Brian & Nina White CRS/FACS, Principal Brokers/Owners's Blog

Should I consider a Short Sale or Foreclosure in Oregon?

Wed, 07 Dec 2011 01:42:59 -0800

We are constantly being asked if sellers should consider a short sale if they are in the midst of being threatened with foreclosure. To answer that question one would need to thoroughly research their particular lending situation. First of all it is important to know that Oregon is a "one action" state. This means that a lien holder holding a note on a piece of Real Property has one option to settle the debt that is owed. If the lien holder chooses to foreclose, then that is considered their choice of action. They have repossessed the property and taken it back. This satisfies the lender and is considered a "settlement" and removes the lien holder from the ability to pursue any further judgments. If the lien holder agrees to release the lien on a Short Sale, this bank still can reserve the right to pursue any further deficiencies with the borrower.

This action alone causes many borrowers to let their home go through foreclosure. It should be understood that Foreclosure can be the largest hit on a person's credit leaving them with other consequences ranging from higher insurance rates, problems purchasing anything on credit, and issues with job placement or promotion just to name a few.

Short Sales can be a less painful alternative, but it may not be right for everyone. The benefits of selling your home on a short sale can do a number of things:

1. A homeowner is able to negotiate with their lien holder to release any deficiency judgments in the future.

2. A homeowner may be able to satisfy their senior lien holder in full and then minimize the impact of judgment with only the junior lien holders.

3. A homeowner is able to sell their home with dignity resulting in less depreciation on their neighborhood. It is believed that a foreclosure can devalue a neighborhood by 9% on average!

4. A homeowner may be able to rebound quicker to purchase another home or other possessions on credit. Often times we are seeing a 2 year turnaround versus up to 7 years for a foreclosure or bankruptcy.

5. A homeowner is able to negotiate the balance of any deficiency judgment often settling on a fraction of the balance.

If a senior lien holder recaptures a piece of Real Estate through foreclosure, it is important to understand that any junior lien holders still have the right to pursue a deficiency judgment. The first mortgage is satisfied, but a borrower is not off the hook with any other lenders in a junior position. That is why it is our opinion that if the senior lien holder can be paid off, then it may be in the best interest of the borrower to sell on a short sale hoping to negotiate the second lien. If a borrower is short on both liens, then it may be in their best interest to let the property foreclose depending on how much the first mortgage is short. Lien holders have up to 6 years in Oregon to file any deficiency judgment. Remember that any deficiencies can be negotiated and you will want a qualified professional to help you navigate through that emotional and draining process as well.

Make sure that you research your representative well whether it is an attorney or a Real Estate agent. If you decide to sell your home on a Short Sale, then the success of your entire transaction falls mainly on the experience and negotiating ability of the Listing Agent or attorney hired to represent you. Hiring someone who is incompetent or does not have much experience in this field will be costly. Just because an agent has a license does not qualify them to represent you in a short sale.

The fact is that facing a foreclosure, bankruptcy or short sale is not going to be a pleasant experience no matter how you slice it. Your credit is already damaged to some extent and you will more than likely feel exhausted trying to keep up with the demands from your banks. It is advised that no one travels this road alone. If you are deciding to let your home go through foreclosure, then you will want to contact an attorney to understand the potential repercussions of that choice. If you decide to sell on a Short Sale, then you will need a qualified Real Estate Professional to help you navigate the sale. Your lender is going to require that your home is listed with a professional and marketed in all areas to ensure the highest sale. They will also require significant documentation from you showing that you qualify for a hardship. Your bank does not trust you and will research your entire life to make sure that you can not afford your home. Expect to submit the last 2 years tax returns, last 6 months bank statements and income pay stubs, a hardship letter, all financial statements, and short sale information packets provided by your lender. Short Sales are reserved for borrowers suffering a true hardship. Borrowers looking to walk away because they don't want to pay for their depreciating asset will have a hard time finding cooperation from their bank.

In deciding which route is best for you and your family, it is important to know all of the choices that are open to you. More than likely the advise that you receive will more than likely be customized to your personal situation. There is no "one size fits all" answer to this question. Seek competent advice making sure that your agent understands your situation thoroughly.

It needs to be understood that we are not Real Estate Attorneys and we highly advise anyone considering a foreclosure, short sale, or bankruptcy to consult the advice of a competent attorney specializing in that particular field.

Brian & Nina White, Principal Brokers in the State of Oregon, are Certified Foreclosure Alternative Consultants.

