West Linn Short Sales and Bank Owned Property
Jody McLeod May 28th, 2009
I thought some of you might enjoy seeing a list of short sale and bank-owned homes in West Linn. Not surprisingly, there are quite a few.
In case you are wondering, a short sale is when the lender will take an offer on a house that is less than what the seller owes on the mortgage, and bank-owned means that the bank has taken possession of the home is now the seller. Both can be bargains in the making, but in the case of bank-owned homes, the banks can grow tired of holding them and stellar deals can be made!
Ron or I would be happy to share more information about these homes or show them to you.
Short Sales
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 2165 SNOWBERRY RIDGE CT | $122,000 | 1 | 1 | 740 | $165 | CONDO | 1/14/2009 |
| 2621 YORK ST | $179,000 | 2 | 1 | 810 | $221 | DETACHD | 1/9/2009 |
| 20593 S NOBLE LN | $185,000 | 4 | 1 | 1,874 | $99 | DETACHD | 3/26/2009 |
| 2010 16TH ST | $216,500 | 4 | 2.1 | 2,380 | $91 | ATTACHD | 2/9/2009 |
| 2464 DONEGAL CT | $219,950 | 3 | 0.2 | 1,532 | $144 | DETACHD | 5/12/2009 |
| 2784 SUNSET AVE | $220,000 | 2 | 1 | 736 | $299 | DETACHD | 4/18/2008 |
| 18640 MIDHILL CIR | $249,900 | 3 | 2 | 1,900 | $132 | DETACHD | 3/5/2009 |
| 4230 SUMMERLINN DR | $250,000 | 3 | 3 | 1,683 | $149 | ATTACHD | 4/25/2009 |
| 20431 S NOBLE LN | $269,000 | 3 | 2.1 | 2,239 | $120 | ATTACHD | 11/13/2008 |
| 3611 RIDGEWOOD WAY | $304,900 | 3 | 2 | 1,644 | $185 | DETACHD | 3/9/2009 |
| 6753 APOLLO RD | $306,740 | 4 | 3 | 2,238 | $137 | DETACHD | 11/7/2008 |
| 2055 Tumwater ST | $324,900 | 3 | 1.1 | 2,472 | $131 | DETACHD | 4/16/2009 |
| 22491 CLARK ST | $344,500 | 4 | 2.1 | 2,469 | $140 | DETACHD | 5/21/2009 |
| 3545 CHELAN DR | $349,900 | 3 | 3 | 2,132 | $164 | DETACHD | 10/30/2008 |
| 1255 SWIFT SHORE CIR | $355,000 | 5 | 3.1 | 3,241 | $110 | DETACHD | 3/10/2009 |
| 2108 BUCK ST | $380,000 | 3 | 2 | 2,817 | $135 | DETACHD | 4/14/2009 |
| 3486 PONDEROSA LOOP | $399,000 | 4 | 2.1 | 2,453 | $163 | DETACHD | 1/19/2009 |
| 1440 KILLARNEY DR | $399,900 | 4 | 2.1 | 3,044 | $131 | DETACHD | 1/14/2009 |
| 6820 APOLLO RD | $399,900 | 4 | 3 | 2,706 | $148 | DETACHD | 5/19/2009 |
| 19877 BENNINGTON CT | $424,000 | 4 | 2.1 | 2,320 | $183 | DETACHD | 5/18/2009 |
| 3248 SABO LN | $449,000 | 5 | 3.1 | 3,935 | $114 | DETACHD | 2/16/2009 |
| 1170 SWIFT SHORE CIR | $399,000 | 3 | 3.1 | 3,570 | $112 | DETACHD | 5/16/2009 |
| 28282 SW MOUNTAIN RD | $499,900 | 4 | 3 | 2,864 | $175 | DETACHD | 3/13/2009 |
| 1980 ALPINE DR | $574,900 | 6 | 3.1 | 4,204 | $137 | DETACHD | 1/15/2009 |
| 2637 BEACON HILL DR | $575,000 | 4 | 3.1 | 3,250 | $177 | DETACHD | 4/24/2009 |
| 22721 SW JOHNSON RD | $599,000 | 3 | 2 | 2,146 | $279 | DETACHD | 2/27/2008 |
| 6894 APOLLO RD | $649,900 | 3 | 2.1 | 3,695 | $176 | DETACHD | 9/15/2008 |
| 18575 OLD RIVER DR | $749,900 | 4 | 3.1 | 3,179 | $236 | DETACHD | 3/16/2009 |
| 889 SW HOFFMAN RD | $849,000 | 4 | 2.1 | 3,659 | $232 | DETACHD | 2/6/2009 |
| 2397 TAYLOR DR | $875,000 | 5 | 5 | 5,616 | $156 | DETACHD | 10/14/2008 |
Bank Owned
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DATE LISTED
|
| 4330 EXETER ST | $249,900 | 3 | 2.1 | 1,896 | $132 | DETACHD | 5/9/2009 |
| 5797 PERRIN ST | $299,000 | 4 | 2.1 | 2,755 | $109 | DETACHD | 4/12/2009 |
| 5670 SUMMIT ST | $339,500 | 4 | 2.1 | 3,063 | $111 | DETACHD | 5/27/2009 |
| 2365 ROGUE WAY | $359,900 | 3 | 2.1 | 1,903 | $189 | DETACHD | 3/30/2009 |
| 4089 S WILD ROSE DR | $457,900 | 4 | 2.1 | 3,273 | $140 | DETACHD | 1/26/2009 |
| 23012 S BLAND CIR | $575,000 | 5 | 3.1 | 4,698 | $122 | DETACHD | 5/20/2009 |
| 20425 WILLAMETTE DR | $640,000 | 5 | 4.2 | 6,828 | $94 | DETACHD | 4/21/2009 |
| 1400 SW BORLAND RD | $670,000 | 4 | 3.1 | 4,200 | $160 | DETACHD | 4/27/2009 |
