Real Estate in Salem Oregon

Foreclosures + Short Sales

There are over 350 homes in Marion County set to be foreclosed between now and September 31st. Most foreclosed homes have gone through a year long process to reach foreclosure, many sitting empty during that time. Then, once legally taken back by the bank, spend another 4-6 months in process to become an active listing. Moral of the story...Banks do not care if they sell these homes quickly. Short Sales are even worse. Banks will take months to get around to negotiating a short sale. Most often banks are going to lose as much money as letting the home go to foreclosure. Since the banks are understaffed and under educated about the process, it can take months. The trade-off is a bargain priced home with plenty of equity as the market turns around. Case 1. House has been foreclosed and is for sale by the bank. Asking price $280K. We had a max offer of $240K. Bank said no. The home finally went to auction and sold for $183K. Banks do not care. Case 2. Owners doing a short sale and asking $145K. Max offer was $125K. Bank says no and forecloses. Spends thousands in fees for the process. 9 months later the home is back on the market and sells for $119K. Banks do not care. If you elect to look at short sales, prepare to have the process take months. If you find a dream home, it may be worth the time. Keep in mind what ever you negotiate with the Seller is worthless. The bank can just reject it at anytime. Banks also do not have to follow the rules of Sellers. Even if they accept an offer, they can void the sell at anytime and take a higher offer. The best short sale strategy is to look for homes where the bank has already agreed to the asking price. At least the process has been started and the bank knows what to expect. Many foreclosed homes will have substantial damage from mad owners being forced out of their home, over a year of vacant neglect as the foreclosure process takes place, and most will have had the appliances removed from the home. Be prepared for some work to be done prior to closing. Most banks will include lender required repairs into the offer.
71 Foreclosed Salem Homes - Find Your Deal Today!
So, when you are ready for more information, please contact me.