Foreclosures vs. Shortsales

   

With the state of the current economy, there is a lot of attention being paid to the volume of foreclosures as well as shortsales.  These are two different situations that are often confused.  I thought it would be helpful to clarify what they are.

 

A foreclosure is a bank-owned property (also referred to as an REO property).  The process of foreclosing on a delinquent home owner has been completed and the bank has the full title to the property and the right to sell that property.  A quick look at foreclosures.com shows the very sobering statistic that in Lake Oswego right now there are 90 bank-owned properties, there are 17 properties in pre-foreclosure (behind in their house payments) and 587 properties scheduled for auction.  When a home owner falls behind in his or her house payments, there is a multi-month process where the homeowner is notified of the delinquency.  The final step of the forclosure is public auction where the mortgage holder takes the property back for the amount of money that is owed on it.  Bear in mind that the process takes about nine months.  Many of the people currently delinquent or scheduled for auction will find a way to either bring their payments up to date, renegoiate the terms of their loan, or sell the property.  So not all of the homes currently delinquent will become bank owned.  I’d also like to put these numbers in perspective.  Lake Oswego has a population of about 35,000 people.  With an average of 2.3 people per household, that is about 15,000 households.  And with 694 households either in pre-foreclosure or already bank owned, that is about 5% of the households.  Yep, that is sobering.

 

A shortsale is a house that has a market value of less than what is owed on it and the home owner is attempting to negotiate with their mortgage holder to take a discounted amount so that the property can be sold at current market value.  In this instance, the sale of the home will require a third-party approval (the bank), and may or may not happen.  The process to get this third party approval can take months (I worked with one that took 6 months), so if you are wanting a home that is a shortsale, be prepared to be patient and realize that the approval may or may not occur.

 

I am often asked how a buyer can find foreclosure and shortsale properties.  The reality is that 99% of them are listed with Realtors and made available on the RMLS.  People who are in distress and trying to sell their home as a shortsale hire Realtors.  And banks with bank-owned properties hire Realtors to sell their inventory of foreclosures.  You don’t need to buy a secret publication or pay for a special list.  These properties are available to the public on the RMLS and any Realtor can gather information on them to help assist you with finding that great deal.

 

Having said that, I have two areas of caution.  First, a foreclosure is a much better prospect for purchase if you have a time-line you are trying to accomplish.  A foreclosed property that is listed for sale can be purchased within a normal transaction period of 30 to 60 days.  Whereas a shortsale can take months and then may not occur at all.  Second, when you buy a foreclosure it really is buyer beware.  Banks make no representations about the condition of the property and often have their own sale agreements with extensive waivers to protect them from any future liablity.  In both circumstances you should be able to make your offer subject to a home inspection.

 

OK, I have a third thought.  Be aware that people who loose their homes are people in financial distress.  They go through an extended period where they have no resources to make their house payment much less fix the leaky roof or remodel the ancient kitchen.  So be prepared to see houses that are dirty and in need of repair.  In addiiton, it is not uncommon for these houses to be stripped of appliances and fixtures.  Not all foresclosures and shortsales are project properties, but many are.

 

So you are looking for the great deal?  Sure, check out the foreclosures and the short sales, but don’t close your mind to the good old homeowner who needs to move and is motivated.  These people will also often sell at great prices, close in a reasonable time frame, and maybe even vaccume the carpet and polish the granite on their way out.  To make the most of the market, look at the entire market.

 

 

 

 

 

 

 

Market Activity Update – February 16 – 22, 2009

Lake Oswego saw 16 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days). We had 7 go pending, and 4 that closed.

