Da Tung & Xi’an Bao Bao

Portland Oregon’s public art exhibition is always expanding. In 2002 according to the plaque mounted at the foot of this fabulous Bronze Mr. Huo Baozhu of Xi’an China as a gesture of goodwill and as evidence of his believe in the importance of cultural exchanges.

The Sculpture is about 16 times larger than the original Shang Dynasty ( circa 1200-1100 BC ) wine pitcher. It depicts a young elephant standing peacefully on his Father’s back and symbolizes the safe and prosperous offspring.

Da Tung may be translated as ” Universal Peace ” or ” Large Bronze “. Xi’an Bao Bao means ” Baby Elephant ” This wonderful Bronze is aproximately 10′ tall and 10′ long and may be viewed in one of Portland’s downtown parks. This one is on the Park Blocks in NW Portland’s Pearl District.

Da Tung & Xi'an Bao Bao a Bronze in Portland Oregons Pearl District

How Many Homes are Too Many to See

The old ways are not always the best ways. Years ago the prevailing wisdom was to not show more than 3 to 4 homes at a time without a significant break.

Technology though has aided Real Estate Agents and Buyer’s alike. More often than not a Buyer will already have made several decisions about homes they would like to see on their first outing.

What with time constraints being what they are in every ones busy lives today this really works well for what I call ” The Whirl Wind Tour ” .

During that first day of showing I will drive by and show as many properties as I can. Often times upwards of 20 or more. Of course these are homes that I have personally previewed at least from the outside before I take my clients on this Real Estate Adventure.

Subsequent showings on follow-up days I limit to 3 or 4 homes generally because I have paid attention and have been able to pinpoint my clients needs in a home.

Showing properties in this manner means that the total number of outings that will produce a home that you want to buy normally in less than 4.

Any time longer than that is really not necessary and generally means that either you do not know what you want or that you are a procrastinator with strong reservations about pulling the trigger.

The downside to most people who spend to much time looking for property is that most often they conclude that there are no houses for them and do not buy.

Let_Your_Next_Portland_Oregon_Home_find_YOU!

Why Buy a Portland Oregon Home Now

As much as we would all love to believe in the ability to read the future I suspect that most of us do not have that uncanny ability. If we did then there would be no point in the lottery. So how is it that we make our present decisions for future purchases. Often times it is based on the Media, friends, family, gut feelings and the almighty did it on a whim.

When it comes to major purchases like automobiles and homes, the process most often takes into consideration ones ability to make the payments. Certainly when it comes to buying a new car the emotion of getting into something new plays a big role. Most of us need transportation but we also would like something for our ego’s. Perception is often reality. What are others perception of you should you be driving that old clunker or the new shiny sports model that is all the rave.

Home purchasing is another matter all together. Media certainly plays a big emotional part as well as the ability to make the payment. Ego as well comes into play as we all would want to show others how successful we are. I own a House vs I Rent. So when is it the right time to buy?

Should you buy in a Buyer’s market ( as many people say it is now ) or in a Seller’s market ( as we clearly have been in over the last several years )? I submit to you that the right time to buy a home is NOW. If you are capable of financing you should be owning. Look at real estate from a historical perspective. Do real estate prices go up and down? Yes they do in some areas of the country. It is often a product of wild price escalations in a short period of time. Something akin to 25% or more increase per year. This kind of price increase has no hope of being sustained.

Price ranges in Portland Oregon have had a steady increase of somewhere between 6 % to 9 %. This has been since statistical information on the Portland Oregon Housing Market has been kept. When looking at a snapshot in time the steady increase of property values in Portland have remained constant. Given the fact that prices continue there slow methodical rise, waiting to purchase a home only erodes your buying power.

A home selling for $200,000 today with a 9% a year increase could be worth $218,000 at the end of the year. Is your income increasing at that rate? If not then you will have to buy a lesser home. A few years ago many 2 bedroom homes in Portland could be purchased for less than $150,000. Try to find a listing for one now.

