Buying A Home
Buying a home is one of the most important commitments people make in their lives.
The process can be stressful and full of unexpected details and tasks. As your Buyer’s Agents, we are here to assist you every step of the way, and we’re committed to developing an excellent working relationship with each of our clients.
Roots Realty will guide, counsel and educate you along the way to buying your home. We will put your interests above all others, including our own. And please keep in mind that we can help you buy almost any property.
To get started, please take a few minutes and read the Oregon Agency Disclosure Pamphlet. This document will help you understand the importance of Agency relationships and our fiduciary duties to you. Roots Realty never tries to represent both the buyer & seller in a sale. We work for one side or the other on each transaction, as either Buyer’s Agents or Seller’s Agents.
The Oregon Property Buyer Advisory has a huge amount of great information for anyone considering a real estate purchase.
Choosing a Mortgage Broker & Getting Pre-Approved
After doing your preliminary research, you will need to speak with a Mortgage Broker about getting preapproved for a loan, unless you will pay all cash for the property. It is important to choose someone who is licensed, and has experience and integrity. Please see our list of recommended lenders and ask your friends and family about their experiences. Interview a few mortgage brokers before you make a decision. Take the time to read this brochure about shopping for a mortgage. Research will help you make decisions you are comfortable with.
Questions you might ask a mortgage broker are:
- How long have you been in the business?
- Are you licensed in the State of Oregon?
- How long have you worked at your current company?
- What fees are associated with getting a loan?
Since you will be sharing all of your financial information with your lender, it’s important that you develop a good relationship with that person. Please get preapproved for your loan and make sure you provide your lender with all pertinent documentation promptly.
A great resource for financial assistance programs is this website, Homeownership Opportunities Website Northwest. This is information without obligation, and it outlines several possible options including assistance from FHA for purchase or rehab, VA purchase or rehab, USDA, Oregon Bond, Native American programs and several others. It is an easy to navigate site and it is well worth your time.
If you plan to pay for your new property with cash, please be prepared to show the seller proof of funds at the time of writing your offer.
Finding Your Home
After you are preapproved for a mortgage the real fun begins! We will meet with you and discuss your desires and needs for your new home. We will set up an automated search in the Regional Multiple Listing Service so that daily we can check for new properties that meet your desires. We forward the listings to your email or we can make other arrangements to get you the information. You will find out about new listings daily, and will have the opportunity to view these properties, depending on the seller’s showing instructions. Sometimes we can go to the property right away and sometimes other arrangements are needed.
Making an Offer
When we have found your home with you, we will write the offer and handle all the negotiations. We’ll explain everything along the way, present all of the options and possible consequences, and then leave it to you to make the decisions. It’s your house after all! Since these decisions can affect you for years to come, we want you to feel informed and confident about your choices. So please always ask questions as they come up. We are happy to always point you in the right direction. Please read the following PDF for more information – The Real Estate Sales Agreement: What Buyers and Sellers Need to Know.
Arranging Escrow
Once the offer has been accepted we will arrange for escrow to be opened for the transaction. Typically, your Earnest Money will be deposited with this escrow company until closing. There is a “Time is of the Essence” clause in the Real Estate Sales Agreement so all parties are to act promptly to meet all deadlines.
Escrow and Title Insurance: What it is, what it means and how it is important to you the consumer.
Home Inspections
The next step is having the home inspected. We have the good fortune to have established great relationships with local inspectors and contractors. We will be present with you at each inspection, review the written reports with you and discuss your options for further negotiation of the contract. If repairs are necessary we can recommend contractors, schedule the work and arrange for payment. You are certainly not limited to contractors we know, so talk with your family, friends and co-workers about their experiences with local contractors.
Having the Property Appraised
The appraisal will be ordered after the home inspection is complete. An appraiser is there to ensure the value is correct so your lender can further process your loan. Each sale that includes a loan is subject to a satisfactory appraisal of the property. An appraiser will evaluate the home by measuring, taking note of any major repairs needed and comparing it to other homes recently sold to establish a value. If you are paying all cash for the property, typically there will be no appraisal.
Finalizing Your Purchase
The last few days of the transaction are a flurry of activity. Once we get confirmation of final loan approval, documents will be drawn by your lender and sent to the escrow officer. We will assist you to review your estimated settlement statement, schedule your signing appointment and of course attend the signing appointment with you. Lastly, we will make arrangements to get you the keys for your new home, and then you celebrate!