Home Buying Guide

Your Guide to Buying a Home

All You Need to Know

GETTING STARTED

Knowing where to start when buying a home can be overwhelming. That’s why we’re here to guide you through the process. This guide has been designed as your introduction to all things home buying. Below you’ll find a step-by-step look at the home buying process, an introduction to the different parties involved in your transaction, and our recommended experts for each step of the way. We’ve also provided a number of quick links to helpful tools and resources to better prepare you for your journey. Whether this is your first home purchase or your fifth, our goal is to help reduce any uncertainty and stress you have about the process. We’re always a phone call or email away to answer your questions. Happy Home Buying!

The Buying Process The NAR's new lawsuit equirements went into effect on August 13th, 2024, mandating that buyers sign a buyer broker agreement before viewing anyproperties. We understand that this might seem like a change, but webelieve in building trust through collaboration and are happy to discuss your options. You or your agent will create your property search portal where you can favorite properties and sign up for daily emails of new listings. 01 02 03 SIGN A BUYER BROKER AGREEMENT LOAN PRE-APPROVAL PROPERTY SEARCH We’ll leverage our extensive network to connect you with a trusted lender who will help you determine your price range and get pre-approved for a loan. The Buying Process Listening closely to your needs and desires for your new home, we’ll begin vetting properties, touring, and helping you evaluate homes that match your criteria. After your offer is accepted, a preliminary title report will be issued for review and any remaining documentation for final loan approval will be requested by your lender. 04 05 06 FINDING YOUR HOME MAKING AN OFFER ACCEPTED OFFER Once we’ve found the right home, we’ll write a compelling, personalized offer that minimizes your risk, while negotiating the most favorable terms possible. The Buying Process Earnest money is part of your down payment and is usually due within 3 days of mutual acceptance. It's held by the title company in an escrow account and is applied as a credit at closing. Typically it's 2% of the sales price of the home. Once repair negotiations are complete, buyer’s inspection contingency is removed. We’ll monitor any agreed upon repairs to be completed prior to closing and obtain copies of final invoices for your records. 07 08 09 EARNEST MONEY INSPECTIONS FINALIZE REPAIRS Once repair negotiations are complete, buyer’s inspection contingency is removed. We’ll monitor any agreed upon repairs to be completed prior to closing and obtain copies of final invoices for your records. The Buying Process An appraisal will be ordered by your lender to ensure that the sales price and value of the house are in line. Further negotiations may be necessary if the property does not appraise at value. Appraisals are not required for cash purchases. After final loan documents arrive at the title company, your escrow officer will schedule your signing appointment (typically 1-2 days prior to closing). The balance of your funds to close will be due at this time in the form of a cashier's check or wire transfer. 10 11 12 APPRAISAL FUNDING & RECORDING CLOSING ACTIVITIES Your lender will review your signed loan documents, then instruct the title company to disperse funds and record your deed with the county. The Buying Process Upon recording yo will take possession of your new home! We Cheerfully hand you the keys to your home and look forward to a continued relationship. 13 KEYS TO YOUR NEW HOME

