Sell Your House Fast in Tigard, Oregon
Be waiting to take action until the last minute can be risky. Right now, many homeowners are going through a bad time due to the COVID-19 crisis. The forbearance plans offered by the CARES Act only benefit the federally-backed mortgage loans.
The Tigard real estate market, as the markets across Oregon, have been on a permanent rise. Median home prices have risen by as much as 20%. This phenomenon has its origin in the federal reserve new-low interest rates.
Many people are taking advantage of the low-interest rates to refinance their mortgages or to buy a new house. The first-time home purchases have also increased significantly during this pandemic. Buyers of all ages have been benefitting from low interest rates regardless of the house price they are buying.
“Fifty-two percent of buyers ages 30-39, and 88 percent of buyers ages 29 and younger were first-time home buyers. Next, 23 percent of home buyers ages 40 to 54 were also first-time home buyers. … The highest percentage of single female shoppers was found in the 65-73 age group at 22 percent. ” National Association of Realtors
On March 27, 2020, President Trump signed The Coronavirus Aid, Relief, and Economic Security (CARES Act). Since the law is in effect, over 5 million applications have been approved. The Act allowed struggling homeowners to postpone their mortgage payments for up to 180 days. This period can be extended for another 180 days if necessary.
The law prohibits banks from charging late penalties or interest to homeowners who have requested the forbearance plan. At the same time, it clarifies that forbearance does not mean forgiveness. At the end of the forbearance plan, the regular mortgage payments should be resumed. The accumulated missed amount should be paid following one of these three options.
- A lump sum.
- Payback in a period of 6 or 12 months. Each homeowner can agree with their lender.
- The accumulated amount will be carried over to the end of the Mortgage. It must be paid in full with the last mortgage payment or when the home is sold.
Despite this law, there are thousands of loans that do not qualify for this benefit. Also, many people who have been unemployed because of the epidemic won’t be able to recover financially in a short time.
For homeowners with loans backed by the FHA, VA, USDA, Fannie Mae, or Freddie Mac, foreclosures regardless of whether the homeowner has experienced a pandemic-related hardship are banned until July 1, 2021. Oregon’s foreclosure moratorium put in place by Gov. Brown ended Dec. 31, 2020, when the third special session of the legislature did not pass an extension of the moratorium. Additionally, Executive Order 20-67, which extended the underlying COVID-19 state of emergency, did not modify the Dec. 31, 2020, end date of the Executive Order 20-37 foreclosure moratorium.
For all other types of mortgages, lenders may begin foreclosure processes under Oregon law.
With today’s home prices and equity, the lenders are deleting any negotiation with homeowners in crisis. For private Banks and lenders is profitable that homeowners in Tigard go under foreclosure.
The good news to homeowners facing foreclosure is that they can sell their homes as fast as 7 days.
A homeowner or a small landlord struggling with mortgage payments can take advantage of selling their properties right away, regardless:
- Behind on mortgage payments.
- Lien on the property.
- Notice of default served.
- Significant or no home equity.
Tigard’s small landlords are desperate because they’re being negatively affected by Oregon’s eviction ban and federal laws. The legislation issued to prevent the coronavirus from spreading and to protect unemployed tenants did not include landlords. It was until early 2021 that changes were made to the law.
At Better Off Home Buyers, we have received reports from distressed homeowners saying they have not received payments on their rental home for months. Some have reported over $20,000 on unpaid rentals.
The situation has become unsustainable, Besides, they are no collecting the rent payments the rental properties have been misused, more tenants than the original rental agreement signees are sharing the premises.
The Oregon Government under Senate Bill 282 also would protect renters from the long-term impacts of not making payments on time by barring reporting to consumer credit agencies and removing back rents from consideration when submitting future rental applications. The bill proposes to extend the grace period for repayment of residential rent accrued during the emergency period of April 1, 2020, to June 30, 2021, until February 28, 2022.
Better Off Home Buyers will purchase your rental property even if:
- It is tenant-occupied.
- Is in foreclosure.
- Needs major or minor repairs.
- Has a mortgage forbearance.
The time is running for those landlords and homeowners that for unexpected circumstances can’t meet their mortgage obligations. Oregon and the federal government have developed plans to help struggling homeowners. However, for many, the damage is done.
Better Off Home Buyers has a compressive plan to help the people who need to sell their properties. Our home buy-criteria is extensive enough to present a writing offer for properties. Our process allows us to close in a short time, as 7 days. The selling homeowner does not need to do anything to enhance his house appeal. No repairs, no cleaning, no hiring and pay real estate commissions, no closing costs.
How The Better Off Home Buyers Process Works
- Contact us and let us know about your property
- If it meets our buying criteria, we’ll contact you to set up a quick appointment
- We’ll present you w/ a fair written, no-obligation offer
- We close at a local reputable title company, cash in your hands in as little as 7 days
- We use technology and apply social distancing to communicate with you and protect your health
We have years of experience buying properties in Tigard, Portland metro, and downtown, as all of Oregon as well.