Duffy “Stepping Stone”

Okay!  You have decided it’s time to buy your first home, move up, move down or simply “move around”!  It is definitely your moment to shine!!!  It is a buyer’s market and interest rates are at 40+ year lows.  So, if you’re thinking of buying a new home or investment property in Portland Oregon, “the God’s are smiling on you”!  They are especially smiling on you if you have nothing to sell or have owned your home for enough time to acquire some equity in a challenged real estate market.  What are the steps to get started on this adventure?

1. Ask for referrals from your Real estate broker, friends and/or family for a trusted mortgage broker and do your homework.  Either call and have an in-depth conversation and/or meet with several to get an overview of the mortgage marketplace.  You will find there’s less variation than there was once, but it’s still worth investigating.  Don’t simply go to your bank, they can’t always give you the best interest rates or closing costs (and you need to compare both).  Ask for a “Good Faith Estimate Summary” (GFE).  Unfortunately, the new RESPA laws that were put in place to protect the consumer, in my humble opinion, merely confuse the consumer.  Thus the GFE is much less user friendly, however it is the way to compare “apples to apples”.  Begin the pre-approval process.
2. Based on your a combination of what you are pre-approved to borrow and your comfort level (remember: you don’t want to be “house-poor”) decide on how much you want to spend on your home.
3. Meet, e-mail or call and have a conference with your Real Estate Broker and have a “brainstorming” session.  You and your agent can compile a realistic list of what’s your “hot-list” for your property search.  But, always start with that “comfort level”/price point.  You have to be realistic about what you can spend vs what is available at that price point.  Life is about compromise…and, home buying is no different.
4. Find a search site that gives you the information you desire.  Of course, I’m partial to http://fabulousportland.com .
5. Start the process of sifting through the available properties.  Try your best not to over-analyze or keep thinking that there’s something better around the bend.  Trust your gut, and hopefully you’ve got an agent whom you trust as well.  You need an honest assessment of the real estate “pros and cons” from your agent.  But, you also need to ability to compromise with yourself and eventually “step up to the bat”. 
6. Get out there and look!  There’s lots of information online but, eventually, you have to “hit the mean streets”.  Remember:  it’s free to look!  Well, it’s not really “free”…both you and your agent are committing time and energy, so make sure you’ve done the preceding steps and you are ready and committed to the process.  That, of course, includes not only being pre-approved but, if you have a house to sell, you need to be “priced to sell“…not just “priced to list“.  I’ve already got an idea for a future post on “how to tolerate driving around with a Real Estate Broker”, but I’m losing focus.
7. When you are ready to offer, trust your first instincts.  I can’t tell you how many people actually see and like the house they eventually put an offer on the very first time they are out looking.  It doesn’t always happen (because the search process is just that….”a process”).  I know it’s hard but, again, your instincts may be better than you know.
8. Now let’s pretend your offer gets accepted.  Don’t panic:  remember you have an “out”.  The State of Oregon instituted the buyer “Right of Rescission” in 1996.  So, not only do you have any contingencies you may have written into the sale agreement (such as the property inspection and others), you also the 5 business-day right to “change your mind”.  You never want to use it frivolously, as sellers/other humans with emotions get invested in the process, however it is your “state-given” right to rescind your offer for no other reason than “I don’t like your face”.  So, when you bolt upright in the middle of the night (within that 5-day “right of rescission”), call me (I won’t pick up, but will get the message in the am) and we can collectively “run for the hills”.  Really…it’s that easy!
9. And, even after that you still could have other contingencies that give you a legitimate reason to terminate. There is your property inspection or other inspections such as oil tank and soils test, sewer scope, radon tests, lead-based paint testing.  There is seeing and approving any CC & Rs (conditions, covenants and restrictions) that may be in place for the neighborhood or condo project.  There is obtaining a clear preliminary and, ultimately, final title report from the title and escrow company.  There is a list of other items you may want to see and approve if purchasing a condominium or townhouse.  And, of course, there’s actually getting the mortgage!

Once you find your “almost-dream” home and your offer is accepted…then, you begin the mortgage process.  It’s about as much fun as a root-canal, but “this too will pass”. 

About the Author | Janeese Jackson

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My job is service...service to you and your real estate transactions! How can you benefit from my 20 years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!