Are you selling your home in Portland, Oregon? Options

Updated on 10/30/2020.

The decision to sell your house can be motivated by different factors. It may be that after years of hard work and raising a family, you want to move to a smaller and quieter place.

It may be that you accepted a job offer in another city, or perhaps, you want to acquire a larger property, or you need cash immediately. The reasons why people decide to sell their houses are quite diverse. Right now, another reason is the COVID-19 epidemic that has been wreaking havoc on the health and global economy. 

Here in Portland, even though the coronavirus cases have been few compared to other States. The CDC, and the local government regulations, cause the shutdown of hundreds of businesses. As a result of it, thousands of citizens were left unemployed. On top of that, months of protests and wildfires had affected an uncounted number of homeowners and small landlords. It has been extremely difficult for them to keep their mortgage loan payments up to date.

Many homeowners have considered taking the option offered by the CARES Act of postponing or deferring their mortgage payments. This is a good alternative when income is low, but this regulation has its limits, and after the terms stipulated by the law end, the months in arrears must be paid.

Today, the real estate industry has many resources to facilitate mortgage transactions. Below, I am going to present you with scenarios in which you can see some options to sell your property in our city of Portland

What Can You Expect When You Sell Your Portland Property Through a Real Estate Agent?

The decision to sell your house can be motivated by different factors. It may be that after years of hard work and raising a family, you want to move to a smaller and quieter place.

It may be that you accepted a job offer in another city, or perhaps, you want to acquire a larger property, or you need cash immediately. The reasons why people decide to sell their houses are quite diverse. Right now, another reason is the COVID-19 epidemic that has been wreaking havoc on the health and global economy. 

Here in Portland, even though the coronavirus cases have been few compared to other States. The CDC, and the local government regulations, cause the shutdown of hundreds of businesses. As a result of it, thousands of citizens were left unemployed. On top of that, months of protests and wildfires had affected an uncounted number of homeowners and small landlords. It has been extremely difficult for them to keep their mortgage loan payments up to date.

Many homeowners have considered taking the option offered by the CARES Act of postponing or deferring their mortgage payments. This is a good alternative when income is low, but this regulation has its limits, and after the terms stipulated by the law end, the months in arrears must be paid.

Today, the real estate industry has many resources to facilitate mortgage transactions. Below, I am going to present you with scenarios in which you can see some options to sell your property in our city of Portland.

Hiring a real estate agent to sell a house is the most traditional option used by homeowners, although popular, this option is not unique or the most effective when it comes to getting quick results.

A real estate agent is a highly trained person in all aspects of buying and selling homes. In Portland, they must have a valid license issued by the Oregon Real Estate Agency.

However, in times like COVID-19 a real estate agent is unwilling to sell a property that is in a forbearance program. A home loan that is behind is not attractive to real estate agents. Now, if the property is a rented house inhabited by tenants, they definitely will reject your business. 

A real estate agent guides you through the process of selling your house starting with:

  • A visit to your property before signing a representation agreement, which states that only the real estate agent is allowed to sell your property. If not, 15% of the sale must be paid to him as a fine. On the visit, your house price sale is determined by comparing other properties within the same neighborhood, which is called  “Comparative Value.” 
  • A preliminary analysis of the house conditions and location will be determinant to make a list of the recommendations that the real estate agent will demand you execute. These recommendations may go from deep cleaning of the place to major repairs to make the house attractive to potential buyers.
  • If the property is in physical-favorable conditions for sale. On behalf of your real estate agent, an appraisal will show up to value your house (you must pay for this service), after the appraisal process, paperwork will kick off the house sale. Then, the house will be registered in the MLS (Multiple Listing Service) lists. 
  • The real estate agent makes the necessary publicity to show your house in all possible means. He or she will suggest you to use social networks to do the same. You may add the sale of your house without forgetting to put the links and your real estate agent information so those interested in your property can communicate with him.
  • After that effort, be patient waiting for potential buyers to appear, and schedule the appointments for a physical or virtually visit. Today with the coronavirus is important to take precautions to protect everyone’s health. Many homeowners do not feel safe bringing strangers into their homes. Similarly, many buyers have been reluctant to go out for fear of contagion.
  • Receive a written offer and after you accept it, proceed to the paperwork to close the deal, and then, you will receive the money for the sale of your house. Generally, this entire process takes 90 to 180 days, if all goes well. The Better Off Home Buyers buying homes process takes between 2 to 30 days on average.
  • 8% of your house sale goes to pay for commissions and closing expenses. Remember, this money is paid from your pocket. Plus, payments and expenses that you have had to make repairs, cleaning, advertising, taxes, and so on.

Broadly speaking, these are the steps for selling your house into a traditional real estate sale process. An operation that could take 90 to 180 days. There have been multiple cases, where all the experience of a real estate agent is not enough, and it has been necessary to withdraw the properties from the market or sell them up to 25% less than the original listing price. 

What to Expect When You Sell Your Home to a Multi-Function Real Estate Company Like Zillow?

Zillow is a company specialized in the real estate sector its main business is the sale of memberships and information to real estate agents of people who want to buy or sell properties.  However, their activities cover the entire spectrum of the real estate industry within this range of functions they offer in Portland and across the USA.

When you contact Zillow because you need to sell your house, among other things, you must wait:

  • First, you join their website where you provide all the information about yourself and the property you want to sell in Portland,  they base on a computer program (software ) evaluate your property, and send you an electronic proposal that represents the comparative value of your home in your neighborhood. In most cases, Zillow’s estimate is above the real market price. This is a fishing bite because they want you to contact them immediately.
  • Normally, you have 3 days to respond to the proposal, when you do, they will make an appointment for you to have one of their appraisal experts visit your home. After the expert issues the report, they will send you another modified proposal, which comes with up to 25% less than the value of the original proposal.
  • If you decide to accept the reduced proposal, Zillow without an explanation will cut all means of communication with you for the next two weeks. during this period, it will be impossible to reach a company representative over the phone, that is, no one will answer the phone number that they advertise on their website.
  • By now, a month has passed, but if you still need to sell your home, the Zillow sales process will take 35-60 days. In the end, when you manage to close the deal, it has been much longer than you had imagined.

