Foreclosure is the legal process by which a lender or other lien holder obtains a piece of property by termination of a borrower’s right of redemption.
The foreclosure process, as most commonly applied in residential terms, is when the loans is a bank or other creditor selling has repossessed a real piece of property after the owner has failed to comply with the terms set forth in the mortgage or other lien.
Examples of other lien holders that can foreclose on a piece of property include Home Owner’s Associations, or the county in which the property is located due to unpaid real property taxes. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property.
The foreclosure process in Oregon takes about 180 days. The state of Oregon uses both judicial and non-judicial means for carrying out foreclosures. ?The three counties, currently, with the highest number of foreclosures in Oregon are Multnomah, Deschutes and Washington counties.
Foreclosures can be purchased at auction at the courthouse in the county where the foreclosed home is located. For out-of-court foreclosures, the notice of sale is published once a week for four weeks before the sale in a local newspaper. The last notice is published at least 20 days before the sale date.
The sale is between the hours of 9 a.m. and 4 p.m. at the location stated on the notice. Oregon foreclosure sales are public auctions. Anyone, with the exception of the trustee, may present bids.
If you are going to try and purchase a home at the county steps, you must have cash in order to do that. Also note, while you can sometimes get a good deal, a lot of times banks will set the minimum bid price well above market value. The trustee transfers ownership of the property to the highest bidder within 10 days of the sale.
The other way to purchase a foreclosure is through the bank. REO properties (real estate owned) is when the bank has gone through the formal foreclosure process and the property did not sell at the county auction.
Most banks will typically list their home with local real estate agents for sale. Hire an agent and ask them to search for bank owned homes.
If you are going to purchase a bank owned home at this stage, you must be approved for a mortgage or have proof of funds if you are paying cash. Banks will not look at offers without proof that the buyer has the ability to actually purchase the home.
There are some things to be aware of when purchasing a bank owned home. The banks don’t know anything about the house, and are in fact, exempt from seller’s property disclosures. Although not every foreclosure is bad shape, just note in most cases you take what you getting, meaning the bank probably won’t be willing to make repairs to a home.
You can potentially purchase these types of properties for below market value and get a really good deal. Banks can be difficult to work with, but the pay off of getting a home under market value could be potentially profitable for a buyer.
Single level duplex with great potential priced for a quick sale. Great location. Fully fenced. New roof, RV parking. Do not disturb tenants. Seller is a licensed RE agen...
Listing courtesy of Coldwell Banker Mountain West.
LIVING IS EASY ON THE LAKE! Cozy up to the gas fireplace, feel your cares slip away with vistas of 50-acre Staats Lake & the ever-changing sky, or take 1.25 mile walk aro...
Listing courtesy of Windermere Pacific West Prop..
The content relating to real estate for sale on this website comes in part form the MLS of Central Oregon. Real Estate listings held by Brokerages other than Real Estate Company are marked with the Reciprocity/IDX logo, and detailed information about these properties includes the name of the listing Brokerage. © MLS of Central Oregon (MLSCO). This content was last updated on . Some properties which appear for sale on this website may subsequently have sole or may no longer be available. All information provided is deemed reliable but is not guaranteed and should be independently verified. All content displayed on this website is restricted to personal, non-commercial use, and only for ascertaining information regarding real property for sale. The consumer will not copy, retransmit not redistribute any of the content from this website. The consumer is reminded that all listing content provided by automatic transmission by MLSCO is © MLS of Central Oregon (MLSCO).