Finding a Foreclosure for Your Future Oregon Coast Retirement Home

Dated: December 27 2021

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Example of a foreclosure home in Lincoln County Oregon

You may want to consider buying a retirement home on the Oregon coast. Of course, you might argue that you still have a couple of years until you retire, so no need to buy a home now. But wait, there are good reasons for preparing for your retirement now, and one of those reasons is foreclosure homes.

Why should you buy an Oregon Coast retirement home?

Oregon is a perfect place for those seeking  an outdoor or aventure retirement lifestyle. Highway 101 stretches along the entire Coast and has endless areas to pullover for some of the most dramatic scenery on the planet. The Coast is also well known for great foods, has a rich history to learn about, and is an attractive choice for anyone who loves art culture; all essential items that will keep you happy in your old age. 

Life on the Oregon Coast will allow you to indulge in an assortment of activities such as day trips to 1000's of beaches, golf, tennis and pickleball, biking, exploring, amazing hiking, culinary adventures, and plenty of coffee, wine tasting, and beer sampling. Notice we didn't even mention the beach, that just shows how much more there is to living on the Coast.

There are plenty of places where your home could be located. Lincoln City, Newport, Coos Bay, and Astoria are the four top places you would likely consider buying a home to settling into your retire.  

Other places you may want to check out include Pacific City, Gearhart, Florence, and Bandon.

After deciding the Coast is the right place for you to settle into your retirement years, next you will want to find a great home. Regardless of the type of real estate maket we're in, finding a deal is always the best option, so let's take a quick look at how to buy a foreclosure or short sale home. Foreclosure homes come with the following benefits.

  • A good deal

Banks generally want to recover their money from foreclosed homes and get the property off their books quickly. This can lead to better prices for foreclosed homes. Such houses come clean of debts, liens, or other issues related to title and ownership.  

  • It May Qualify For A Rehabilitation Loan

Many foreclosures qualify for the 203K loan, so buying a home that comes with such a package may be a plus since it allows you to sort out any of the problems that the property may come with.

  • Allows You To Accumulate Equity 

The advantage of pursuing a foreclosure deal is that you will get a home at a favorable price and accumulate equity. In some cases foreclosure requires minor repairs, while some need significant rehab, but either way putting in sweat equity is a great way to add foreced appreciation to your future retirement home. 

Other reasons why you should buy a foreclosure deal 

  • The house may be flawless and pristine, and ready for you to move in.
  • The buying process is just about as easy as a regular home purchase.
  • You buy a house at a lower price, and thus, the monthly mortgage payments are likely to be lower. 
  • Distressed properties are everywhere, so it allows you to buy one in your favorite area in Oregon. 
  • You will have the normal escrow process with a foreclosures,l allowing you the normal time to organize your finances before sealing the deal.
  • It is possible to get a bigger house than what you had planned for.
  • Gives you a chance to experience how foreclosure deals are done. As a result, it might provide an opportunity for another foreclosure deal in the future. 

The process of buying a foreclosed home. 

So, how do you buy a foreclosed home? The first thing to do in buying a foreclosure deal is to pre-qualify for a mortgage or secure the cash nessessary. Next, you will want to work with an Oregon Coast Home Oregon Coast agent to start searching for currently available foreclosures.  

Determine your Oregon Coast town of choice, look at the available options, decide which one to bid for, and let your agent negotiate. We'll get you through the escrow process and we can even help with rehabs and updates before you move in. Want to rent your home before you are ready to retire into it, we can help with that as well.

Final Thought

Purchasing a foreclosure property is a good investment that allows you to buy a house at a lower price, rent it out for some time and use it when you finally settle down on the Coast. Alternatively, you may opt to sell the property at a higher price in the future and make a profit on a quick flip.  

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Taj Richardson

Meet Taj Richardson: I have lived on the Oregon Coast since 1994. I graduated from Nestucca High School in 1996. After several years in college and traveling, I made my way to Lincoln City in 2003. I ....

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