As in my last Market Activity Report on Feb. 9th, we’ve got a good mix of properties that have been on the market for quite awhile selling and going to Pending status, as well as a good number that have been on the market a relatively short period of time.  For what it’s worth, my interpretation of this is that prices are coming in line with consumer demand, i.e., homes that have been on the market awhile are at prices agreeable to buyers, and newer listings are starting out at prices that are more in line with buyer expectations.  That said, we can’t really see what the Pending sale prices will be until they actually close. So…   stay tuned to the Blotter for that info as it becomes available.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (February 16—February 22, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # Beds # Baths Tot. SF Prop Type List Date
44 EAGLE CREST DR $135,900 1 1 798 CONDO 2/20/2009
1615 HALLINAN ST $285,000 3 1.1 1,500 DETACHD 2/17/2009
18543 LONGFELLOW AVE $339,900 3 1.1 1,279 DETACHD 2/16/2009
2800 WEMBLEY PARK RD $374,500 3 2 1,575 DETACHD 2/17/2009
1228 HALLINAN CIR $389,000 4 2 1,932 DETACHD 2/19/2009
200 BURNHAM RD $399,000 3 2 1,960 CONDO 2/18/2009
19210 MAREE CT $415,000 3 2.1 1,634 DETACHD 2/17/2009
221 HIDALGO ST $419,500 3 2.1 2,628 DETACHD 2/16/2009
131 WILBUR ST $450,000 2 2 1,312 DETACHD 2/22/2009
905 COUNTRY CLUB RD 399000 – 458876 3 2.1 2,817 DETACHD 2/19/2009
18055 CENTRAL AVE $495,000 3 1 1,202 DETACHD 2/17/2009
8 WALKING WOODS DR $519,900 4 3 3,402 DETACHD 2/17/2009
497 ASH ST $598,800 6 3 3,840 DETACHD 2/18/2009
4605 CHELSEA LN $752,000 4 2.1 3,411 DETACHD 2/17/2009
1065 LUND ST $869,000 5 3.1 4,584 DETACHD 2/17/2009
17540 RIDGEVIEW LN $1,285,000 4 3.1 4,345 DETACHD 2/19/2009

PENDING SALES (February 16—February 22, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
17304 MARJORIE AVE $333,000 3 1.1 1,340 DETACHD 2/3/2009 16
178 PINE VALLEY RD $475,000 5 3.1 2,999 DETACHD 2/12/2009 6
964 COUNTRY COMMONS LN $499,000 3 2.1 2,065 DETACHD 1/23/2009 27
4676 WINTHROP CT $557,750 4 2.1 3,112 DETACHD 11/18/2008 172
625 CLARA CT $587,500 3 2.1 2,532 DETACHD 9/4/2008 297
731 F AVE $624,900 4 2.1 2,668 DETACHD 1/16/2009 327
17860 CRESTLINE DR $2,795,000 4 5.2 6,810 DETACHD 10/21/2008 485

SOLD (February 16—February 22, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # Beds Tot. Baths Tot. SF Prop Type List Date CDOM
3 THE GROTTO $300,000 $292,000 3 2 1,688 DETACHD 11/5/2008 274
4451 BERNARD ST $349,950 $330,000 3 2 1,800 DETACHD 10/29/2008 190
4 BRITTEN CT $429,000 $399,000 3 2.1 1,972 ATTACHD 11/4/2008 74
4280 CHAPMAN WAY $469,000 $441,000 3 2 1,947 DETACHD 12/15/2008 105

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.

Open Houses – Sunday, February 22, 2009

There are 18 properties to see on Sunday in Lake Oswego.  Enjoy!

Here are those that will be held open according to RMLS:

5487 Tualata Ct  $264,900-$279,876  3 Bd,    2 Ba         Open 1-4

19251 Indian Creek Ave $335,000     4 Bd,    2 Ba          Open 1-4

18543 Longfellow Av      $339,900      3 Bd,    1  1/2 Ba Open 2-4

1685 Mapleleaf Rd          $365,000      3 Bd,    2 Ba          Open 1- 4

2800 Wembley Park Rd $374,500        3 Bd,   2  Ba         Open 1-3

1260 Larch St                 $399,000      3 Bd,    2 1/2  Ba  Open 2-4

221 Hidalgo St                $419,500      3 Bd,    2 1/2 Ba   Open 1-3

1265 Rockinghorse Ln   $444,000      4 Bd,    3  Ba          Open 1-3

111 3rd St                      $459,900       2 Bd,    2  Ba         Open 1-4

17083 Fernwood Dr       $525,000      5 Bd,     3 Ba         Open 2-4

21 Condolea Dr              $579,000      3 Bd,   2 1/2 Ba    Open 1-3

17960 Ridge Lake Dr     $669,000      4 Bd,   2 1/2 Ba    Open 1-3

15713 Tara Pl                 $699,000   4 Bd,      2  1/2   Ba          Open 12-2

15422 Boones Way        $879,000   4 Bd,  2  1/2 Ba       Open 1-4

3030 Westview Ct          $948,000   4 Bd    2  1/2  Ba     Open 2:30-4

18106 Pilkington Rd  $1,095,000   4 Bd,   3  1/2 Ba     Open 12-2

5250 Dawn Ave            $1,095,900    4 Bd,   3 1/2 Ba     Open 1-3

15905 Oswego Shore Ct  $1,590,000  4 Bd,  3  1/2 Ba     Open 1-3

What’s Your Sense of Style?

