When Oregon home owners get a mortgage loan to buy a house, they are subject to the lender’s power of foreclosure. Let’s say a Portand home owner fails to make house payments for several months. The lender can then foreclose and proceed to sell the property at a public foreclosure auction in the Portland area. Buyers of real estate looking for cheap deals through Portland foreclosures can find such properties through foreclosure listings. They can then place the highest bid at the auction to buy foreclosed homes in Portland.
Use local newspapers to find Portland foreclosure listings. Lenders in Oregon must run a foreclosure notice once a week for four straight weeks for every foreclosure. You can find these notices in newspapers in Multnomah County or possibly surrounding counties for Portland properties located in those other counties. Online resources may help you save time and money when looking for Portland-area foreclosure listings. You can visit 50States.com or USNPL.com to find lists of Oregon online newspapers that may run foreclosure advertisements for Portland properties.
Look at the Portland foreclosure listings to get the date, time and place of each auction, In Oregon, this is normally determined by the lender and the terms in the original contract. Lenders may choose any place in the same county of the foreclosed property to conduct an auction.
Decide which properties are suitable for your bidding range and budget. It would be best not to use all your money on just one foreclosure. Just like with investments, a foreclosure purchase can go bad. Try to spread out your money over multiple foreclosed homes in the Portland area.
Set up a maximum bid for each piece of real estate you want to purchase. Make only bids that you think are below the fair market value of a foreclosed home or piece of land. House prices fluctuate, but you should at least estimate the fair market value so you can decide on a smart maximum bid that may give you a good deal. Neighbors or Portland real estate agents may help you get information to estimate a fair market value on Portland foreclosed properties.
Get the money together to bid on and pay for the Portland foreclosed properties you want to purchase. In Oregon, the lender has the right to choose which forms of payment to accept and the timetable for making payments. Because this may vary by auction, always double check the foreclosure listing before going to participate in a Portland foreclosure sale.
Obtain an Oregon property deed once you complete the purchase of a Portland foreclosure. File the deed with the Multnomah County recorder’s office or other county if your property happens to be in a part of Portland that is located in a surrounding county.
Oregon Foreclosure Laws From Foreclosure.com