Portland Short Sales

Short Sales are making a bit of a comeback.  In 2024, I closed my first short sale since 2012.  When property values are not appreciating much, short sales become more common.  The real estate market in Portland Metro has been pretty flat for the past 3 years.  Some people paid top dollar and then some in 2021 and 2022, and if they need to sell now, they might be under water.  When you owe more on the property than what it is worth, selling the property to avoid foreclosure can result in a short sale.  A short sale means that the bank allows the transaction to close, even though they receive less than the amount owed.  The bank comes up short, so this is why it is called a short sale.

Typically short sales take a long time to close because the bank needs to establish that the seller is unable to make payments or pay of the amount owed.  Banks consider doing this when the alternative is foreclosure because foreclosure is bad for everyone involved. It is bad for the owner because it wrecks their credit.  It is bad for the bank because they have a property that probably hasn't been cared for that they need to sell.  A short sale is sort of a "less bad" scenario.  

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.