There’s a lot of competition to find great deals on local Portland Oregon foreclosure properties.
Finding them is only one part of the process – you also need to know how to capture them.
Here are a few secrets from the pros that we’ve used with great success on how to find great foreclosure deals in Portland.
1. Comb through the same listings everyone uses.
Numerous methods exist for obtaining local foreclosure data in Portland and the adjacent areas, and one notable resource is foreclosure.com. This platform effectively sifts through default notices, bankruptcies, tax sales, and distressed asset lists, providing a comprehensive overview of available foreclosure information. However, it’s essential to be mindful of a common limitation associated with online resources like foreclosure.com—the potential for a lag in updating information. Due to the nature of data compilation and publication processes, there may be instances where the information presented online is not the most current, introducing a time delay that can impact the accuracy of the data.
2. Search the lesser-known publications sometimes used by smaller lenders.
The majority of publications related to Portland are typically indexed and accessible online. However, there are occasional instances where lenders inadvertently publish information in smaller circulations, believing it fulfills legal requirements. These publications specifically pertain to notices of default, which lenders are obligated to publish in public records. Exploring these records becomes one of the initial avenues to uncover information about foreclosures in Portland. It’s essential to cast a wide net in your search strategy, recognizing that some crucial details may be tucked away in less prominent sources due to occasional missteps in the publishing process.
3. Establish great working relationships with at least one broker.
When you’re starting out as an investor in Portland Oregon, you’d better not burn any bridges – especially with the power real estate brokers in this town.
Among the elite group of real estate professionals, a select few stand out by maintaining extensive networks with numerous investors. These top-tier brokers possess an intimate understanding of the specific property preferences of various investors. When they come across a promising opportunity, they reach out to those investors they trust will swiftly and reliably close the deal, sparing themselves unnecessary complications.
Securing a spot on this exclusive shortlist is a coveted achievement, and once you’re off, it can be challenging to regain entry. The competition among seasoned investors for lucrative deals is fierce, and brokers prefer dealing with those who demonstrate a track record of competence. During your broker selection process, conduct interviews with potential candidates and commit to consolidating all your business with a single individual.
Clearly communicate the expectations you have for the broker to earn and maintain your business. Emphasize the importance of fair dealings and unwavering integrity. Should the need arise to part ways with a broker, do so gracefully, turning the experience into a learning opportunity for everyone involved. However, the decision to sever ties with a professional should never be impulsive. Cultivate a reputation for unwavering loyalty, as this commitment is likely to yield numerous benefits over the years.
4. Find people before their properties are in foreclosure and help them before a default notice gets published.
This one is probably the hardest and most time-consuming method, but it is one of the only ways to avoid the competition of lots of speculators that descend upon any published foreclosure like vultures to a fresh kill. Speaking of which, you don’t win in this business by treating people like roadkill. Remember that your reputation is everything, and act with integrity.
People facing foreclosure are in very difficult circumstances, and they need help – not predatory behavior. When we’re able to help people negotiate short sales, lease options and other complex transactions, everyone wins – and no one loses. Behaving with integrity helps us to get amazing referrals and special deals that never hit the open market. People remember what we’ve done for them, and when their friends and family need similar help they send them to us.
5. Find niche specialists like our firm who know how to find foreclosures in Portland for you.
We’re not real estate brokers, so we don’t sell information or give away crummy lists.
The properties we advertise are our own investments, so it’s a short but exclusive list.
Our primary focus revolves around establishing a close-knit community of enduring investors with a shared interest in acquiring reputable real estate investments within the realm of Portland. Our approach involves identifying substantial discounts and transmitting these opportunities to our network while maintaining a fair return that ensures the sustainability of our business.
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