Let_Your_Next_Home_in_Portland_Or._Find_You

Why is This the Time to Buy Real Estate

Yesterday I posted an article about the real estate market in Portland Oregon . I expressed my oppinion that it was A_Good_Time_TO_Buy_Real_Estate . A reader challenges that oppinion with a resounding ” are you kidding me ” referrencing an article of the rise in foreclosure rates in Portland and around the country.

It is a good question and one that deserves a good answer. Throughout the entire history of mankind, there has never been a moment where man has bitten off more than he could chew. In todays fast paced society and an eagerness of most everyone to have instant gratification to there life styles, prudent purchases are often over looked. It is quite easy to get caught up in the ” everyone is doing it ” menatlity. That does not mean that it shows fiscal responsibility.

In short there is nothing that can be done to those who have walked to the end of the plank only to see it sawed off behind them.

The percentage of those that have done so is a substantial amount. However the larger percentage of consumers have not and there should be no reason at all for anyone who wants to purchase a home to delay that purchase. Interest rates are still very low, Tammy_Wittren_of_Northwest_Mortgage  a mortgage Broker/Banker specializes in loans taylor made to the Portland Market would be happy to update you with the current rates.

The reasons to purchase now and why this is a great time to buy are for the following reasons :

• The past two years real estate across most of the country has been depressed and in some cases a major decline.
• Real Estate is now begining to show a comeback and a rise in prices in many locations
• For those Sellers who have had there home on the market for a while without an offer , they may be willing to look at strong buyer more than there asking price.
• With the market improving real estate sales prices will soon begin to go up.
• Seeings how the real estate market in Portland has not been affected as the rest of the country, the rise in prices here will most likely be more severe than other parts of the nation.

So just like the stock market the time to buy is when it is at its lowest or close to its lowest. Not after it has already made the turn and you have missed out. For those that have been in the real estate market in the Portland Oregon area for any time can testify to. Once the market begins that upward surge it can make leaps and bounds in the tens of thousands very quickly. Unlike reductions that are done in smaller amounts and reluctanly by sellers.

Is this the right time to buy? The answer is a resounding YES! For as you have seen in my previous post the last 12 months ending in April showed an appreciation rate above 11% in Portland. Using that number only and not any additional percentage that might happen should the market take off again, 11% a year on a $300,000 home is $33,000. Or $16,500 for 6 months or $8,250 for 3 months. So every 90 days you wait you are in effect losing $8,250 worth of buying power.

Let_Your_Next_Home_Find_You  

How is Your Real Estate Market Portland Oregon Remains Strong

For the last two years many of my friends in the real estate business did not have much to shout about. Prices were down and inventory was up. For many of my colleagues life was pretty bleak. Recently however signs of improvement have begun to show up in these long depressed markets. A strong Real Estate Market is not only good for agents it is good for the country.

One of the major index’s to this country’s economy is the housing industry. A healthy Real Estate industry points to a healthy economy and consumer confidence. People who feel secure tend to “put down roots” with the purchase of a home. 

Portland Oregon for the past two years has remained virtually unscathed feeling little of the effects of the rest of the country. Although not totally oblivious of the rest of the country’s real estate woes , for the most part our market has continued to grow with only a small curtailment.

The_Portland_Oregon_Metro_Real_Estate_Market_Report_for_April.  shows a dampened trend. Yet the market still is a good market and well priced homes are selling relatively fast with and average market time of 44 to 46 days for many areas. It would be hard to define this as a Buyer’s market yet there are many good buys for the discerning eye. As the market improves in the rest of the country the trend is that Portland Oregon will follow its lead. This may be the perfect time for the first time home buyer or investor in Portland to make their move.

Portland_Or_Real_Estate_Broker_Web_Site  

The Short Sale Nightmare Pt. 2 Dan Wins

Staying focused on the prize is the key to working foreclosed properties and or short sales. Never let your emotions rule the day. Lenders are normally heavily bureaucratically laden and have a myriad of details to follow through. Hence the reason why Lender’s will go out of there way to work with a Homeowner rather than to foreclose and take the property back

In the case of the Victorian home in Mt. Tabor Portland Oregon for Dan, the Seller had chosen not to work it out with the Lender. They just wanted out and did not care what the consequences might be.

