Buying a condo or loft in the Pearl District looks easy from the outside. The truth is, it is easy. It’s also complicated. If you have ever bought a property before, you know what all goes into it. The easiest part of the process is finding listings. You can go almost anywhere to do this. In fact, there are people who are using our buyer’s search program who will never use me to help them buy their next home. That’s ok by me. Information yearns to be free. The only reason we require an email address from you is to send you the listings that you request. Yeah, I will try to get in touch with you. But if you are not ready, let me know. I’ll let you come to me.
Before we set off on actually walking in to your next home, we need to figure out your Master Plan. I’m not just saying this. Buying your first, second, or even third home is a BIG deal. You need to plan for it. What do you think would have happened over the last few years if those now in foreclosure had started off with a plan that looked 10 years in to the future? Once you know where you are going, we can begin your search for your next home.
But what exactly does the process look like?
Steps in the buying process…
Buying a home has many steps From your first step to your last could take as little as seven days, but more than likely somewhere between 30 and 45 days. It is important to remember that we are working with you through every step of the process, representing you, and your interests.
1. Buyer’s Master Plan. By far the most important step of the process. Our master plan begins with two things: Lender pre-qualification and Finding your “Needs vs. Wants.” Until you are pre-qualified for the loan you will need, no seller will take you seriously. Generally pre-qualification is a very quick process. Discovering your wants and needs can be quite revealing. Do you want granite counter tops or do you need granite counter tops? What if the the only difference between two units is no granite counter tops and $15,000? What if everything else is exactly what you want and need? Now do you need that butler’s pantry?
2. Search for Homes. By this point you would have already been getting listings sent to you through our “Looking Glass” system. That was just a preliminary search. Know that we have targeted exactly what you need, we will begin picking out the listings that most closely matches what you are looking for. We will walk every one that could be your perfect match. This stage can be a matter of minutes (literally) or a few months, depending on the inventory available.
3. Write it up. Now that we have identified your perfect home we will write up the Oregon Real Estate Forms Earnest Money Agreement. This contract is your offer to purchase as well as your means of defining the terms and conditions of sale once accepted.
4. Agreement to purchase. Maybe right away or maybe after some serious negotiations, the offer is accepted. The paperwork is then copied to the Mortgage Broker you were pre-qualified with as well as the title and escrow company named in the contract. The title company is where all of the documents from both buyer and seller will be gathered.
5. Time to find out what you are buying. The date of mutual acceptance starts your inspection period. The default date in the OREF EMA is 10 days. Depending on your specific circumstance this could be shorter or longer. It is highly recommended that you get a home inspection. In fact, if you choose to skip the inspection, you have to sign a waiver saying that you were urged and recommended an inspection. Even if you are buying the house as-is, you still need to know what you are getting yourself into. When defects come up, and believe me they do, you have three options: accept it as is, request the seller repairs it, ask for a reduction in sales price and you will take care of it, or you can terminate the contract unilaterally, without consequence. Talk about buyer protection. It is important to remember that any and all repairs must be negotiated and agreed to be fore your inspection period is up. Otherwise, you risk losing your earnest money.
6. Repairs. If repairs were successfully negotiated, the seller has a specific time frame to complete these repairs. Remeber to make sure your earnest moeny is contingent upon repairs being completed by a licensed contractor, and they must meet your approval.
7. Final walk through. This is your opportunity to follow up on the seller’s repairs and to make sure the home is in the same condition as when the contract was accepted.
8. Signing. Signing usually takes place one to two days after the title company receives documents from your lender. Once you have had a chance to review your HUD statement, it is time to sign your docs. This must take place before your agreed upon closing date. After signing, the docs must then be sent back to the lender for approval before they can…
9. Record title. Now you own your home. During this time, many other documents are prepared and sent off to the title & escrow company. This includes you loan documents, insurance documents, title insurance documents, etc. Not until all of these documents are finalized and recorded with the county register do you own your home.
The fact is, there is a lot more that will happen that you may never see. Negotiations with other agents, calling inspectors, and appraisers, etc. The process is infinitely smoother when you work with people you know and trust. People like Dawn Lind with Mortgage-Trust. People like Diane Coler with Ticor Title Insurance.
Are you relocating to the Pearl District or surrounding areas?
We save out f town buyer’s and seller’s more time and money than anybody else. With our technology capabilities we can handle your entire transaction with you 2,000 miles away and us never using paper.
How to go about losing the home of your dreams…
Not every contract is accepted. Sometimes the asking price is too high and the seller is unwilling to come down. Sometimes the other terms and conditions present insuperable barriers. But sometimes buyers get aggressive, trying to get a house for less than it’s really worth, and they end up losing their dream home. We’ll work hard to make sure that you pay no more than you should, but the time-on-market for well-kept, well-priced Arizona homes can be mere days. Working from the sales histories for comparable homes, we can tell you what the house you want should sell for. When we find your dream home, the best advice we can give you is to make sure that your first offer is your best offer.
Are you ready to get started?
We can meet you in your home, our offices, or somewhere in between. Call us at 971-235-9561 to schedule your Buyer’s Master Plan.
