any market. Don't let competition propel you to go beyond your predetermined price or agree to concessions-such as waiving an inspection-that aren't in your best interest.


G.M. Filisko is an attorney and award-winning writer who has to remind herself to remain unemotional during negotiations. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Wednesday, December 8, 2010

5 Tips for Buying a Foreclosure

Article From: BuyAndSell.HouseLogic.com

By: G. M. Filisko

Published: March 29, 2010



Get pre-qualified for a loan and set aside funds, and you'll be ready to purchase a foreclosed home.

When lenders take over a home through foreclosure, they want to sell it as quickly as possible. Since lenders aren't in the real estate business, they turn to real estate brokers for help marketing their properties. Buying a foreclosed home through the multiple listing service can be a bargain, but it can also be a problem-filled process. Here are five tips to help you buy smart.

1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers. You can work with a real estate agent who sells foreclosed homes for lenders, or have a buyer's agent find foreclosure properties for you.

To locate a foreclosure sales specialist, call local brokers and ask if they are the listing agent for any banks.

Either way, ask the real estate professional which lenders' homes they've sold, how many buyers they've represented in a foreclosed property purchase, how many of those sales they closed last year, and who they legally represent.

If the agent represents the lender, don't reveal anything to her that you don't want the lender to know, like whether you're willing to spend more than you offer for a house.

2. Be ready for complications. In some states, the former owner of a foreclosed home can challenge the foreclosure in court, even after you've closed the sale. Ask your agent to recommend a real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures.

Have your attorney explain your state's foreclosure process and your risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.

3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home.

4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing pre-approval letters with a purchase offer. They'll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash you'll need to close your purchase.

5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.

Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they won't give you credits for repair costs (or make additional repairs) because they've already factored the property's condition into their asking price.

 Lenders will also require that you purchase the home "as is," which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection, and purchasing a home warranty.

Be sure you also do all the environmental testing that's common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.


G.M. Filisko is an attorney and award-winning writer who purchased a foreclosed condominium and found herself in the middle of a months-long dispute between the former homeowner and the bank over whether the foreclosure was conducted properly. Six months after paying the full purchase price, she was finally able to enter the property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Fielding a Low ball Purchase Offer on Your Home

Article From BuyAndSell.HouseLogic.com

By: Marcie Geffner

Published: June 10, 2010



Consider before you ignore or outright refuse a very low purchase offer for your home. A counter-offer and negotiation could turn that low purchase offer into a sale.

You just received a purchase offer from someone who wants to buy your home. You're excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

Check Your Emotions
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that's a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a low ball purchase offer.

Counter the Purchase Offer
Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits.

A counteroffer signals that you're willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you'd like to take with you.

Consider the Terms
Price is paramount for most buyers and sellers, but it's not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is pre-approved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

Review Your Comps
Ask your REALTOR® whether any homes that are comparable to yours (known as "comps") have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

Consider the Buyer's Comps
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.

Get the Agents Together
If the purchase offer is too low to counter, but you don't have a better option, ask your real estate agent to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer's agent) has a reputation for low-ball purchase offers. If that's the case, you might feel freer to reject the offer.

Don't Signal Desperation
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer.

If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.

Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.


Friday, December 3, 2010

Pet Odor Can Chase Away Buyers


Article From BuyAndSell.HouseLogic.com

By: G. M. Filisko

Published: October 15, 2010



Don't let pet odors derail your home sale

Having pet odors inside your home can turn off potential home buyers and keep your home from selling. Ask your real estate agent for an honest opinion about whether your home has a pet smell. 

If your agent holds her nose, here's how to get rid of the smell:

Air your house out. While you're cleaning, throw open all the windows in your home to allow fresh air to circulate and sweep out unpleasant scents.
Once your house is free of pet odors, do what you can to keep the smells from returning. Crate your dog when you're out or keep it outdoors. Limit the cat to one floor or room, if possible. Remove or replace pet bedding.

Scrub thoroughly. Scrub bare floors and walls soiled by pets with vinegar, wood floor cleaner, or an odor-neutralizing product, which you can purchase at a pet supply store for $10 to $25.

 Try a 1:9 bleach-to-water solution on surfaces it won't damage, like cement floors or walls.



Got a stubborn pet odors covering a large area? You may have to spend several hundred dollars to hire a service that specializes in hard-to-clean stains.

Wash your drapes and upholstery. Pet odors seep into fabrics. Launder, steam clean, or dry clean all your fabric window coverings. Steam clean upholstered furniture.

 Either buy a steam cleaner designed to remove pet hair for around $200 and do the job yourself, or pay a pro. You'll spend about $40 for an upholstered chair, $100 for a sofa, and $7 for each dining room chair if a pro does your cleaning.



