In a competitive market having a strategy is key. Whether you have 20% down and an 800 credit score or have a 5% down payment with a 650 score, you can buy a home if you have a buyers agent who can get things done. Understanding the steps of the process and being informed will help ensure you have the best experience and walk away with the best result.
Sitting down and having an in depth discussion of your goals is a good place to start. How much are you looking to spend per month? How large a home are you looking for? What areas are you interested in and is the quality of the surrounding schools to be taken into consideration? These are all important questions and this is an important conversation to have. I will review the steps of the home buying process in depth and will continue to provide advice tailored to your needs.
Why is getting a pre-approval beforehand so important? It will help you understand the payment associated with each home you see and ensure that you can actually afford the homes you are looking at. In a competitive market, if you don’t have a pre-approval it is likely the first house you really like will be gone by the time you are able to get one in place. Having a pre-approval is crucial to being successful. By providing your bank or a recommended lender with some basic information about your income, savings, and debt, you can get pre-approved. The process can take anywhere from a few hours to up to three days depending on the specific lender involved and the time of the week (most lenders don’t work weekends). I am happy to provide advice regarding financing options and discuss how to implement a strategy to help you meet your personal and financial goals.
Writing an Offer
I am happy to show you as many homes as necessary and understand it is a big decision. Once you’ve found a home you like, I will discuss a strategy to get an offer accepted on that particular home. Every situation is different and being adaptive is very important to being successful. Not every agent knows how to secure a home that 10 groups of buyers are vying for. On the other hand if a property has been sitting on the market for some time a different strategy can be used. The goal in that situation is to maximize how much you can get under the asking price and in financial concessions from the seller.
This is a very important part of the process. I can introduce you to inspectors who will look at the roof, attic, exterior, interior, crawlspace and sewer line. In Portland and the surrounding area, certain soils emit radon gas which over time is known to cause cancer. There is a 48 hour test to make sure radon levels are not above recommended levels and if levels are high it can be mitigated. There are also other inspections done on a case by case basis. After all the inspections are completed, a renegotiation starts where you can either ask the seller for repairs or for financial concessions such as a closing cost credit. What you do in each case will depend on the nature of the problems found. I will be with you every step of the way to help you make smart educated decisions.
Housing Market Conditions
The reality is the housing market is constantly in flux. I offer a free no commitment Portland Housing Market Update that not only monitors current housing market conditions and mortgage rates and also discusses relevant economic news to keep an eye on what to expect going forward. Feel free to call me or send me an email to be enrolled.