In the Pacific NW, we are always battling water when it comes to keeping our homes from intrusion, rot, and mold. As soon as water hits our roof, it has to go somewhere. Keeping your gutters clean to allow water to easily flow into the downspout is crucial. Ensure water either goes into the sewer drain or is whisked 6 feet away from the building. Overflowing gutters can lead to water pooling up around the base of your home.
Check the your grade of your yard. It should slope away from the house, and consider a dry well or bioswale. In the meantime, do you need your gutters cleaned? Here are a few companies that have worked well for our clients.
Have you voted yet? You still have time to get your ballot in! And this year’s ballot looks different. Be sure to take some time to read your voter guide which includes information about candidates and measures to consider and vote for. Need some more info? Check out these resources to get you fired up to VOTE!
In the world of real estate, the term “contingent” can sometimes leave buyers and sellers scratching their heads. Whether you’re navigating the buying process or preparing to list your home, understanding contingent offers is crucial. In this post, we’ll break down what it means to be “contingent” in real estate, how it affects you as a buyer or seller, and what potential scenarios you could face.
What Is a Contingent Offer?
A contingent offer on a house means the buyer has included a protective clause in their contract. This contingency gives the buyer an option to back out of the purchase if certain conditions are not met. Typically, a contingent offer involves the buyer needing to sell their current home before they can finalize the purchase of a new one. Think of it as a step in between “active” and “pending”—the property is not quite under contract yet, and there’s still an opportunity for other buyers to step in.
If you’ve heard the term “bumpable buyer,” it means that the current buyer’s offer is contingent on selling their home, and another buyer could potentially “bump” them out of the contract. Essentially, it’s a state of uncertainty, and another buyer might have a chance to swoop in.
What Does Being Contingent Mean for Buyers?
For buyers, there are two key scenarios involving contingent offers:
You Are the Contingent Buyer: You want to buy a home, but you need to sell your current property first. This makes your offer contingent on that sale, which can sometimes be a hurdle. If another buyer who is not contingent decides to make an offer, you will usually have 48 to 72 hours to either remove your contingency or lose the property.
You Are a Competing Buyer: You want to buy a property that already has a contingent offer. In this case, you can put in an offer, which then triggers the “bump clause.” The original buyer (who is contingent) will have a set amount of time to remove their contingency—if they can, they go from “contingent” to “pending,” solidifying their contract. If they cannot, the seller is free to accept your offer, and the contingent buyer is out.
What Does Being Contingent Mean for Sellers?
If you’re selling your home and receive a contingent offer, it’s important to understand the potential risks. If the buyer needs to sell their current home, this could delay your closing timeline. For instance, if their home takes longer to sell than expected, you might need to extend the closing date, which can be problematic depending on your plans.
It’s also essential to assess the buyer’s preparedness to sell their current property. Are they already on the market? Are they prepped and ready, or are they just starting? The more ready they are, the less risk you’ll face. Given the additional uncertainty, contingent buyers often need to make a stronger offer to compensate for the risk you are taking.
Key Takeaways
Contingent Offers: Buyers need to meet specific conditions, often involving selling their current home.
Bump Clauses: If you are the contingent buyer, be prepared to act quickly if a competing offer comes in.
For Sellers: Contingent offers can mean more risk and longer timelines, but they might come with a higher price to compensate for that risk.
If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.
For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.
It hasn’t been the easiest time to be a buyer. Buyers have been facing high rates, low inventory, new commission structures, and houses that need lots of repairs. In the end, it all adds up to $$$! What buyers need is a bit of relief. And when a brave buyer takes the plunge with a house, the hardest day of the transaction is often the home inspection day. This is often the day when the $$$ needed to move forward on a home seems insurmountable. Having a great buyer’s agent on your side to walk you through negotiating with the Seller is critical. Agents can end up saving you thousands of dollars in the end with great professionalism and negotiation strategies. And really what is it that a Buyer wants? A new place to call home. If you are ready to take the plunge and buy a house, contact us today.