Clean your carpets. Shampoo your carpets and rugs, or have professionals do the job for $25 to $50 per room, depending on their size and the level of filth embedded in them. The cleaner will try to sell you deodorizing treatments. You'll know if you need to spend the extra money on those after the carpet dries and you have a friend perform a sniff test.

If deodorizing doesn't remove the pet odor from your home, the carpets and padding will have to go. Once you tear them out, scrub the sub-floor with vinegar or an odor-removing product, and install new padding and carpeting. Unless the smell is in the sub-floor, in which case that goes next.



Paint, replace, or seal walls. When heavy-duty cleaners haven't eradicated smells in drywall, plaster, or woodwork, add a fresh coat of paint or stain, or replace the drywall or wood altogether.

 On brick and cement, apply a sealant appropriate for the surface for $25 to $100. That may smother and seal in the odor, keeping it from reemerging. 

Place potpourri or scented candles in strategic locations. Put a bow on your deep clean with potpourri and scented candles. Don't go overboard and turn off buyers sensitive to perfumes. Simply place a bowl of mild potpourri in your foyer to create a warm first impression, and add other mild scents to the kitchen and bathrooms.



Control ongoing urine smells. If your dog uses indoor pee pads, put down a new pad each time the dog goes. Throw them away outside in a trash can with a tight lid. Remove even clean pads from view before each showing.

Replace kitty litter daily, rather than scooping used litter clumps, and sweep up around the litter box. Hide the litter box before each showing.



Relocate pets. If your dog or cat has a best friend it can stay with while you're selling your home (and you can stand to be separated from your pet), consider sending your pet on a temporary vacation. If pets have to stay, remove them from the house for showings and put away their dishes, towels, and toys.


G.M. Filisko is an attorney and award-winning writer whose former mutt Marley no doubt created a wet-dog aroma in her condo that still remains. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Wednesday, November 17, 2010

Wednesday, November 10, 2010




Visit houselogic.com for more articles like this.


Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®



Thursday, October 28, 2010

Huge Tigard Home!



$309,000
6bd/3ba
SW Hollow Ln.
Tigard, OR 97223


For more information and to view more photos & Listings:
www.realtysolutionspdx.com

Tuesday, October 12, 2010

NEW LISTING in MULTNOMAH VILLAGE!

Multnomah Village/Gabriel Park 4bd/3ba Home



$379,900
3827 SW Caldew Street

Portland, OR 97219


Newer windows/skylights w/cathedral ceilings give this tons of light. Newer kitchen, pergo type flooring, huge .19 acre fenced yard w/deck,patio and very cool tree house! Culdesac borders Gabriel park or Walk 4 blocks to the village. Have it all in this perfect home and location!

For more information and to view more photos and properties, www.realtysolutionspdx.com

Thursday, October 7, 2010

Keep Your Home Sale from Falling Apart

Article From BuyAndSell.HouseLogic.com

By: G. M. Filisko

Published: March 30, 2010



After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Finding a buyer for your home is just the first step on the home selling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.

Mistake #1: Ignore contingencies

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don't do cheap patch-jobs and expect the buyers not to notice the fixes weren't done properly.

Mistake #2: Don't bother to fix things that break
The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn't in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.


Mistake #3: Get lax about deadlines
Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you're selling, move out a few days early, so you can turn over the keys at closing.

Mistake #4: Refuse to negotiate any further
Once you've negotiated a price, it's natural to calculate how much you'll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

Mistake #5: Hide liens from buyers
Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn't going to close.

G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.


Visit houselogic.com for more articles like this.


Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®



Wednesday, September 29, 2010

PRICE REDUCTION! 3 bedroom/2 full bath Home


$140,000
432 SE 154th Ave.
Portland, OR 97233

3 bedroom/2 full baths, family room and living room, hardwood floors, newer windows.
Large .21 acre lot.

For more information and to view more properties, go to www.realtysolutionspdx.com

PRICE REDUCTION! Fixer in SE Portland



$94,000
3905 SE 174th Ave.
Portland, OR 97236

Fixer in SE Portland on .26 acre corner lot.
2bd/2ba,
1-car detached garage.

For more information and to view other properties, go to www.realtysolutionspdx.com

PRICE REDUCTION! BOHMANN PARK



$325,000
8787 SW Becker Drive

Portland, OR 97223


Single Level home on Fanno Creek.3bd/2.5 bath, Original Owner/custom built w/2x6 construction & insulation, newer vinyl windows, Heat pump/central A/C, shop w/1/2bath, composite roof, plumbed for central vac, open floor plan, 21x4 covered patio, .25 acre lot,
close to community pool,walking trails and park. All appliances. Great location.

For more information and to view more properties, go to www.realtysolutionspdx.com

Tuesday, September 28, 2010

Forest Heights Twilight Home Tour!

