Sunriver Short Sales History FAQ

Be aware when buying or selling a Short Sale…

Short Sales were readily available in most markets’ (pre 2015 following financial crisis of 2008 and ensuing housing collapse); the same is true when talking about Central Oregon Real Estate. A short sale in real estate occurs when a homeowner sells their property for less than the outstanding mortgage balance, with the lender’s approval. The amount of time it takes to close on a home in a short sale situation dwarfs conventional closings. Substantial delays are often caused by the involvement of multiple parties in the transaction or sale process. The offer is submitted to the borrower or the homeowner for review and consideration. If the offer is accepted, the offer moves to the bank for bank approval. The process will often slow down a bit at this phase of the short sale process. Banks don’t intentionally create delays in the short sale process. During the most recent housing crisis the banks lacked the necessary manpower to handle the massive influx of short sales or distressed properties. In short sale situations buyers typically don’t have control over the contract / bank process and this often causes uncertainty or stress. Another frequently encountered complication during a short sale closing arises when the seller has obtained a second loan on their home. The second note will need to be satisfied in addition to the loan holding first position. Frequently, this issue is not addressed until the final stages of the closing process. If the second lender cannot be satisfied with the limited remaining funds from the short sale, the deal may fail to proceed altogether. In the Sunriver housing market, the short sale process is more common than one might expect (historically), and it is entirely feasible to guide a short sale to a successful conclusion. However, the crucial elements for success lie in maintaining patience while carefully managing your expectations.

The above is an excerpt from my Sunriver News Online Website… if you would like to read the full blog post and corresponding links please follow this link… Sunriver News Online

Want to know more… Read my 3 part series on Short Sales and how they affect the Sunriver real estate market. Click Here!

Here is a additional commentary from a colleague of mine on short sales and some of the hurdles you face in attempting to buy one…

Sunriver Homes For Sale

Situated at an elevation of over 4,000 feet, Sunriver enjoys more snowfall than its nearby counterpart, Bend. This charming destination is a magnet for vacationers hailing from the Pacific Northwest and Northern California alike. During the summer, Sunriver comes alive with families on vacation, corporate retreats, family reunions, and enchanting wedding celebrations. In contrast, the winter months in Sunriver offer a serene and unhurried atmosphere, with a notable uptick in visitors flocking to enjoy the Mt. Bachelor skiing season or the Winter Holiday festivities as part of Sunriver Resort’s Traditions program.