A recent announcement was made by the Oregon Department of Transportation (ODOT) affecting Aurora, Oregon residents. According to ODOT, the estimated cost is 7 million dollars, with construction to occur in 2020.
An Open House for the project is scheduled for Monday, November 21, 2016 from 4:30-6:30PM at the North Marion High School Commons, 2067 Grim Road NE, Aurora, OR 97002.
The following notification was provided to Aurora, Oregon residents by Lietutenant Chris Baldridge from the Marion County Sheriff’s Office on the morning of November 7, 2016:
This morning a semi truck destined for Vancouver was struck by an Amtrak train traveling from Eugene to Seattle. The truck was traveling east on 1st Street in Aurora when it was forced to stop on the tracks due to heavy traffic.
Amtrak train 500, carrying 43 passengers was traveling 35 miles per hour when it impacted the trucks trailer, spilling 65000 pounds of paper pulp that was destined for China. Thankfully only minor scrapes and bruises were reported by the passengers and the semi truck driver. The Amtrak train will be moving soon but the semi truck will keep the road closed for the next several hours. Drivers are asked to avoid the area if possible.
One relieved passenger even mustered a ‘thumbs’ up’ from the Amtrak train involved in the crash:
To view a brief video of the cleanup in the aftermath of this Amtrak train crash in Aurora, Oregon, click on the video thumbnail image below.
Simultaneous/Consecutive Home Transactions
Selling your Aurora, Oregon home and buying a replacement property are frequently linked activities. In this article and related audio podcast, we reveal how to maximize the efficiency and minimize the bother when simultaneously home buying and home selling.
We’ll also examine options to help decide if either simultaneous or consecutive real estate transactions may be best for you.
Timing The singular act of buying or selling a home is often the foremost concern of many. Whichever immediate task you may be considering, it’s common to have twice the activity anticipated, but in two steps. That’s because Aurora, Oregon home buyers often not just have a home to sell…in addition, Aurora, Oregon home sellers are frequently seeking a home to buy. So what’s the best way to navigate this potential real estate quagmire without getting entangled in a morass of stress and needless extra costs?
First Steps To begin, it helps to examine three common dual home sale/home purchase options:
Selling your existing house first, then buying your next house.
Buying the next house first, then selling your existing house.
Simultaneously moving from your existing house to your next house.
Your challenges, benefits and results will largely depend upon which of these three decisions you settle upon. Here are three quick takeaways for these three usual options:
Option #1. Selling your existing house first, then buying the next house This option usually requires a ‘double move.’ Yet one advantage of this approach is that you won’t have double house payments. One disadvantage is that you may have to move twice. An added benefit of this ‘selling first’ approach can include negotiating with strength in the purchase of your next home. That’s because your purchase needn’t be contingent upon the sale or closing of your sold home. As a result, you are seen as a ‘cash in fist’ buyer, or at the very least, a buyer who is considerably more likely to qualify for a home purchase, given that you ostensibly now have access to the equity in your now-sold home. This helps you negotiate with more power in the purchase of your next home.
Option #2. Buying the next house first, then selling your existing house When first buying a house, then selling yours, one advantage is that you know where you’ll be moving. The reduced stress of ‘knowing where you’ll land’ is empowering.
Unless you’re a cash buyer, you’ll likely need to qualify with a lender. And if you have an existing loan in place on the house you’ll be selling, this may mean you need to qualify for two loans, your current home loan and the loan on the house you’re buying.
As long as your current Aurora, Oregon home sells in a timely manner, added financial obligations can be minimized. For more information about bridge loans, see the below ‘A Bridge Too Far?’ discussion.
Option #3. Simultaneously moving from your existing house to your next house This situation is very common. Provided your activities are clearly thought out, well-executed and contingencies are in place for protection, it’s also one of the more affordable options.
Think far ahead and shoot for impeccable timing, in order to make your move the smoothest possible. In order to have sufficient time to move out soon after closing on your current home’s transaction, you will need to locate your next home, write an accepted offer, have the home inspection and if you’re getting a home loan, likely an appraisal…all before you close on the purchase and can actually move in.
One advantage of this approach is that you won’t have double house payments. You also know where you will be landing, and you won’t likely have to move twice. One disadvantage is that your timing needs to be good and possibly have a little extra ‘cushion’ to allow for emergencies, like delays with appraisals, inspections and repairs. Otherwise it’s easy to feel ‘squeezed’ by your being in the middle of two time-sensitive transactions.
