2020 has been a year to forget, or it may be a year that we will remember for many years to come. Looking back on it, we started it with a lot of confidence, a growing economy, and success in all aspects of our individual lives as in national life as well.
At the end of the third trimester, like an ambushed operation, COVID-19 was ready to strike. Its lethal fire is causing worldwide devastation. Millions of people have become jobless, hundreds of businesses have shut down. Regardless of age, we are learning to live in a “new normal,” “Social distancing and wearing a face mask,” is mandatory in everyday’s life.
The coronavirus is our invisible enemy that takes lives every second around the world. According to the Johns Hopkins Coronavirus Resource Center, there are more than 55 million deaths worldwide. At the time of writing this post, the deaths in the United States exceed 245 thousand, with more than 11 million people infected, increasing the number of cases, and setting new records every day.
George Floyd‘s death, in May, sparked uncontrolled protesters across the country. In Portland, protesters looted and destroyed hundreds of businesses and personal property. Angry protesters vandalized monuments and toppled statues. The new downtown Portland face is riot fences, sheltered plywood shops, and graffiti.
The traditional process of selling houses has changed too. Home sellers and buyers don’t want any physical contact. Technology became an essential tool to show properties, attend clients, and close sales.
Selling Your House Through The Technology.
At Better Off Home Buyers, we are using all available technological tools to continue doing our job safely and efficiently. The use of technology has been a great advantage to us because it helps us stay in contact with our customers and comply with CDC and Oregon regulations to prevent the spread of the virus.
Our Social-distance buying house process starts when a client contacts us by filling the form on this page or dial directly (503) 212-9641. During the first phone conversation, we set a virtual appointment to see the property. We have contact lines available like Facetime, Sky, and Zoom.
Through technology, we can see the house, meet our customers, and discuss the opportunities available for both parties. Sometimes seeing a property through technology is not enough. There are hundreds of details a camera can not capture. So, the next step is visiting the house in person.
During this coronavirus time, we take into account all the precautions recommended by the health and Oregon authorities. We wear gloves, shoe covers, face masks, and maintain a 6 feet distance as a minimum. Our physical presence in our customer’s house lasts about 30 minutes. After that, we present our client with a written win-win offer.
We Keep Working Under The Pandemic Threat.
COVID-19 is a devastating epidemic that is destroying lives, the economy, and has reshaped the landscape of many industries. Everything in our life, including the interaction with our families, jobs, school classes, sports, entertainment, going to church, etc., is a new task for all of us.
At Better Off Home Buyers, we have adjusted to the new normal. We continue to offer our help to homeowners who need or want to sell their homes during this crisis.
The number of leads we have been receiving since the pandemic broke out doubled those of the pre-pandemic. The reason for this increase is due to the high unemployment figures and misinformation that homeowners have received from their mortgage servicers.
Hundreds of homeowners in Portland and across the US are in danger of losing their houses. Many people with forbearance mortgage plans may not get back on track after the forbearance plans end. The authorities announced the second wave of contagious and the new restriction in Oregon to avoid the spread of coronavirus.
The measures taken by Oregon have the noble purpose of saving lives, but the economic aspect of the efforts could be devastating. Potentially, 2021 would be the year of evictions and foreclosures.
We believe hundreds of homeowners will need to sell their homes. Furthermore, we believe that the real estate market will have to continue adjusting to the new pandemic situations to survive. In Better Off Home Buyers, We are prepared to face the second Coronavirus wave and the challenges the market will bring in.
If You Need To Sell Your House During The Pandemic, We Will Buy It.
“As of November 10, there are now 2.74 million homeowners in active forbearance plans, representing approximately 5.2% of all active mortgages, down from 5.4% from last week. Together, they represent $559 billion in unpaid principal.” Black Knight report.
With COVID-19 cases on the rise in Portland and across the country, new unemployment figures and the beginning of forbearance will cause the foreclosure curve to point upward.
There are near 3 million loans in forbearance across the nation. This number will be higher by the end of the first quarter of 2021.
Forbearance homeowners face the dilemma of losing their home or selling it. People who have stopped making their mortgage payments are responsible for the missing amounts, penalties, and interests. The IRS considers the unpaid mortgage as income. In other words, you must pay federal income taxes for the money you didn’t pay to your lender in a fiscal year.
While a property is in forbearance, the landlord must suspend all evictions for tenants unable to pay rent. Property owners with Enterprise-backed mortgage loans in an extended forbearance or repayment schedule, or who enter into a new forbearance agreement, are also prohibited from:
- Charging late fees or penalties for nonpayment of rent during the property owner’s repayment period for the forborne amount of the loan;
- Requiring tenants to repay back rents in one lump sum without providing flexibilities; and
- Evicting tenants during the property owner’s repayment period without a 30-day notice to vacate the property.
Better Off Home Buyers can buy your property in no time. Normally we close in 7 days. However, each case has a different closing time; it can be from 2 days or up to 30 days.
Covid-19 has worsened the situation of people who lived from paycheck to paycheck.
