Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
What is a short-sale? It is simply an unfortunate situation where a seller simply owes more on the property than it is worth in today’s market. Often this seller has an adjustable rate readjusting and can’t continue to make payments at the new interest rate. Sometimes a seller took a “tickler rate” in hopes of appreciation or job improvement would allow for the inevitable rate hike. Many times the forced sale is brought on by loss of a job or spouse. Anyway, there are a million stories in the city!! Portland real estate has plenty of stories to add to the mix. We can debate all day whose to blame, but now there is no choice but to deal with the aftermath. One solution is a short sale. Since it is a solution for the seller (there credit is not as negatively affected as in a foreclosure) and a solution for the bank (they get a sale and do not have the expense and time involved in foreclosing), WHY is it so hard and tedious to get the banks to approve??? It is an exercise in “ultimate frustration” (the name of a new reality show???). The listing Realtor begins the process of marketing the property to sale short. The banks will not even talk with you until you have an offer. Now once you have a willing buyer and a supposedly willing seller, you must deal with miles of bureacracy and red tape between the offer and any type of resolution. You call the various banking loss mitigation departments and get a different “customer service” rep every time. They simply read to you from a computer screen as to the progress (or the lack thereof). You can be in review for months and don’t even get me started if there is both a 1st loan and a 2nd loan that must come to an agreement on what each will get…..oh my!!! The entire process is cumbersome and lacking in any sense of urgency! In the meantime, the attrition rate is huge as buyers balk because they get tired of waiting OR they continue to look for another property that doesn’t involve the short-sale process and find a suitable replacement.
There is some hope on the horizon with federal incentives coming for short sales. The mortgage servicing industry will see in coming weeks the details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales. The US Treasury Department confirmed that they expect to issue details on the program later this month. The program is being finalized and will be announce as soon as possible according the Federal Housing Administration. This program is supposed to simplify the process of pursuing short sales, which will encourage more servicers and borrowers to participate in the program. The program will standardize the process, documentation and timeframe. Yeahhhhhh! is all I can say.
About the Author | Janeese Jackson
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