Can Oregon Seller’s Accept Multiple Offers?

Lately I have seen something you never seen before. That’s right a Seller who accepts not one not even two but several offers on the same piece of property. This just does not seem possible.

After all they only have one home to sell yet Seller’s are accepting offer after offer. Not only that but their Real Estate agents and Brokers in Portland Oregon are encouraging them to do so. How can this be? Someone is bound to be upset.

Yet the Buyer’s do not seem to mind. They go about there way sometimes spending money on several inspections with a hope that they will not have spent the money for naught.

What kind of State is Oregon you wonder? Why its the State of Short Sales of course. In Oregon the Seller is allowed with disclosure to accept multiple offers on the same piece of property. The two page short sale addendum which accompanies the offer sheet spells it all out for all parties.

Short sales as we all know comes about when there is not enough equity in the property for the Seller to pay off the lean against it. Hence he must sell it Short of the full amount owing. The acceptance of this offer by the Seller then must be sent to the Lender for their acceptance.

No seller likes to sell short and walk out of closing without some sort of profit nor do Lenders. For lenders they are often asked to take significant losses to accommodate the sale. Hence they are not always in that big of a hurry to do so. In fact in some cases if an offer is submitted to quickly the immediate thing that pops into both Seller and Lenders minds is ” I wonder if we could get more? “

In regards to Oregon Law and Short Sales the Seller is allowed to take as many offers on one piece of property as they can get. For Agents representing Seller’s of Short Sales it is our responsibility to treat all parties fairly and honestly and to notify all interested parties in the Short Sale it’s true status.

This means that if you get an offer or even if you get multiple offers, you are to update the status as offers accepted and submitted to the Lender. The Property is to remain as an Active Listingthroughout the process until the Lender or whomever is being asked to sale short be it First Second or even a Third lean or more has accepted the offer.

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Portland Market Report for March 2009

Market Action Report , Source : RMLS Oregon for Residential Listings

The Portland Metro market activity continues to grow in 2009 although it is still slightly behind 2008 levels for the same reporting period last year.

March 2009 closed sales grew by 382% pending sales were up 28.3% over February 2009.

Inventory levels also dropped to 12 months, it’s lowest since October 2008. Average and Median sales price however continued to drop by 11.8% and 14% respectively for the month of March as compared with February.

                                Current Month                        Year to Date

New Listings                141                                         477                   Area141 ( North Portland )

                                    355                                        1,064                 Area 142 ( Northeast Portland )

                                    423                                        1,376                 Area 143 ( Southeast Portland )

Pending Sales                82                                            193                 Area 141

   2009                         180                                            430                 Area 142

                                    230                                            573                 Area 143

Closed Sales                  68                                            132                 Area 141

                                    117                                            303                 Area 142

                                    169                                            423                 Area 143

Average Sales          $216,600                                   $232,000            Area 141

Price                        $290,000                                   $296,000            Area 142

                               $237,400                                    $239,000            Area 143

Median Sales                                                              $229,600            Area 141

    Price                                                                       $260,000            Area 142

                                                                                   $210,000            Area 143

Days on The                                                                    114                 Area 141

    Market                                                                         130                 Area 142

                                                                                        149                 Area 143

All information is deemed to be accurate but not guaranteed and is only a partial amount of information provided by RMLS. Use of this information is for entertainment only and should not be used as a basis for conducting real estate activity.

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It’s Really Pretty Simple

Some of us seen it coming. Some of us even predicted that it would come. Yet many of us did not even notice while even more didn’t seem to care.

Yet from that very first step the handwriting was on the wall. That first step towards cheaper goods. That first sale that caused your jaw to drop. Wow what fantastic bargains those seemed to be.

Fast forward to today. I stepped into a local retailer known for there periodic sales on clothing goods. Thinking to myself that it might be a good time to pick up on a few good long sleeve dress shirts before the rush towards summer attire.

My jaw hit the floor. Oh there were sales all right. 40% off or more for these modest shirts most made in Pakistan, India and China. Today’s price after discount $29.00.

Are you kidding me? That’s your sales price? Even adjusting for inflation the standard American Made shirt today would only retail out at about $19 to $25 before any sale.