October 1, 2010, 4–7 pm



Click on image above to go to website
&
view Tour Map and Properties for Sale!

Monday, September 13, 2010

Bohmann Park––Single Level Home!



$339,000
8787 SW Becker Drive
Portland, OR 97223

Bohmann Park-Single Level home on Fanno Creek.3bd/2.5 bath, Original Owner/custom built w/2x6 const.&insulation,newer vinyl windows, Heat pump/ central A/C,shop w/1/2bath,comp roof,plumbed for central vac,open floor plan, 21x4 covered patio,.25 acre lot,close to community pool,walking trails and park. All appliances. Great location.

Go to www.realtysolutionspdx.com for more information.

Wednesday, September 8, 2010

Oregon Wood stove Laws

In a nut shell, what does the law do?

  • This new Oregon law, which was called Senate Bill 102 in the 2009 Oregon Legislature, accelerates the turnover of older uncertified wood stoves and other solid fuel burning devices by requiring the removal of uncertified (non-EPA certified or non-ODEQ certified) wood stoves or wood fireplace inserts upon sale of a home.

  • The law also applies to uncertified wood stoves in outbuildings, shops and garages.

  • Un-certified stoves will either not have an EPA certification or an Oregon DEQ certification sticker (issued in the mid 1980’s) or be listed on EPA’s website of certified stoves.

  • Pellet stoves, masonry heaters and wood-fired furnaces are exempt.

  • Uncertified wood stoves are required to be removed ONLY when a home is SOLD.

  • The law will address enforcement and education and a “basket” for funds to support these campaigns.

  • The seller and buyer must come to agreement which is responsible for arranging for the removal and destruction of the uncertified woodstove and there is a 30 day window to comply.

  • Current Oregon law will not allow an uncertified wood stove to be sold or reinstalled.

  • The law requires that the uncertified wood stove is both removed and destroyed (recycled) and that verification of the destruction is sent to Oregon DEQ. Rules on the reporting requirements to verify the removal and destruction of the uncertified wood stove will be drafted. Until the rules are drafted, removal is mandatory and reporting of the destruction of the uncertified wood stove is voluntary.

When will the law be in effect?

  • The law goes into effect August 1, 2010.
  • ODEQ estimates the administrative rules will be in effect October 1, 2010.
    This gap means the requirement for reporting to ODEQ when a stove is removed will be essentially voluntary until the rules are adopted because the rules will establish a process for reporting the removal and destruction of uncertified stoves.
  • ODEQ will provide resources on their website starting August 1 to assist a home seller/ buyer with voluntary reporting. Once the rules are approved a formal process will be in place for reporting.

Go to: www.oregonfireplaces.com/oregonlaws.htm for more information.

OPEN HOUSES 9/12/10



2:00-4:00
2138 NW Village Circle

Portland, OR 97229
$325,000
2bd/2.1ba

_____________________________________




2:00-5:00
9265 SW Brooks Bend Place

Portland, OR 97223
$259,000
3bd/2ba




Thursday, August 19, 2010

OPEN HOUSE 8/22/10, 1–4PM

Top Quality and Location! Forest Heights Condo
at the Village Shops!



$325,000
2138
NW Village Circle
Portland, OR 97229


Steps from the beautiful park and walking trails. Open living, dining w/gourmet kitchen, island w/5-burner cook top, stainless, granite, knotty alder cabinets & hardwood floors. 2 bedrooms each w/full bath. Master has fireplace, dual sinks, soak tub, walk-in. Central A/C, Fenced Patio, garage and low HOA's.

For more information or to view more properties: www.realtysolutionspdx.com

Tuesday, August 17, 2010

July 2010 Marketing Stats

(Click on image for larger view)



















Thursday, August 12, 2010

Fixer in SE Portland



$110,000
3905 SE 174th Ave.

Portland, OR 97236

Fixer in SE Portland on .26 acre corner lot. 2bd/2ba, 1-car detached garage.

For more information & photos: www.realtysolutionspdx.com


Wednesday, August 11, 2010

6 Tips for Choosing the Best Offer for Your Home

Article From Houselogic.com
By: G. M. Filisko

Published: February 10, 2010


Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.

You've worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You'll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here's a plan for evaluating offers.


1. Understand the Process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.


2. Set Baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won't fall apart because the buyer can't get a mortgage, require a pre-qualified or cash buyer.


3. Create an Offer Review Process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.


4. Don't Take Offers Personally
Selling your home can be emotional. But it's simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a low-ball offer, don't be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.


5. REVIEW EVERY TERM

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures-such as appliances, furniture, or window treatments-to be included in the sale that you plan to take with you?


Is the amount of earnest money the buyer proposes to deposit toward the down payment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a pre-qualification or pre-approval letter, which means they've already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer's proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?


