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Tigard, OR Real Estate News

By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
You read the MLS and it says "REMODELED". It has an amazing price and you call your buyers who get excited and head over to meet you before anyone else has a chance to put an offer in. Now, things get exciting. The house looks amazing, so you put in an offer, it gets accepted and then you order the inspection.It turns out that remodel was only cosmetic! As the inspector is climbing in and around the kitchen, and the attic above the kitchen, he finds beams burnt through that weren't replaced, and cabinets that still have water damage from the fire department on them. It looks like this family took the insurance money and only covered the damage and kept the rest of the money!No where does it mention in the disclosures that there has been a fire, heck there is no place to put something li...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
About two years ago I had a client buy a new home and put a lot of her stuff in to a POD. What I didn't know was she put me as an emergency contact on the account.On Wednesday, PODS called me saying they have been unable to reach my client and her POD was going to auction tomorrow unless they received $1900 before 9am the next day.WOW! OK, time to make some phone calls. I call one of my friends who goes to these auctions all the time and he asks for the account number. If he could get it for under $1000 he would take the stuff and work out a payment schedule with my client or me.GREAT! A $900 savings would be awesome. So, I call my past client and leave her a message with exactly what I am trying to do for her. But, no return phone call from her was received.Now Thursday is over and the...
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By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
Looking for something fun and creative to do rather than the ususal shopping, eating, bowling or biking?  Why not trying bringing a classic video game to life?!  Trek around downtown Portland avoiding ghosts and collecting pellets in a life sized version of PacMan! Use a cell phone to get instructions on where to go and how to avoid the ghosts who are chasing you.  It's something a little different and gets you out visiting the city. http://www.webmonkey.com/blog/WhereCamp_PDX_Takes_on_PacManhattan PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com (make sure you leave comments)
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
OK, I have to admit when I first thought of writing this post I was only going to take away my sellers 1st amendment rights. But, after remembering a situation last year, I've decided it best the take the 2nd amendment away as well.OK, of course I'm joking, but I am going to strongly encourage that sellers take political signs out of the front yard, when trying to sell their home. It doesn't help curb appeal and it takes away from the house. Here are two situations from this last week to show how those signs over shadowed the house! (To be fair, one from each side of the aisle.)The first was a yard that had a McCain/Palin sign in the front yard. By the time we got to the front door the jokes were already flying. While walking through the house they were joking and asking things like, "W...
Comments 16
By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
The Tony and Libby Kelly Group | Keller Williams Portland Premiere | 503-753-7300 10155 SW Murdock St, Tigard, OR Fantastic Tigard Remodel on 1/2 acre lot! 3BR/2BA Single Family House offered at $409,900 Year Built 1970 Sq Footage 1,794 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 2 Parking 2 Car garage Lot Size 20,473 sqft HOA/Maint $0 per month DESCRIPTION Lease with Option to Purchase: Term: 1 or 2 Years (negotiable) Rent: $1,995 with 50% credited toward purchase at closing Option Consideration: $5,000 - $10,000 (depending on credit) Total Move In: 1st Months Rent + Option Consideration Purchase Price: $430,000 Seller Financing: Purchase Price: $415,000 Down Payment: 5-10% (depending on credit) Interest Rate and Term: Negotiable Example Payment: $2,179 (with 5% down payment) + prop...