Understanding the Key Players in Your Home Buying Journey
Buying a home involves several key players, each with a unique role. In this blog post, I’ll walk you through the major roles in a real estate transaction, what they do, and how they help ensure a smooth process. Whether you’re a first-time buyer or an experienced investor, understanding these roles will give you the confidence to navigate your home buying journey.
The Real Estate Agent: Your Project Manager
First and foremost is your real estate agent. Think of your agent as the project manager of your home buying process. Their job is to guide you from start to finish. Here’s what you can expect from your real estate agent:
Scheduling Tours: Arranging viewings for properties you’re interested in.
Determining Comps and Offer Strategy: Helping you understand the market value and craft a competitive offer.
Negotiating Deals: Working to get you the best terms possible.
Scheduling Inspections: Coordinating necessary inspections to ensure the property is in good condition.
Connecting with Contractors: Providing referrals for any needed repairs or renovations.
Resource Direction: Guiding you to tax or legal professionals as needed.
The Lender: Securing Your Mortgage
Next is the lender, who plays a crucial role in securing the financing for your home. They will:
Pre-Approval Process: Help determine how much you can borrow and identify suitable loan programs.
Document Collection: Request necessary documents to process your loan application.
Loan Processing: Guide you through the steps to secure your mortgage, providing clarity on your financial obligations.
It’s essential to work with a lender who communicates effectively and who you can trust. Poor communication can jeopardize your transaction.
The Escrow Officer or Title Company: Ensuring Neutrality
The escrow officer or title company acts as a neutral third party in the transaction. Their responsibilities include:
Holding Earnest Money: Managing the deposit you make when your offer is accepted.
Facilitating the Closing: Ensuring all paperwork is completed and funds are distributed correctly.
Providing Title Insurance: Protecting you against any title disputes.
Home Inspectors: Assessing Property Condition
Home inspectors are like the primary care doctors for your new home. They meticulously examine the property to identify any potential issues. Key tasks include:
Detailed Inspections: Checking structural integrity, plumbing, electrical systems, and more.
Referrals to Specialists: Suggesting further inspections if they find potential problems.
The Appraiser: Determining Home Value
Appraisers assess the value of the home to ensure the lender is not over-lending. They are a neutral third party and you won’t have much direct contact with them. Their role is crucial for:
Valuation: Ensuring the home’s value justifies the loan amount.
Risk Mitigation: Protecting the lender from overextending credit.
The Insurance Agent: Securing Home Insurance
Home insurance is mandatory when buying a home. An insurance agent will:
Policy Selection: Help you choose the right insurance policy for your home.
Bundling Options: Provide options to bundle home insurance with other policies for discounts.
Other Key Players
Additional roles that may come into play include:
Transaction Coordinators: Assist with paperwork and ensure everything runs smoothly.
Home Warranty Providers: Offer warranties to cover potential mechanical issues.
Contractors: Provide estimates and complete any necessary repairs or upgrades.
Conclusion
Understanding the roles of these key players in a real estate transaction can help you navigate the process with confidence. If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.
For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.
If you are considering adding a separate living space to our property, The Portland ADU TOUR is for you! Come see several ways to add an ADU to your property whether attached, detached, custom, pre-fab, big, or small. Stop by and say hi to our favorite realtors and ADU specialists from team Aryne + Dulcinea, a.k.a the Property Mavens!
Have a detached garage and want to convert it into a living or guest space? There are many questions to answer before you proceed, but you may have the makings for a second living space on your property.
It’s 2023. It’s Portland. We are buying a house for the Baaaaaby, our beloved pup! Why? Because she deserves it!
As of studies conducted this year, 66% of US households have a pet, with 77% of homeowners including a pet in their abodes. With home buying a hot national topic, studies have shown two-thirds (67%) of prospective buyers with pets say they’d buy a home specifically because of features that cater toward their pet. More and more people are prioritizing moving to create a better life and home experience for their fluffy one.
According to a recent Realtor.com survey:
Almost three-quarters (72%) of prospective buyers with pets admit that they would forgo buying their dream home if it didn’t accommodate their pets, while 62% of current homeowners with pets say they would.
Sixty-six percent of prospective buyers with pets have declined to live in an otherwise perfect home because it couldn’t accommodate their pets; and 44% of homeowners with pets say they would decline to live in an otherwise perfect home if it didn’t accommodate their pets.