*Senior Lien Holders and First Mortgage Holders are synonymous. Junior Lien Holders and Second Mortgage Holders are synonymous.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Real Estate for West Meadows Estates in West Salem Oregon

Wed, 26 Oct 2011 14:06:50 -0700

Click Here for Active Listings in West Meadows Estates!

West Meadow Estates October 21, 2011

West Meadows Estates in West Salem offers some beautifully constructed custom homes mostly built within the Real Estate boom of the mid 2000's. The growth of West Salem was astounding after the new West Salem High School was established in 2002. West Meadows Estates encompasses the South side of the High School. Convenient to Glenn Creek Rd and Orchard Heights Rd, West Meadows Estates is a nice community with comfortable access to Center St. Bridge via Wallace Rd. Traffic congestion has increased incredibly over the last decade giving the city a desire to install another bridge over the Willamette River to alleviate the problems. Marion St. Bridge heading to West Salem from downtown and Center St. Bridge heading into downtown Salem are the most convenient bridges utilized by commuters in West Salem. At times, this one way approach can cause problems for commuters.

West Meadows Estates offers newer construction ranging from approximately 2000 SF on up to approximately 4000 SF. As of this writing, since the beginning of 2011, there have been 15 sales ranging from $225,000 for a 2127 SF home built in 2004 to $386,597 for a 3328 SF home built in 2006. West Meadows offers some amazing deals for buyers and still offers many vacant lots to build on. Available homes are currently priced between $259,900 for a 2718 SF home built in 2006 and $415,000 for a 3756 SF home built in 2006.

Students may expect to attend Chapman Elementary School or Brush College Elementary School, Walker Middle School or Straub Middle School, & West Salem High School.

Click Here for Active Listings in West Meadows Estates!

*MLS information is deemed reliable, but not guaranteed.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Another Victim! Stop Pricing your Home too High! It is Costing You!

Tue, 25 Oct 2011 19:35:37 -0700

Again, another client suffers from denial and the result is an extra $50,000 out of their pocket. I can't tell you how many times this happens. Our largest challenge today seems to be educating sellers where the current market value of their home is. A typical listing appointment for us goes like this: We visit the seller's home to review the location, condition and functionality, and amenities of their home. We spend time analyzing the market to find the REAL MARKET VALUE of their home. After presenting the facts to them, you see a shade of pale come over their face. "No way their home could only be worth that much", they say. "We want to price it a little high to see if we get any bites. Don't you want us to get the most out of our house?"

Of course we want our clients to get the most out of their house! That is why we give them the right information at the beginning so they can make an informed decision. Unfortunately often times, they don't take our advice.

After months and months on the market the sellers usually end up chasing the market as it continues to decline. The most recent experience we had just closed at $50,000 under what they could have sold it for over a year and a half ago when they started the sale process. That denial got the best of them when they decided to price their home at $360,000 instead of the $310,000 that we suggested. They couldn't stop thinking that their home was much better than the comparable comps around their Creekside neighborhood on Poppy Hills. After 19 months of frustration, they finally cut their losses at $260,000. That is a hard pill to swallow; losing over $50,000! However, that is what commonly happens to sellers who do not price their homes effectively.

Zillow had just released some studies that showed that homeowners who bought their home after 2007 are overpricing their homes 14.1% on average. Homeowners who bought prior to 2007 are overpricing their homes by 10.5% on average. Depending on the price point of the home itself; that can significantly price a seller out of the market! Buyers are finding great deals and those great deals are here to stay. The idea of us bouncing back to healthy appreciation anytime soon is a fallacy. This market is here to stay for quite a while; and by that, I mean quite a few years.

If you are planning on selling, don't price your home too high! It will cost you!

For a Free Professional Market Analaysis in the Mid Willamette Valley call 503-385-1518 or visit http://www.paramountoregon.com

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Real Estate for Croisan Mountain in Salem Oregon

Mon, 24 Oct 2011 18:22:59 -0700

Search for available properties on Croisan Mountain!

Croisan Mountain October 20, 2011

Croisan Mountain in Salem Oregon offers one of the most affluent lifestyles that Salem has to offer. Homes sitting on Croisan Mountain range from approximately $400,000 to $1,000,000. Croisan Mountain does require homeowners to adhere to CC&Rs with the intent to keep the values of these magnificent properties affluent. It is nearly impossible to find two homes similar in this area of upscale homes as builders have added their own personal custom touches to each one.

