What Does it Mean to Have a Distressed Property in Portland?

Distressed property may be a property that is either in an advanced state of disrepair, which is obvious, and may also have landscaping that has grown wild and is potentially damaging structures or the foundation or facing an impending foreclosure procedure. Although listing and selling your home is a complicated and stressful process during the best of times, these problems become exacerbated by the pressures of time or financial stress. Should you have a distressed property in Portland, read on to learn what it may mean to you.

Time Marches On

If you have a distressed property in Portland because you’re facing a foreclosure, you’ve likely started receiving notifications from the lender, now is not the time to stick your head in the sand.  If you’re dealing with more significant problems with the house than you can handle, physically or financially ultimately, the longer you wait, the more expensive and extensive the repairs are becoming by the day. Another issue with listing your home for sale on the market with a distressed property is the additional reduction in price caused by the property lingering on the market because buyers prefer homes in ready-to-move-in condition so that you may get little interest on the MLS. Properties listed for a more extended period than the average listing give buyers pause when scrolling through properties and can further delay your sale. A direct buyer like those at Better Off Home Buyers will make you an offer with a guaranteed closing date within days or set to the day that’s convenient for you.

Using a Real Estate Agent

In a standard real estate transaction in Portland, sellers list their property with a listing broker and use a buyer’s agent to represent the potential buyers. They make an offer through their agent and work with them to negotiate a purchase price. Once both sides agree, they engage a title company to handle the closing process. At the closing table, money changes hands from the buyer to the seller via their chosen escrow company.

In addition to various commissions and fees, you’ll have to pay several months of homeowner’s insurance premiums during the transaction including any mortgage insurance that your lender requires due to your less than perfect credit or low down payment. This can be quite expensive so you want every dollar saved towards paying it off quickly.

Speaking of saving money, you should be able to avoid paying the seller’s agent commission if you can find a buyer’s agent to work with. That fee is normally around 5% of the purchase price which would come out of your profits.

Listing Your Property Yourself

Much like listing with a real estate agent when you have a distressed property in Portland, you’ll face all of the same expenditures, less the commissions. Your emotional and financial investment in the home can make negotiations difficult, especially when the offer is insultingly low. A direct buyer will lay out precisely what your home would earn through the listing and the expenses you would pay vs. accepting our cash offer, which comes with no out-of-pocket costs and is the amount you’ll receive at the closing. You can sell your house as-is to a direct buyer when you have a distressed property in Portland. The direct buyers at Better Off Home Buyers don’t hide any details about the amount of our offer, which you’ll agree is fair. 

Better Off Home Buyers

At Better Off Home Buyers, there are no pressured sales; we are upfront about everything because we want you to make an educated decision based on the numbers and the problems you face. By working with a direct buyer like those at Better Off Home Buyers, you can avoid the commissions and closing costs, making repairs, and all of the other typical out-of-pocket expenses and hassles of listing your home. The direct buyers at Better Off Home Buyers will stop, taking the time to listen carefully to you, understand your concerns, and answer your questions thoroughly, with no obligation whatsoever. We do this because at Better Off Home Buyers, we want you to be certain that you made the best choice out of all options available for your situation. Contact Better Off Home Buyers today at 503-809-4855 to learn more!

Scott

Hi, I'm Scott Dalinger a real estate investor in Portland, Oregon. I focus on helping homeowners and rental property owners out of negative situations by offering cash for their property. I research and write about real estate on my business website.

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