Portland Short Sales

Portland Short Sales

Short Sales are not as big a part of the market this year as they were in the past. For example in February of 2010 there were 1838 closed short sales in the Portland Metro area. Compared to January of 2014 with only 264 closed short sales in the Portland Metro area. Obviously, the market is moving away from short sales and is stronger than ever in the inner NE, SE, NW and SW areas. 

I closed a cooperative short sale in the past with Bank of America (BOA), and I must admit that it was very interesting.  Instead of being in an adversarial relationship, we worked together from the very beginning. In this type of short sale, the bank pre-approved a sale price, so if an offer comes in at the pre-approved price, the response from the bank should come within 48 hours.  This is quite an improvement compared to the 4 to 6 month wait usually associated with short sales. This year I have closed one short sale that was relatively easy from start to finish, so it is possible even in our recovering market. 

This page is primarily dedicated to properties that are "FOR SALE", but if you are interested in how to stop foreclosure in Portland, please give me a call 503-810-2219.

Search Results

3 Listings found with the following criteria:

  • Property type and category like any: CONDO, DETACHD, ATTACHD
  • Foreclosure status: Short Sale

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Address:
8531 SE 89TH AVE Portland, OR 97266
Price:
$399,000
Sqft:
1561
MLS#:
21078662
Built:
2019
Beds:
3
Baths:
2.1
County:
Multnomah
Taxe/yr:
$4,917.84
Schools:
Kelly / Franklin
Lot Size:
3,000 to 4,999 SqFt
Acres:
0.07
Courtesy:
Equity Builders Realty
Zone:
R5
Status:
Active

View Details
3 Bedroom 2.5 Bath home with one car attached garage close to public transportation. Quartz counter tops in the Kitchen with island. Hardwood floor throughout main level. Master suite with double vanities & walk in closet. High efficiency gas furnace and tankless water heater. Fenced low maintenance yard. Play structure to stay.
Address:
8712 N DECATUR ST 301 Portland, OR 97203
Price:
$252,000
Sqft:
934
MLS#:
19446074
Built:
2007
Beds:
2
Baths:
1.0
County:
Multnomah
Taxe/yr:
$4,322.31
Schools:
James John / Roosevelt
Courtesy:
Found! Realty, LLC
Zone:
R1
Status:
Active

View Details
Live a lifestyle of convenience in a contemporary condo w/breathtaking river views & views of iconic St John's bridge. Open concept condo with Chefs kitchen, SS appliances, new bamboo floors, eat bar&large pantry. Living room with closet, fireplace, new carpet and balcony. Close to shopping, food, & more in downtown St.John's. Storage Unit, Street Parking. Garage Space Available for 12k Extra, deeded.
Address:
1500 SW 5TH AVE 204 Portland, OR 97201
Videos:
Virtual Tour
Price:
$355,000
Sqft:
1319
MLS#:
19249750
Built:
1973
Beds:
2
Baths:
2.0
County:
Multnomah
Nhood/Bldg:
DOWNTOWN/CULTURAL DISTRICT
Taxe/yr:
$8,612.22
Schools:
Chapman / Lincoln
Courtesy:
David Hanzlik & Associates Inc
Zone:
CX
Status:
Active

View Details
Live on the quiet side...Just above both the city and the amazing Plaza grounds. Mature trees surround this nicely remodeled unit. Blond floors and Berber carpet. Very sleek bathrooms and roomy closet storage. The kitchen has SS appliances, granite counters & Birch cupboards. Very modern and light! New Samsung Stainless W/D. HOA includes water, sewer, recycling, garbage, Mgmt, Ins., many amenities, a pool, garden and 24/7 Security.Parking incl. Video @https://app.cloudpano.com/tours/u-ajulpZ_4

3 Listings found with the following criteria:

  • Property type and category like any: CONDO, DETACHD, ATTACHD
  • Foreclosure status: Short Sale

Narrow your search »

Portland Short Sales In 2013?

The mortgage debt relief act was scheduled to end on December 31st 2012, but lawmakers managed to get an extension of this law passed as a part of the "Fiscal Cliff" legislation.    The way that the law works is as follows: When a property owner sells his or her home as a "Short Sale" the bank takes a loss.  That loss could be a taxable event for the homeowner because it results in a 1099 from the bank to the homeowner for the amount of the loss.  The Mortgage Debt Relief Act extends the amount of a time that a homeowner can be exempt from this "Phantom Gain" until the end of 2013,

Short sale inventory in Portland has been drying up.  See the graph below:

Portland Short Sales 2012

As this graph clearly illustrates, the number of short sale listings placed on the market have declined substantially over the period of Jan. 2012 to Dec. 2012.   This decline may in part be to the uncertainty about whether or not congress would approve an extension of the Mortgage Debt Relief Act.

Now that the uncertainty has been removed for 2013, I expect many sellers who are still "underwater" to list and sell their homes.  Inventory in the Portland Metro Area remains low, and short sales are a significant part of overall sales.  In 2012, approximately 831 short sales were recorded in Portland.  There were about 1139 bank owned (REO) sales and there were about 6919 traditional sales.  In other words, about 9% of the sales recorded in Portland last year were short sales... about 13% were bank owned sales, and about 78% were traditional sales.

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