englishjpg

When searching for properties on RMLS, you will first be asked to specify the type of property you are interested in finding. The main property categories include:

  • Attached- This refers to a townhome which is usually 2-story, part of an HOA, and includes ownership of the lot as well as the structure.
  • Condo- This refers to a dwelling in an HOA, wherein ownership includes the individual unit together with an undivided interest in common with all unit owners in the “common elements”, which are the land and those parts of the building or buildings intended for common use. Condo ownership is of the interior of the structure, and exterior maintenance is provided by the HOA.
  • Detached Single Family- This refers to a house on its own lot. Ownership is of the house, inside and out, and the lot itself. Technically, ownership extends up into the atmosphere as well!

When you choose one or more properties for more detailed information, the “style” of the detached homes will be included. Indicating a description of the style of a home for a Realtor is more of an art than a science. This is because a home will potentially contain elements of one style, and also elements of another, particularly if there has been any remodeling of the structure.

I thought it might be fun to give some detail on the characteristics of house styles, and want to thank Judie Teal who contributed data and photographs to RMLS, which RMLS is allowing me to mine and use for your informational pleasure.

There are many, many house styles from which to choose. Here are some significant ones applicable to the larger Portland area:

  • 2-Story- Two-level homoe with the main entrance on the lower level.2-Story: Two-level home with main entrance on lower level. (Photo)
  • Ranch: Long, low, rambling single-story with simple construction, usually a large picture window in front and an attached garage.
  • Daylight Ranch: Rambling home with a lower level basement that is partially above ground.
  • Split-Level: Two-story home split at the entry with one set of stairs going up and another going to the losplitjpgwer level. The entry is not considered a “floor” or story. (Photo)
  • Tri-Level (NOT to be confused with Split-Level): Usually a ranch style home with a full story added on one end… so, three full floors.
  • Bungalow: One to one & 1/2 story w/gabled roof & porch across front.
  • Cottage: Gabled roof line, but lower than the bungalow style, sash windows, and a plain front door. Front porch is either very small or non-existent.
  • Contemporary: Simple, Uncluttered lines with a non-traditional design. (Photo)contempjpg
  • Craftsman: Home has a low pitched gabled roof with wide eaves and exposed rafters. One or two story crftsmnjpgwith a decorative brace and full front porch. Inside there is usually an array of built-in wood cabinetry, often with glass & leaded glass features. (Photo)
  • Colonial: Two-story home with a steeply pitched roof, small casement windows, and often columns across the front.
  • Dutch Colonial: This variation has a gambrel or mansard roof and often a side wing. (Photo)

    dutchcoljpg

  • English: Steeply pitched roof, prominent cross gables and tall windows sometimes half-timbered. (Photo at top of post)
  • Tudor: Similar to the English home, with steeply pitched roof, low doors, small-paned windows and tudorjpgdecorative half-timbering. (Photo)
  • Victorian: Two stories with steep gables, ornate wood detail, Gothic style windows (pointed top), and brackets under eaves. Some also boast turrets.
  • A-frame: One or two story with peaked, high pitched roof line in the shape of an “A”.
  • Chalet: A rustic style home featuring projected roofs, large windows and raised foundation. (Photo)chaletjpg
  • georgianjpgGeorgian: A formal square box-like structure with a hipped roof, decorative crown or pediment over the front door with columns on each side, and/or cornice mouldings. (Photo)
  • Saltbox: Distinctive sloping roof line from the top of the gable which can plunge from 2 and 1/2 stories in the front too a single story in the rear.
  • Farmhouse: Simple, uncomplicated 2-story construction with a front porch, and sometimes wrap-around porch. (Photo)farmhsejpg
  • Old Portland (Four Square): Very Distinctive style popular in the early 20th century. Large & square oldpdxjpgtwo to two & 1/2 story with low hipped roof and deep overhang, large central dormer, full porch w/wide stairs. (Photo)

There are many more styles, but again, these represent the bulk of what you’ll find in the Portland area.

