Oregon Real Estate Wanted: New Listing SG12

I have new clients that are looking for a home to lease, lease to own or buy on contract. This is a professional couple that will be moving to the area with in the next 60 to 90 days. They have a dog that is well trained and mannered. It is a 100 pound german shepherd. Homes in which pets are welcomed and either has a dog positive yard or near areas where my clients can walk their dog in safety are a must. Client can provide references for themselves as well as their dog.

If you have a listing you feel my clients might be interested in or you know of one let me know. When you contact me just reference SG12 so I will know which clients you are referring too.

Please feel free to forward this message to anyone you feel might have a property for my clients.

To find out more information about my clients and what they are looking for please visit OregonRealEstateWanted.com and scroll down to buyer SG12 or contact me.





Fred Stewart
Stewart Group Realty Inc.

503-289-4970 (Phone)


Refinance Boom or Bust: The Scoop from Melissa Stashin of Pacific Residential Mortgage LLC

Melissa Stashin, Pacific Residential MortgageMelissa Stashing

Pacific Residential Mortgage, LLC
4949 Meadows Road, Suite 150
Lake Oswego, OR  97035

(503) 699-LOAN (5626)
(503) 905-4999    Fax

Over the last few months refinancing has seen what could be deemed a “boom” in our current lending climate; yet, according to the Bloomberg report, the refinance index decreased 3.1 % in the beginning of September, so why the recent slow? When I turn on the radio, open a paper or see a pop-up in my email, I am bombarded with phrases like; “Lowest Levels on Record! Historic Lows! Lower Your Payment! Rates as Low As.”  Mortgage companies are using confidence boosting words to create hype in their marketing strategies, and this is important, but more crucial is providing information and education to consumers so they understand their options.  In a time when we have some of the best rates in history, getting the word out about refinancing options is fundamental.

One of the best things you can do is dig through your file cabinet, find your mortgage statement and check your current interest rate. If it’s anything over 4.5% it’s worth a phone call. Just like your mom said, “you won’t know until you ask” and really, there are a lot of options. Many consumers who refinanced two years ago may have an incentive to refinance again and this is a good thing. From a local perspective, when consumers seek a lower monthly payment it increases disposable income which creates consumer spending and helps Oregon’s economy as a whole.

So here’s the scoop, there are programs that allow you to refinance without equity in your property or very little. There are options for large loan amounts and those for small. Each program has its own set of guidelines which we, the mortgage banker, will walk you through. Credit issues may not disqualify you if they can be resolved; it’s just a matter of looking at everything carefully. It’s our job to determine the best program for your situation and your ability to repay. The magic recipe for low rate bliss requires four basic ingredients from you: assets, income, credit and property. Although this may seem daunting, if you tell us what your situation is and we can verify it, you may be able to save a significant amount of money. The reality is that rates still are historically low and there is a lot of opportunity for consumers to improve their interest rates. Choosing a local company like Pacific Residential Mortgage helps make for a smart consumer because we have the skills and local expertise to educate our borrowers. In this new mortgage market, the difficulty isn’t in qualifying our consumers it’s simply a matter of gathering information, stirring the ingredients together, and you may be the one that takes the cake!

~ Melissa Stashin

Sr. Mortgage Banker/Branch Manager

NMLS# 40033

Refinancing Your Home : Has the time arrived?, by Chris Wagner, American Capital Mortgage Inc.

Chris Wagner, CMPS
American Capital Mortgage Corporation
555 SE 99th Ave., Suite 101
Portland, OR 97216
503-674-5000 Office
503-888-3372 Cell

The mortgage industry has gone through more transitions in the past few years than Lady Gaga has had costume changes!  Since mid-2007, qualifying has gone from just being able to fog a mirror to having to document your high school transcripts before your loan gets funded!

All joking aside, we are seeing some outstanding refinancing opportunities that simply did not exist a short while ago.  Despite the current economic adversity, chances are good that you can significantly improve your current mortgage, simply due to the fact that we are seeing rates that haven’t been around since the 1940’s!

Here are just a few highlights

For those with an existing FHA loan: a streamline refinance will allow you to lower your rate without an appraisal or income qualifications!   VA loans offer a similar program called IRRL (interest rate reduction loan)

For those whose conventional loans are owned by Fannie Mae or Freddie Mac: A “refi-plus” or the Home Affordable Refinance Plan (HARP) allows you to refinance, often without an appraisal, and if an appraisal is required, they provide for lowered values without paying for mortgage insurance while often allowing for limited income documentation as well.

Getting qualified is simple! Within a short 5 to 10 minute phone call, your mortgage professional should be able to learn everything they need to update your file and determine which program is the best fit.  Realistically, most of the information are top of mind items and should be enough to get the ball rolling without the completion of a formal application. This will allowyou to get a good idea if refinancing now is a good idea for you.

