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Old 12-26-2011, 09:40 PM
 
Location: Portlandish, OR
901 posts, read 1,520,156 times
Reputation: 944

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So we've been looking at 3+ bedroom houses on the west side of town, our budget is about $1500-2000.

I found an online listing of a house ~1 mile west of OHSU in Council Crest for $1700/month. It's also listed for sale, for $525K. Now to me, that low of a rent price seems way too good to be true if it's really worth anywhere near 500K. Right?

We are hoping to rent for a few years. I don't want to end up in a foreclosure and have-to-move-in-a-year situation. Any tips to identify houses that are at risk of foreclosure or how a rental is too good to be true? If a house is listed for sale would you avoid even looking at it as a rental?

I've been a landlord in the past, and I can't see how this is working for the owners, unless they are super desperate or possibly planning to foreclose.
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Old 12-27-2011, 02:53 PM
 
Location: Lakewood OH
21,699 posts, read 23,664,674 times
Reputation: 35449
If it looks too good to be true, it usually is. My guess is that this is a foreclosure. There are a lot of these around. People are just walking away from their homes/mortgages everywhere.

But it wouldn't hurt to look into this. Just be careful.
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Old 12-27-2011, 09:46 PM
 
Location: Portlandish, OR
901 posts, read 1,520,156 times
Reputation: 944
Quote:
Originally Posted by Minervah View Post
If it looks too good to be true, it usually is. My guess is that this is a foreclosure. There are a lot of these around. People are just walking away from their homes/mortgages everywhere.

But it wouldn't hurt to look into this. Just be careful.
walking away is a big issue where we currently are, but all our property records are online so it's easy to tell how much the owner owes on the house and when it was purchased, the type of loan, etc.

is that information available in oregon/multnomah county?
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Old 12-27-2011, 10:42 PM
 
Location: Lakewood OH
21,699 posts, read 23,664,674 times
Reputation: 35449
Quote:
Originally Posted by christiner81 View Post
walking away is a big issue where we currently are, but all our property records are online so it's easy to tell how much the owner owes on the house and when it was purchased, the type of loan, etc.

is that information available in oregon/multnomah county?
This may be what you are looking for.

Bank Foreclosures in Oregon
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