6. BE CREATIVE
If you've received an unacceptable offer through your agent, ask questions to determine what's most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.


Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Thursday, August 5, 2010

North Portland on large 7500sf Lot



$185,000
8822 N. Drummond Ave.
Portland, OR 97217

North Portland on large 7500sf lot. 2bd/1ba with 2-car detached garage. Good condition.
Check with city to determine if lot is dividable.


Go to www.realtysolutionspdx.com for more information, photos or to view more listings.

New Columbia-2006 legend built earth advantage home



$199,000
4917 N. Cecelia Street
Portland, OR 97203

New Columbia-2006 legend built earth advantage home. 3bd/2ba, 1440 sf,large kitchen,formal dining. Fenced yard,front porch. Walking paths,4 neighborhood parks, HOA maintains front yard.

Go to www.realtysolutionspdx.com for more information, photos or to view more listings.

Beaverton Bungalo only $154,900!



$154,900
13525 SW Hazel Street
Beaverton, OR 97005

Beaverton Bungalo only $154,900! 2bd/1ba, Hardwood floors, 1-car garage, huge .21 acre lot, newer siding, windows, roof, furnace and updated kitchen.
Owner will carry a contract w/25% down.

Go to www.realtysolutionspdx.com for more information, photos and more listings.

Lower unit Rock Creek Condo/Seller Contribution



$74,900
5190 NW Neakahnie Ave.
Portland, OR 97229

Rock Creek Country Club Condo-Lower unit, 2bd/1ba, 1-car detached car garage. Pergo-style flooring, fireplace, covered patio. View from Patio is greenbelt w/trees & walking paths next to Bethany Pond.
The seller agrees to PAY $8,000 towards HOA dues.

Go to www.realtysolutionspdx.com for more information, photos & more listings!


Fielding a Low-ball Purchase Offer on Your Home

Article From Houselogic.com
By: Marcie Geffner
Published: June 10, 2010


Consider before you ignore or outright refuse a very low purchase offer for your home. A counter-offer and negotiation could turn that low purchase offer into a sale.

You just received a purchase offer from someone who wants to buy your home. You're excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.


Check your Emotions
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that's a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a low-ball purchase offer.



Counter the Purchase Offer

Unless you've received multiple purchase offers, the best response is to counter the low offer with a price and terms you're willing to accept. Some buyers make a low offer because they think that's customary, they're afraid they'll overpay, or they want to test your limits.


A counteroffer signals that you're willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you'd like to take with you.

Consider the Terms
Price is paramount for most buyers and sellers, but it's not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is pre-approved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.


Review your Comps
Ask your REALTOR® whether any homes that are comparable to yours (known as "comps") have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.


Consider the Buyer's Comps
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.


If the buyers don't include comps to justify their low purchase offer, have your real estate agent ask the buyers' agent for those comps.

Get the Agents Together
If the purchase offer is too low to counter, but you don't have a better option, ask your real estate agent to call the buyer's agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer's agent) has a reputation for low-ball purchase offers. If that's the case, you might feel freer to reject the offer.


Don't Signal Desperation
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home's listing describes you as a "motivated" seller, you're signaling you're open to a low offer.


If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you're motivated, the next purchase offer you get might be more to your liking.

Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Wednesday, July 28, 2010

7 Tips for a Profitable Home Closing

Article From Houselogic.com
By: G. M. Filisko

Published: February 10, 2010


Be sure you're walking away with all the money you're entitled to from the sale of your home.

When you're ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there's nothing left for you to do. Not so fast. It's easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.


1. TAKE SERVICES OUT OF YOUR NAME
Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.


If you're on an automatic-fill schedule for heating oil or propane, don't pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you're entitled to a refund of prepaid premium.

2. SPREAD THE WORD ON YOUR CHANGE OF ADDRESS
Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.


3. MANAGE THE MOVERS
Scrutinize your moving company's estimate. If you're making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don't use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.


4. DO THE SETTLEMENT MATH
Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.


5. REVIEW CHARGES ON YOUR SETTLEMENT STATEMENT
Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras-such as a discounted commission or a home warranty policy-make sure that's included. Also check whether your real estate agent or title company added fees that weren't disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.


6. SEARCH FOR MISSING CREDITS
Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you've prepaid taxes for the year, you're entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?


7. DON'T LEAVE MONEY IN ESCROW
End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.


G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

Tuesday, July 27, 2010

North Portland on Large 7500sf. Lot


$185,000
8822 N. Drummond Ave.
Portland, OR 97217

North Portland on large 7500sf lot. 2bd/1ba with 2-car detached garage. Good condition. Check with city to determine if lot is dividable.

For more information and to view more properties go to www.realtysolutionspdx.com