What To Expect When You’re Buying A Home

Demystifying the Process & Knowing What to Expect

Prepare Yourself

• Understand your timeline
• Determine what you can expect of a buyers’ agent
• Get comfortable with  your role and responsibility during this period
• Know that it’s a team effort! We’re all in this together with a shared goal

Understanding Your Financial Readiness

• Select a mortgage officer or lender/team who best fits for you and understand the products they offer, get a sense of your buying power and all that relates to purchasing a home.
• Determine how much you want your total monthly cost to be, including HOA (if applicable), taxes, and insurance.
• Have a pre-qualification or pre-underwritten letter ready to go with the general amount of the home you’re looking for

Select an agent & first steps

• Select an agent, or a team, who best fits for you and understand what services they offer
• Review, discuss and sign a buyer representation agreement & all the related documents, with that agent
• Understand the new Buyers Agent Commission structure. Your agent(s) will discuss with you what the rate is for their services, and what you can expect for that. Understand what it means when sellers are offering to cover the Buyers Agent Commission, as in times past where this was more standard, and the various scenarios when full commission isn’t offered, or is partially offered.

Understand Your Search Requirements 

• Have in mind what you’re looking for, of course! Type of home, condition of home; size, location, price, one level or more; number of bedrooms/baths; features like yard or shop or additional bedroom for office, etc.
• And the timing – what is your pace; deadline, etc. – that timing will inform your process.
• Your agent will build out a search in MLS and also have ears open for pre-listing opportunities and share them with you. You can share what you find, as well!

Understand the Process

• During the search process – how is best to communicate? What’s the best channel? Text? Email? Call? Understand the agent/buyer best working style and listing exchange process
• Agent will do diligence to communicate the behind the scenes info on any listings that are selected for deeper review and touring, communicating with the listing agent any questions or, if very interested, what the traffic has been and if they have any offers or deadlines set.

Once a Property Is Selected: Writing an Offer

• Know the timing for that particular property – how long has it been on the market
• Realize that if the property will require repairs/updates or incur any immediate expense, and what that is/how that might impact offer price
• Understand the scenario for the sellers – are they in a hurry, what is important for them: terms, price, etc. and if they require rent back, etc.
• Keep in mind popularity and competition and this will affect decision and response timing – how fast you’ll need to react!

Make Your Offer

• Meet with the agent on offer terms and pricing; strategy:
  • Determine offer price, offer type (escalation; highest and best, etc) down payment, inspection contingency terms, days to close, etc.
• Understand if you will respond to opportunity to amend if competition, and what your ceiling is
• Your agent will communicate closely with the listing agent and submit with an offer deadline.
• Be available during offer period to respond quickly to counters, sign docs, etc. via electronic signature software

In Contract! Hooray!

• Understand your ‘outs’: inspection, financial, Seller Property Disclosure receipt
• Be ready for more team members:
  • You’ll have had the lending team, your agent and brokerage/transaction coordinator will introduce themselves, and you’ll also have the title company/escrow team for the sellers running things through the entire in-contract period.
  • Your escrow officer will be your point of contact for all things payment: earnest money, etc. and they, together with your mortgage broker or lender will be in regular communication with you on all requirements.

Inspections

• After your offer has been accepted, your agent will schedule Inspections.
• Your agent will be present for all buyer inspections – these include:  general, radon, sewer to start; other inspections are sometimes necessary, as follow up, to obtain bids for repair or credit
  • For these inspections, you may certainly/are encouraged to attend. These inspections are buyer direct-paid and typically due at the time of service
• The agent will prepare said repair or credit addendum, where appropriate, to ask for consideration for items needing repair or update
• If at any point during the inspection contingency period you decide that this is not the right property, you have the right to terminate the agreement and continue your search.

Closing

• Prior to close, your escrow agent will ensure you have all of the utilities information for your new home, so you can begin the process of setting those up
• At close, (when the sale is funded and recorded) you will have signed lots of documents.
• On the day and time of possession your very happy agent will be there with you to deliver the keys granting access to the property and all of the related property, like garage openers, etc. where applicable, any codes or warranty info — basically all the house info!
• At this point all parties celebrate your success and make sure that you have what you need to feel complete in the process and satisfied. If you have repairs or work needed, or any type of local or vendor request, we/your agent will of course make all of that happen for you.

Kat Gilpatrick

Broker | OR

She/Her

Kat Gilpatrick is a Portland-based real estate agent with a global perspective. Leveraging her industry knowledge, Kat works alongside colleague Jennifer O'Brien to guide clients through every step of the real estate journey, from buying a dream home to securing an investment property. Kat prioritizes building long-term partnerships to maximize client opportunities in the Portland market.

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• kat@livingroomre.com