Decide to buy
Base your decision to buy on facts, not fears.
- If you are paying rent, you very likely can afford to buy
- There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
- The lack of a substantial down payment doesn’t prevent you from making your first home purchase
- A less-than-perfect credit score won’t necessarily stop you from buying a home
- The best way to get closer to buying your ultimate dream home is to buy your first home now
- Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way
Hire your agent
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A Buyer’s Real Estate Agent:
- Educates you about your market.
- Analyzes your wants and needs.
- Guides you to homes that fit your criteria.
- Coordinates the work of other needed professionals.
- Negotiates on your behalf.
- Checks and double-checks paperwork and deadlines.
- Solves any problems that may arise.
From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.
Six steps to Financing a Home
- Choose a loan officer (or mortgage specialist).
- Make a loan application and get preapproved.
- Determine what you want to pay and select a loan option.
- Submit to the lender an accepted purchase offer contract.
- Get an appraisal and title commitment.
- Obtain funding at closing.
Find your home
Questions to ask yourself
- What do I want my home to be close to?
- How much space do I need and why?
- Which is more critical: location or size?
- Would I be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability and priority?
- Would I be interested in a condo?
- Would I be interested in new home construction?
- What features and amenities do I want? Which do I really need?
Make an offer
Price-the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision.
Terms-the other financial and timing factors that will be included in the offer.
Terms fall under six basic categories in a real estate offer:
- Schedule-a schedule of events that has to happen before closing.
- Conveyances-the items that stay with the house when the sellers leave.
- Commission-the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
- Closing costs-it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
- Home warranty-this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
- Earnest money-this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.
Perform due diligence
A home owner’s insurance policy protects you in two ways:
- Against loss or damage to the property itself
- liability in case someone sustains an injury while on your property
The property inspection should expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.
- Your major concern is structural damage.
- Don’t sweat the small stuff. Things that are easily fixed can be overlooked.
- If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.
You just have a few preclosing responsibilities:
- Stay in control of your finances.
- Return all phone calls and paperwork promptly.
- Communicate with your agent at least once a week.
- Several days before closing, confirm with your agent that all your documentation is in place and in order.
- Obtain certified funds for closing.
- Conduct a final walk-through.
On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following:
- Finalize your mortgage.
- Pay the seller.
- Pay your closing costs.
- Transfer the title from the seller to you.
- Make arrangements to legally record the transaction as a public record.
As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.
Protect your investment
Even after you close on your house, you agent can still help you:
- Handle your first tax return as a home owner.
- Find contractors to help with home maintenance or remodeling.
- Help your friends find homes.
- Keep track of your home’s current market value.
Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.
Home maintenance falls into two categories:
- Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.
- Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.
Licensed in the State of Oregon
Real Estate Broker