Information for buyers

Defining your needs and wants for your new home

1. What features are you looking for in your new home (i.e. floor plan, any amenities, location, etc)?
2. What type of neighborhood are you looking for?
3. What type of home are you interested in (single family, townhome, condo)?
4. Is there anything you want to avoid in a home or neighborhood?
5. What does “home” mean to you?
6. What is your time frame for getting into a home?

Agency Relationships

"Agency" relationships are established when real estate professionals work with buyers and sellers. As you start working with a real estate professional, you should receive a copy of Oregon’s agency disclosure which explains in detail the agency relationship. Please ask for an explanation if the agency relationship is not clear to you. There are 3 kinds of agency relationships:

• Buyer’s agent-represents the buyer during the home buying process. The buyer’s real estate professional (agent) has a fiduciary responsibility to represent the buyer’s best interests, including reasonable care, loyalty, and confidentiality.
• Seller’s agent-represents the interest of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s real estate agent works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs.
• Disclosed limited agent-represents the interests of both the buyer and the seller, during the same transaction. A dual agent has responsibilities to both buyer and seller and must act in the best interest of both parties. This can only be done with the written permission of both clients.

How to look at homes

1. Identify the affordable price range of homes, type of financing best to suit your needs, and begin the pre-approval process for obtaining a mortgage loan.
2. From the list of needs and wants for your new home, I will send you listings for properties that best fit your list of needs and wants. From those listings, you will pick a few properties view and I will set up the appointment to view those listings. It’s best to view a few properties at a time.
3. If the seller or their real estate agent is at the property when we are there, it is best to limit your conversation with them.

Writing an offer

• Determine the price you want to offer
  1. The price the seller is asking for may not be the realistic market value of the home.
  2. I will pull a comparative market analysis (CMA) to help us be able to determine the market value of the home. The CMA will show us similar properties for sale, have sold, and/or failed to sale in the area.
  3. We will discuss the estimated costs of purchasing this property including earnest money, home inspection, possible repairs (if seller is unwilling to pay for), and/or closing costs.
  4. We will need a copy of your loan pre-approval with a lender of your choice to submit with the offer. Having this pre-approval letter will strengthen your offer as it shows that you have the funds to buy this property.
• Deciding on financing
  1. We will work together with your loan officer to determine the best financing options for you.
• Deciding on other issues that are important to you:
  1. Any items of personal property you want to be included with the home.
  2. Warranty, inspections, repairs, or enhancements to be made by the seller
  3. Closing date and possession
• Presenting your offer
  1. I will present your offer to the seller. The seller will have three choices: accept your offer as it is presented; comes back with a counteroffer; or reject your offer completely.
  2. If the seller comes back with a counteroffer, you can choose whether to accept the counteroffer, counter the seller’s counteroffer, or reject the counteroffer.
  3. Once an agreement has been reached, the contract will then be binding on both parties.

Things to consider as you prepare to move into your new home.

4 weeks prior to moving:

• Finalize plans with a reputable moving company
• Have school records transferred to the new school
• Keep important documents (medical, dental, insurance records, etc) in and easily accessible location.
• Prepare to transfer or purchase homeowners, auto, and life insurance.
• Rent storage space for excess items and/or hold garage sale.
• Keep track of expenses related to moving for tax deduction purposes.

3 weeks:

• Complete and mail change of address cards to the postoffice, any subscriptions, credit card companies, and important contacts

2 weeks:

• Contact utility companies for connection changes
• Close or transfer bank accounts
• Terminate or transfer newspaper delivery
• Stock extra prescriptions enough for 4 weeks
• Schedule final walk through of property before closing

Week of move:

• Keep valuable financial records and personal papers with you.
• Day of closing, the home purchase documents record and home is officially yours
• Receive keys
• Move in!!!

After move in:

• Contact me with any questions you may have (503) 906-3157!

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