Eastern Oregon Real Estate and La Grande OR Real Estate

Foreclosures

Why are there so many foreclosures out there?

If you are in the situation where you cannot pay your mortgage any longer contact us today for help and advice on selling you\r home before the bank Eastern Oregon real estate does!

So why is it so hard to sell your home now and why are so many foreclosures happening? The reason is because home buyers bought a home they really couldn't afford and the lender let them do it!

A couple years ago there were so many people buying homes that lenders practically gave away the money and mortgage brokers used tactics to lure the home buyer into a mortgage with an ARM that in a year or two they couldn't afford unless they were smart and refinanced at the right time.

But if you don't know what the market is going to do and you don't study everything in your loan documents it's easy to get sucked into a loan you just can't afford. Right now so many banks are regretting those decisions because they are the proud owners of so many of those foreclosed homes. (Visit this article with my Enterprise AL real estate contact for more info on HUD homes.)

When a bank needs to sell a home it is usually done in a short sale. Although the name implys a quick sale it is actually the opposite and can take a long time to close. Banks will often take less for the home than full market value but usually require the buyer to be fully approved for a loan. A down payment may also be necessary but in the end you can usually get a pretty good deal.

You will want to get an inspection though because most of these homes are sold "as is" and you don't want to be stuck with some serious structural issues down the road.

Contact our office for a list of short sales and foreclosures in the La Grande OR real estate area. We can also help with your home if you are facing a foreclosure.

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