Let’s get down to business……

Once you get a feel for what can be done based on your current circumstances and loan type, you will have the information necessary to make a good decision to get the best results you can, but there is more to it than just APR.  Call it cultural training, but we have all been conditioned to pursue an interest rate like a raccoon runs after whatever is shiny.  In both cases, what you end up with is not always good.

There are essentially four categories that when surveyed, the vast majority of clients will describe their satisfaction or dissatisfaction based on how the following transactional components were executed.  You may consider keeping this list in the back of your mind as a scorecard while you are considering the individuals and institutions you will or are working with.

  1. 1. Communication: This is the number one source of concern that clients describe as a source of anxiety and ill ease.  Our imaginations tend to work against us when we are left to our own and there are few things that are crueler than being ignored.  Your broker/banker’s job is to effectively quarterback all of the people involved with your transaction and to report the progress and timelines to you in a pre-described manner.  This is the only way that expectations can be set properly.  Much like a safari guide, every trip is a little different, but there are enough similarities that your professional should know what to look out for, what to do if it is encountered and how it will affect your outcome.  If you have trouble getting your calls or emails returned promptly when you are initially inquiring about a loan, you can only count on it getting worse down the road.

  1. 2. Honesty and Integrity: This should be obvious, but it is not.  We are not talking about premeditated deception here.  The level of disclosure required by all parties is geared towards virtually eliminating that.  What we are talking about is a mortgage provider who quotes rates and terms prior to gathering the details of your transaction, thus paving the way toward disappointment.  What would you think of a doctor who gave you a prescription without asking questions or examining you first?  This kind of malpractice is due to an urgency to get a commitment from you and may indicate a lack of experience on the part of the interviewer.  Internet advertisers often employ phone-room type data input clerks that often work from a script.  Ask your provider for a written closing cost guarantee prior to spending any money besides the charge for a credit report.  This will go a long way to indicate to you if the numbers are real.

  1. 3. Smooth and Complete Process: Perhaps you have already been, or know of someone who was the victim of the “Oh, just one more thing” series of phone calls requesting additional information that never seem to end once started.  Granted, there are circumstances that in fact do generate requests that could not be anticipated initially, however you should receive a list of items required that you need to begin gathering immediately once your application has been taken.  In addition, you should be given a timeline of the various milestones that will occur during your transaction.  Examples would be, when appraisal is ordered, received, underwriting timelines, and ultimately when you will be signing.  You might get a super low rate, but if it feels like you had to crawl over broken glass to get it and you have been working on it for 4 months, much of the shine will have worn off that apple by the time you actually close.
  1. 4. Rates, terms and fees: This also seems fairly straightforward, as it has to make economic sense to proceed.  In reality, you may initially consider this to be the most significant detail when considering a lender.  The fact is, the lenders and individuals who are still in business after the past few years had to be competitive, or they simply would not be around.  It is wise to determine what your real savings is after all costs are considered.  If it costs you $5000 to lower your rate and that saves you $100 per month, you want to be aware that it will take you 50 months before you reach the break even point of expenses versus savings.  That could be an excellent strategy based on other criteria, but each situation needs to be considered individually in order to be genuinely accurate.  In this case, one size does NOT fit all.

Action step: Don’t Wait!

Find out what can be done in your present situation.  Don’t make assumptions regarding employment, home values or credit.  You owe it to yourself to know for sure.  Don’t wait until rates start creeping up, because they most certainly will.  You are under no obligation to act once you do get qualified, and if you do nothing else, you can get an updated credit report from all three major credit bureaus.  You have a historic opportunity to impact you and your family’s financial future, don’t wait!

Is Debt Really The Problem… or is it something else?, By Bill Westrom, Truthinequity.com

Mainstream media, the Government and consumers themselves vilify debt as the root of the consumer’s financial plight and the root of a weakening country. Debt is not the problem; it’s the management of debt and the way debt is structured that is creating the problem not the debt itself. Unless you win the lottery, invent a cure for cancer or get adopted by Bill Gates or Warren Buffett, debt will be something you will have to face somewhere along the course of your adult life; it’s a natural component of our society.

In today’s economic environment hard working American’s are experiencing a level of fear and financial uncertainty they have never been faced with. This is keeping them up at night wondering how they are going to sustain a life they have worked so hard to build. Americans are also wondering why those we have trusted for all these years; the banks, money managers and politicians, are thriving financially, but don’t seem to be contributing anything of real value to the public? Today, the predominant questions being asked by the American public as it relates to their financial future are; what am I going to do, what can I do, how am I going to do it? We all work way too hard to be faced with these questions. The answers to these frightening questions are right in front of us. The answers lie in the use of the financial resources we use every day. You just need to know how to use them to your advantage.