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By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
September Residential Highlights While sales activity in the Portland metro area continues to slide, the slope of the decline leveled off a bit in September. From August to September, closed sales have averaged a 12.9% decrease over the last five years. This year, however, closed sales only fell 7.3% (1,640 v. 1,770) from August to September. Pending sales dropped 10.6% (1,705 v. 1,908). New listings also decreased 4.5% (4,200 v. 4,398). Similarly, comparing September this year with September 2007, pending sales are down 11.7% and closed sales dropped 12.1% (see table below). That’s less than half the drop we saw at the same time last year. At the month’s rate of sales, the 17,006 active residential properties would last approximately 10.4 months.   Third Quarter Report In the third qua...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
It was April 2005 when I read my first book about owner financing and lease options and I realized how many people needed help to buy a home. I did everything I could to learn how to structure these deals, but I realized then that it wasn't the way to riches and I had to take on a 2nd job if I wanted to stay in real estate.What was that 2nd job? It was helping people repair their credit so they could exercise their option on a lease option, or refinance after a few years in to an owner financing contract, so they could lower their interest rates or sell and buy another home on traditional financing.The problem is that this 2nd job is now taking more and more of my time and because of that I can no longer offer my credit counseling services for free. I have now teamed up with a couple mo...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
  I've seen some strange things working with lease options, but a two month lease option has to be the strangest. The sellers and I thought about this long and hard and something just doesn't add up on this one.The seller's agent called me because they know I specialize in lease options. She asked if I have any homes in a certain area, that aren't on the MLS. I do have those from time to time, and this time I happen to have one.You see this is when things started to get strange... when I told her about the house. She said that it would be perfect and wondered if my seller would be willing to accept $10,000 down and pay her the full commission up front. I explained to her that this isn't how things traditionally work with me and my lease option sellers. She would get 1% upon move in and ...
Comments 8
By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
 I was listening to a radio interview with a local home builder the other day and they were talking about having to file for bankruptcy. Renaissance homes built luxury homes in and around the Portland home market for some time now and I do have to say their homes look amazing.What happened is they had the money from the banks to build the properties, they had the sales contracts, but they made one mistake. You see they built the homes based on pre-build contracts and in a lot of these contracts that would be some times 9 months long, they would be contingent upon the buyers selling their homes. The problem came as the houses were being finished and Renaissance called the buyers only to find out they hadn't been able to sell their home and they were now backing out of the contracts. This...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
I had a situation early in 2007 where I was doing my first short sale and I was learning on the fly! I have to say, I wish I knew then what I know now! It was a very difficult transaction, but it didn't have to be a short sale, that is what was so interesting about it.You see, the bank made an error in their calculations. They estimated the amount due at closing to be more than actually was required, so this was going to be a short sale by some $2,500. Since this was a divorce situation and we were two days from auction, the bank was more than willing to take an offer that was only going to cost them $2,500.So, we show up at closing thinking all my seller had to do was to sign and the problem was going to go away and she was going to avoid foreclosure. But, the bank wasn't going to show...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
Over the past couple years I have closed many transactions where I am both the buyers and sellers agent and act as a neutral party for both in the transaction. It has worked out well and truly a win-win for both parties and both parties have walked away happy.But, what about a multi offer situation where one of the offers is yours? This is one situation that I have always handed the offers to another agent to present. I never wanted my hope to get both ends of the transaction to possibly influence the seller into taking the offer from a buyer I have brought forward.Within the last month, I have had this happen twice. I told the agents when they called to forward all offers to another agent that I'm good friends with so there would be no conflict of interest. I even forwarded my offer to...
Comments 113
By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
Will you call me back? That was the question I was asked by a potential buyer who called me today. That wasn't their first question, but it was their last. The first question was can you help us get in to a home under $250,000 on a lease option, with $20,000 down, and monthly payments under $1,700 a month.WOW! My first thought was, not if I could find this person a home, but was how I soon I could do it! But, their last question piqued my interest, why would someone ask such a question?Well, I asked why they asked that question. It turns out when they were searching online for lease options and owner financing homes, everyone they called either didn't have any homes at the time, but promised they would call them back and never did, or they just never returned their call from the message...
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By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
Bank of America announced today that they will be taking the most aggressive foreclosure prevention effort ever in the U.S.  Don't be giving them their props just yet, it is court ordered due to a law suit filed by 11 states for predatory lending practices.  Luckily all 50 states are eligable. Actually it is Countrywide who done wrong but they were just acquired by BofA.    Starting in December, financially strained borrowers who got their loan between January of '04 and December or '07 can try to get their monthy housing payment cut so that it is no more than 34% of their gross income.  This deal could help so many, especially those who shouldn't have been in those loans to begin with. This is the best program going and I find it so sad that it is forced instead of volunteery.  They ar...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
As more and more people realize that they may have to go in to default, I'm starting to get more and more calls from people asking me how to talk to their banks about how to avoid losing their homes.The story time after time is that they called their bank and the banks all say, "Sorry, can't help you until you are already in default." Now, I've been able to help a few of these people, but most of the time I have to sit down with them and discuss their options with the HOPE program, talking to a lawyer to contact the bank or just stop the payments until the bank is ready to talk.I tell the people that I understand that they don't want to ruin their credit and are looking for options, but the banks just aren't willing to listen and I just can't understand this. Most of these people are ju...
