Things to know when purchasing a home
The purchase process can be intimidating until you understand the steps involved. Contact me if you have questions!
1) Get "Approved" if possible otherwise Pre-Approved...not "pre-qualified"!
Your financial institution can process this in a few hours. In order to remove a listing today's sellers want pre-approved buyers. Listing Agents have spent time and money advertising and also want to know you are using a reputable lender, so please ask us for referrals if you do not already have a Financial company with which you are comfortable.
2) GET A REAL ESTATE AGENT .... QUALITIES TO LOOK FOR INCLUDE: ENTHUSIASM, GOOD COMMUNICATION, KNOWLEDGE OF THE AREA, ATTENTION TO DETAIL. I BELIEVE THESE ARE ALL STRENGTHS THAT I POSSESS AND I WOULD LIKE TO BE YOUR ESTATE AGENT! Real Estate Agents owe duties to whomever hired them (seller or buyer). Before you call any agent listing a house (who is representing the seller's interest), secure your own Agent who will represent your interests in the purchase process. Did you know that it costs you nothing to have your own agent represent your interest! The listing agent splits the commission that the seller pays with the buyers Agent (broker). This insures your interests are protected in the negotiation process. Never call a listing agent from the sign on the property without telling the agent that you have a agent to represent you!
Realtors represent, either, the listing client or the purchasing client. To represent both seller and buyer is something of a compromise. This is the reason: A single realtor representing both the seller and buyer is compromised in his ability to get the best deal for both sides!
It will save you a lot of t
ime and confusion tracking your search for the right property. Signing a Buyer Agency Contract will insure that your agent is working for you and not a listing seller. A realtor has a fiduciary duty to the contractor (you) to represent them and protect their interest. With this contract and loyalty in place, your agent will work much harder for your interest.3) Know what your are looking for....only you know what is important to you! Schools, busy street or cul-de-sac, near downtown or in the country. If your agent is a good communicator he will start by listening to your wants!
4) Find the property and make an offer to purchase:
The paperwork includes:
Agency Disclosure Form
Offer to Purchase Form
Inspection Contingency Addendum
Mortgage Contingency Addendum
Dual Agency Disclosure Form (if needed)
Property Transfer Certification Notification Form (lead paint laws)
Writing a check to the Listing Agency for $500.00-$1,000.00 as a deposit with the Offer (this check will not be cashed until the Offer is accepted!
There may be other forms to sign, also, such as well water tests, etc..
Once the Offer to Purchase is accepted, you and the seller have to initial any changes made to the original offer you signed.
5) the purchase :
You have the right to use any service provider that you wish. However, unless they have been personally recommended, please ask us for our recommended providers, as they have a proven track record with our team and are accountable to us.
With a full disclosure "As Is" agreement you have 5 days to rescind your offer.
With no disclosure you have until closing to back out of your contract.
Regarding a "As Is" clause. This should only be included with known problems. For instance the seller has disclosed that the roof leaks and your are purchasing the property "As Is" with that problem known. "As Is" should never be used in a contract as a "buyer beware clause".
A CERTIFIED CHECK or BANK CHECK payable to yourself for any additional monies you are putting down at closing, which may also include bank closing costs.
Your DRIVER'S LICENSE or other picture identification (Passport, etc.).
Your CHECKBOOK; to pay for any adjustments for fuel (oil or propane) or personal property to seller.
An INSURANCE BINDER on the property written for the amount of the mortgage and accurately naming the lending institution as first mortgage. This means you will pre-pay for one full year of homeowner's insurance. Thereafter, each mortgage payment will include escrow money toward your next year's insurance bill.
Your CHECKBOOK; to pay for any adjustments for fuel (oil or propane) or personal property to seller.
An INSURANCE BINDER on the property written for the amount of the mortgage and accurately naming the lending institution as first mortgage. This means you will pre-pay for one full year of homeowner's insurance. Thereafter, each mortgage payment will include escrow money toward your next year's insurance bill.
MORE INFORMATION ON HOW WE MARKET YOUR HOME!
Talk to a Realtor about Oregon buying or selling:
James L. Wardrope Principal Broker
Oregon River Realty.com
Information changes with time and may not be correct. Always contact an attorney for legal matters and me for Real Estate!Broker 541 480-0212
eMail: jlaselle@gmail.com RESIDENCE: 541 389-2359