Croisan Mountain sits on the Southwest edge of Salem and many of the properties have elaborate views. It is not difficult to find a home with views to the East beyond Salem over to the Cascade Mountains as well as views to the North and West also. Since Croisan Mountain is a butte, many of the homes are daylight basement styles taking advantage of the slopes.

This corrective market has taken its toll on this affluent neighborhood in the past few years. Since the beginning of this year, there have been 3 homes sold ranging from $590,000 to $760,000. There are currently 5 homes active for sale ranging from $562,500 for a 4300 sf home to $650,000 for a 6200 sf home; both built in 1993.

Croisan Mountain is mainly home to empty nesters, however; students may expect to attend Candalaria
Elementary School, Leslie Middle School, & South Salem High School.

Search for available properties on Croisan Mountain!

*MLS information deemed reliable, but not guaranteed.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Chinook Estates Real Estate in Salem Oregon

Sun, 16 Oct 2011 12:27:35 -0700

Chinook Estates October 16, 2011

Chinook Estates lies just a few miles outside of the South Salem city limits and offers gorgeous territorial and mountainous views all around. Chinook Estates comprises of small acreage parcels ranging from 2 acres on up to 7 acres. Depending on location, many properties take advantage of the distant rolling hills and mountains and a few have exquisite views of the winding Willamette River. Chinook Estates offers a range of homes built from the 1970s until the present day. Although building has slowed substantially since the Real Estate boom in the mid 2000's, there are still some building lots available. At the height of the market, homes were often selling for $1,000,000 or more in this area. The affluent lifestyle is evident in Chinook Estates with the large exquisite custom built homes and vast amenities.

Just like any other affluent market in Salem Oregon, Chinook Estates has seen better days. As of this writing, Chinook Estates has seen 2 properties sell since the beginning of 2011 with an average sales price of $762,500.

A buyer can really take advantage of the current market with some great buys in this desired location. There are currently 7 homes for sale ranging from $399,500 for a 3 bed 2 bath, 2123 sf home built in 1978 to $769,000 for 4 bed 4 bath, 4400 sf home built in 2000.

Chinook Estates is one of South Salem’s finest communities. Students may expect to attend Rosedale Elementary School, Crossler Middle School and Sprague High School.

Click Here to View homes for Sale in Chinook Estates!

*MLS information is deemed reliable, but not guaranteed.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Kooskooskee Real Estate in Salem Oregon

Sat, 15 Oct 2011 02:52:49 -0700

October 14, 2011 Kooskooskee

Kooskooskee is a desirable community among mature adults in South Salem that offers beautiful park-like settings along Battle Creek. This neighborhood offers paved paths throughout common areas with lush manicured grounds. The Kaufman’s built out Kooskooskee, and it is comprised of two phases. Phase 1 was mostly built out in the early 80′s. This is known as Cayuse Circle. Phase 2 was mostly built out in the late 80′s and is named Pawnee Circle. Kooskooskee is comprised of Zero Lot Line Townhomes where homeowners own their unit, but it is shared with a common wall with their neighbor. Many of these homes are single level, offering a nice living experience for the older adult who does not want to navigate stairs. Many of the units also offer square footage above 2000 if someone desires more space. Kooskooskee has a healthy HOA that covers upkeep of the common grounds around Battle Creek.

At one time, finding these homes for sale was nearly impossible. It was not uncommon to find a buyers waiting list circling around the neighborhood. Times have changed a little in this community as well. There are currently 8 homes for sale in Kooskooskee with 2 closed sales since the beginning of 2011. The current asking prices range from $159,000 on up to $224,900 with all of them being located on Cayuse Circle. Pawnee Circle shows to be the more desirable of the two streets with their newer styles and more updated archetecture. The two homes that have sold were priced at $159,000 for a 1669 sf 2 story home, and $270,000 for a 2371 sf single level home.

View all active listings in Kooskooskee!

*MLS information is deemed reliable, but not guaranteed.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Real Estate in Creekside Estates, The Point at Creekside & Golf Club Estates Salem Oregon

Fri, 14 Oct 2011 11:16:58 -0700

Creekside & Golf Club Estates October 3, 2011

Creekside Estates and Golf Club Estates at Creekside make up one of South Salem’s more desirable locations to live. This community of 10 current subdivision phases wraps around one of Salem’s nicest golf courses. Creekside Golf Course was designed by Golf Professional Peter Jacobson in the early nineties. A person can find a pro shop in the clubhouse, an underground swimming pool and the exquisite Lakeview Restaurant and Lounge at Creekside. Creekside is also known for one of the best Fourth of July celebrations in town.

