Distressed Sales of Bank Owned and Short Sales are WAY DOWN!
Monday, July 21, 2014
Here are stats from RMLS showing the second quarter number of distressed sales in the Portland Metro area. The Mt. Hood area from Brightwood to Government Camp currently has six distressed sales including five bank owned properties and one short sale for a Collins Lake Condo unit.
In my opinion, several of the bank owned properties currently for sale are properties that would never receive financing in today's strict lending environment. They were likely refinanced or purchased during the bubble and now in todays' lending arena these homes have problems that will be challenging to fix or overcome. As with any foreclosure, buyer beware. No representations from the bank requires major due diligence.