Homeowners, independent landlords, and tenants alike have received the strongest attacks from the pandemic. The lack of income is taking everyone to the edge of insanity.
For everyone, having a home is a dream. A house is the embodiment of the American dream, but for many, this dream has turned into a nightmare. The good news amid this virus-driven craze is that the solution to the problem is at hand.
A homeowner can sell his property regardless it is in a forbearance plan, foreclosure, with tenants, payments behind, or any other condition.
We buy houses as-is. Through the years, our company had helped hundreds of homeowners in need of selling their properties. We understand human emotions when a money-strapped homeowner realizes that they must sell their property to avoid major problems. We have a purchase house criterium that includes respect and empathy to the person who needs to sell his house.
Our Process to Buy a Forbearance House.
Like any company, we have standards, vision, goals, criteria, and overall ethics to be applied when we buy a property. Our process to purchase a house is transparent. Always, under the legal federal and local guidelines, we work to help our Portland community and to grow as a business as well.
Our working team includes well-trained professionals in the real estate field, Lawyers, accountants, and public relation associates that are willing to provide an excellent service.
The actual home purchase process starts when a client contacts us, either by filling the form on this page or by dialing directly our phone number (503) 212-9641.
After the initial contact, we called back the client to have a conversation about his needs and about the property he wants to sell. This first conversation provides us the information to open a file under our client’s name. According to his schedule, we set an appointment to see his property either, virtual or physical.
People are glad that we have the technology to minimize physical contact. We understand that although we take into account all precautions to avoid contagion, many people fear being around other people.
In any case, sooner or later, we must visit the property in person and have contact with the owners. This physical visit to the house is essential because it shows some missed details in the virtual visit.
Once we have evaluated the property for sale, we proceed to present the owner with a writing offer. The homeowner is free to take the time he needs to respond to our proposal. There is no pressure, no hustles.
If the owner accepts our offer. Immediately, we began the procedures to legalize and register the home purchase-sale transaction and to guide our clients throughout the whole process as well.
The client will receive the cash for his house in 7 days. Every process is different, so is the closing time. We have had home buy closing time of 2 days and 30 days. It all depends on many factors. Every case is unique.
We Buy Your House AS-IS.
Many homeowners ask us if they need to fix or repair their houses before we purchase them. Our answer always is the same. “No, you don’t need to expend money preparing your house for sale. We buy it for AS-IS.”
The traditional real estate market demands houses for sale should be immaculate. A house should shine outstanding in the neighborhood. No, every homeowner fits this requirement because it implicates a lot of money and time. The crisis we are going through is leaving a lot of people in a bad economic situation. Homeowners struggling with the coronavirus hardship don’t have money to adequate a house for sale as the real estate agents demand.
The big challenge some homeowners face is the inability to generate income or having a substantial reduction in their income. The news about a second COVID-19 wave, restrictions, and the damage it will cause to the economy only increases the fear and disappointment.
The economic recovery will not happen overnight. It will take months or even years to get back on track. Meanwhile, hundreds of thousands will have difficulties paying their mortgage. It is easy to conclude if a homeowner can’t pay his mortgage during this pandemic period. The same homeowner may not be able to pay for repairs, real estate commissions, cleaning, and everything else necessary to list his home for sale on the housing market.
Better Off Home Buyers provides a way out to those who struggle because of the pandemic. By now, homeowners have assessed their situation and can have a clear idea of what will happen in their financial lives in the months and years to come.
We buy houses in Portland, all of Oregon, and other states. You don’t need to spend a penny out of your pocket if we buy your home. If you need to sell your house just contact us, we can help you.
Now Is a Great Opportunity To Take Advantage Of Your Home Equity.
In Portland and across the US, the house price has risen close to 20%. In our city, the median single-family home price in December 2019 was $ 439,000, ending October 2020 at $ 489,900.
For homeowners and small landlords in problems, now is a great opportunity to sell the house, pay the missed month on the forbearance plan, and move on.
The Federal Reserve‘s open market committee (FOMC) meets regularly to decide what to do about short-term interest rates. Analysts and economists keep a close eye on interest rates as these key figures are manifested in every asset market in the world. Stock traders almost always rejoice when the Fed cuts interest rates. But a drop is not good news for everyone. Rate cuts tend to favor borrowers, but hurt lenders and savers.
When the Fed cuts interest rates, lenders hurt!
Banks and lenders rely on cash to do business, they do not have any interest in having a huge house inventory because this represents losing money. But today, there is a significant difference, with $ 559 billion in unpaid principal, an active market, and substantial equity. Foreclosures are welcome.
Do not let your lender take advantage of your home equity. Take action as soon as possible. Selling your house to an investor like Better Off Home Buyers will put you back on track in a short time.
Selling your house with a forbearance plan;
- You take advantage of your home equity.
- Will save your credit score.
- You can pay the missed mortgage payments.
- With the low-interest rates in the market, you can afford a new home monthly payment.
- A fresh start. Stress-free.
Contact us by filling the form on this page or dialing directly (5030 212-9641.