Creekside Estates offers beautiful and peaceful settings nestled just outside of South Salem with many views of the golf course. Many of these homes line the fairways and greens. Convenient to shopping and Interstate 5 access, Creekside is also known for its affluent market. Phase 6 at Creekside offers gorgeous views to the North over the golf course and city of Salem.

Golf Club Estates at Creekside is a group of phases devoted to offer less expensive housing to those who want to establish themselves within the same community. These homes do not generally offer views of the golf course, however; many of these homes are custom built and offer beautiful amenities. Creekside offers a healthy HOA for people who want to have the security of stronger CC&Rs.

Creekside Estates and Golf Club Estates at Creekside have had its share of market corrections. At the height of the market it was very difficult to find a home in this area without paying an arm and a leg. As of this writing, there have been 15 residential sales in this area in 2011 with an average sales price of $298,613. The low price is a 1682 sf home built in 2001 for $200,000. The highest sale is a 2892 sf home on .92 acres overlooking the golf course built in 2004 and sold for $400,000. There are currently 29 homes for sale ranging from $249,990 on up to $849,000 leaving approximately 23 months of inventory on the market in this community.

Creekside Estates and Golf Club Estates are one of South Salem’s finest communities. Students may expect to attend Sumpter Elementary School, Judson Middle School and Sprague High School.

Search Here for Active Listings in Creekside Estates.

*Mls information is deemed reliable, but not guaranteed.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Illahe Hills & Bailey Ridge Real Estate in Salem OR

Tue, 11 Oct 2011 16:16:54 -0700

Illahe in Salem Oregon is a beautiful and originally 1960’s contemporary community lying on the outskirts of Southwest Salem. Illahe is nestled in the middle of South Salem rolling hills and lies along the Willamette River. Gorgeous landscaping views and wildlife surround all areas of this community. This community is known for its affluent lifestyle and golfing amenities. Illahe Hills Country Club was established in 1960 by several prominent and local businessmen. People looking to reside in this area can enjoy a golf pro shop, clubhouse featuring catering and social events, tennis and swimming with different levels of membership.

Illahe has changed its landscape over the years from its contemporary style to offering more neo-craftsman styles that are more popular today. With the housing boom came smaller lot sizes as with most subdivisions. The original community fought to keep Bailey Ridge from coming to existence; however that battle was ultimately won by Sandstrum Homes.

Bailey Ridge was contrived at the height of the market offering a more affordable product for the Illahe area. Many neighbors resented this subdivision because they felt that Bailey Ridge was capitalizing on the Illahe reputation all the while bringing down their own property values. As it stands today, there are many vacant lots in Bailey Ridge and a number of foreclosures, although building continues.

Illahe stands to have sold 8 homes since the turn of 2011 with an average sales price of $370,462. The low price is an 1854 sf condo built in 1961 for $185,000. The highest sale is a 3489 sf home built in 2010 for $495,000. There are currently 16 active homes for sale ranging from $335,000 on up to $799,000 leaving approximately 27 months of inventory on the market in this community.

Bailey Ridge has sold 10 homes since the turn of the year with an average sales price of $296,642. The low price is a 2026 sf home built in 2006 for $244,900. The highest sale is a 3304 sf home built in 2007 for $342,500. There are currently 7 homes for sale leaving approximately 7 months of inventory on the market in this community.

Illahe and Bailey Ridge are still one of Salem Oregon’s very desirable areas. Students can expect to attend Schirle Elementary School, Crossler Middle School and Sprague High School.

Search here for active listings in Illahe and Bailey Ridge!

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Mortgage Interest Rates Hit Another All Time Low; however Few will Capitalize

Thu, 06 Oct 2011 20:28:11 -0700

Mortgage rates continue to conquer new territory with a new all time low for a 30 year fixed mortgage! What an amazing time to purchase or refinance. I know there are many people who would love to take advantage of these rates, but they are not in the position to make any moves. What good is the lowest interest rates on record when the financing rules are too tight? Rates could bottom out at 1%, but if people can't qualify, then it is all in vain.