The Buying Process The NAR's new lawsuit equirements went into effect on August 13th, 2024, mandating that buyers sign a buyer broker agreement before viewing anyproperties. We understand that this might seem like a change, but webelieve in building trust through collaboration and are happy to discuss your options. 01 SIGN A BUYER BROKER AGREEMENT The Buying Process 02 PROPERTY SEARCH We’ll leverage our extensive network to connect you with a trusted lender who will help you determine your price range and get pre-approved for a loan. The Buying Process You or your agent will create your property search portal where you can favorite properties and sign up for daily emails of new listings. 03 PROPERTY SEARCH The Buying Process Listening closely to your needs and desires for your new home, we’ll begin vetting properties, touring, and helping you evaluate homes that match your criteria. 04 FINDING YOUR HOME The Buying Process 05 MAKING AN OFFER Once we’ve found the right home, we’ll write a compelling, personalized offer that minimizes your risk, while negotiating the most favorable terms possible. The Buying Process After your offer isaccepted, a preliminarytitle report will be issued for review and any remaining documentation for final loan approval will be requested by your lender. 06 ACCEPTED OFFER The Buying Process Earnest money is part of your down payment and is usually due within 3 days of mutual acceptance. It's held by the title company in an escrow account and is applied as a credit at closing. Typically it's 2% of the sales price of the home. 07 EARNEST MONEY The Buying Process 08 INSPECTIONS Once repair negotiationsare complete, buyer’sinspection contingency is removed. We’ll monitor any agreed upon repairs to be completed prior to closing and obtain copies of final invoices for your records. The Buying Process An appraisal will beordered by your lenderto ensure that the sales price and value of the house are in line. Further negotiations may be necessary if the property does not appraise at value. Appraisals are not required for cash purchases. 09 FINALIZE REPAIRS The Buying Process An appraisal will beordered by your lender to ensure that the sales price and value of the house are in line. Further negotiations may be necessary if the property does not appraise at value. Appraisals are not required for cash purchases. 10 APPRAISAL The Buying Process 11 CLOSING ACTIVITIES After final loan documents arrive at the title company, your escrow officer will schedule your signing appointment (typically 1-2 days prior to closing). Thebalance of your funds to close will be due at this time in the form of a cashier's check or wire transfer. The Buying Process 12 FUNDING & RECORDING Your lender will review your signed loan documents, then instruct the title company to disperse funds and record your deed with the county. The Buying Process 13 KEYS TO YOUR NEW HOME Upon recording, you willtake possession of your new home! We cheerfully hand you the keys to your new home and look forward to a continued relationship.

Disclosures
& Agreements

Lead Paint Brochure
OREA Disclosure Pamphlet

OREGON PROPERTY BUYER ADVISORY
Finding Your Right Price & Financing

Mortgage Process

STAGE 1: PRE-QUALIFICATION

Pre-qualification is an informal interview with a mortgage professional about your assets, income, and expenses. The purpose of this step is to give you a general idea of the price range you can afford and provide insight on ways to achieve your homeownership goals.

STAGE 2: PRE-APPROVAL

The pre-approval process starts with a lender looking over your credit reports, employment history, and income to determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rate you’ll be offered. Your loan officer will then submit your mortgage application and the documents you provide to verify your income, current and past employment, bank accounts, and credit report with an underwriter for approval. Your lender then issues a pre-approval letter, including any conditions needed for full approval.

STAGE 3: COMMITMENT

Loan commitment is issued after a lender approves both you and the property you plan to purchase. After careful examination of all relevant documentation, your loan representative will submit your complete application to the underwriter. Your application will either be approved or approved with conditions that must be met prior to closing.

Our Trusted Lenders

Mark Snow – Senior Loan Officer

o: 503-929-5887 | c: 503-462-2101 | [email protected]
Guild Mortgage | 825 NE Multnomah St, Ste 950, Portland, OR 97232

Darren Balogh – Loan Consultant

c: 503-504-2979 | [email protected]
Penrith Home Loans | 5015 SE Hawthorne Blvd, Suite A, Portland, OR 97215

Brent Borcherding – Mortgage Broker

o: 503-221-0064 | [email protected]
Associated Mortgage Brokers | 13535 SW 72nd Ave, Suite 140, Portland, OR 97223

Julee Felsman – Senior Loan Consultant

o: 503-894-7428| c: 503-799-3711 | [email protected]
Guaranteed Rate | 1300 SE Stark St, Ste 111, Portland, OR 97214

Kevin Schmidt – Mortgage Broker

o: 503-459-0587 | c: 503-705-5014 | [email protected]
Summit Mortgage | 5331 SW Macadam Ave, Ste 314, Portland, OR 97239

Eric Rose – Loan Officer

o: 503-292-1131 | c: 503-307-1856 | [email protected]
Mortgage Lenders Northwest Inc | 5319 SW Westgate Dr, Ste 222, Portland, OR 97221

