When you are in the close in city of Portland, the market is still good. It has gone down quite a bit since last year, but houses are still selling- and if something is priced a little low, it many times will still get multiple offers.
When I say close into the city oh the east side, I mean in some of the good NE, SE and N neighborhoods, like Overlook, Irvington, Alameda, Hawthorne, Sellwood, Westmoreland, Eastmoreland, Woodstock,Sunnyside etc. Once you get out past these neighborhoods, prices are pretty low and you can get a really good deal! When I say Close-in on the west side, I mean anything that is closer than 50th to 60th-the northern areas are higher priced because they are closer to downtown.
There are 20 bank owned single family homes in SW/NW Portland from $172000 to over $1,300,000! There are 71 Short Sales advertised- from $189,000 to $900,000.
In NE Portland, there are 124 Short Sales advertised- from $124000 up to $650000. There are 47 bank owned homes from $67000 up to $640000.
In SE Portland there are 64 Bank Owned homes from $84000 up to $450000. There are 200 Short Sales from $75000 up to $595000
In N Portland there are 36 short sales advertised, from $96000 up to $319000. There are 11 bank owned from $69000 to $228000.
If you are wondering what the difference is between Short Sale and Bank Owned, it is this:
A Short Sale means that the bank has to take a Short- in other words, cannot get back all the money it lended to the seller, because the house is worth less than the seller owes. There are lots of Short Sales going on right now because banks were not very careful in their lending practices and appraisals- so they lent out way more money than many houses were worth. Now they have to take a loss. Sometimes the house really was worth more, sometimes it wasn't. Just because it is a Short Sale, doesn't necessarily mean you are going to get a good deal. You have to know the market and know what the comps are to be sure. That's why having a good realtor helping you is so important! They can get the comps for you so you know what the house is really worth before you make an offer.
A Bank Owned home has already gone through foreclosure- and now the bank owns it. The bank has already taken a short...if it had to, and is just trying to get rid of it. Bank owned houses can sometimes be the best deals of all! But again, you have to know what the comps are to be sure!
If you want to learn more about Short Sales, or about Portland or any of the other areas around the Portland Metro area- go to my website and you can click on my Portland Neighborhood Guide and read an in-depth all inclusive guide to the whole Portland Metro area- with maps, links, photos, trails, parks, schools and more for each of the little neighborhoods of the inner city- plus the suburbs!
If you want help learning about Short Sales and how to find them, just email me or call me. I'd love to help you search for your next house- I'll teach you about the different areas of Portland, about Short Sales or Bank owned homes, or anything else you need a professional realtor to help you with! I sell all kinds of houses all over the Portland Metro area- and have for over 10 years!
I am Short Sale Certified, which is important if you are trying to look at Short Sales and Bank Owned homes - because Short Sales are hard to close- you have to know what you are doing- so many of them just time out and foreclose!
I'd love to help you in whatever your real estate needs are! Just contact me, and we can get started!
See my Portland Neighborhood Guide to learn more about where these neighborhoods are. Just go to PortlandCreativeRealtors.com
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