Market Activity for February 9-15, 2009

Last week’s activity was slow, to put it mildly. There were 9 genuine new listings: meaning that they were not previously listed either by another Realtor or at a higher price. There were 4 houses that went pending, and zero closed sales. Probably the most interesting thing I observed is that of the pending sales, 3 out of the 4 sold in 35 days or less. I checked the market history on all of them and these sales really did happen that quickly. So there is a place where market demand meets current economic conditions and properties sell. I also think that buyers who are in the market are watching the inventory and jumping on the good deals. On the flip side is the 4th pending sale. It took 574 days to receive an accepted offer. It was originally listed for $1,199,000 and finally priced dropped, after such a long market time, to $689,000 in order to get it gone.

NEWLY LISTED (February 9, 2009 – February 15, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # BR # BTHS Total SF Prop Type List Date
92 GALEN ST $119,500 1 1 689 CONDO 2/13/2009
45 EAGLE CREST DR $119,900 1 1 600 CONDO 2/15/2009
11 CRESTFIELD CT $149,000 1 1 650 CONDO 2/13/2009
5051 FOOTHILLS DR $249,999 2 2 991 ATTACHD 2/9/2009
1960 MAPLELEAF RD $325,000 3 2 1,210 DETACHD 2/9/2009
178 PINE VALLEY RD $475,000 5 3.1 2,999 DETACHD 2/12/2009
17196 KELOK RD $750,000 3 2.1 2,500 DETACHD 2/13/2009
2400 DELLWOOD DR $899,000 4 3 3,180 DETACHD 2/10/2009
17590 KELOK RD 1749000 5 4 5,000 DETACHD 2/9/2009

PENDING SALES (February 9, 2009 – February 15, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
4 TOUCHSTONE DR $114,000 2 2 984 CONDO 35
750 1ST ST $196,500 2 2 1,350 CONDO 34
16978 CANAL CIR $350,000 3 2 1,962 DETACHD 4
4155 CANAL RD $689,000 4 2.1 3,736 DETACHD 574

There were no closed sales the week of February 9-15, 2009.

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.

If links to ACTIVE properties do not bring up property information, the listing may no longer be active, but rather expired, cancelled, pending, or sold

Open Houses for February 14th and 15th

This is going to be a great weekend to grab your honey and get out to visit some nice homes.

There is one house being held open on Saturday, according to the RMLS:

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

On Sunday there are 15 open houses being promoted on the RMLS:

5487 Tualata Ct, $264,900, 3 BR, 2 BTHS, 1200 square feet, open 1:00-3:00

5096 Tree St, $334,900, 3 BR, 1.5 BTHS, 1410 square feet, open 2:00-5:00

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

1650 Fircrest Dr, $399,000, 4 BR, 3 BTHS, 2266 square feet, open 1:00-3:00

964 Country Commons, $499,000, 3 BR, 2.5 BTHS, 2065 square feet, open 2:00-4:00

41 Hillshire Dr, $547,000, 4 BR, 3 BTHS, 2670 sqsuare feet, open 1:30-3:30

624 Livingood Ln, $564,900, 4 BR, 3 BTHS, 2596 square feet, open 1:00-3:00

5772 Bay Creek Dr, $599,000, 4 BR, 3 BTHS, 3242 square feet, open 12:00-2:00

17879 Hillside Dr, $674,900, 3 BR, 3 BTHS, 3049 square feet, open 12:00-2:00

15713 Tara Pl, $699,000, 4 BR, 2.5 BTHS, 3442 square feet, open 1:00-4:00

5267 Lakeview Blvd, $750,000, 4 BR, 3.5 BTHS, 3425 square feet, open 1:00-4:00

3030 Westview Ct, $948,000, 4 BR, 2.5 BTHS, 3415 square feet, open 2:00-4:00

17878 Hillside Dr, $995,000, 5 BR, 3 BTHS, 3462 square feet, open 1:00-4:00

5250 Dawn Ave, $1,095,900, 4 BR, 3.5 BTHS, 4333 square feet, open 1:00-3:00

581 Oak Meadow Dr, $1,475,000, 4 BR, 4.5 BTHS, 4745 square feet, open 1:00-3:00

Enjoy the weekend and Happy Valentine’s Day.