I was very fortunated in this case to be working with a Lender who’s department head was not on vacation or dashing out to some conference in Brazil. This individual was on top of her game. She was attentive and often new the current status of the inventory that she had to work with.

In the case of the Victorian home the seller had recently refinanced the home taking some of the equity out only 90 days previously to our offer. With out going into the gory details, suffice it to say he had spent all of the money ( can you say party on man ).

Armed with the knowledge of what the Lender would be interested in looking for should they decide to work with my buyer Dan, I set about by providing it.

• Dan hired a company to do a Full Home Inspection, We gave a copy to the Lender.
• From the Inspection Dan’s construction company gave a bid for the work.
• I also provided detailed bids from the sub-contractors that would be doing work.
• I created an accurate Market Analysis for the property, and sent it to the Lender.
• Provided open lines of communication between the Lender and my self always answering the phone when they called with questions.

The Lender reviewed all of the documentation given and requested an extension of time to do an appraisal review of the previous appraisal and to schedule to new appraisals.

The end results were that the Market analysis that I prepared were almost exactly the same conclussion drawn by the two independent appraisals done by the Lender.

The Lender subsequently accepted Dan’s offer some $60,000 below what they were owed. Closing took place only 45 days longer than anticipated.

Yes Short Sale’s and Foreclosures can be a Nightmare, but if you keep your head in the game and can work through the bureaucracy without becoming frustrated, there are opportunities to be had.

The Short Sale Nightmare Caught by Suprise

Just about the time that Dan my Investor was trying to figure out how he was going to manage all of the repairs that had shown up in the Home Inspection report for the Older Victorian home on Mt. Tabor in Portland Oregon the Title report arrived with some alarming news. It seems as if the Seller of this fixer upper had created several liens against the property in excess of the amount of the property’s equity.

As a real estate Broker with 19 years of expierience in selling  portland oregon real estate to investors, I know that often times liens that are on a title report are not always relevant. A further search of the liens status and amounts owed would tell the tale. Meanwhile I put a call into the listing agent to see what they knew of the property.

Nothing was the response that I got back. Nothing accept a letter the Seller had recieved from the Lender this morning in regards to default and foreclosure.  I told Dan not to stress that I would call him as soon as the clarification came from the title report. The following morning the title company called and sent me the lien search with amounts owed. The total amount was $60,000 more than the accepted offer of the home. The Lender had issued the pre-foreclosure letter just three days earlier. This is good news as we are in the early stages.

So this leaves us with basically 3 choices. :

1. The Buyer could choose to pay the additional $60,000. (not realistic but an option)
2. The Seller could pay the default amount at closing. ( could but had no money to do so)
3. The lender could be involved and reduce there amount they are owed.

This is what is known as a short sale. Certainly the listing agent should have done his due diligence and known of this potential problem before listing the home for sale. Obviously he did not and we were left to solve the problem now at hand if it could be solved rather than just to point the finger in a blame game.

Solving the short sale problem is different from lender to lender. Reason and rationality are not always part of the equation. Typically the solution will be written down in the lender’s own guidelines and they will often adhere to those policies even if it is to their detriment.

Some of the keys to working with short sales :

• Maintain a positive productive attitude.
• Do not show frustration or try to lecture the Lender as to how you think it should work.
• Suggest solutions and then wait for approval from the Lender before implementing them.
• Find out what the Lender’s policy for short sales is and follow them.
• Make sure you are in direct communication with those that make the decisions. Not just someone who answers the phone.
• Provide all pertinent information about your buyer that will help the Lender view you as credible.
• Make sure you have the complete understanding and approval from your buyer as to the length of time and complexity of this sale.

Next time in Part 2 Dan works towards the prize.

How Can IPA Cure the Expired Listing Blues

In the beginning the courtship was short but Sweet. Each and every question was answered  swift and confidently. After a while I stopped looking for excuses or flaws. In fact I could not wait for the punch line.

I was almost to the point of begging ” Please List MY House ” ! Then finally the sweet bliss of the signing of the forms. The firm handshake and that wonderful eye contact that was made at the conclusion.

The memory lingers like the fragrance of wild Honey on a Summers day even though it had been well past 6 months since that first night. What a wonderful night that had been. The anticipation of  first time buyers  viewing my home, a quick sale, the feedback and followup that had been promised.

