Are you contemplating purchasing your new home in Portland?
Purchasing a home can be stressful for most people. However, with a bit of planning ahead of time, it's not too complicated.
I like to provide buyers with an outline of the entire deal so they'll understand exactly what they can expect.
These are my nine steps to buying a home.
When you're ready to get started, just contact me here or send me e-mail
. I'm glad to address questions you have about this information.
Step 1 – Get ready to purchase a home
There are several things you need to contemplate prior to commencing your home search.
You'll probably want to put together a check list of features you need, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning your budget.
A good rule of thumb to adhere to is that your mortgage payment should be no more than 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
This is where I can help.
I'd be more than happy to schedule a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Portland area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Portland, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin finding available houses on the market that are a great fit for you.
I'll preview many of the houses and eliminate the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we view the houses, I'll call attention to positive features and bad ones. I'll even ask you to point out what things you like and dislike.
It's common for buyers to revise their must-have list as we view houses and some items become far more necessary than others.
If such is the case, I'll go back through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Portland housing market is an imperative aspect in your house search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I'll alert you to what areas are "hot" and demand prompt action and the ones that are "cool" and allow for more consideration.
As we view homes, I'll make sure to communicate when the asking price has room for negotiation and also when I think the house is "priced to sell."
Any REALTOR® will claim to know the market, but be wary, and make sure you ask your agent plenty of questions.
If things don't add up, just call me at 5037237000 or e-mail me at firstname.lastname@example.org, and I'd be more than happy to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm certain we'll find the home of your dreams in the Portland area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as getting financing, completing the inspection, and a clean title.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Obtain your loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take very long at all. But you'll want to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your home. This should happen at a title company or escrow office and will likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at 5037237000 or send me an e-mail.