Sell Your House Fast In Salem, Oregon
Salem, Oregon home prices were up 15% compared to last year, selling for a median price of $360,000. On average, homes in Salem sell after 60 days on the market compared to 94 days last year. But like any other city in Oregon, the Salem real estate market experienced the same pandemic effects, due to the loss of jobs, low home inventory for sale, and economic and health issues.
Thousands of homeowners in Salem found relief applying for a mortgage forbearance plan. The CARES Act granted protection to federally backed home loans. However, many homeowners as small landlords as well, continue struggling to get back on their feet and to get their loans current.
Today, a lot of borrowers are close to the end of their mortgage forbearance plans. In a short time, these homeowners must face:
- The end of the mortgage forbearance plan.
- Repayment missing period.
- Loan servicer’s decisions.
- Selling the house in Salem.
What Happens When Mortgage Forbearance Ends?
Depending on what kind of mortgage you have, you could be eligible for up to 15 or 18 months of mortgage forbearance in Salem.
It is important to know that these extensions are not automatic, and that is up to your individual mortgage servicer to grant a final decision.
When your mortgage forbearance plan gets to its end, it is important to take into account that any repayment plan you want to get in, must be discussed and approved by your mortgage servicer. You need to see which one of them is good for you and which one you may qualify for. So, when you are ready to start making payments again, you have to have a repayment plan in place in addition to your regular payments. Remember, forbearance is no loan forgiveness.
You Have Four Options at the End of Forbearance.
- Full Repayment. One time, one lump sum payment.
- Intermittent Payments. You make payment arrangements with your mortgage lender to repay the missing payments over a three, six, nine, or twelve months period. Any of these arrangements is an addition to the regular monthly payment.
- Payment Deferral. This option allows you to repay the missed amount when either you sell, refinance, or at the end of the loan term.
- Loan modification. This option can help you if you are at risk of foreclosure. This is probably the option least supported by lenders and possibly the most difficult to qualify for due to the mechanisms involved.
If a borrower is unable to make the new payments, then he has other options such as selling the home, or ultimately the one homeowners should avoid the most, facing foreclosure.
Contacting Your Mortgage Loan Servicer.
The CARES Act indicates that for homeowners to obtain a forbearance plan for their federally backed home loans, they do not need to present any proof of struggling due to the coronavirus hardships to their lenders. The same applies to getting an extension of the plan as well. However, it is highly recommended to document any conversation and any sort of communication you may have with your loan servicer.
In Salem and across the nation, there are hundreds of reports of misinformation given to homeowners. The lack of information or erroneous ones has caused damage to homeowners and independent landlords affected by the crisis.
It is important to insist that any contact you have with your servicer must be documented and filed for your protection. We wrote In a previous publication about a client who had requested a forbearance plan in early May 2020. In this situation, our client contacted his loan servicer over the phone. He informed his loan servicer about his income situation and all the troubles he was going through because of the pandemic.
The bank official on the other end of the phone line assured the homeowner that everything was settled. So, there was nothing to worry about. After 90 days passed, the homeowner in this story received a Notice of Default. Immediately, he contacted his servicer because as far as he knew, he was protected by a forbearance plan.
This owner spent days trying to prove that his allegations from previous contacts with his lender were true and that he was approved for a forbearance relief plan over the phone. Unfortunately, he was unsuccessful because he had nothing in writing as proof. Thus, the lender suggested he pay the missing payments in full, or a foreclosure process would be his fate.
Better Off Home Buyers purchased his Salem house in a transaction we closed at the end of August last year. Our client had substantial equity on his property. He was able to relocate and start all over again with the money he received for selling his house to us.
If you are currently in default or think you will because you are concerned about making your mortgage payments, contact your lender to discuss your options and steps to resolve the problem. Remember to file and document all communications you have with them. We can help you. Having a trusted and knowledgeable professional like us on your side is essential and could be the determining factor in helping you with your home needs.
Forbearance Deadline Extension
The Consumer Financial Protection Bureau announced that the deadline for requesting an initial forbearance has been extended to June 30, 2021. But this rule only applies to home loans backed by HUD/FHA, USDA, or VA. Also, you may qualify for up to two additional three-month extensions for a maximum of 18 months total forbearance. But to qualify, you must have requested an initial forbearance plan on or before June 20, 2020. Have in mind that not all borrowers will qualify for the maximum.
The Cares Act, the CFPB, and the Oregon government, constantly release information and guidelines to how homeowners can sign on in a forbearance plan, but still is not clear how they would qualify and be approved for a repayment plan.
It seems that loan servicers have the power to approve or deny any repayment plan application. Still, it is not clear how the loan servicers would process the repayment application after forbearance ends. It is scary to think about it because there are no federal or local guidelines indicating how the banks and lenders should proceed.
Selling Your House in Salem, Oregon
If you have the means and get approved for a mortgage forbearance repayment plan, good for you. You have a big chance to save your home. But if you continue suffering the pandemic consequences, it could be difficult to keep your family and your house safe.
Experts believe that mortgage forbearance is not a relief plan but a trap. During the pandemic, the real estate market has increased up to 20% in many cities across Oregon. Speculating one may think, lenders could use their power to deny forbearance repayment plan applicants and force foreclosures. It is attractive for home equity in Salem today.