Recently, I had the WONDERFUL joy of helping Mollie and Dave find a stunning, turn of the century Victorian in the heart of Portland’s Kerns neighborhood. AND – it fits their pup’s needs! We had such a great time dreaming of all the ways to evolve the yard to make it a dream oasis for Fiona. With native plantings, a grand front porch, and plenty of patio space, the possibilities are endless. Congratulations Mollie and Dave! Thank you for such a special experience. I can’t wait to come visit to discover all the spectacular personalizations you bring to your home!
Portland teems with farmer’s markets! Surrounded by amazing farm country, the Willamette Valley and beyond grows beautiful food, and just as great as beautiful food is supporting the dedicated folks who tend and grow food. Shopping at farmer’s markets, signing up for CSAs, and supporting local coops are great ways to support local farmers. And summertime is the best time to start shopping!
Pride celebrations are kicking off all over the country. At Living Room, we kicked off Pride with a celebration including rainbow-inspired, plant-based food, a jazz trio, and lots of merriment! And this was all before 9:30 in the morning! We also had an impactful presentation from local lender, Percy Wise about the experiences of LGBTQIA+ buyers, sellers, and homeowners.
PORTLAND PRIDE2023 UPDATE
In case you are wondering when Portland’s big PRIDE festival takes place this year, it’s in JULY! July 15-16 to be exact. Read more about events HERE.
We could not be more excited to get back outside in our yards and gardens and plant, dig, beautify and breathe it all in. If you are interested in installing some new beds, but don’t want them to be ground level or just want to design spaces with garden boxes, CLICK THROUGH the images to see some of our favorite beds + boxes for your new project!
You may not know it, but as a homeowner in parts of this city, you may have racist language in your deed and title documents. House Bill 3294 moves to help homeowners remove this language and other restrictions from their titles entirely.
We’ve been adding color to our front doors, and painting accent walls in our home, but an interior accent door? We LOVE it! A great way to refresh a room, hallway, entryway, or foyer.
HOT GINGERY DRINKS TO SIP WHILE WE WAIT FOR SPRING
HOT GINGER APPLE CIDER, HOT LEMON GINGER TODDY, AND GINGER-SPICE HOT COCOA are three amazing drinks to keep you warm while we wait for Spring. These healthy and simple drinks all start with ginger and water… see the directions below:
HOT LEMON-GINGER TODDY:
Slice up a hunk of ginger and cover and simmer in 2 cups water for 20 minutes, strain, add freshly squeezed lemon juice or lemon slices to taste, and add honey for a bit of sweetness – serves two.
GINGER-SPICE HOT COCOA:
Slice up a hunk of ginger and cover and simmer in 2 cups water for 20 minutes, strain, add one cup of plant-based milk, whisk in cocoa powder, and sweeten with maple syrup and cinnamon – serves two.
HOT GINGER-APPLE CIDER:
Slice up a hunk of ginger and cover and simmer in 1 cup of water for 20 minutes, add one or two cups of apple juice and a cinnamon stick to taste, and simmer for another 10 minutes – serves two.
Add a little style and color to your bathroom by adding a colored faucet or showerhead! Take a look at these great options on our BATHROOM OASIS Pinterest board.
HHHMMM… it’s hard to fight back the multitude of questions that come up when you think about AI-generated anything, but because we were curious, we thought… let’s give it a whirrrlll.
We checked out Shutter stock’s AI-generated image program, looking up things like: “retro kitchen,” “baroque living room,” “space-aged bedroom,” and even a simple one – “bathroom,” and here is what we got!
For some more artful inspired AI-generated imagery, check out @planet_fantastique on Instagram!
Check out the amazing light installations in our city from the Willamette Light Brigade. Now through the 11th you can be dazzled by these artistic light installation. Thank you for shining light on our dark winter days-check it out HERE!
We totally get how scary it can be to make the leap to buy a house, or how much emotional work it takes to be ready to part with your home when you want to sell. We are here to guide you. We don’t just broker deals and research the market daily, we do much more than that, we help you through the biggest transaction of your life. If you or anyone you know is ready to make a move. We are here to help.
