Monthly Archives: October 2009

Lawrence Yun PODCAST

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Dr. Lawrence Yun is the Chief Economist for the National Association of REALTORS. In his most recent podcast, Mr. Yun discusses the deficit, the housing market and the first time home buyer tax credit. REALTORS  support the extension and expansion of the credit to include ALL home buyers (not just first time buyers). The $8,000 tax credit has been a success in stimulating the housing market. Buyers must complete their purchase by the end of the day on November 31st to be eligable for the credit.
CLICK  HERE: LISTEN TO THE LAWRENCE YUN PODCAST
All my best,
Kevin Gorman   www.KevinGormanSells.com  www.ItsaMatterofTrust.com

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Filed under The Economy

New Oregon Law Helps Distressed Homeowners

Foreclosure Help

 

 

 

 

The Oregon Department of Consumer & Business Services has announced that a new law has taken effect. Senate Bill 628, is designed to help homeowners who face foreclosure.

Upon request of the borrower, lenders are now required to meet with them in person or by telephone to be evaluated for loan modificiation options. This will hold lenders accountable for responding to requests of assistance by their distressed borrowers.   Click here for the September 28th press release. 

Personally, I have not noticed that there is a problem in this area. It has been my experience that banks are quick to respond to requests for modification help. A much bigger problem is the banks being extremely slow in responding to short sale properties that have bonified offers. The buyers are simply not willing to wait 60-90 days (or often longer) to find out if their offer is approved.

As always, your comments are welcome. Have a great week!

Kevin Gorman  www.KevinGormanSells.com   www.ItsaMatterofTrust.com

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Filed under Home Mortgages

Whew!

I’ve been busy. So busy I couldn’t get to my Blog article. I guess my last post prompted some buyers off the fence because I have been shopping with buyers almost every day for the past couple of weeks. Oh…don’t get me wrong, I’m not complaining!

In this post I thought I would relay my impression of what’s going on out there. For buyers, it is still an incredible time to buy. The rates are low (some days below 5%) and the prices are low. I’ve notice the inventory level dropping in certain areas. Sales have picked up. It will be interesting to see the RMLS Market Action Report for September when it comes out in a few weeks.

I have been involved in several multiple offer situations. The “gems” that pop up on the market are selling almost immediately and with multiple offers. In some cases, the sellers are listing their properties below market value on purpose. This strategy attracts multiple offers. The outcome is usually an accepted offer that is well above the original list price.

For Sellers, price is the most critical factor. There are also still sellers out there that believe that since their property is not bank owned or a short sale that they can list their property higher. This is a big mistake. The market is the market. Sellers should expect to compete with distressed properties or consider waiting for rosier times.

On a final note, there is no guarantee that the tax credit will be extended. People who feel the government is spending too much money will fight legislation that proposes an extension. In any case, it is still not to late. Buyers need to be pre-approved by their lender and ready to make an offer the very day that they find their dream home. It’s encouraging that there is more positive energy in the business right now!

All my best,

Kevin Gorman    www.KevinGormanSells.com   www.It’saMatterofTrust.com

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Filed under Portland Real Estate