The silver lining in the midst of all this chaos is that homeowners in crisis can sell their properties to home buyers like Better Off Home Buyers. Our company buys your house in a short period of time, usually 7 days. Sometimes in Salem, we were able to pay for a house, just in a two days transaction.
Our recommendation is if you are struggling with your home payments, use the power your home equity has. Sell your house, take advantage of its equity money, and we fresh air start all over again. Save your credit score from negative reports. Interests are historically low and a new opportunity will be waiting for you ahead.
Take Action, contact us to help you, don’t let your loan servicer take advantage of your home equity.
- We offer a clear transaction.
- A fair market home price offer.
- Closing in 7 days.
- No real estate commission fees.
- No closing cost.
- No home repairs.
- No hassles, we will close at your schedule.
Give us a phone call or fill the information form on our website.
Here are some of the reasons Selem owners turn to us
1. Social Distance
Many homeowners who were willing to sell their houses refused to do so because they were afraid of catching the COVID-19 virus. They had preferred not to receive strangers at home.
Contribute to keeping everyone’s health is important to us. Better Off Home Buyers. We are using technology to have virtual conferences and prospect home tours. However, we also conduct physical home visits when is needed.
Without endangering the health of any person and complying with all the measures of the health authorities, our professional home buying team has been able to buy properties in the Portland Metro, and also in the counties of Clackamas, Marion, Washington, Lincoln, and Curry.
Better Off Home Buyers buys homes As-Is. The traditional real estate market requires that properties for sale have the best conditions, so they can be chosen by buyers quickly. Any major or minor repair that a property needs should be done and paid for by the homeowner. Real estate agents consider it important to keep a house for sale clean, the gardens very green and healthy, the lights always on to make a good impression on potential buyers. Expenses to be paid by the home seller.
An investor like us buys your property AS-IS.
Buying a home As-Is means:
- The home seller does not pay for minor or major repairs.
- If the homeowner has late mortgage payments.
- The house is in a foreclosure process
- The owners are facing a divorce.
- The house has been declared uninhabitable.
- It is inhabited with bad tenants.
No matter the situation, we buy your house.
3. Sale Commissions And Closing Expenses.
A house sale commission is 6% of its commercial value, this is an expense that the seller homeowner must pay. The 6% charged by the real estate agent is not established by any law, but the practice has made that It is the amount to be paid for the real estate agent’s work.
On many occasions there is more than one real estate agent involved in the negotiation, in this case, the commission should be distributed among the agents involved in the house sale.
The closing costs are expenses and fees associated with buying and selling a home, such as taxes, insurance title, appraisal, and loan fees.
The closing costs may vary between 2% and 5% of the sale value of the house.
Other closing costs could include:
- Appraisal: appraising a property can cost anywhere from $ 500 to $ 1,200 in the Portland Metro area. It depends on the location and price of the property.
- Inspection: Inspections are generally paid for in person and are not included in closing costs, but they are an expense incurred by the seller of the property.
- Property taxes: For a property to be sold it must be up to date with taxes, an expense that the seller must make.
4. Closing Time
While a real estate sale takes at least 90 days to sell your home, the same transaction with an investor like Better Off Home Buyers takes just 7 days. In many cases, we have bought homes in just 2 days.
During the home-selling waiting time. Homeowners have the obligation to continue with the maintenance of their properties, taxes, and the expenses we had enumerated in reason number 2 of this publication.
Selling your property should be a fast and safe operation. A real estate agent can’t guarantee that your property will ever sell, a lender might deny a mortgage loan to a potential buyer, or it may happen that at the last minute the buyer regrets it.
With Better Off Home Buyers the sale of your house is safe because we will buy it. Our company does not depend on lenders, we have enough money to close transactions in Salem, and across Oregon.
5. Immediate Cash.
If for any reason a homeowner needs cash immediately, let’s say relocate, unforeseen expenses, illness, or unexpected unpleasing situations. Selling the house to an investor like us is the quickest solution.
We are happy to help many people who needed cash to solve big problems, these homeowners found in us a way to acquire safe and fast cash for the fair value of their homes.
6. Your Peace Of Mind.
People may have many reasons to sell their houses, sometimes they want to move to a bigger house in another part of the city, sometimes they need to solve a personal problem. No matter what reason you have for selling your property, always a home sale transaction brings expectations and anxiety.
In an ideal world, selling a home should be quick, for the amount of money the seller wants to receive, and stress-free. But in the real world, the situation is very different. But what is real, is the excellent service that Better Off Home Buyers offers a person when we purchase his home.
People can have many reasons to sell their houses, sometimes they want to move to a bigger house in another part of town, sometimes they need to solve a personal problem. Regardless of your reason for selling your property, the home sale transaction always brings expectations and anxiety.
In an ideal world, selling a house should be quick, for the amount of money the seller wants to receive and without stress. But in the real world, the situation is very different. But the real thing is the excellent service that Better Off Home Buyers offers a person when we buy his home.
We are interested that you, as our client have a pleasant experience and find in Better Off Home Buyers the answer and the solution to your expectations of selling your home. We know that the best way to advertise our business is for you to be a satisfied customer after dealing with us.
Contact us by filling out the form on this page or dialing directly (503) 212-9641.