The crux of the problem for consumers and the country alike lie with misaligned, improper or a shear lack of education on the use of the banking tools we use every day. The three banking tools that we use every day; checking accounts, credit cards and loans are simply being used improperly. The solution lies in educating consumers and institutions to use these tools in the proper sequence and function to manage debt properly, regain control of income and possess the authority to control the repayment of debt. It’s as simple as that. By exposing the failed business model of conventional banking and borrowing practices, realigning them into a model that actually helps consumers get more out of what they own and what they earn, we can once again grow individually, as a society and a nation.

The Truth Is In The Proof.

When Buying A House In Portland Narrow Your Search + RMLS Email Updates, by Betty Jung, Re/Max Equity Group

Last weekend showing property it was brought home to me again how important it is to narrow your search.  I met with two separate buyers in different parts of town.  They knew exactly where they wanted to purchase and their search is contained within those areas.

Several years ago I had a buyer who was interested in purchasing in Portland.  He told me he wanted to look in Clackamas, Washington, and Multnomah counties – pretty much half the state, or thereabouts.  It was extremely difficult for him to narrow down where he wanted to live because his search parameter was way too large in scope. I kept encouraging him to narrow his choices.  As a result, he thought a house in one part of the State looked extremely appealing when in fact compared to other areas and factors, it wasn’t a good deal at all.  It was like comparing apples to oranges.

That’s not to say you shouldn’t look at several areas, but the sooner you zero in on the location you would rather live in, the easier it is on you, the buyer.

One thing I tell my buyers is that I would hate for them to look on one side of the road and never having looked on the other side. When you first start looking for a house, of course, your parameters may not be as narrow.  It’s actually good if you start with a larger area and then narrow it down if you don’t know where you want to live.  But, that’s not to say you should include half the state of Oregon.  The sooner you know where you want to live, the sooner you will find your “dream” home.

For email updates of property listings direct from our RMLS,™ please click on this link and fill out the form to start receiving them.

Betty Jung

Foreclosure rate soars in suburbs, Steve Law, Portland Tribune

While Portlanders continue to be plagued by home foreclosures, the number of distressed homeowners is spiking even faster in the suburbs these days.

Foreclosure actions filed against homeowners in upscale Lake Oswego mushroomed 20 percent the first six months of this year, compared with the same period last year, and rose 10 percent in jobs-rich Hillsboro, according to RealtyTrac Inc., an Irvine, Calif., real estate data services company. RealtyTrac counted nearly 300 Lake Oswego properties socked with foreclosure actions from January through June and more than 500 Hillsboro properties.

Foreclosures also shot up at a rate faster than Portland in suburban Oregon City, Milwaukie, Tigard, Tualatin, Sherwood and St. Helens.

“The foreclosure activity that is occurring in suburban markets in Oregon is unprecedented,” says Tom Cusack, a retired federal housing manager in Portland who continues to track the issue via his Oregon Housing Blog. “It’s affecting not just rural areas, not just inner-city neighborhoods, but suburban neighborhoods, probably more substantially than any time in the past,” Cusack says.

From January through June, foreclosure filings grew 6.5 percent in the city of Portland, compared with a year earlier, and 8.5 percent in Portland suburbs, not counting Clark County, according to RealtyTrac data.

In 10 different local ZIP codes — three in Portland and seven in the suburbs — foreclosure actions were filed against more than 2 percent of all properties the first six months of 2010.

Dominating local market

Realtors say a record number of foreclosures dominates the area housing market, depressing home prices but also attracting bargain-hunters looking for distressed properties.

“Either you’re helping people get into them or helping get out of them,” says Fred Stewart, a Northeast Portland Realtor who operates a website listing foreclosed homes for sale in Multnomah County.

Distressed properties account for “40 percent of the business right now,” says Dale Kuhn, principal broker for John L. Scott Real Estate in Lake Oswego.

Every suburb is a unique real estate market, so it’s hard to generalize why some are experiencing more foreclosures now than before. In West Linn, for example, foreclosure filings were down the first six months of the year compared to a year earlier, while things are going in a different direction in its affluent neighbor to the north, Lake Oswego.

Explanations vary

One factor could be that many borrowers of modest means took out subprime loans, which were the first to go through foreclosure when those loans “exploded” and reset to much-higher interest rates. Working-class neighborhoods had the highest foreclosure rates in the early months of the Great Recession.

“They got hit the hardest first,” says Rick Skaggs, a real estate broker at John L. Scott in Forest Grove.