Observations on Current Inventory

lake-photoA few days ago I spent some time analyzing inventory. I thought I’d share with you some of my observations.

On the day that I did this, February 6, 2009, there were 418 single family, detached, homes for sale in Lake Oswego. Here is the breakdown by price:

$100,000-$199,999 = 3
$200,000-$299,999 = 13
$300,000-$399,999 = 41
$400,000-$499,999 = 48
$500,000-$599,999 = 44
$600,000-$699,999 = 38
$700,000-$799,999 = 28
$800,000-$899,999 = 30
$900,000-$999,999 = 37
$1,000,000+ = 136

If you have been reading the market activity reports on Mondays here at the propertyblotter, you have probably noticed that for the last several months there have been very few properties sold in the million dollar and over price range. In fact, it has been since early December that a sale has closed at that price point. 136 houses priced over a million dollars just seems like a lot of high-end inventory. In all of 2008, 45 houses sold that were priced at a million dollars or greater. At that rate, it will take a little over 3 years for the current inventory to be sold. What does that mean? It means that if you are in the market for a high-end, luxury home, you have lots of houses to choose from and motivated sellers will be making sacrifices to get their properties sold. I think that the sellers who truly have to sell quickly will be dropping prices and making concessions to secure a good sale.

Having said that, you will also have noticed that in this Monday’s market activity report two high-end homes went sale pending: one for $995,000 and one for $1,995,000.

It is very typical that the market is slow during the holidays. Seeing the two pendings this week can be seen as the market gearing up as we approach spring, which is a very active time for sales.

In doing this, I really enjoyed seeing the break down of the numbers in the more affordable price ranges as well. There are quite a few really nice homes that would not require jumbo loan financing. A jumbo loan is $417,000 or greater and typically has a higher interest rate than a conventional loan.

I also have from time to time compared the inventory of homes priced at $350,000 or less in Lake Oswego to the inventory available in Sellwood, a neighborhood in SE Portland. I have done this because I believe that Lake Oswego is often over-looked for affordable housing because of its reputation for million dollar housing. The first time I made the comparison, last April, there were 20 houses for sale in LO and 18 in Sellwood. The next time I did it, last August, there were 28 in LO and 32 in Sellwood. At the time of this current analysis I have found 36 in LO and 27 in Sellwood. So both areas have more houses for sale priced at $350,000 or less than they did 10 months ago, and Lake Oswego continues to be strong in this price range.

The least expensive house for sale in Lake Oswego, that is not a tear-down fixer, is priced at $189,900. It was built in 1955 and has 1320 square feet with 2 bedrooms and 1 bath. It’s on a very large lot in Lake Grove.

The most expensive house for sale in Lake Oswego is Jantzen Island. A private island in the lake of 5.5 acres with a 10,000 square foot main house and a 3500 square foot guest house. It’s priced at $19,500,000.

I am curious to see how our inventory changes as we go into the spring. With the current economy it is bound to be slower than normal. If anything, the current economy is increasing the number of homes in the more modest price ranges. And for buyers who want and are able to purchase a high-end home, there is great selection and some great deals to be found.

Market Activity Report – February 2-8, 2009

Lake Oswego saw 14 new properties hit the market last week.  We had 6 go pending, and 5 that closed.  Looks like some steady activity is continuing.