Mortgage Calculator

calculator.io

TYPES OF HOMES LEAD PAINT BROCHURE BUDGET SHEET Preparation Resources Get started tracking your monthly income and expenses to budget for your future. Guide to different house styles. Brochure on how to protect your family from lead in your home. RENTAL RESOURCES PROPERTY TAXES WHAT IS ESCROW? Preparation Resources Our recommended property management companies and rental resources. Lawyers Title's guide to Oregon property taxes. Quick guide explaining all things Escrow. Budget Sheet Icon Lead Paint Can Icon House Deed Icon Property Tax Icon Rent Icon

BUDGET SHEET Preparation Resources Get started tracking your monthly income and expenses to budget for your future. TYPES OF HOMES Preparation Resources Guide to different house styles. LEAD PAINT BROCHURE Preparation Resources Brochure on how to protect your family from lead in your home. WHAT IS ESCROW? Preparation Resources Quick guide explaining all things Escrow. RENTAL RESOURCES Preparation Resources Our recommended property management companies and rental resources. PROPERTY TAXES Preparation Resources Lawyers Title's guide to Oregon property taxes. Budget Sheet Icon Lead Paint Can Icon Property Tax Icon Rent Icon House Deed Icon
Getting to Know Your Future Home

Home Inspections

Your inspection contingency period (typically 10 business days after your offer is accepted) gives you the opportunity to uncover issues with your home before moving forward with the transaction. If issues emerge during the home inspection, your buyer agent will attempt to negotiate repairs or consideration for repairs on your behalf. If negotiations fail, you may walk away from the property and receive a refund of your earnest money.

Below we’ve listed our general recommendations for inspections to better prepare you for the process and inspection costs. Note: Costs are approximate, depending on the property and the complexity of the inspection.

GENERAL HOME INSPECTIONS

A visual inspection of a home’s interior, exterior, roof, plumbing, electric, heating and cooling, and unfinished attic and crawlspace. | Cost: $575 (Re-Inspection: $125)

SEWER SCOPE

A video scope to determine the condition and functionality of the property’s sewer line from the house to the city main. | Cost: $125- $150

TANK SEARCH/ LOCATE

Detects the location of an underground heating oil tank or other large metal targets on the property. | Cost: $95- $110

SOIL SAMPLING

Performed when an undocumented underground oil tank has been detected. | Cost: $195 or more

RADON TESTING

Radon is a radioactive gas that comes from the natural breakdown of uranium in soil, rock, and water and emits into the air you breathe. Radon typically moves up through the ground and into your home through cracks and other holes in the foundation. Radon levels can be safely lowered with a professionally installed mitigation system. Click Here for the EPA’s guide to radon. | Cost: $150- $175

Renovated kitchen in Portland, Oregon.

Our Trusted Inspectors

General Home Inspections

Trunz Home Inspections | Website
Sommers Home Inspections, LLC | Website

Sewer Scopes

Todd Scopes | Website
Accurate Sewer Inspections| Website

Tank Search, Soil Sampling, & Radon

Environmental Works | Website
Soil Solutions | Website

Contact one of our buyers

Get in Touch

Buying Guide Contact

  • This field is for validation purposes and should be left unchanged.

MOVING APP REFERRAL DIRECTORY HOME VALUATIONS Helpful Tools Updater helps you manage all the steps of the moving process. Contact your agent for an invite to use the free app! Need a referral for an upcoming project? Here's a directory of the pros we recommend. Sign up for Homebot for a monthly wealth snapshot of your home. Referral Directory Icon Moving Icon Home Valuation Icon

REFERRAL DIRECTORY Helpful Tools Need a referral for an upcoming project? Here's a directory of the pros we recommend. MOVING APP Helpful Tools Updater helps you manage all the steps of the moving process. Contact your agent for an invite to use the free app! HOME VALUATIONS Helpful Tools Sign up for Homebot for a monthly wealth snapshot of your home. Referral Directory Icon Moving Icon Home Valuation Icon