In the Portland area, an unusually high number of middle-class and affluent borrowers took out interest-only loans and Option ARM or negative-amortization loans. Option ARMs (adjustable rate mortgages) allowed the borrower to pay a minimum monthly mortgage payment — akin to a credit card minimum payment — while tacking more principal onto the loan. Option ARMs and other alternative loans took longer to unravel than subprime loans, and many are now winding up in foreclosure. And those mortgages were more common for more expensive properties.

They were ticking time bombs, like subprime loans, but they had longer fuses, says Angela Martin, of the Portland public interest group Our Oregon.

Stewart offers another reason for the surge in suburban foreclosures. He’s noticing a larger pool of buyers now for closer-in Portland neighborhoods, as people seek to avoid long commutes. People selling distressed properties in Northeast and Southeast Portland have more options to sell than someone saddled with an unaffordable mortgage in a suburb, Stewart says.

Tables turned

Recent state and national statistics also reveal a counterintuitive trend — affluent homeowners are going into foreclosure lately at a higher rate than others.

Cusack recently analyzed data for Oregonians who took out traditional 30-year Federal Housing Administration loans since mid-2008. He found that the greater the loan amount, the greater the chances those became problem loans.

“The default rate and the seriously delinquent rate were higher for higher-income loans,” Cusack says.

Business owners and other affluent homebuyers who settled in suburban markets also had more resources available to hold onto their homes than lower-income homeowners, at least during the earlier stages of the Great Recession. That may explain why places such as Lake Oswego are seeing such an upsurge in foreclosures now.

“If you paid a half-million for anything in Lake Oswego in 2007, you’re ‘under water,’ ” Stewart says. That’s the term for people who owe more on their mortgage than their home is worth.

Portland bankruptcy attorney Ann Chapman, of the firm Vanden Bos & Chapman, is seeing an uptick in affluent clients coming to her office.

They had been turning to pensions, savings and family money to hold onto their homes and businesses, Chapman says. But as the economic downturn grinds on, some clients see the best option as dumping their home and filing for bankruptcy reorganization.

Affluent homeowners make a more sober assessment when they realize their homes aren’t going to be worth the mortgage amount for many years, she says. “They’re going to potentially be less emotionally involved when it comes to stopping the bleeding.”

It’s often a different story for lower-income homeowners who hope to hold onto the only homes they’ve ever had, or hope to have. “They get blinded by their optimism or their paralysis,” Chapman says.

Little relief in sight

Many Realtors say it’s a great buyer’s market now for those who have steady jobs, because interest rates are low and prices have fallen so much. But don’t expect the onslaught of Portland-area foreclosures to end any time soon.

“We are nowhere near the end if you look at the number of homeowners that will ultimately be at risk,” says Martin, citing a new study by the North Carolina-based Center for Responsible Lending. Based on that study, she figures Oregon is only halfway through the foreclosure crisis, in terms of the number of people affected by foreclosures.

Skaggs says he wishes he could be more positive, but he doesn’t see the light at the end of the tunnel. He just spoke with an investor last week who is about to walk away from five rental homes and let the bank take them back. Three of the homes are in the Beaverton area, one is in Bend and one is on the Oregon Coast.

“I probably know at least 15 people that in the next month or two are going to walk away from their homes.”



OregonRealEstateWanted.com: How It Works

Oregon Real Estate Wanted (http://www.oregonrealestatewanted.com) is a web site created for the marketing of the needs of people seeking to buy real estate in Oregon. Buyers are listed along with their needs and qualification so those that are seeking to sell real estate can contact them just like buyers approach sellers of real estate.

How it works:

Each buyer listed on the site will be given a serial number that will identify them to the public. We offer this so their privacy is protected and fairness in the presentation of all opportunities is assured.

Before being listed on OregonRealEstateWanted.com. A buyer must have met with a loan officer and obtained a pre-qualification letter. This letter will not be listed on the site, but the name and contact information of the loan officer the buyer will be working with will be included with their listing. We encourage the buyer to allow the loan officer to pull their credit report and review all of their income documentation so that loan officer can ensure the buyer is qualified for the loan program they will be applying for. We want sellers and real estate brokers that visit the site to have confidence that the buyers listed have the ability to close on a loan.

We will promote a detailed wish list the buyer(s) are looking for so people that have real estate for sale can compare that wish list with their property. If they feel they have something that is a good fit, they will be encouraged to contact us and we will then notify the buyer of an opportunity.

When a seller or broker notifies us of a property or listing that fits the buyer’s criteria we will present that property to the buyer for their consideration.

By doing this we will allow the buyer to have full access to the available properties that are available. Both properties listed on the multiple listing services and For Sale By Owners (FSBO) will be considered.

This web site will allow Stewart Group Realty to present our clients to a wide range of opportunities.

Oregon Real Estate Wanted