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped hundreds of clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
Stunning and historic foursquare craftsman home with permitted, leased basement ADU. Four floors of gorgeous living space with unpainted woodwork, custom built-ins, remodeled gourmet kitchen (circa 2011), formal entryway, third floor bonus space, lower level guest suite, and modern and bright 1-bed, 850 SF ADU with separate entrance. Check out our 3D Self-Guided Virtual Tour,Floor Plan Sketch or Property Website.
Upstairs:
The second floor houses the primary bedroom suite (with lovely city and bridge views), plus two additional large bedrooms and a second full bathroom.
Downstairs:
In the finished basement you will find a guest suite for use by the residents of the main home, plus a one-bedroom ADU (accessory dwelling unit) with separate exterior entrance, providing both income and flexibility! This Guest Suite rents on Air BnB for $75/night.
The ADU:
This modern and bright one-bedroom ADU rents for $1,400/mo. It has a separate exterior entrance and shares a laundry room with the guest suite next door.
Add to all this:
A finished room above the detached garage for all of your workshop, hobby, studio or storage needs.
Centrally Located:
In the South Albina neighborhood at the base of the lively Williams Corridor, this property is less than a mile walk to the Pearl District, half a mile to the Moda Center, or hop on the streetcar to jet where you need to get! PDX foodie favorites Pine Street Biscuits, Ex Novo and Sizzle Pie are just blocks away, and don’t miss the new food cart pod, Cartside PDX, two blocks south on N. Williams Ave!
Main house and guest suite are vacant and easy to show. ADU is tenant occupied (please do not disturb). Please text us for showing appointments!
Please follow COVID-19 Best Practices: wear masks, use gloves (provided), practice social distancing and please make use of our self-guided tour before showing!
Gabe and Alana are wonderful thoughtful folks and new homeowners! Their new home is not new, in fact it is a beautiful 1915 craftsman. The home is truly wonderful, just steps to Multnomah Village with a beautiful yard and has been lovingly cared for and maintained. Here is the rub, the last remodel was just before the previous owners moved in… 30 years ago. They can, and want to, remodel but a question has been posed:
Do we move in and live in the home and let our plans for a remodel develop as we grow and know the home?
Or
Do we get started with the remodel based on design concepts and our known goals?
We’ve had a fair amount of discussion on the subject and for them, the jury is still out for the time being.
Here are the sticking points:
The issues of living in a home and living through the remodel with a young family
The idea of getting to know how the house lives and what becomes your priorities after being there for some time. Does that knowledge and insight outweigh the inconvenience of living through a remodel?
I have only ever done significant remodel work on home before we moved in because I can’t stand drywall dust, I repeat, I loath drywall dust.
I’m landing at – live in the house, make plans as they develop, plan for the work to be done with a trusted contractor and take a vacation or rent while it is being done.
Ha! If only we had a budget like that!!
Congratulations on your new home and I’m super excited to see what you make of it!!
Taking our love of homes global, each week we feature a listing in Portland we love, as well as a home from other part of the world to inspire! This week’s PDX house crush is dreamy and luxurious, while our Czech house crush is artistic and nature-based.
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
Covid-19 has created much change in how we go about buying and selling homes today. Our industry, our company, and our team quickly put protocols in place to keep buyers, sellers, agents, inspectors, lenders, and title officers safe. So what is it like being a buyer right now? Here is how we are helping you.
As always, we’ll begin with a detailed conversation about what you are looking for. After our initial meeting, we will set up a customized online RMLS search for you. You’ll see the newest listings in your email inbox as soon as they hit the market. Once you find a home that excites you, we’ll take these steps to ensure that you can safely see it:
1. Carefully look at the photos and map location.
2. Watch the virtual tour. If there is not a virtual tour, and the house is vacant, we will go and make one for you. If the house is owner occupied, we will request a virtual tour from the listing agent.
3. If the house still interests you, drive by. Make sure you like the location in person.
4. Once you have determined that this home is still of high interest, we will set up a showing provided that the home is vacant. Many owner occupied homes require that you write an offer “subject to interior inspection”. Once your offer is accepted, you’ll get to see the house in person and decide if you want to move forward with the purchase.
