PORTLAND, Ore. (KOIN) — A sale is now pending on a SE Portland house where squatters have been residing.
Nathan Jones, the real estate broker overseeing the transaction, said KOIN 6 News coverage of the story helped get the ball rolling on the sale. He also said that the offer is close to what the sellers were initially hoping for and that they stood to lose upwards of six figures worth of equity.
“The home is in foreclosure. And what happens is, if it goes to the auction, the bank only cares about getting what’s owed. And what’s going on, it is a small amount compared to what a retail value would be,” Jones said. “There’s literally like $125,000 of equity for the seller to get out of here.”
The listing agent told KOIN 6 News the current owner doesn’t have enough cash to hire an attorney and go through the process of getting the squatters out. The sale means the buyers will accept that responsibility. However, it could be a lengthy process that would take a minimum of 90 days to go through the courts.