I suppose it made some sense, that of no activity would make feedback difficult if not outright impossible. Yet as the days began to turn in to weeks I found that more often than not it was I who had to initiate the conversation. I thought it was a Seller’s Market, but then I hear it’s a Buyer’s Market. I don’t know for sure I just want to sell my home.

Indeed as weeks turned to months I could sense the reluctance to take my call. The hurried conversation. I tried to keep up beat sometimes closing my eyes to recapture those early moments of our conversation on the night I signed the Listing Contract.

Is this YOU? Has your listing expired ( gone full term without a sale )? Feeling neglected? Unsure of what to do or who to turn to next in your quest to sell your home in Portland Oregon? How was it you found your agent to begin with? Who should you choose now?

Google me. Just log on to Google and type in Herb Hamilton Broker.

Then Call Herb and Start Packing ! As a Broker with RE/MAX Preferred Inc. Realtors I can show you what went wrong and where to go. I have over 19 years of experience Selling Homes.  Most of which have been right here in the Portland Metropolitan area.

Herb Hamilton is a Real Estate Broker with RE/MAX Preferred Inc. Realtors working in Portland Oregon

                  Home Buyers and Investors Buy A Home or Buy an Investment in Portland Oregon !

                              ” A Real Estate Transaction with Herb is one YOU will Profit from “

http://www.portlandrealproperty.com/ or http://www.hotpdxhome.com/  A Web Site for the consumer full of Local Content as well as Portland Oregon real estate mls Home searches . You’ll also find Portland area school information as well. New Content and Photo’s are constantly being added.

http://www.househuntportland.com/  A Web Site for the home buyer of Portland Oregon Real Estate. Receive updated real estate listings daily or hourly 24/7. Sent by email on a street map with a Photo a Description and an Address.

http://www.portlandflips.com/ An Investors Web Site. Spend your time analyzing the results that will be sped your way within minutes of becoming active in the local RMLS.If your an Investor and You Want Portland Oregon Real Estate Investment Properties then this is your site.

http://www.portlandrealproperty.com/rosecityblog  My Portland Real Property web site Blog. Full of articles reflecting real estate issues, event and more in Portland Oregon and beyond.

http://www.portlandonline.com/ City of Portland On-line. From Parks to Jobs find out about our beautiful City of Roses on Portland Oregon’s Web Site.

Portland_Maps Enter a Portland Oregon address and get a ton of information on the home including maps zoning Sewer etc. Aerial maps included.

Portland_Or._Mt._Tabor_Neighborhood  One of Portland Oregon’s Premier Tree Lined Street Neighborhoods built Around the extinct Mt. Tabor Volcano.

Portland_Or._Laurelhurst_Neighborhood  Crown Jewel of Portland’s eastside, Laurelhurst Park and Neighborhood lies between Mt. Tabor and the Willamette River.

http://www.rebuildingcenter.org/ Link to Portland Oregon’s Nonprofit center for used building materials. If you need parts for that old house come to the Rebuilding center in North Portland’s Mississippi District.

http://www.rejuvenation.com/ Rejuvenation is Portland Oregon’s unique Period Authentic home for full reproduction fixtures and Architectural trim. Salvaged building materials are found here as well.

http://www.hippohardware.com/ Hippo Hardware is another very unique Store located in inner SE Portland Oregon with every kind of conceivable part for you old home. Truly an interesting experience.

http://www.ccb.state.or.us/ State of Oregon’s Contractors and Construction Board. Find out what new laws effect the construction industry. Check on Contractors Licenses and History.

http://www.oregon.gov/REA/index.shtml State of Oregon’s Real Estate Agency.

Oregon’s_Real_Estate_Agency_Pamphlet Learn about Agency . What are a Buyer’s Agent’s responsibilities, what are a Sellers Agent’s Responsibilities. Dual Agency.

Portland Oregon Real Estate Market is Exploding Again!

Over the past few weeks I have been working with a few Buyer’s needing to purchase before the end of May. These Buyers came to me through my House Hunters web site House_Hunt_Portland  a web site specifically designed for Buyers to find a home using there own search criteria.  