I think it’s interesting to note that some of the older inventory is moving, and some of the newer inventory is moving rather quickly, relatively speaking, as evidenced by 3 pending sales that had been on the market for over 8 months, and one other achieving pending status in just 7 days!  The other two were on the market for less than 3 months before getting to pending status.  As for sold/closed properties- one of the 5 had been on the market for over 11 months prior to sale, but we had one sell in about 2 weeks, and 2 that had been on the market for 5 &  a just a little over 5 months.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (February 2—February 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # Beds # Baths Tot. SF Prop Type List Date
45 OSWEGO Summit $139,900 1 1 764 CONDO 2/2/2009
3882 BOTTICELLI ST $224,900 3 2 1,224 ATTACHD 2/3/2009
204 CERVANTES CIR $259,000 3 1.1 1,138 CONDO 2/3/2009
790 BOCA RATAN DR $269,900 3 2 2,112 DETACHD 2/6/2009
17304 MARJORIE AVE $333,000 3 1.1 1,340 DETACHD 2/3/2009
1685 MAPLELEAF RD $365,000 3 2 1,433 DETACHD 2/2/2009
1299 HIDE A WAY LN $425,000 3 2 1,893 DETACHD 2/8/2009
1510 FERNWOOD DR $595,000 5 3 3,291 DETACHD 2/4/2009
2957 GLEN EAGLES RD 599000 4 3 3,288 DETACHD 2/3/2009
5772 BAY CREEK DR 599000 4 3 3,242 DETACHD 2/5/2009
17879 HILLSIDE DR 674900 3 3 3,049 DETACHD 2/5/2009
1991 COUNTRY CLUB RD 879000 4 4 3,414 DETACHD 2/6/2009
17460 Wren CT 1495000 4 3.1 3,300 DETACHD 2/8/2009
4313 WESTBAY RD 2775000 4 3.1 4,000 DETACHD 2/2/2009

PENDING SALES (February 2—February 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
44 EAGLE CREST DR $114,950 1 1 798 CONDO 1/29/2009 7
95 KINGSGATE RD $310,000 3 2.1 1,669 DETACHD 12/14/2008 51
5291 CHINOOK CT $375,000 7 3 2,331 DETACHD 12/8/2008 286
4761 LAMONT WAY $390,000 3 2 1,816 DETACHD 11/13/2008 83
1555 BAY VIEW LN $995,000 4 4.1 4,775 DETACHD 1/19/2009 277
13200 THOMA RD $1,995,000 5 5.2 7,648 DETACHD 11/4/2008 504

SOLD (February 2—February 8, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # Beds # Baths Tot. SF Prop Type List Date CDOM
3668 SPRING LN $199,900 $164,400 2 2 1,120 CONDO 1/6/2009 16
4206 WOODSIDE CIR $284,900 $284,900 2 2 1,799 ATTACHD 8/3/2008 151
1640 WORTHINGTON ST $359,900 $335,500 4 3 2,342 DETACHD 10/28/2008 66
5079 W SUNSET DR $458,650 $365,000 2 2.1 1,760 ATTACHD 7/25/2008 336
13217 FOX RUN $610,000 $508,200 4 3 2,706 DETACHD 6/23/2008 160

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.

Open Houses for Sunday, Feb. 8, 2009

Ok… no weather predictions from me this time! …Although I hear it’s supposed to be dry & partly cloudy/sunny till the late afternoon on Sunday… Ok, I couldn’t help myself.

There are 25 properties on the Open House list for Sunday. Nearly all of them are detached single family residences.  SW 62nd Ave. is a Portland address with Lake Oswego Schools designation.

Here are those that will be held open according to RMLS:

