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

6 Listings found with the following criteria:

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

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Address:
10651 SW LANCASTER RD Portland, OR 97219
Price:
$375,000
Sqft:
1861
MLS#:
20507745
Built:
1954
Beds:
3
Baths:
2.0
County:
Multnomah
Nhood/Bldg:
ARNOLD CREEK
Taxe/yr:
$6,182.76
Schools:
Stephenson / Wilson
Lot Size:
20,000 SqFt to .99 Acres
Acres:
0.5
Courtesy:
Oregon First
Zone:
R10
Status:
Active

View Details
1 level FIXER on huge lot. Originally built in 1954, Remodeled approx 20 years ago. Master suite addition with gas fireplace approx 15 years ago. Extensive deferred maintenance. CASH only. Hardwood floors, 2 fireplaces, master with walk-in closet and nice bath with shower and separate soaking tub. Cash only. Appointments available at 15 minute intervals 7/5, 12-3, and 7/6, 3-6. Covid protocols must be used. Wear a mask. Gloves will be provided. Do not walk property without agent accompaniment
Address:
9915 NE 65TH ST Vancouver, WA 98662
Price:
$330,000
Sqft:
1698
MLS#:
19351764
Built:
2001
Beds:
4
Baths:
2.0
County:
Clark
Nhood/Bldg:
Covington Crossing
Taxe/yr:
$3,068.24
Schools:
Orchards / Heritage
Lot Size:
5,000 to 6,999 SqFt
Acres:
0.15
Courtesy:
Keller Williams Realty
Status:
Active

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Must see home with lots of features - central air, whole house humidifier, 4bed plus a large bonus room, covered patio perfect for entertaining. Low maintenance vinyl fencing for yard. Granite in kitchen and bathrooms. Master bedroom on main with walk in closet and master bath. Quite cul-de-sac.
Address:
1730 SE WENDY CT Gresham, OR 97080
Price:
$325,000
Sqft:
2148
MLS#:
20083187
Built:
1975
Beds:
3
Baths:
2.0
County:
Multnomah
Taxe/yr:
$3,962.98
Schools:
Kelly Creek / Sam Barlow
Lot Size:
7,000 to 9,999 SqFt
Acres:
0.16
Courtesy:
Knipe Realty ERA Powered
Status:
Active

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Diamond in the rough - great home on cul de sac with metal roof, RV parking, covered patio with brick BBQ mount, open kitchen/living area, bring your paintbrush and hammer and it will really sparkle! A couple of unfinished projects but seems to be solid home overall.
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:
$4,163.56
Schools:
James John / Roosevelt
Courtesy:
Found! Realty, LLC
Zone:
R1
Status:
Active

View Details
Bank Approved Price! Open concept condo with Chefs kitchen, SS appliances, new bamboo floors, eat bar&large pantry. Living RM 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:
29900 S BEAVERCREEK RD Mulino, OR 97042
Price:
$459,000
Sqft:
1570
MLS#:
20051418
Built:
1970
Beds:
3
Baths:
1.0
County:
Clackamas
Taxe/yr:
$2,206.75
Schools:
Molalla / Molalla
Lot Size:
20,000 SqFt to .99 Acres
Acres:
0.76
Courtesy:
Iron Gate Realty Group
Status:
Active

View Details
2 acres on Beavercreek rd. Home is a major fixer.
Address:
2402 NE 77TH AVE Vancouver, WA 98664
Price:
$249,000
Sqft:
1275
MLS#:
20295288
Built:
1997
Beds:
2
Baths:
2.1
County:
Clark
Taxe/yr:
$1,889.54
Schools:
P S Ogden / Fort Vancouver
Courtesy:
Realty One Group Cascadia
Status:
Active

View Details
Short Sale priced to sell! appointment only, Two story townhome, near Vancouver mall! Turn key home, two master bedrooms upstairs with walk in closets and private bathrooms. Half bathroom downstairs, new flooring throughout, laminate floors downstairs, carpet upstairs! new appliances, A/C. Open concept with cozy gas fireplace. Off a quiet dead end street! Don't miss this one!

6 Listings found with the following criteria:

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

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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.