Living Tigard - Your guide to everything Tigard

By Todd Clark (Broker/Sales Coach) 503-524-9494

Should house buying come with no risks? It seems like a silly question, but I had a buyer I recently decided to let go of because of numerous reasons. But, the one thing I remember about this client, that will always stick out in my mind, is that no matter what house they end up buying, I’m going to feel real sorry for the seller.

You see, this buyer wanted to put offers in with no risk to himself. I dropped him after he told me all the things he wanted me to put in his offer. I wasn’t going to put my name on this contract as I thought it was just ridicules what he was asking of sellers and I didn’t want to have any part of it.

Here are just a couple things that he was requesting be put in the contract. The first was that if the home didn’t appraise, the sellers would agree to lower the price to the appraised amount minus $5,000 or the seller would have to pay for the appraisal plus $250 for their time. The second was they were only going to put down $1 in earnest money. (I almost believe they would stick it out.) Then they said if the inspection came back with anything that needed to be repaired, they wanted the seller to agree to do all the repairs or pay for the inspection.

Then to top all that, as if that wasn’t enough to get me to run from that client, they had a formula that set their max offer price of 67% of the current asking price, no matter if the current price was good or not. Not only did I feel by writing this offer I was wasting my time, but I was also wasting the time of the seller and ruining my good name and I wasn’t about to do that.

So, do you think the buyer should be able to buy a house without risk?

Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739

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©2009 Todd Clark - Originally posted at Should house buying come with no risks?

By Todd Clark (Broker/Sales Coach) 503-524-9494

I am in the middle of a transaction right now and though the seller doesn’t claim to be the listing agent, it seems every time something is done on the transaction it is the owner / agent. I do feel sorry for her, I’m not sure what the circumstances are behind the sale, but whatever it is, my buyers are worried they are being ripped off.

But, are there things as a buyer you need to know when an agent is representing themselves in a transaction? Well, yes. This person does have knowledge of real estate that you don’t, but one thing I can tell you even though they are representing themselves, they are not getting any financial gain from it. (If they do, then they are committing mortgage fraud and could end up in jail.)

One of the things buyers are concerned with in a transaction is the repair addendum and what to do with the information obtained in the report. Most times, when you are buying and REO or a short sale, you are getting the home as-is. You need to remember that if these people had money to make repairs, then, more than likely, they wouldn’t be in the situation they are in with their bank. It isn’t that they don’t want to do the repairs, they just can’t justify it when they are already losing their credit, their home, and then to pay you to take it from them just doesn’t make financial sense in most situations.

The best thing you can do as a buyer, when buying a short sale from an agent or even a regular citizen is to beware and make sure you don’t take any shortcuts and get all inspections done on time. This is really the best way to stay informed and on top of the situation and protect yourself. If you have any questions on buying a short sale in Beaverton or Tigard, Oregon, don’t hesitate to call or email me.

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

Tigard Oregon Homes for Sale, Tigard OR homes for sale, homes for sale in zip code, 97223,97224, Tigard Oregon Realtor, Tigard OR Realtor, Tigard Oregon MLS Search, Tigard OR MLS Search, 1st time home buying expert, short sale expert, avoiding foreclosure in Tigard, helping families home, LivingBeaverton, Townhomes for sale, home for sale, house for sale, Bull Mountain North, Bull Mountain South, King City, Mountainview, Greenburg, Summer Lake Neighborhood, Summerfield neighborhood, Tigard neighborhood, Walnut Grove Neighborhood. Tigard Oregon Real Estate, Tigard OR real estate, Todd Clark, (503)524-9494, WWW.LivingTigard.com, www.IFoundYourNewHome.com, www.SavingyouFromForeclosure.com

©2009 Todd Clark - Originally posted at When an agent ends up selling their own home on a short sale, is it really buyer beware?

By Todd Clark (Broker/Sales Coach) 503-524-9494

If you are a buyer and have ever looked at a bank owned property, then you know that the properties are sold as-is. But, in Oregon we have disclosure laws that says as a seller you have to disclose any known material defects that may affect the value of the property. But, the banks don't have to give a disclosure. But, here is where I think these banks and sometimes their agents are using this law in a very unfair practice.

When you have a property that is for sale, sometimes you have a fail sale because of an inspection. During that inspection a material fact that came up and would affect the value of that property really should be addressed or told to the next buyer, especially when they ask. But, for some reason these banks and their agents feel they can hide these facts and hope the new buyer won't get an inspection.

I've witnessed one agent that when asked directly about a certain item that they knew was a problem out right lie and say they didn't know anything about that. How do I know? The previous buyer had send me an email with the other agents comments about the defective item and said the bank was not willing to repair it even if it meant the loan not going through. My buyer almost spent $400 on an inspection just to find out that their loan wouldn't go through either because this other agent lied about the furnace.

This is just one of the reasons I tell my buyer that even though the property is being sold as-is, it is very important to get an inspection. My question is, should a listing agent that now knows a material fact about a property be required to share that information with a potential buyer, especially if they are asked directly about that item?

If you are a buyer, make sure if you are buying a property that is sold as-is, you still need to get an inspection, because even if sold as-is, you will want to know what potential problems you are walking into.

