The Search becomes a Quest!

As many of you may know I have been on the hunt for a good multi-family property now for a few weeks in the greater Portland Oregon area for a few different Real Estate investors. As a licensed Broker in Oregon now for some 28 years I have made working with Real Estate Investors the backbone of my business. I am constantly on the search for all types of investment properties. From the larger multi-family projects to the smaller duplex properties. I also look for fixer uppers vacant lots and or just plain old ordinary single family homes that may work as decent rentals. But my recent focus has been on the multi family properties.

This last weeks mailings netted me another potential prospect. An owner who last year had his 4-plex on the market without success. After a brief consultation over the phone the owner invited me to come take a look.

We set a mutual time and as usual I showed up a few minutes early and did the drive through around the neighborhood. So far so good! I met with the owner as we walked through the units I noticed that 3 have the units had been recently remodeled the 4th not yet as it was a long term tenant. We agreed to a price and a fair compensation for my work as this Owner preferred to represent himself.

I made my calls to my investors and Carl was ready to step up to the plate. Two days later after Carl had done his drive by I was ready to write the offer.

I called the owner. The owner said that after conferring with his property management company he decided not to sell as rental rates were going up and it was too good of money to turn down.

Ah the life of an agent is often filled with disappointment. The Quest continues. Surely there must be one person who is willing to stand by their commitments?

Herb Hamilton is a licensed Real Estate Broker with RE/MAX Preferred Inc. Realtors

Cell phone 503-515-8889

Best web site ever http://www.househuntportland.com

BPO, s what are they?

A BPO is a Brokers Price Oppinion. An oppinion of value of a real estate asset at time of vIewing and or for a specific time period requested by the requesting party. Most often the requesting party Iis a lender who may have a lean against the property. But it may also be requested by the owner or another interested party such as another lender considering making a loan against the property. Or it might be a request from the mortgage insurance company looking to remove te mortgage insurance premium established when the current loan was taken out.

So what is the value or difference of the BPO compared to an appraisal and or a CMA provided by Real Estate Agents?

An appraisal given by a licensed Appraiser in your state is most often the most consevative view of value for your home. The appraiser is looking to return a value that rmeflects the amount the purchaser is willing to pay with a value that Lender is reasonably safe in lending. It is why you do not see vaues of appraisals often exceeding the agreed upon price. A CMA or competitive Market Anaylisis offered by a Real Estate Agent is the opposite of an appraisal as it is usually the most opptomistic view of the home. The f ocus on the CMA is what is the most I can hope to get for this home and what is the least amount. A good agent would often try to choose a value in the middle but is often persuaded by the owner to choose the higher value.   The BPO is most often some where between the Appraisal and the opptomistic view of the CMA picking a value that is a realistic expectation.

For all your greater Portland Oregon Real Estate needs call Herb and ” start packing ”

Herb Hamilton is a licensed Real Estate Broker in Oregon cell phone is 503-515-8889

The Portland Market is Up ! No It’s Down ?

No kidding folks it almost depends on who you talk to. Truth be told the market is doing pretty well here in the Portland area even though the numbers are slightly down from previous years. For the most part we have weathered the battle pretty well.

Of course the Portland Oregon is a pretty spread out area with many small towns just on the edge of the city limits. Some of these areas have been effected a lot more than the inner city.

For a snapshot of what is going on in some of the Portland Metro Areas stop by THE_PICKLE today for a partial Market Report.