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When I get the call and I do on a daily basis with the question in Beaverton, Oregon, “Are foreclosed homes easier to buy than short sales?” I have to say, it really depends on who holds the foreclosure as each bank is different, just as it is with each seller.

You see, I’ve had REO properties that have sold in 7 days for cash before because the bank was willing to work with the buyer, utilities were turned on right away for the inspection, the listing agent did what they needed to do right away, everything went smoothly.

But, then there are those other cases… Where the bank won’t turn on utilities, the listing agent doesn’t return calls or emails for weeks after the offer has been accepted and it is delay after delay after delay. I do think in most cases foreclosures are the better choice unless the short sale has been pre-approved, but you just need to be prepared as you may not be moving in next week as planned.

Here is a recent example that even when we thought my buyer would be moving in, all of a sudden the door was slammed on us at the last minute and no one seems to know by who. HUD (Housing and Urban Development) is a great source for foreclosed homes. But, in two recent cases it makes me wonder how the government can criticize banks when they themselves don’t seem to know how to deal with a foreclosure.

One had the buyer already signed and HUD came back and said “We can’t close we forgot to do a lead based paint test” The only problem is no one knew who ordered it and why? So now we have a buyer sitting here three weeks later without a home and we are no closer to closing as far as we know. No one at HUD seems to know who ordered it, but they all agree we can’t close until that test is done, but no one will order the actual test.

The second case involving HUD took 8 months to close because of delays by HUD. Now, I know the website says you have 45 days to close on a HUD home and that is correct, you have 45 days, but HUD has all the time in the world.

Each case is different when it comes to foreclosures, I have one big bank that we have been waiting on for a week to have them sign the deed, and they even tried to fine my client a $100 a day for not closing when my client had signed last week. We had to tell them that the reason for the delay was them, not us, we have already signed. (The escrow officer had to laugh at the bank representative on that one)

So, if you are in the market for a short sale or a foreclosure, we are here to help, but just like anything in life, there is no strait, flat answer, but in general, foreclosures do close faster and with less complications than short sales.

Click on the map below to search all available Beaverton foreclosed homes

Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

 

 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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