BEND OREGON BANK FORECLOSURES are selling fast! They seem to be a hot commodity these days. They are selling at a rate of almost one per day. There are currently 105 bank owned homes in
These numbers represent homes in the
The 58 pending sales are not included in the 105 that are listed for sale! The homes sold in the last 60 days averaged 87 "days of the market." Days on the market can be misleading because there's usually 30-45 days between the time a listing goes pending and it closes. So most bank owned homes are in escrow and off the market in less than 60 days from the time they hit the market.
Two bank owned homes just went pending on Awbrey Butte, one of
One thing that is confusing buyers in our real estate market in
If you are looking to buy a home my advice is to avoid short sales and concentrate on bank foreclosures. You can get tied up in a short sale for up to six months. An offer is made and accepted by the seller. Then it is submitted to the lender. The lenders can take months only to come back with a counter offer that is unacceptable. Some lenders will not take any offer because the seller has too much income and too many assets to justify the short sale.
Another avenue to buy a bank foreclosure is at an auction. However, as far as I can tell real estate auctions in
One of my clients had his eye on one of these homes. All the homes were supposed to be open for viewing 2 hours prior to the start of the auction which was held at a different location. My client waited until 30 minutes before the auction and the house he was interested in was still locked up. He never got to see the inside.
The home in question had previously been listed for sale by the bank in the Central Oregon MLS for 208 days. It was listed for $172,000 and did not sell. The listing expired and the home was put up for auction. It ended up selling for $160,000 plus a 5% premium which put the sales price at $168,000! I'm sure if someone had offered $165,000 while it was listed the bank would have taken that offer. My point is that auctions aren't that good of a deal for buyers.
After a notice of default is filed there is eventually a foreclosure auction on the court house steps held by the local sheriff. However, 99% of the time these homes go to the lender in 1st lien position. It's usually a waste of time to attend these auctions. One good reason not to buy these homes is that you do not have an opportunity to see inside or have any type of inspection.
The Central Oregon Multiple Listing Service receives the bulk of all bank owned homes as soon as they are put on the market. These listings as a general rule are priced very well. Sometimes they are as low as 50% of the sales price a couple of years ago. There is some good money to be made today in
If you’re serious about buying