Foreclosed homes can sell as either HUD foreclosures or Bank foreclosed homes. While HUD foreclosure homes are sold by the Department of Housing and Urban Development, bank foreclosures are sold by lenders who would have foreclosed upon the homes.

A lender would generally begin foreclosure proceedings against a home owner when payments of the home mortgage have not been received continuously. The home is first put up for sale at an auction as part of the foreclosure proceedings. When a house does not sell at the auction, its deed/title is transferred to the lender.

Once the property is transferred to the lender it becomes a Real Estate Owned property (also commonly referred to as a REO property). Lenders/banks do employ the services of real estate agents/agencies to sell their foreclosed homes from time to time. However, approaching a lender to buy a foreclosed home is very acceptable.

Finding REO foreclosures in Portland has become quite easy, thanks to the internet. There are innumerable web sites that provide foreclosure listings, and Portland listings are part of all the prominent ones. You can have budget specific searches in specified zip codes.

Once you have made a short list of the houses that interest you, inspecting them is very important. Only upon inspection of these houses will you know of their condition. While some houses might be in close to perfect condition, others might not. Knowledge of the extent of repairs that would be needed should be essential in deciding a buying price.

Once the inspection is complete, you would negotiate the houses price with the lender. When the lender receives more than one offer for a foreclosed home, the home is usually sold to the highest offer (this decision lies with the bank though).

One thing that makes buying REO homes a safer option is that you normally do not have to worry about arrears linked to the home. After foreclosure, lenders normally take care of any unpaid taxes or secondary liens attached to the home.

With the large range of foreclosure homes in Portland, do take the time to go though as many options as you can before buying a house.

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When looking at Portland bank foreclosures you want to be aware of what price range you are looking for. If you are planning on using the Portland foreclosure homes property that you are buying as a rental or to resell you may want to look for lower priced properties. Putting your property on the market to sell or rent, will mostly bring buyers or renters looking for affordable housing. Purchasing a more expensive home can make it harder to sell or even rent, because the price you will be asking is going to be higher and it can make it harder to make a profit.

Portland foreclosure listings are still a great investment, despite the fact that Portland’s economy has slowed a bit, it is expected to recover. Unemployment in Portland is declining and the job market is currently stable. People will be looking for bigger and more luxurious homes as the economy continues to improve. You want to search Portland homes in foreclosure for the perfect investment for both your family and to be prepared for when the market surges. Current market homes are valued from $85,000.00 to over $450,000.00. So you can surely find the home you want to invest in when searching through Portland foreclosure homes.

Make sure you look into purchasing Portland foreclosure homes in areas that you would actually live in yourself. Buyers and renters typically look for good neighborhoods to live in. Making sure the Portland foreclosure homes are ones you would live in will go a long way to helping you have a great investment and get you are great resell value.

More Resources

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