What does the future hold for Portland Real Estate Investing?
Scott Pelley reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.
I have argued with just about anybody that will listen that we are far from seeing the end of this crisis. So what does this mean for buyers and sellers in today’s market?
Sellers: If you plan on selling in the next 3-4 years, do it now. If you think you might fall behind on your payments and need to face a possible short sale, deal with it now.
Buyers: If you are planning on holding on to the house for less than 10 years, don’t buy it. If you plan on keeping the house for 4-5 and then renting it out, buy it. Just make sure your numbers make sense if there was no appreciation.
Investors: There are TONS of deals to be had out there, make sure you know what you are doing, and DO NOT throw anybody under the bus. There are many ways to make great money in this market and you can do it while helping, not hurting, others. It looks like there will be great deals for the next few years, don’t ruin your reputation for a few bucks and lose out on future deals.
If you or anybody you know may be facing foreclosure, please don’t hesitate to give us a call. We are actively buying and selling investment properties. Even if we don’t buy your home, we have hundreds of buyers waiting to purchase a great home. Please give me a call at 971-235-9561 to discuss your options.
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Arnold
I really appreciate the kind comments. I am been writing my blog since June 2009. I really try hard to put out some serious content. A person can spend 3 or 4 hours watching all the videos and reading the case studies. My phone has been ringing non stop for new short sale files coming in. As for the Portland market
I am sorry to say I see a ton of property who barely had equity crossing over into short sale territory. My mortgage banker friends tell me their refinance
business has dried up and they are focused more on purchases. I am of the opinion Portland tri-counties will fall another 5 to 10% .
The refinances they turn down and seeking modifications thru the HAMP program and having little to no success. As of November 30th 2009 the treasury issued guidelines for short sales. the program is called HAFA Home Affordable Foreclosure Alternatives.
They will officially been in place as of April 1st 2010. The jury is still out on whether servicers and investors will participate.
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