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PORTLAND
OREGON
REAL ESTATE
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Facts About Portland Real Estate Values
Portland Fixed or Adjustable?
The fixed rate mortgages offer Portland real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.
Portland Real Estate or Homeowner’s Insurance
While it is necessary to have Portland Real Estate or Homeowner’s Insurance, there are ways to reduce your premium costs.
One: Raise your deductible. Deductibles are the amount you must pay towards a loss before your insurance company starts to pay. You can save costs on your overall policy by increasing the amount of your deductible. For example, according to a Federal Government paper on lowering Portland insurance costs, you can save up to 12% on your rate if you go with a $500.00 deductible rather than a $250.00 deductible.
Portland Real Estate Contract Options
Less common types of agreements include what is known as a “One Time Show,” and “Exclusive Agency,” and an “Open Listing” agreement. The One -Time Show and the Open Listing are similar and are often used by homeowners who wish to sell their Portland real estate on their own but will agree to pay a commission to an agent who brings a qualified buyer for the home. A Portland homeowner may agree to an Open Listing with several agents and also agree to a One-Time Show to any agent who has an interested buyer.
Guidelines for Buying Portland
Let’s say everything is a GO! You have found the perfect Portland home. You know you can afford it and it is actually priced below what you expected to pay. What a bargain! Yes there are bargains to be found in Portland. At this point it is fine to put in an offer on the property but only with a well-planned contingency. Of course, it the home is going to be financed, the lender will want a Home Inspection before agreeing to lend money on the property. However, you need to protect yourself by making an offer SUBJECT TO a clean bill of health from the Home Inspector of your choice. This kind of a contingency gives you an out if the inspector finds a problem with the roof, or foundation or other structural problem that was not apparent to the seller or to your agent. This does not mean you will not buy the house but you will have a good reason to renegotiate the price with the seller.
Buying a Portland Fixer-Upper
Finding the right Portland fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly.
Join my network of Portland buyers looking for specific types of properties. Call or Email me today.
Portland APPEAL
A large part of the appeal of the real estate market in any area is the architecture or the style of the homes themselves. The appeal of Portland is its appropriateness to the region in terms of style, history and weather conditions.
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