We can do this! Whether you want to take advantage of the current low mortgage rates or you were already looking for a home, call us-we can help you out.
About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
House hunting during a pandemic? We get that the timing of your house purchase may not always be convenient. Here’s our protocol for buyers to keep everyone safe and do our part to help #FlattenTheCurve.
Steps to buying a house in a World Pandemic
Complete a “fully underwritten” pre-approval process with a lender (Call us if you need some recommendations!) or obtain proof of liquid cash funds.
Most sellers/listing agents are requiring a pre-approval letter or proof of liquid cash funds prior to scheduling an in-person showing of a home.
View all virtual listing tools such as:
3-D virtual tour.
Video.
Live stream virtual open house.
Photo slideshow.
Floor plan sketch.
Map.
Do a drive-by of the property, and tour the neighborhood and nearby community amenities.
Now call us to schedule an in-person showing. We will bring:
Gloves, hand sanitizer, and booties for you. We are asking that buyer clients please wear masks for in-person showings. We will be wearing masks too. Many people have sewn their own masks, or make an easy mask out of a cotton t-shirt and a paper towel. (See our HouseLovePDX Instagram account for a photo of Kari sporting that snazzy option!)
We are following the national mandates of no more than two people in the home at one time, and maintaining the social distance requirements of no less than six feet apart.
Be prepared to write an offer “subject to interior inspection.”
That means you write an offer first, then go see the house in person when/if your offer is accepted. This practice has become more common for owner-occupied homes especially with at-risk or medically fragile owners.
Offer accepted? Hurray! Here’s what to expect:
Expect your home inspection “wrap-up” to be done via technology. Most home inspectors will only inspect homes alone. They will generally FaceTime with you to discuss the findings of the inspection. We can make arrangements to get you in the home after the inspection so you can do a walk-through of the home with the findings in mind.
Expect there to be hurdles and delays. Lending guidelines are changing rapidly, which may mean some bobbing and weaving. Humor, flexibility and empathy all are important in this market to make it to closing!
Expect a LOT of Zoom calls with Erika and/or Kari! It really helps to see people’s faces – even on a screen.
Closing!! Watch this video to see how we’re getting keys to buyers these days:
Terrific, mid-century split-level in the heart of desirable Royal Woodlands. Well cared for by original owner with chic vaulted living room, wrap around balcony, master suite, and two gas fireplaces. Dependable floor plan with L-shaped formal living/dining room, separate bedroom wing, informal eating area off kitchen, basement family room and additional bonus office/den. 8,200 SF lot with delightful backyard! 2018: New upper windows, exterior paint and slider doors. Great opportunity to live in an utterly charming mid-century neighborhood complete with egg hunts and 4th of July parades!
Two full baths on the main floor, one with two sinks and a tub/shower combo to be shared by bedrooms #2 and #3. Ensuite master bath with period tiled shower:
Finished lower level: head downstairs to the large family room, with gas fireplace, full bathroom and bonus office/den. Explore potential to add egress window in bonus room for 4th bedroom and create separate area for guests, roommates or extended family:
Delightful, spacious backyard, fully fenced with charming patio:
You’ll love this classic PDX bungalow in the heart of SE Belmont! Versatile floor plan with three floors of gracious living space. Delightful front rooms with warm fir floors and unpainted woodwork. Master options on main and second floors, full bath on each floor, and lots of closet space and built-ins. Great ADU/Rental potential in the modern, bright basement; plumbed for kitchen or wet bar, with separate side entrance.
Private side yard perfect for pets and green thumbs. Short distances to Laurelhurst and Mt. Tabor parks, and the restaurants and shops of Belmont!
Light and modern one bedroom loft in the desirable John Ross. Wood floors, large floor-to-ceiling windows, stainless steel appliances, washer and dryer, and deeded parking space. Covered balcony with gorgeous river and mountain views. 24/7 concierge, and wonderful indoor and outdoor amenities and common spaces. Fantastic investment/rental opportunity. Minutes to OHSU, streetcar, MAX, fitness studios, restaurants, river, bike paths, parks and downtown!
