Buying or selling a home in Portland?
With some planning ahead of time, purchasing a home isn't too confusing, but the event can be stressful for a lot of people.
I like to provide buyers with a road map of the whole deal so they'll know exactly what to expect.
Here are my nine steps to purchasing a home.
Should you have any questions about this information or if you're ready to get started, simply contact me here or send e-mail to firstname.lastname@example.org
Step 1 – Get ready to buy
Before you start looking for a home, there are plenty of things you should take into account.
When you start your search, you'll want to make a check list of must-have features, get an idea of what neighborhoods you want to live in, and begin working on your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Portland
This is where Georgetown Realty comes in.
I can set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Portland area.
In addition, I'll help you begin the loan process.
I partner with some of Portland's finest mortgage professionals, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
Following our initial meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll research most of the houses and eliminate the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we tour the homes, I'll point out positive features and bad ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to change their list of must-haves as we tour homes and some features become far more important than others.
If that's the case, I'll look through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
My understanding of the Portland housing market is a necessary asset in your search. I'm conscious of all the neighborhoods and schools, and I'll alert you to some areas are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful consideration.
As we tour houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Every REALTOR® in Portland will tell you they truly know the market, but beware, and make sure you ask a lot of questions.
If things don't add up, call me at 503-256-1112 or e-mail me at email@example.com, and I'll be more than happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
I know we'll find your dream house in Portland. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When we turn in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is usually put towards the closing costs. If your offer is accepted, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's pretty common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take much time at all, but you need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing closing costs within three days of receiving your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will probably occur at a title company or escrow office and will most likely be a smooth and calm affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 503-256-1112 or send me an e-mail.