How to Buy Oregon ForeclosuresPurchasing Foreclosed Homes in OregonDewayne Boyd, Yahoo Contributor Network
Oregon allows lenders to foreclose and auction off properties when the home owner with a mortgage fails to keep up on the payments. The lenders must give public notice of the sale. Buyers use the public foreclosure notices to find Oregon foreclosures. The buyers can then place the highest bid at individual public auctions to buy foreclosed homes in Oregon.
Look in newspapers to find Oregon foreclosure listings. Lenders in this state must run a foreclosure notice once a week for four straight weeks. You can look in Oregon newspapers online to conduct a statewide search for foreclosed properties. Go to the USNPL website at Usnpl.com/ornews.php. Use the list of links to visit the online versions of various newspapers and find the foreclosure listings. Newspapers usually run Oregon foreclosure notices either as part of or near the classifieds section (and in the "Legal Notices" subsection).
Note that you might also find some foreclosure sales through county sheriff's offices. This would occur when a lender forecloses by filing a lawsuit. However, this is not a particularly popular option among lenders, resulting in a relatively low number of foreclosures at sheriff's sales. Contact individual sheriffs or visit their websites for more information on how to participate in local foreclosure auctions.
Use the listings to determine the date, time and place of individual Oregon foreclosure sales. Each listing should also tell you the address of the foreclosed home and the amount due on the property.
Use the amounts due to make a shorter list of Oregon foreclosed homes that you might like to purchase. The way a foreclosure works is that the lender bids the amount due on the property. You will have to bid more if you want to Buy foreclosures in Oregon.
Drop by the actual properties if you are contemplating bidding on a particular home or real estate. Here is where you need to try to figure out the market value of the foreclosed property. Your maximum bid should be somewhere between the amount owing on the property and the fair market value. Set a maximum bid with the information you find. Neighbors or real estate brokers may be able to provide information about the estimated value of the foreclosed home.
Prepare bidding funds and make a payment plan. Use the listings to determine the requirements to participate at an auction. In Oregon, there does not appear to be a set rule on how the buyer must pay for the property. So you need to follow the trustee's instructions to Buy Oregon foreclosures. Use the correct method (cash, check, etc.) and pay by the stated deadlines. You might even have to pay the full amount on the day of the foreclosure sale.
Obtain an Oregon property deed once you pay for a property. The lender's trustee must provide this, and you must then submit it to the county recorder's office (real property records) in the same Oregon county as the foreclosed home you bought at auction.
Published by Dewayne Boyd
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