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

Tigard Oregon Homes for Sale, Tigard OR homes for sale, homes for sale in zip code, 97223,97224, Tigard Oregon Realtor, Tigard OR Realtor, Tigard Oregon MLS Search, Tigard OR MLS Search, 1st time home buying expert, short sale expert, avoiding foreclosure in Tigard, helping families home, LivingBeaverton, Townhomes for sale, home for sale, house for sale, Bull Mountain North, Bull Mountain South, King City, Mountainview, Greenburg, Summer Lake Neighborhood, Summerfield neighborhood, Tigard neighborhood, Walnut Grove Neighborhood. Tigard Oregon Real Estate, Tigard OR real estate, Todd Clark, (503)524-9494, WWW.LivingTigard.com, www.IFoundYourNewHome.com, www.SavingyouFromForeclosure.com

©2009 Todd Clark - Bank owned, disclosures, and just out right lies (What is a material fact)

Tigard Oregon Real Estate and more: How much should I offer on this property?

This is a question I get asked from almost every first time home buyer and even some experienced buyers. But, the question I ask in reply is, “How much do you want the home?” 

It is a matter of risk vs how long the home has been on the market.

You see, when you are looking for a home and you see the listing price, that is the price the home owner would like to get without having to pay any closing costs for the buyer or to do any repairs, but they usually are expecting those things.

But, when a home just comes on the market and you ask this question, then be prepared not to get the home. You see, if a home is a good deal already and is in good condition, then they will more than likely get a full price offer within 24-72 hours and aren’t going to accept less than asking price. 

I have seen many buyers lose their dream home because they saw the listing price as a starting point, even on the first day on the market, and then they are shocked when someone outbids them. One thing I have found is the day you find a home that you really want, there is usually someone else who has been looking longer and has already discovered that if they want the home they had better not play around on price too much.

I have no problem with buyers negotiating a slightly lower price for themselves, but asking for $35,000 less than asking price on day one can be a sure way to not get the home you want. My best suggestion is negotiate for repairs and upgrades that come up on the inspection rather than negotiate the price immediately.

If you own a $40,000 car and want to sell it used, would you accept $30,000 for it? More than likely not, so why would a home seller? Now, with short sales, there is a little different mind set with most buyers. They see the bank as the one taking the loss, so they feel they can offer lower than asking price by any amount they want. But, take in to consideration that the price usually already reflects the reduction in price because it is a short sale. 

Do your homework. Don’t offer more than the home is worth, but also don’t offer your way right out of your dream home. I would love to help you buy your dream home today, so give me a call or drop me an e-mail.

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

©2009 Todd Clark - Tigard Oregon Real Estate and more: How much should I offer on this property?

This really is the Chicken or the Egg scenario. Do you get a Realtor and see if you like what kind of homes are even in the price range you are thinking before finding a lender or do you find a lender to see what you qualify for before you even start looking? 

Here are my thoughts on this and these are only my thoughts. If you have a relationship already established with a lender or a Realtor, then go with them first. Here is the reason I say that. If you have a relationship with a lender, then they may be able to give you some great advice with a great agent they know. Now, the same can be said about a Realtor that you have a relationship with.

You see, both of these fields require networking with each other and both fields have worked with ones they like and they don’t like. So, if you have a relationship with only one of the two, then go to them and ask them for their opinion. I bet they know some great people in the other field. 

But, if you don’t have a relationship with either, check the internet and find a Realtor that is knowledgeable in your area and that you like. Since you are going to be working closely with this person for the next few months, and once you have chosen a Realtor, ask them who they suggest for a lender. I guarantee you will want to use someone they recommend rather than finding someone they have never worked with before.

If you are in the market for a new home and would like someone to guide you through the process of that home purchase, please feel free to give me a call. I have a great team in place that can help you buy that home and make it feel comfortable to buy rather than ending up having second thoughts throughout the whole process.

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

©2009 Todd Clark - The Chicken or the Egg? Should you get a Realtor or a Lender first?

One of the biggest issues I see in buying a foreclosed home in the Tigard, Oregon, real estate market is you don’t have anyone protecting you if you don’t protect yourself. This doesn’t seem right, especially if you hired a real estate agent. However, there are some things even your agent may not think of, or may not be able to tell you, so this is where you need to protect yourself.

The first thing is your agent can’t tell you how safe the neighborhood is, that is for you to decide. I suggest you check out the police websites and do a thorough search of past crimes in the area and see if there is a lot of personal property crime. (Car break-ins, house break-ins…)

But, and this is the big one, this is the one that you absolutely have to do yourself and you have to do it before you even consider closing on a home or it could cost you hundreds of thousands of dollars. This is where I’m telling you to protect yourself when buying a foreclosed home especially.

Every home that you buy in short sale or on the regular market comes with a disclosure form from the seller, but what about the bank? The bank doesn’t have to do a disclosure form. They are exempt from the disclosure laws. So, what is your Tigard, OR. real estate home hiding that the bank doesn’t have to tell you?

Your home could have been a drug house and used for manufacturing drugs and could be hazardous to you and your family’s health. You may not find out for years why your family keeps getting sick. You may only find out after the doctors tell you what they think the symptoms are.

So, why was the home foreclosed? Are the owners in jail for drugs and drug making? You better know before you close on that house, or you might find out your $250,000 home could be worth $100,000 and your family’s health will be at risk! Now, if the owners weren’t arrested for it, there may be no record of it, and you may want to have an independent test of the house to see if there are any signs of drugs in the house.

Protect yourself and your family when buying that foreclosed property in Tigard, Oregon, or you could be sorry.

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

©2009 Todd Clark - Tigard Oregon Real Estate and More: Don’t forget to protect yourself when buying a foreclosed home!