Home Buyer's Checklist

How to have a smooth home buying transaction experience!

YOU CAN HELP: With your understanding of the purchasing process, your transaction can go a lot smoother. The following guidelines have proven invaluable to my Home Buying Clients and is worth your special attention.

QUALIFYING: For your benefit, it is essential that you address questions TRUTHFULLY regarding your needs, wants and ability to purchase.

MORTGAGE APPLICATION: I will assist you in making contact with one of the Lenders on my Portland-Homefinders TEAM of Experts. It is of utmost importance for us to work with a Lender we know and trust. Someone who will do what they say they’re going to do WHEN they say they are going to do it! Give us a call at the number listed below for a no obligation Loan Pre-Approval appointment.

SHOWING PROCESS: You need to have your Loan Pre-Approval in hand before viewing any homes just in case you find something during your first time out! Having your Loan Pre-Approval already in place when you write an Offer also gives you much more negotiating muscle! Always feel free to inspect all facets of a home during its showing. I can help you learn what to look for. It is also a good idea to note any comments you have about each home in order to assist you in your decision-making process later.

SUGGESTED NUMBER OF HOMES TO VIEW DAILY: Selection of homes to view should be in accordance to your financing qualifications first, and specific needs, second. During our scheduled Home Tour together, we will view no more than 5 to 8 homes in one day to avoid confusion.

MAKING AN OFFER: As a result of our communication together and my expertise, many of my Buyers have found suitable homes in a short period of time. Making an Offer will prevent you from losing the home that will give you the most for your money.

PRESENTING THE OFFER & CONTRACT ACCEPTANCE: After the Offer is written, the listing sales person is contacted to set up an appointment with the Seller. The Offer is then presented to the Seller as soon as possible. Once the Offer contract is accepted, I will notify you immediately and then the clock starts ticking. Escrow will last approximately 30 to 45 days from the time the Offer is accepted to the Close of Escrow (See Close of Escrow, below).

HOME INSPECTION & APPRAISAL: It is highly suggested to have a full Home Inspection by a licensed Home Inspector. I know of several, so I can help you here. Once the Home Inspector’s written report is delivered to you via email with color photos, together we will prepare a written list of repairs the Seller must do to provide a lendable house. This List of Repairs is referred to as the Repair Addendum. Once the repairs are completed and signed-off by the Home Inspector, the Appraisal is ordered. This is also the appropriate time to give notice to your current Landlord that you are moving. As long as the Appraiser finds no additional Lender Required Repairs to be completed by the Seller, once the written Appraisal Report arrives at the Lender’s Office, the Loan Documents are ordered and delivered to the Escrow Office. The arrival of the Loan Documents at Escrow can take 3 to 5 business days once the documents are ordered and depending how busy the loan underwriters are when your file lands on their desk. Also, you’ll receive a copy of the Appraisal at Closing, or soon thereafter.

ESCROW SIGNING: Once the Loan Documents arrive at the Escrow Office, the Escrow Officer will call to make a Loan Document Signing appointment and inform you of any additional documentation you will need to bring with you (e.g. Photo ID, most recent pay stubs, etc), and tell you how much money, to be the form of a certified check, you will need to bring to your signing appointment.

CLOSE OF ESCROW: Although a date for Closing is specified in the Offer contract, the Lending institution and the Title Company are responsible for determining the actual Closing date. There are 3 parts to the Close of Escrow: Signing the Loan Documents, your Lender releasing the funds to payoff the Seller to fund your new home loan and finally, the Recording of the Deed, which transfers the Title to your name. Until all three things occur, you are not the new owner, yet.

WHEN CAN I MOVE IN?: I always joke that when you feel the "cold brass key in your hand" only then do you really own your new home! If the home is vacant, I will meet you at the home around 5:00 PM the day of the Funding and Recording to give you your key and you can begin moving in immediately. If the home is occupied the day of Funding and Recording, then you would have negotiated possession during the Offer acceptance process. In Oregon, it is usual and customary to give the Sellers at least two to three days, rent free, to finish moving out of the home and turnover the key to you for you to begin your move-in.

LIFE AFTER HOUSE PAYMENTS: Remember, we can also show you how to use your home purchase and mortgage loan to become debt-free in as little as 5 to 10 years. Be sure to contact us to find out how!