You may also all view the homes listed in West Linn at www.westlinnlistings.com
Criteria: Homes in the 97068 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS ). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.
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Wow! Jody, many thanks for posting these. This is definitely an eye-opener for me. If we’re not at $120/sqft yet, we’re pretty darn close.
Question for Jody, Ron: I read somewhere that if a buyer were interested in a bank-owned or foreclosure home, that the buyer would need to contact an agent that specializes and is licensed to represent REO homes. Is this the case, or can the buyer use the traditional real-estate agent ? I’m new to the bank-owned market, and I’m hearing that buyers need to go through ‘special channels’ in order to get access to REO listings/properties etc. Can you please point me to a resource that explains how an interested buyer like me could take advantage of bank-owned, foreclosed, or short sale properties that are in the market right now ?
Also, do these homes qualify for a standard mortgage at the current market rates, or does a buyer need to pay cash for these homes ? Are there any ‘gotchas’ to financing a purchase of an REO ?
Thanks
dj.
dj,
You do not necessarily have to work with an REO or short-sale specialist (there is no license qualification, BTW) to buy a distress property. Most bank properties are listed in the MLS. There isn’t much in the way of ‘shadow’ inventory in this market.
‘Traditional’ agents like Jody and me show properties in all forms of ownership and condition. Short sale homes are the trickiest because your offer is subject to lender approval of transaction. The list price is one put forward by the listing agent in hopes of getting a quick offer, starting the conversation with the bank, and providing relief to the homeowner prior to foreclosure.
You make your offer to the homeowner, they approve it, then send it to the bank along with their hardship file for final approval. This process usually takes several weeks, even months.
REO properties are typically easier to purchase since the price is set by the bank and answers are usually pretty quick.
Most ‘distress’ sale properties are in as-is condition. Banks will not do much in the way of repairs. Short sale owners often don’t have the cash to get repairs done. Some will be cash-only due to structural or condition issues. I had one that developed mold in the basement while we were waiting to hear back from the bank on our offer. They offered another $7,000 discount to entice us to take it as-is.
While offers are written on ‘standard’ Oregon contract forms, the banks will often come back with their own addendums, citing additional terms and conditions, limiting some of your typical timeframes for inspections and other contingencies.
I’ll try to circle back with some additional resources.
I might add that if you are SELLING a home via the short sale route, it’s good to use an agent that specializes in short sales, or has experience in dealing with lenders and their processes in said sales. Banks definitely have their own set of systems (and paperwork) that they require buyers to follow.
Also, regular loans may be used to buy short sales and even REO property. It can vary from lender to lender. But, of course, if you have stacks of cash stashed under mattress, it may not hurt to bring it out and blow off the dust. Cash offers seem to have a way of catching lenders attention!
And just to reiterate what Ron said – lenders don’t want to do repairs in these kinds of sales. Make your offer as clean and easy as possible for the bank and your offer is much more likely to get serious consideration.