Fortunately FHA buyers are able to take advantage of these historically low rates. However, in our Salem Oregon market, those buyers only make up 20% of the purchasing power. It is the more qualified purchaser that is having difficulty with financing and therefore is less of a driving force in getting us out of the housing crash. FHA buyers have helped stabilize the market below $150,000 in our Salem Oregon area. Homes priced above that price point continue to see values erode away quickly. Unfortunately there is too much inventory in the higher price point.

It is so overwhelming to think about how our economic system is all tied together with different facets of the economy. What is going to break it open? Housing has historically lead the road to recovery in the past recessions, but how is housing going to recover when jobs are not created? How is housing going to recover when we have so many homeowners underwater on their mortgages and banks are not modifying? How is housing going to recover when we have such a mess with MERS and the overwhelming presence of Shadow Inventory?

There is no one answer to get us out of this mess. Declining mortgage rates are not going to make a bit of difference at the moment. We need solid fiscally conservative leadership on a wide and consistent basis to have a chance. The question is, have we dug our hole way too deep to recover well in the next decade? Judging by the way things are going, the answer seems grim, however; if you can take advantage of the all time low mortgage rates, then by all means; CAPITALIZE!

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Mid Willamette Valley August Real Estate Statistics

Fri, 30 Sep 2011 14:16:55 -0700

The Mid Willamette Valley MLS August Statistics for Real Estate show that the number of sales are up from 503 last August to 597 this August showing an increase of 18.7% from this time last year.

Average sales prices, however; continue to slide from $199,116 from last August to $189,158 this August showing a decrease of 5%.

The highest amount of sales are priced below $150,000 where the first time home buyers are taking advantage of the great deals and interest rates.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Fall Discounts on all Salem OR Real Estate?

Thu, 29 Sep 2011 15:27:03 -0700

Everyone loves a Fall discount, especially on Salem OR Real Estate. The Fall season is a wonderful time of year. In many parts of the country we are experiencing the changing of the season. The leaves are starting to change color and the sun is hiding further South. With that, commerce usually shows signs of discounting products to get inventory off the shelves before the end of the year. Real Estate is really no different. Although the motivation for a seller to sell a home before the end of the year may not be as previlent as a retail store manager, they are still driven by the fact that most Real Estate activity slows down near the end of the year and doesn't pick up until the Spring in the Salem OR area.

Like most of the country, here in Salem OR, we are still dealing with high unemployment and declining values. Couple that with the fact that the small pool of buyers that are currently in the market tend to busy themselves with school, Holidays, and the fact that the long cold and rainy Winter months here in the Willamette Valley are not "feel good buying months". All the better to get great discounts on Real Estate for buyers.

As sellers lean further into Fall with their home looming on the market, their motivations can heighten during this time. They understand that our market slows during those months and they also fear that their property will be worth less by Spring. No one enjoys losing money, and that fear can drive their motivation to get their house sold as soon as possible.

With the amazing low interest rates, now is an amazing time to experience some great Fall Discounts on Salem OR Real Estate!

To learn more visit our web site: www.paramountoregon.com

To search for great Salem OR Foreclosure & Short Sale deals visit: http://www.paramountoregon.com/foreclosures-short-sales/

Facebook: https://www.facebook.com/pages/Brian-Nina-White-Paramount-Real-Estate-Services/239316031811

Youtube: http://www.youtube.com/user/brianandninawhite

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Elk Hunting Realtor

Tue, 27 Sep 2011 23:54:58 -0700

I recently was able to go back to my home state of Montana and elk hunt with my father who turned 70 while I was there. It was an amazing time as we were in the middle of an elk herd numerous times. In my opinion, there is not much that can touch the excitement of calling in big bulls while trying to avoid all of the herd bull's harem as they frantically try to expose you.

It was such a blessing to be able to be in the woods with my dad trying to bring in the big bulls so he could get a shot. Archery hunting poses many more challenges than any other kind of hunting. Not only do you have to get in close enough range to shoot, but the placement of the shot is critical with little margin of error. As the bulls came in to investigate my estrus calls, they would continuously hang up 50 yards behind some brush. The swirling wind would make it even more difficult to stay hidden. Sooner or later they would usually get a sniff of something other than elk. That's all it would take to get them to spin and bolt in one motion. Their massive bodies move throughout the timber like no other, leaping logs and creekbeds to safety.

We came up a little short this year, but it was well worth the effort. I cherish these moments that I can hunt with my father one week out of each year. It brings us close in an environment where Real Estate clients and files can't touch us. I understand that these days will soon be over, and that reminds me to make sure to make the best of it.