The above statements are based on comments from our clients, Zillow affiliated real estate agents, and employees who have written their reviews on listwithclever.com, consumeraffairs.com, and Reddit, among others. Due to the coronavirus, Zillow has temporarily suspended the purchase of houses, leaving many of their customers abandoned without completing transactions and without prior notice.

At our Better Off Home Buyers offices in Portland, we have received phone contacts from people claiming to be disgruntled Zillow customers, and actually, they were looking for help. They expressed their feelings of calm and confidence with us because we serve clients without intermediates. Any person who contacts us speaks directly with executive partners.

During confinement, we have implemented the technology used to make virtual property visits. When it has been necessary to do physical visits, we take all the precautions to protect our client’s health and ours as well.

Each of our physical property visits takes no more than 30 minutes. The appraisal we make, and the proposal that we present to the homeowner, does not vary unless it is an extreme case and it is beyond our reach.

What to Expect When You Sell Your Portland Home by Yourself? (Selling By Owner)

Many homeowners who want to sell their house in Portland, Place a “for sale” sign in a window and advertise the house sale on the available platforms on the internet. Without the assistance of a real estate agent or not contacting a professional home buyer as Better Off Home Buyers, the task alone is arduous.

Selling the house by yourself saves at least the agent commission, but the other expenses required, as hiring an appraisal, manage documents, escrow, title, lawyer, scheduling, and others, must be done. This effort represents money and time.

A homeowner seller has to coordinate and schedule potential buyers. He or she must have the time and patience to receive strangers in their house. According to statistics selling a house by owner takes from 8 to 12 months, and generally, it is sold up to 30% less than its compared market price.

The homeowner must make his home attractive to buyers, which means major or minor repairs, deep cleaning inside and out, gardening, and painting the entire house. It is all the same as in any traditional home sale. On the other side, when you sell your home to Better Off Home Buyers, you do not have to incur these kinds of expenses. 

When a homeowner wants to sell his house, listing a property can be challenging and intimidating, if you do not know how the real estate market operates, the experience of it will feel like if you are alone, paddling a canoe across the Pacific Ocean.

What to Expect When You Sell Your Home to Better Off Home Buyers In Portland?

Better Off Home Buyers is a company created, developed, and run by a Portland family. We serve people who need to sell their home in Portland, throughout the State of Oregon, and in other States of the US. We have helped hundreds of people who need to sell their properties for many reasons. 

During the coronavirus pandemic, we are having a lot of buying homes activity. Clients prefer our purchasing process to a real estate agent or Zillow process. Please compare

Here Is a List Of What A Homeowner Who Contacts Us Should Expect:

  • When a person sends his information to us by filling the form on this page or by dialing directly (503)212-9641, they receive our communication back in less than 24 hours.
  • We talk over the phone about the property you want to sell and make an appointment to visit the house in person. As we have said before, in this COVID-19 season, we can use virtual technology to visit your home remotely. If we need to go to your property, we will use gloves, wear a mask, shoe covers, and we will disinfect any area that we have touched. Our Physical visit to your home will be at the time you indicate, and it will last 30 minutes or so.
  • Following our home buying criteria, Better Off Home Buyers will present you with a written offer that will represent a win-win price. For us, a homeowner must get satisfied with selling his house to us, because many of the references we have come from satisfied clients.
  • At the moment you accept our offer, we start the needed documentation to purchase your house. Our house buying process may take between 2 to 7 days. After that time, You will receive a check for the value of your property, which you can immediately dispose of. 

When a home is sold through a real estate agent, you must wait for the bank to qualify and agree to loan the money to the buyer. With Better Off Home Buyers a seller does not need to wait for the banks to approve us, we have enough capital for house purchases. We don’t depend on lenders!

  • Our company Better Off Home Buyers buys directly. We use our capital, we do not depend on banks or lenders, so our clients do business directly with the owners of the company, not with employees who need the authorization to make decisions. Once our offer is accepted, and the necessary paperwork to legalize the sale get completed, the client will have his money in possession. Simple as that!
  • We are happy that during this epidemic caused by COVID-19, we can continue to providing excellent service to the Portland community. We make efforts to keep social distance and following the health recommendations by Oregon and the CDC authorities to avoid the coronavirus spreading. 

There is nothing more important to us than the health of our people. 

Conclusion

To sell your Portland property, or your rental home, or an income-generating multi-family unit, there are several options. Traditionally, people hire a real estate agent to conduct the sale. Other times they decide to affiliate to a reference real estate companies like Zillow, and in many cases, homeowners sell their houses by owner. Others prefer the most effective approach contacting Better Off Home Buyers.

Lately, the life of Americans and life around the world has changed dramatically. We have had to adjust quickly to the imposed changes of the deadly coronavirus pandemic. World-wide this adjustment has brought us many losses, not only losses of lives, but also economic turmoil that it doesn’t seem to end. and of course, an uncertainty that we did not have before.

But adversity must be faced with courage. When you fall, you must get up and carry on. We at Better Off Home Buyers extend a hand to help you in your economic recovery.

If you have been affected by unemployment, loss of business, tenants who cannot pay the rent. Maybe you have applied for a forbearance plan or an extension of it, but still, you can not comply with your obligations, and as a result of all these inconveniences, you see yourself forced to sell your property. Contact us, we can help you. Please fill the form on this page or call (503) 212-9641. 

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