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By Wayne B. Pruner, Tigard Oregon Homes for Sale, Realtor, GRI
(Oregon First)
Personal property can help a house sell faster. The Seller of this home is obviously a well-heeled, astute, serious seller. I am in a quandry on what to do if my buyer wants this egg-carton collection. How do I come up with a value for this collection that does not insult the Seller and have him reject our offer, and still be fair for my client? What is the current market value of this collection? I have not seen anything as unique as this on Antiques Road Show and a Google search of "egg-carton appraisers" turned up nothing. I hope this home does not sell before I get this figured out! To see other things that really help a house sell faster, read Refrigerator Magnets are Toxic. Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is read...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
Friday, we all heard the news as it hit the TV, radio, internet, and newspapers that the house had passed the 700 billion dollar bailout. We all sat and wondered if and how it was going to affect the buyers and our house sales.Now, something certainly happened, but did it really have anything to do with the bailout? On Friday night at about 6pm PST, I got my first call asking me about the bailout and what I thought it meant for the nation and the home selling and buying market. After a long conversation, the person on the phone wanted to set up an appointment to meet at my office this morning. After that, we got them pre-approved and started to look at homes.Then, about 15 minutes after that call, one of my sit-on-the-fence buyers calls and though we hadn't looked at any homes together ...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
This is a question I got from a buyer yesterday and as a person with 3 kids of my own, ranging from ages 4 to 10, I couldn't believe I was being asked this question. I personally think this is a question that I shouldn't have to be asked. Without kids, we don't have a future and I want them to learn about life and the home buying process. I love kids and I told them I would send some of my past posts about kids on appointments to look at homes and how sometimes the biggest joy I get out of life is getting kids to laugh or kids getting me to laugh. I coach baseball, softball, did Junior Achievement, Big Brothers/Big Sisters and have done S.M.A.R.T. (Start Making a Reader Today), because I love kids and welcome them at every chance I get. Then I started joking with them that they had bett...
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By Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE
(Keller Williams Realty Portland Premiere)
WES, or Westside Express Service is the commuter railway system that was scheduled to begin service this November but now has been pushed back to February.  The manufacturer, Colorado Railcar Manufacturing LLC, seems to be having money problems.  Also, more time is needed for saftey testing, especially after that commuter rail crash in Los Angeles.  Apparently CRM has been having financial issues for months and when Tri-Met realised that CRM's suppliers were not being paid, Tri-Met stepped in and paid them directly, putting the project $3 million over budget.  Buying from another manufacturer is not an option because CRM is the only U.S. firm that builds the DMUs that meet federal safety standards, and the purchase complied with the Buy America requirement. Taking the extra time to do s...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
If you have been watching the news the last couple days, then you know that the reports say that it is getting harder and harder to get financing for cars, college, and especially homes. But, what does this do you, for the average home owner that has a home they have to sell?I can tell you it leaves you in a position that a normal agent will either have to wait until the banks start lending again or start lowering the price until you find someone who can either pay cash or has a good enough down payment and credit to purchase your home.Well, that doesn't have to be the case! Have you ever heard of owner financing? I've been in the market of selling homes on owner financing for 4 years now and I can tell you that more and more banks are letting sellers sell their homes on owner financing...
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By Todd Clark - Retired, Principle Broker Oregon
(eXp Realty LLC)
Are in the market for a home that is either in a short sale situation or is already owned by the bank? Don't think just because the home is in this type of situation that they can't be human and get the bank to give you the home over other offers.When I negotiate for a buyer for a home that is either a short sale or a bank owned property, I have my buyers put in a letter telling the bank about themselves and why they really want the home. You know what happens when I do this? The bank actually shows they care and even if our offer isn't the best, we've won out over investors. You see, sometimes the banks are not actually holding the note on the home they are just servicing the note for an investor. They'll send the offers to the investor and every once in awhile they show heart and let ...
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