For the very Proactive Buyer you can request the results to be sent to you within in 20 minutes. What this means is if a real estate agent lists a home for sale and enters it into the MLS , you will receive it within 20 minutes providing the listing matches your search criteria.  Results sent to you will be on a street map showing the location of the home in the neighborhood . Results will include Photos of the property, a description, and the homes address so that you can drive by first before calling Herb.

Many of the Buyer’s………… UPDATE ! Durying the writing of this article I recieved a Phone call from one of the buyers that I have been working with. This buyer is of course signed up on  House Hunt Portland. They are also on the 20 minute notification plan.

We had been out looking at property today from yesterdays searches. I told them that I would recommend that they have me change the search frequency from daily to every 20 minutes. After all we had seen three homes today that they were interested in but all three had more than  two offers on them already in only a 24 hr period.

So like I said while I was writing this ( I began 2 days ago ) they called and said that House Hunt had just emailed them a new listing. The Photo’s looked great and was in an area they were really interested in. It was 7:00 pm when the call came in. Fortunately the Seller was not at home. By 8:30 pm we had seen the home and had written an offer on my Lap Top and Printed and scanned it back in after signatures. I noticed that the Listing agent had received and read the offer that I emailed him just shortly before 10:00 pm.

The following morning the Listing agent called me to congratulate us on having the offer accpeted by the Seller. He also wanted to commend me for our quick work. He did not expect anyone to have seen the listing til the next day. In fact he had schedueled a showing of the property the following day. Thanks to House Hunt Portland my clients have beaten every one to the draw, even the Listing agent.

Herb Hamilton is a Real Estate Broker with RE/MAX Preferred Inc. Realtors working in Portland Oregon

                  Home Buyers and Investors Buy A Home or Buy an Investment in Portland Oregon !

                              ” A Real Estate Transaction with Herb is one YOU will Profit from “

http://www.portlandrealproperty.com/ or http://www.hotpdxhome.com/  A Web Site for the consumer full of Local Content as well as Portland Oregon real estate mls Home searches . You’ll also find Portland area school information as well. New Content and Photo’s are constantly being added.

http://www.househuntportland.com/  A Web Site for the home buyer of Portland Oregon Real Estate. Receive updated real estate listings daily or hourly 24/7. Sent by email on a street map with a Photo a Description and an Address.

http://www.portlandflips.com/ An Investors Web Site. Spend your time analyzing the results that will be sped your way within minutes of becoming active in the local RMLS.If your an Investor and You Want Portland Oregon Real Estate Investment Properties then this is your site.

http://www.portlandonline.com/ City of Portland On-line. From Parks to Jobs find out about our beautiful City of Roses on Portland Oregon’s Web Site.

Portland_Maps Enter a Portland Oregon address and get a ton of information on the home including maps zoning Sewer etc. Aerial maps included.

Portland_Or._Mt._Tabor_Neighborhood  One of Portland Oregon’s Premier Tree Lined Street Neighborhoods built Around the extinct Mt. Tabor Volcano.

Portland_Or._Laurelhurst_Neighborhood  Crown Jewel of Portland’s eastside, Laurelhurst Park and Neighborhood lies between Mt. Tabor and the Willamette River.

http://www.rebuildingcenter.org/ Link to Portland Oregon’s Nonprofit center for used building materials. If you need parts for that old house come to the Rebuilding center in North Portland’s Mississippi District.

http://www.rejuvenation.com/ Rejuvenation is Portland Oregon’s unique Period Authentic home for full reproduction fixtures and Architectural trim. Salvaged building materials are found here as well.

http://www.hippohardware.com/ Hippo Hardware is another very unique Store located in inner SE Portland Oregon with every kind of conceivable part for you old home. Truly an interesting experience.

http://www.ccb.state.or.us/ State of Oregon’s Contractors and Construction Board. Find out what new laws effect the construction industry. Check on Contractors Licenses and History.

http://www.oregon.gov/REA/index.shtml State of Oregon’s Real Estate Agency.

Oregon’s_Real_Estate_Agency_Pamphlet Learn about Agency . What are a Buyer’s Agent’s responsibilities, what are a Sellers Agent’s Responsibilities. Dual Agency.