That’s one challenge of going this route; It’s complicated by not knowing with precision the timeline of certain key activities. That’s because while home inspections can usually be completed within a set time frame, like 10-14 business days, other requirements like appraisals, can take much longer, with less certainty of the completion date. On top of that, most transactions involve two appraisals, one on the house you’re selling and another on the house you’re buying. So if you plan on a simultaneous sale/purchase, huddle up with your Realtor to create a well planned timeline, then build in some extra breathing room, as necessary.
A Bridge Too Far? One way to do purchase a house without first selling your Aurora, Oregon home is with what’s called a ‘bridge loan.’ This is effectively a loan against the equity on your existing home. There are plenty of added details, but for the sake of simplicity, just understand that if you use a bridge loan to buy your next home, until your current home is sold, you will likely have double house payments. So if your current home doesn’t sell in a timely manner, hopefully the squeeze on your wallet won’t be more stressful than if you were to have simply sold your existing home first.
Tools of the Trade To accomplish the job of simultaneously buying and selling homes, among the most common protective tools is called a contingency. Consider contingencies as akin to safety goggles. They’re designed to prevent a mishap, only in this case, the mishap could be losing your earnest money.
Earnest Money Earnest money is usually a certain dollar figure placed on deposit as a sign a buyer is earnest, and later applied to the home purchase. This helps convince sellers that a buyer is serious and take their property off the market. Earnest money essentially helps to ‘hold’ a property for a buyer. Earnest money is not often the total down payment, although it can be applied as part of the down payment. Earnest money is important to homesellers, because without it, a buyer could otherwise tie up the seller’s property with virtually no obligation.
A large part of contingencies relate to a buyer keeping their earnest money, or the initial deposit showing the buyer is ‘earnest’ in proceeding to closing on a home sale. If a homebuyer does not have a sufficient contingency in place during a home sale, forfeiture of a buyer’s earnest money becomes possible. It’s not terribly common, but it can and does sometimes happen.
Types of Contingencies Home inspection contingencies provide buyers with the right to have a house inspected for a variety of conditions, all within a specified time frame. Another common contingency is the loan contingency, so if for some reason a lender does not approve a buyer or the property for a home loan, the earnest money deposit is returned to the buyer. Buyers have lost out on qualifying for a home loan because they went out and bought a car during the home purchasing process, thereby disrupting their loan ratios.
The Reality of Earnest Money Deposit Risk As long as appropriate contingencies are in place and they’re followed in a time-conscious manner, it’s relatively uncommon for buyers to lose their earnest money. It’s always a good idea to keep an eye on your timeline.
Buying And/Or Selling? Use the form below to contact Aurora, Oregon veteran Realtor Roy Widing with Certified Realty for a FREE consultation. Whether your real estate situation involves homebuying, homeselling, or if you simply have questions about our current Aurora, Oregon real estate market, Roy can help!
This now-sold Aurora acreage property is located east of I-5 at near Exit #278, north of Ehlen Road.
Soils include desirable Class II Amity Silt Loam. Also included is Oregon irrigation permit for 78 acres.
This property features mostly level ground.
Buying or selling Aurora property? For more information, contact Roy with Certified Realty, our AuroraOregon.com sponsor, using the convenient form below, or call (800) 637-1950.
This now sale-pending spacious and attractive 3+ bedroom home is located on 1.58 level acres just minutes to Wilsonville, Portland and Salem. This home has been lovingly maintained and includes both a fireplace and pellet stove.The home includes tasteful carpet, tile, and laminate flooring.The master bedroom features a bathroom and indoor sauna.Added features include front and back decks, plus plenty of room outside for animals. With plenty of level ground, this property definitely has equestrian appeal and is horse-friendly.The home has more than 2,200 square feet of living space, plus living and family rooms, so there is plenty of room for entertaining, inside and outside. Possible 4th bedroom could also be an office, den, computer room or sewing room.This property is located in the desirable Canby school district and includes a spacious 36’×48′ 3-bay shop with 10′ doors & openers.
The shop includes a cement floor and power.Also included is a sturdy 35′ x 14′ x 12′ covered RV shed .
View Home Tour Video
This property was sold by our AuroraOregon.com sponsor, Certified Realty. Thinking about selling your Aurora, Oregon property? For a free consultation on what your Aurora area property could sell for in today’s real estate market, contact Certified Realty using the convenient form below, or call 503-682-1083.
This home has been lovingly maintained and includes both a fireplace and pellet stove.