45 Oswego Summit           $139,900   1 Bd,   1 Ba         Open 1-3

13561 SW 62nd Ave         $294,900   3 Bd,  1  1/2 Ba   Open 10-11:30

4458 Thunder Vista Ln      $319,000    3 Bd,  2  1/2 Ba  Open 12-3

820 McVey Ave                  $335,000   3 Bd,   1  1/2 Ba   Open 1- 3

14371 Holly Springs Rd   $414,900     4 Bd,   2  1/2 Ba  Open 2-4

1651 Larch St                  $429,000     4 Bd,        3  Ba   Open 1-3

15  Masaryk St                 $429,900    4 Bd,        3 Ba    Open 12-3

14431 Orchard Springs Rd$439,900 3 Bd,   2 1/2 Ba    Open 2-4

3 Cellini Ct                        $465,000   4 Bd,  2 1/2 Ba     Open 12-3

14498 Camden Ln            $469,900   4 Bd,   2 1/2 Ba    Open 12-3

5807 Ridgetop Ct             $539,900   5 Bd,   2 1/2 Ba    Open 1-4

624 Livingood Ln              $574,900   3 Bd,         3 Ba     Open 1-3

3254 Duncan Dr               $599,900   4 Bd,    3  1/2 Ba    Open 2-4

17706 Marylbrook Dr        $685,000   3 Bd,  2  1/2 Ba      Open 1-4

15713 Tara Pl                   $729,000   4 Bd    2  1/2  Ba    Open 12-2

15195 Lily Bay Ct              $875,000   4 Bd,   2  1/2 Ba     Open 1-4

18051 Kelok Rd                 $899,000    5 Bd,   3 1/2 Ba     Open 1-4

3030 Westview Ct            $984,500   3 Bd,  2  1/2 Ba     Open 12:30-1:45

1619 Bay View Ln             $959,000   5 Bd,    3  1/2 Ba   Open 1-3

3600 Southshore Blvd      $999,000   3 Bd,  2  1/2 Ba     Open 2:30-4:30

943 SW Atwater Rd         $1,150,000   4 Bd,   2  1/2 Ba   Open 1-4

16359 Chapin Way          $1,398,000    4 Bd,   3 1/2 Ba  Open 1-4

15905 Oswego Shore Ct $1,590,000   4 Bd,  3  1/2 Ba   Open 1-3

1799 SW Atherton Dr       $1,595,000    5 Bd,   5 1/2 Ba  Open 2-4

2500 Glen Eagles Rd        $2,695,000   5 Bd,   4  1/2 Ba Open 1:15-4

No Loans?

You hear it every day: “There are just no loans out there.  No one is lending.” Well, I’m here to tell you that this is just not true.  While it is true that all lenders have become more restrictive, and the news media asks “Where did all that money go?”, there are still indeed lenders staying focused on moving forward through the morass, and doing good business with qualified home buyers.

I think we all agree that the changes in qualifying standards are good for the community at large, and good for individual buyers. Sometimes it is also helpful to have a program that takes a holistic approach to the individual applicant.  There has been a lot of light shed on the downsides of 100% financing, but a buyer in good credit standing with a qualifying debt to income ratio along with other complying factors, first-timer or not, can really benefit from a good 100% program.

I work with a variety of lenders I trust in order to be able to recommend good lending sources to my clients.  I say this to make sure you understand I am not recommending any one lender, and encourage any buyer to check out all their options (there are more than you think!).  That said, I was struck by the program at KeyBank, as were my cohorts, and thought it worthy of some blog space. I am particularly encouraged when a lender in today’s economic climate makes a point of supporting the local community, and that is what we appear to have here.  I’ll give you some details below, and would be happy to point you to a contact person at KeyBank if you’d like more info. As always, if you are working with a Realtor, please do consult them for advice and recommendations on lenders they trust.

OK, here are the main points pertaining to the KeyBank 100% program:

  • Financing is 100% w/no mortgage insurance
  • 30-year fixed w/no prepayment penaltynewkeybank-032-blk-pc1
  • 620+ credit score
  • On the job for 2+ years
  • Primary residence only
  • Seller contribution allowed to a maximum of 3%
  • Must have at least $500. in the bank
  • Must also have one month’s PITI available (this, however, can come as a gift)
  • Fees are: $395./appraisal, $300./processing, $300./underwriting
  • Max 42% debt-to-income ratio
  • If self-employed, must give 2 years’ tax returns
  • Must have 2 years’ satisfactory rent or mortgage payment history
  • Rates vary all the time, but today I’m told you’re looking at approx 5.5%
  • (for more info, email me and I’ll put you in touch w/a rep for KeyBank)

Now, there is another component, and that is geographical area.  There are certain areas that have been identified as fitting into the program’s guidelines.  To find out if a property you are interested in fits the guidelines, enter an address here:   http://www.ffiec.gov/Geocode/default.aspx

Granted, in order to meet the guidelines in Lake Oswego, you are probably looking at homes in lower price ranges and/or condos in order to qualify. If a property of interest does not fit into the geographic guidelines, you can still take advantage of this program, but would most likely need to have an income of less than $52,000. according to the KeyBank rep. with whom I spoke.  This is a great program for first time buyers or those wishing to purchase a condo or starter home  in Lake Oswego!

I hope this info was helpful.  Please do feel free to contact me with any questions. There are still lots of programs out there with several lenders suited to those who meet credit and debt to income standards that vary with each institution.

Very Best,

Linda