How to buy bank-owned property in Oregon

4 Replies

I am interested in buying a neighboring property that did NOT sell at auction last week. I called the attorney listed on the Writ of Execution, and they gave me a number for "Select Portfolio," but they had no knowledge of anything. The bank is US Bank, and when I look at their REO website, they list only two properties in Oregon, and just say to "contact selling agent."

The current owners say a guy told them he would buy their Redemption Rights for $2,500 and give them 45 days to move out. (I'm sure the neighbor would do this for us as well.) The guy is evidently an investor, and has a way to make an offer on the property. My primary question is: How do I also make an offer on this property quickly? I don't know who to contact, the listing attorney gave me a number that didn't pan out, and the US Bank REO website just says to contact the "selling agent."

Thank you for any guidance :)

No, he doesn't have a way to make an offer on the property.  How long is the redemption period ?  The "investor" may just be offering this money so he can collect rent until the  redemption period/eviction process would be over.

Originally posted by @Wayne Brooks :

No, he doesn't have a way to make an offer on the property.  How long is the redemption period ?  The "investor" may just be offering this money so he can collect rent until the  redemption period/eviction process would be over.

Thanks, Wayne. My understanding is that the redemption period is 6 months here in Oregon. I don't understand, why can't the other investor make an offer? I heard him speaking with the current owner, and it sounds like he has been in contact with the attorney handling the foreclosure, and he also bought another house at the auction (so I think he's legit). It sounded to me like he has a way to buy the house, and wants to be able to get the current owner out in 45 days. Any enlightenment would be appreciated! :)

Already gave you my theory.

@Annette Bryante , You're right, the redemption period in Oregon is 180 days. Not sure why the other investor would do that unless he/she had a way to purchase the property. If you want to PM me the address and if you know the other investor's name, I can look into it a bit for you. One of the brokers in our office deals with bank owned properties almost exclusively, I will check with her to see if she has any thoughts on the situation.

Randy Johnston, Summa Real Estate Group | [email protected] | 503‑956‑7375

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