Hawthorne Fixer – Bring Your Hammer!

Great Hawthorne location! Walk to shops, dining, Bagdad Theater. Two car garage with driveway parking.

House is a fixer. Needs TLC and updating. Bring your hammer and make this your home. Investors – fix up and flip or hold as a great rental. Not much under 300K in this area!

1977 one story ranch
1040 sqft
3 bedrooms
1.5 baths
4500 sqft lot

Needs floors throughout, kitchen and baths need updating, paint inside and out.

Free Map-based search tool is available at http://FindPortlandHomes.com
Search for homes in Hawthorne or anywhere else in the Portland metro area. Daily listings sent to your email and includes address!

How to Buy a HUD Home

You may be in a market in which finding homes to buy is difficult. Or you may want to shop in a neighborhood that is slightly out of your price range. In either case, you can increase your chances of finding the home you want by shopping with HUD (the U.S.Department of Housing and Urban Development.)

By the organization’s own definition, HUD is the Federal agency responsible for national policy and programs that address America’s housing needs, improve and develop the nation’s communities, and enforce fair housing laws.

HUD also underwrites homeownership for lower- and moderate-income families through its mortgage insurance program – the Federal Housing Administration (FHA.) A primary function of the FHA is to provide the mortgage insurance that will encourage lenders to make financing available and affordable for housing purchases. When a homeowner with an FHA loan defaults on a mortage, the home reverts back to the lender who then looks to the FHA to pay off the remainder of the mortgage. The home then ends up in HUD inventory, as part of HUD Homes, a program designed to market the homes through real estate agents and to find buyers.

Homes that have been reposssessed can pose a stigma in any neighborhood. It is in the local economy’s best interest for the home to be reabsorbed and occupied as quickly as possible.

Having licensed professional agents market and assist buyers for the homes makes this process easier. And the buyers are in a position to get a bargain – most of the homes are marketed only at the rate of their defaulted loans, making them many times below comparable market value.

The down side is that when a homeowner is forced to lose a home in such a way, neglect and damage may be found in the home. Sometimes, HUD will provide special assistance in the form of repair allowances or low down payments to assure that the home is quickly occupied.
HUD Homes require no special commitments to buy. They may be purchased by any qualified buyers, without regard to the buyer’s race, color, religion, sex, or national origin.

With a HUD Home, there is the advantage that you do not have to deal with the occupant of the home. In some areas, a HUD office may accept a counter-offer from you, but if your counter-offer is not accepted, the home goes back on the market. HUD is interested in a quick sale, so the organization is geared to respond quickly to your offer. If you make an offere that is accepted, the home can close in as little as 30 to 60 days.

Again, you must work with a HUD broker. A HUD broker is any licensed REALTOR who is on file with the organization. Some brokers advertise their desire to sell HUD Homes. Finding one shouldn’t be difficult. You can call the HUD office for a recommendation. Since the broker’s commission is being paid by HUD, the broker’s help to you is free.
Some helpful sites to visit:

Housing Counseling Agencies – Government-approved consumer credit organizations

Home Buying Tips – Includes settlement costs and helpful information including a description of a real estate agent, selecting an attorney, securing a loan, and more.

Picking the Perfect Color for your Home’s Exterior

We’ve all seen them, the houses that make you gasp when you walk or drive by. You immediately blurt out, “What in the world were they thinking? Did they do a color test first?” The neighbors must be horrified or downright angry especially if they plan on putting their house on the market in the next few years. There is definitely a way to avoid this mistake with your own home or investment property.

If you are in a neighborhood that has an HOA, they typically have a list of acceptable color palates available to you. Otherwise, you will need to take your color choice to the HOA and have them approve the color. The goal is to keep the neighborhood consistent and clean.

If you don’t have an HOA that governs the area, you will just have to use your best judgment. Drive around your neighborhood and look at the different houses. Decide on which colors you like. Once you find a few that you like, head on over to your local paint store and grab a few swatches. It’s important to remember that a color can look truly different in the sun than it does when it’s cloudy outside. Portland has many cloudy days so sticking with a northwest color palette is a safe move.

 

Just remember that color makes a first impression and can enhance curb appeal and even resale value. You can highlight your home’s architectural detail by selecting a great contrasting or accent color for the trim, shutters and front door/entryway. Keep in mind that some colors can not be changed like the roof so do your best to select a color that compliments your roofs color. Also, your color should neither match nor clash with your neighbor’s homes.

Many paint stores offer computer imaging so you can get an idea of how your house would look using the colors you like. There are also some fabulous online tools available to you that can help you select the colors for your home. Benjaminmoore.com and Sherwin-Williams.com are just a couple of great online resources.

A fresh coat of paint can add new life to your home and really enhance your home’s value and curb appeal. Just make sure to take your time and don’t rush to a decision. It’s an expensive mistake to fix!! But most of all have fun!! 

Fixer Tips – Adding Square Feet

Adding square feet is a great way to increase the value of a home.  Unfinished attics and basements are the logical choices to substantially increase the total livig space and add value that turns into profit for you.

Finishing a basement makes a great spot for a media room, family room, office or play room for the kids.  Converting an attic to a bedroom will give you the biggest bang for your buck.  Many older houses in SE Portland and NE Portland have enough headroom in the attic to add a couple bedrooms and a bathroom.

Make sure you use a licensed and bonded contractor when converting an attic space or finishing a basement.  Proper permits are required for this type of work and will help with the resale of your fixer.

Contact me if you need a referral for a contractor to help with your basement or attic conversion.