Ahh but now I seem to remember. Back in the day when those manufactures were shutting down the factories while shouting to the rooftops ” It’s really pretty simple Americans want a bargain.” That’s corporate speak for we can make a greater profit by buying goods and products over seas.

So what happened? Well as I said some of us seen it coming and even predicted it. As the economy went into a tail spin the American Dollar was devalued. With the spiraling downward trend of the dollar goods, products and services offered by these over seas nations became more expensive. Hence the $29 dollar bargain.

My corporate rant for the month.

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Top Ten Must Ask Questions Before Listing With an Agent

The one thing that most Attorneys , Medical Dr.’s and Real Estate Brokers have in common is expertise in their fields with very little Star Power.  I am talking about the type of Star Power that gives you instant recognition and authority. Certainly yourTitle presumes you have the knowledge and ability to carry out the work. How many of us though have been terribly disappointed in the performance of someone we had hired and presumed that they would perform the way we anticipated?

Of the many questions you could ask while interviewing a Real Estate Agent to List and Sell your home, these TOP TEN are a must have for your list.

1. How long have you been in the business? This speaks to experience. Although everyone needs to get their start and experience some where. Do you really want someone practicing on you?
2. Do you work with Buyer’s and Seller’s or both, what percentage? Showing property to Buyer’s is very time consuming. I want to know my Agent will have the time to market my home.
3.  How many Listings do you have. Having other listings can be a good thing as it allows the agent to rotate advertisements from listing to listing so as to not give your home that over advertised feel. Buyer’s can recognize ads that they have called on before. An Agent having to  many listings can cause the Agent to become lazy and concentrate marketing only the easiest of the listings. ( Tip : be sure to call the Agent about a listing they are currently marketing. The length of time and how they respond will tell you allot about how they will market your home ).
4. Will you reduce your commission. Beware of a yes response. An Agent that is willing to reduce commission may be saying to you that they do not believe in the value of their service. How well do you think this Agent will fight for you when negotiating any offers made on your home, especially low-ball offers or those with special conditions attached.
5. What methods will you use to market my home? What is the track record of success for each of those methods? Putting 1 ad in a paper that gets 50 calls and 10 showings is far better than 100 ads in a publication that gets no results. It is definitely not the Cost of advertising but the Results of advertising that matters.
6. Do you have a Web Site and or a Blog Site ? A personal Blog or Web Site is not the same as a generic Web Site owned by the company where the agent works. With 75 to 85 % of all Buyer’s begining their home search on the Web today it is imperative the Agent has a strong web site with the ability to capture Buyer prospects. ( Tip : Log on to the Agent’s site and try it out. How many clicks until you can see a property for sale. Are there lead capture forms on the site asking you to leave your information. Or is the site just a brag sheet and personal promo for the Agent? )
7. What is the Agent’s Sale to Fail ratio, also known as expired listings. Just because the Agent is capable of filling out a form to list the property, does not mean they have done their job. One of the most important factors governing the potential marketing of your home is to get the Listing/offered sales price right.
8. What is the Agent’s Sale to List price ratio? Did they ask you to reduce the sales price during the term of the listing? A good Agent will stick with their convictions and not take over priced listings ( called buying the listing ). That technique ( Tell the Seller anything to get the Listing ) is still taught throughout the industry. It does not stay true to the agents obligations to you their future potential client that of telling you the truth.  Remember this, Buyer’s are not stupid, they are willing to pay a fair price and they have the tools to verify it.
9. How far do you Live from my Home. It is important to get a sense of the Agent’s ability to show your property on a moments notice should the occasion arise. An Agent having to drive over 45 minutes to your home may be less inclined than an Agent living within 20 minutes or so. ( Tip : It is not however, important at all where the Agent’s office is located. Buyer’s are concerned about the location of the house not the Agent’s office. Most of the Top Producers today will not be spending significant amounts of time in their Principal Broker’s office.  Many Agent’s today work from a home office. )
10. Herb, what time can you come out today to list my home? If you are going to choose to work with the best you should check my schedule first for I am always out marketing my listings for Sold.

www.househuntportland.com  Let your next home find you!

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