Let’s Set the Record Straight

Savvy Investor picks up on an Alberta Arts District fixer in Portland Oregon. As told in a recent blog right here Fixer_Buyers_and_the_Rookie_Mistake . The post tells the story of three buyers looking at the same property. All three eventually made offers. The story was factual. Yet today I recieved a comment from  a reader suggesting the entire story was  made up! In fact this is their quote ” Comment:
I think that the information in this blog is false! The stories are fake and the real world would never see anything like these stories. Thank you ” Now I for one don’t necessarily like overt frontal attacks. And I especially do not care for attacks that are based on no facts and are simply mean spirited and incorrect. I do though recognize the rights of people to have their oppinions.

Hence I did not choose to berate this attacker and make the comment open for others to respond. Instead I chose to give a response to that individual directly to their email.

Here is my response.

An Interesting comment that you left me on my post at www.portlandflips.wordpress.com  and my Posting on Fixer Buyers and the Rookies Mistake. What makes this comment interesting to me is this :

• You do Not know Me
• You have made a unilateral decision on your own that you believe the information and the story was untrue
• You have not presented any evidence to support you allegation
• You have just chosen to lash out

I do not know why you would presume that I would waste my time creating a fabrication. To what end would that serve any ones purpose? I do not lie. I do not make up stories. I may embellish parts of a story to make it somewhat more interesting. But the basic tenants of the stories are Factual and Verifiable.

In regards to the posting the Property I was talking about is at 429 NE Webster in Portland Oregon 97211 and is a Fixer as you can see by the Picture. I have also provided here from the local multiple listing service RMLS the transaction history.

MLS #

Hist

Status

Price

Date

Agent

Office

DOM/CDOM

7028327

SLD

SLD

$269,000

4/22/2007

HAMILTHE

RMXR01

13

/

13

7028327

PEN

PEN

$259,000

4/9/2007

HAMILTHE

RMXR01

13

/

13

7028327

DAT

ACT

$259,000

4/7/2007

HAMILTHE

RMXR01

11

/

7028327

DAT

ACT

$259,000

4/7/2007

HAMILTHE

RMXR01

11

/

7028327

NEW

ACT

$259,000

3/27/2007

HAMILTHE

RMXR01

0

/

7027459

SLD

SLD

$269,000

4/20/2007

HAMILTHE

RMXR01

13

/

13

7027459

PEN

PEN

$259,000

4/9/2007

HAMILTHE

RMXR01

13

/

13

7027459

DAT

ACT

$259,000

4/7/2007

HAMILTHE

RMXR01

11

/

7027459

DAT

ACT

$259,000

3/30/2007

HAMILTHE

RMXR01

3

/

7027459

NEW

ACT

$259,000

3/27/2007

HAMILTHE

RMXR01

0

/

© RMLS™ 2007. ALL RIGHTS RESERVED. – INFORMATION NOT GUARANTEED AND SHOULD BE VERIFIED. SQUARE FOOTAGE IS APPROXIMATE & MAY INCLUDE BOTH FINISHED & UNFINISHED AREAS – CONSULT BROKER FOR INFO. SCHOOL AVAILABILITY SUBJECT TO CHANGE. I have been actively working with Investors of distressed properties for a little over 18 years. It is quite common place to pay greater than full price for a property that promises future rewards. If you would like more examples or would like additional information, I invite you to call me or email me if you choose. I would be more than happy to engage you or anyone in a dialogue concerning FIXERS FLIPS AND REHABS in Portland Oregon. If however you choose only to lash out. Then please choose to do that with someone else.

Go=true;

Herb Hamilton
Broker Associate

Servicing the Greater Portland Metro Area

RE/MAX Preferred Inc. Realtors

office 503 659 1550
cell    503 515 8889
h.hamilton@remax.net
www.portlandflips.wordpress.com  ( Herb’s Blog )
www.adtiverain.com/blogs/herb
www.hotpdxhome.com ( Sellers and Info )
www.househuntportland.com ( Buyers )
www.portlandflips.com ( Investors )

” A Real Estate transaction with Herb is one You will Profit from “