In today’s real estate market, distressed properties come in all price ranges and behind every Lake Oswego distressed property seller is a buyer looking for an opportunity. Not to say buyers are looking to take advantage, they just have less emotion in the transaction. This is especially true to the real estate investor.
Lake Oswego short sales seem to carry the most emotion. Understandably, it is reasonable to assume the seller at one time had weighed out the purchase and to now be upside down may be just a bit overwhelming, even though they have alot of company on that side of the fence. Lenders really have no emotion either. They too, are all about the numbers and in the limelight position of getting the deal closed. They do not want the property back. The trick is understanding the short sale process.
Then we have the Lake Oswego bank owned properties (REO for real estate owned). Some of these can be very advantageously priced. And many not in the best of shape.
Many sellers may take all they can, including the kitchen sink…Financing can be challenging especially for the FHA funded buyer, but we are seeing many cash buyers coming into the market and scooping up these McMansions at a 30% -50% off red tag sale! We are seeing multiple offers an many bank owned properties in both Lake Oswego and West Linn. Some buyers moving in and others doing the fix ups and getting top dollar rents.
Many banks hold the investors off for the first 15 days of market time trying to get an owner occupied buyer. But if the property needs work, most end up going to the investor. The rental market is HOT and there is money to be made if it pencils out.
Remember with banks – the deal is not done until ALL the papers are signed by senior management. This is true for REO’s and short sales…