Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Portland, Oregon
Here are some sites to visit if you are thinking of visting Portland, Oregon or are wondering why you should…
http://www.travelportland.com/
http://www.portlandonline.com/
http://www.portland-oregon-magazine.com/
http://www.el.com/to/portland/
http://wikitravel.org/en/Portland_%28Oregon%29
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
FRAUD
There is another type of mortgage fraud out there that is actually being committed by the biggest banks. People who are thinking of getting involved in a short sale need to be aware.
It seems that many real estate agents are starting to make complaints about dealing with the second lien holders in a short sale transaction. If someone is trying to get their bank to agree to a short sale but they have a second mortgage on their house, then negotiations must also be made with the holder of the second lien.
Currently this applies to many, many people. Of course if the second lien holder won’t agree to anything and it goes into foreclosure then the first bank gets the house and the second lien holder gets nothing. So to get the second lien holder to play ball the first will throw them a bone. And why wouldn’t that take it, foreclosure means they get zilch.
But the second mortgage holder is not being given very much most of the time. Some are asking for some “money on the side” from the real estate agents or the buyers of the property. They are asking for cash that is not listed on the HUD settlement statement so that the first lien holder does not know. If the money is not paid they will kill the deal by not agreeing to drop their lien hold. This is ILLEGAL.
At least 200 agents have said that these requests were made by representatives of Citi Mortgage, JP Morgan Chase, Bank of America and other large banks. These real estate agents don’t want to go on record because they need these banks to work with them.
This really needs to go under investigation, of course it seems the banking industry needs to be investigated for pretty much everything now-a-days.
http://www.cnbc.com/id/34877347/
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
January Market Report Portland Oregon
January Residential Highlights
While not quite as dramatic as last month, sales activity in the Portland metro area continued to show improvement in January 2010 compared to the same month a year ago. Closed sales were up 34.7% compared to January 2009 and pending sales rose 24.3%. However, new listings fell 6.2%. Pending sales were also up 34.5% (1,535 v. 1,141) when compared to December 2009. On the other hand, closed sales fell 34.5% (986 v. 1,506) and new listings grew 87.1% (3,937 v. 2,104) driving inventory to double digits for the first time since May of 2009. At the month’s rate of sales, it would take approximately 12.6 months to sell the 12,449 active residential listings.
Sale Prices
The average sale pr ice for January 2010 was down 5% compared to January 2009, while the median sale price declined 4%. Compared to December 2009, the average price decreased 3.7% ($282,400 v. $293,300) and the median fell 0.9% ($240,000 v. $242,200).
Counties
The greater Portland Metro area reports in this newsletter include the five counties below. Each year we review the difference between the average sale price in each county.
Average Change Sale Price 08 v. 09
Clackamas $336,100 -10.6%
Columbia $193,300 -16.2%
Multnomah $285,300 -14.0%
Washington $281,300 -11.1%
Yamhill $227,300 -14.8%
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Foreclosures To Come
It sounds like home prices are not heading back up anytime soon. In fact, they may go down some more. Studies seem to be indicating the loan modifications are going to delay instead of prevent foreclosure.
One study is suggesting that 5 million of the 7.7 million mortgages that are currently delinquent will go through foreclosure in the next few years.
Home prices had started to increase slightly, and it is thought that the efforts to prevent foreclosure temporarily kept the inventory down.
Luckily people are still looking to buy foreclosures, so as long as interest rates don’t rise and the economy continues upward the home prices could stay steady. If interest rates jumped up and the economy heads south again, so could prices.
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Considering a Short Sale
The majority of people facing foreclosure or short sales go in with the expectation that relief is on the horizon because when it’s over, they will be free of that debt. Not so fast!
If your home is taken by the bank and sold at auction, the bank could still demand the difference between what you owed and what they made on the auction sale.
A short sale is when the bank allows you to sell your house for less than what is owed. People assume that because the bank released the title that they released the debt. This is not necessarily the case. Many have had the title released by the bank thinking it was all over only to have the bank or a collection agency come after the difference years later.
A pledge of collateral and promise to pay off a loan apparently are two different things. Not knowing this can hurt you in the long run when negotiating a short sale.
Having the bank forgive your debt is up for negotiation during the short sale process. Have your attorney work it out on your behalf. If you are in a state that does not require an attorney for a home sale, get one anyway.
http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
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Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224