If you want to take a look at a part of our hunt when we were in the herd, visit our youtube video: http://youtu.be/WNoDKX5i96k

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Come on Appraisers!

Tue, 27 Sep 2011 23:31:41 -0700

Why is it that we seem to go to battle with appraisers who think they are the authority when it comes to homebuilding? I understand that every man wants to present to clients that he knows what he is talking about, however; when an appraiser makes a condition on an appraisal to be met; he sure should know what he's talking about.

Case in point. An appraiser completed an FHA appraisal recently for one of our clients. It was a decently maintained home, but it had some problems. Surprisingly, the appraiser only called for two items to be met as conditions. One of those items was to have the bathroom sink drains cleared and the other was to have the water heater overlow pipe vented to the exterior of the house. That was the first time I had seen that.

After having a plumber out to the house, the advice from the expert was to leave it alone since the overflow pipe came within 6 inches of the garage floor; which is code here in Oregon. Making any modifications to the pipe would create extra unnecessary work as well as create an extra unnecessary hole in the siding of the home. So now I am trying to connect with an appraiser who doesn't return calls and am concerned that this issue will hold up closing.

I just need to understand why some of these guys insist on making rediculous conditions. If they want to make themselves look good, then at least make it legitimate.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

Home Buyers Continue to have their cake and eat it too! But they're not enjoying it!

Tue, 27 Sep 2011 23:22:06 -0700

Home Buyers continue to have so many options in Real Estate, it is just down right sickening. Sickening to the point that they are so overwhelmed with options that it is not an exciting process for most home buyers. Simply put, they are faced with a an array of homes available to purchase. However; these homeowners that they are negotiating with are down right ticked off! They're upset that they are selling in the worst Real Estate market in the past 30 years. Many of these home sellers bought their home in the past 6 years when values were increasing; although hyper-inflated as they were, they are now having to sell. Sellers are fighting for every dollar and that just doesn't jive with home buyers expecting this to be the greatest Buyers Market in recent history. Home Buyers have become what I am labeling "Entitlement Buyers". These home buyers feel entitled to negotiate whatever they want, and get upset when they don't get what they want. Many of these home buyers are realizing that in our declining market, the home they are purchasing will potentially be worth much less in only a few months.

I can't say that I blame the buyers' attitudes that has been established over the past 4 years in our area. Anyone purchasing a home wants to get the best deal in any market. This market has just emphasized the need to feel that a good deal has been established. Buyers want to feel that they won. It is interesting to see buyers pursue an undervalued home listed in this market. Even if the home is priced 20% below market value and buyers are competing with other buyers; none of them are willing to offer asking price. They just don't want to pay full price because they won't feel that they won. It is unfortunate because we have seen many buyers miss out on some great homes priced below market value. It is encouraged to take the "feel" out of the home buying process. Making an intelligent decision usually doesn't involve emotions. Emotions often fail you. It is this position that often rubs home buyers the wrong way. Home buyers are usually emotional buyers, and unfortunately these emotions will make a great experience taste bitter if they are not put into perspective.

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518

FHA Loan Limits Looking to Decrease

Tue, 30 Aug 2011 11:35:01 -0700

HUD is planning another shift in loan limits for FHA loans coming this October. Currently they are set at $295,000 for our Marion & Polk Counties within the Mid Willamette Valley in Oregon. Currently FHA requires a down payment of 3.5% of the sales price leaving a potential sales price to be no more than $280,880.00 come this October. Hopefully this will not have a huge affect on our home sales in this area. Many of the FHA buyers in this market are purchasing homes below $200,000. However, you will see that many move up buyers want to take advantage of the FHA backed mortgages with the minimal 3.5% down payment leaving some sellers with homes priced around the $280,000 price range and above in an ever more difficult position to find a qualified buyer.

Like most markets around the country, ours is also flooded with homes priced above $280,000 and it is a difficult task to find a buyer able to put down 20% during these economic times. Sellers need to look ahead so they are able to position themselves correctly for the coming changes.

http://www.paramountoregon.com

*You do not have permission to plagiarize, take away from or immitate our Blog in any way without permission. If you want to use any information, then consider the costs before you take action.

Brian & Nina White

CRS, FACS

Principal Brokers/Owners

Paramount Real Estate Services

3886 Commercial St. SE #203

Salem, OR 97302

503-385-1518