Homes headed to foreclosure continued to rise throughout the state of Oregon during the fourth quarter of 2008 and the first month 2009 with a total of 2,420 notices of default filed in 13 western Oregon counties between Oct. 1, 2008 and Dec. 31, 2008, a 117 percent increase from the previous quarter. A notice of default is the official beginning of the foreclosure process.
These numbers come as no surprise to those of us who have been studying the state’s housing market. It’s likely that we will continue to see increasing numbers of home foreclosures in the state of Oregon in the months ahead as the number of Notices of Default is a leading indicator of the foreclosure real estate market.
The foreclosure statistics in these counties reveal some interesting trends in the Oregon housing market, including the following:
BPO stands for Broker’s Price Opinion. All this means is that a real estate agent or broker will assess the property and give their professional opinion of it’s value to the lender. The closer that number is to your offer the better. You want the BPO to be as low as possible. Listed below is a snap shot of a BPO requirement.
Over time we’ve collected the questions we are most frequently asked by clients who were considering the short sale of their property. Some of these questions are listed below.
1. What is a short sale?
A short sale is…
The definition of a Short Sale is…
1. What happens to the seller’s credit rating when they allow an investor to short sell their property?…
Here are 10 frequently asked short sale questions that are very helpful especially if you are just getting started or considering short sales as a means to acquiring pre-foreclosures.
1. What happens to the seller’s credit rating…
Q: What makes a bank decide whether to take a discount on a defaulted mortgage or not? And what formula do they use to decide how much to take? Some banks I’ve talked to have just said no to a discount right away, and others seem perfectly happy to negotiate any offer, even if it’s a fraction of the loan amount.
There are a number of factors that go into a lender’s decision about whether (and by how much) to discount a loan gone bad….
How do I get started?
Most investors looking to pursue real estate just don’t know where to begin.
What courses should I take?
Where do I find money to start marketing?
Where do I find money to fund deals?
What niche should I focus on?
With today’s market there’s no doubt that the foreclosure arena is the niche to be in, but arena is pretty broad –– which one of the many aspects of the foreclosure business should you pursue?
Rehab’s?
Subject to’s?
Short sales?
REO’s?
Auctions?
Let me help you clear some things up….
Stewardship’s offices in western Oregon–more accurately known as the GREATEST REAL ESTATE INVESTMENT FACTORIES on the planet. Okay, so we’re a legend in our own minds as well!
Central OR: 1247 Villard St. • Eugene, OR 97403 • (541) 343-7070
Bill Syrios, Eugene
Married to Teresa for 32 years, with 4 sons. Began Stewardship Properties in 1989 and has been in real estate investment full-time for 17 years. In 2005 he expanded Stewardship’s reach through internships and a 2nd office: StewardshipProperties.com
Kenny Weaver, Eugene
Married to Audra and has a daughter. Was a plumber for 20 years in Las Vegas. In 2005 he decided to “plunge” full-time into real estate investing. So, he sold his house in Vegas (does Kenny have great timing or what!?), moved to Eugene and never looked back.
Jered Souder, Eugene
Started out as a full-time real estate investor at 21 and still the youngest on the team. Lives in a home he bought as a great deal but never got around to installing the new kitchen cabinets. Oh, the life of a single guy. Is an expert on tracking, valuing and bidding foreclosures at auction. His dog: Roxy.
Michael Wilson, Eugene
Married to Shanon with a very cute daughter in stow. Has an MBA but never considered the corporate world much of a draw. The most mechanically inclined of the Stewardship team with a hankering for monster trucks.
Morgan Braze, Portland
After graduating from Oregon State Univ. he decided to get a REAL JOB so he immediately became a full-time real estate investor! Has more wander-lust than most and has already done real estate investing in Corvallis, Eugene, Salem and now Portland.
Jon Davis, Salem
Graduated from the Univ. of Oregon with a law degree but couldn’t see himself practicing law and giving up the life of a real estate tycoon. So he “enrolled” in Stewardship’s 2006 summer internship and graduated again–into becoming a vtal partner on our team.
Northern Oregon: 2055 Liberty St. NE • Salem, OR • (503) 365-7070
We don’t tell you what to do…
WE SHOW YOU HOW TO DO IT!
GO TO: RealEstateNiches.com/Coaching
Should you hire a real estate investment MENTOR?
That depends how much time, energy and money you have to tolerate the “trial and error educational method”? Depending which way you look at it, the right mentor can save you or make you thousands and thousands of dollars. So, when it comes to real estate investment, who is the RIGHT mentor? Here’s some questions:
.How long has this person been investing in real estate?
What kind of real estate investing has he/she done?
How many deals has he/she done?
How much is his/her average profit per deal?
Where have he/she found the capital?
What do his/her private lenders think about them?
Do you want to be where he/she is at three/five/ten years from now?
Now: What is it going to cost you? In commitment? In money?
If it is true that you “get what you pay for,” the last thing you want is free real estate investment advice! Make sure you are getting the kind of coaching that will help you reach your goals by someone qualified to give it. And one more question: Why hire an individual when you can hire a team?
Want to find out more about being mentored by the Stewardship Team?
GO TO: RealEstateNiches.com/Coaching
Or just call us today at (541) 343-7070 and ask for Kenny.
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