This cheerful, vaulted cutie artfully combines a soaring sense of space with a cozy, inviting vibe. 2016 updates include new roof, skylights, windows, exterior paint, Brazilian Koa hardwoods, carpet and kitchen/bath cosmetics. Recent owner updates include central A/C, gas fireplace, interior and back deck paint, closet organizers, built-ins and adjustable garage storage rack. Large, sunny corner lot bordered by only one neighboring home; fully fenced with sprinkler system. Huge back deck accessible off dining area and kitchen great room for fun entertaining flow. One mile to Gabriel Park, 1.6 miles to Multnomah Village, two miles to Hillsdale! Hayhurst, Gray, Wilson schools.
Yet again, real estate is pulling on my heart strings. My client moved from everything and everyone she knew in Nashville to make a change for herself. Her adult children are off living their lives, her giant house in the woods was a lot of work, and she was ready for a fresh scene.
Art, food, and lifestyle are just some of the things that led her to Portland for her downsize. Did I mention we take our pastries very seriously? Oh, and she is an incredible oil painter, shopper, and chef. All things that Portland can surely support.
I promised Jacqueline I would protect her as if she were my own mother, and you bet I did it. It took a while but we left no stone unturned. I drove her around, got to know her, and felt like I did my duty. She got an awesome home with the light she needs to paint, the space she needs for visitors, and within walking distance to her transit, plus a grocery store.
We checked off the list and I got to know a really wonderful woman who will absolutely remain in my life in return. We closed last Friday and last night I had the pleasure of helping her move some personal things, followed by some flights of bubbles and all of the cheese– hope she knows its not over. More bubbles to come. More laughs to be had. So many lessons I will never forget and as she often said, “we know who we are.” Counting my blessings again and again.
Plenty of laws help protect married couples when they split up and divide their property. But no such legal sympathy exists for folks that are unmarried and do the same. Many of us buy homes together without rings on our fingers.
Purchasing a house means coming in with a down payment, paying closing costs and other so many other financial responsibilities. Many couples often think they can do it 50-50 from the start. But after being a REALTOR® for so many years I often see the tables skewed right from the get-go. I have worked with couples that have recently met, felt committed to one another (they’d already adopted a cat), but were tired of driving to one another’s homes every couple of days for companionship (I get it – trust me). Often, one of these couples stumbles upon an open house, not intending to go to an open house, but because it was right around the corner from their coffee shop, so they had to sort of walk by it. The sign out front had an arrow which commanded them to “check it out” so they had to go in. Upon entering that house they catch the bug. The bug elicits deep emotions that BUYING a house together needs to happen very quickly. Like right now — because it itches. ‘Did I know that the stagers carpet in the house is the color they have dreamed about? That the swan on the fireplace mantle happens to be their spirit animal. Oh, and wait….and that there was a blue lamp that really worked with the tile in the kitchen and until that day, they didn’t even know they both liked the color blue? It’s a SIGN — they say! We are ready to buy together.’
So we start house hunting.
Often the following of scenario unfolds: One person in the relationship has saved a bigger deposit then the other. But the other partner, makes a higher salary making it easier to pay the monthly mortgage payments. One of them is “handy” and believes they can take on physical repairs the house needs while adding monetary value but doesn’t have great credit for the loan. Usually, there has been NO TALKING between the two love birds about the “what-ifs” and “what-we’d-do-thens,” if the relationship dissolves. I get a tad worried for folks if contributions aren’t divided equally from the start. Mostly, because of the phone call I get years later after the relationship has gone side-ways, where one thinks that have contributed much more then the other. One wants to house but the other thinks they are more deserving of it. (yikes).
So before you jump into the water and purchase, have a really deep conversation with your partner about the financials. And if buddy tells you over a couple beers that maybe you need to get something in writing from a lawyer before you invest in property together, a contract, sort of like a prenup, about who-gets-what if you break up — LISTEN TO YOUR BUDDY. Its best to ALWAYS seek the advice of an attorney and get something in writing. So both of you are protected.
It’s the first step most prospective buyers need to take before they even start looking at homes: Call a lender and get pre-approved to purchase a property. You need to know what your monthly payment will look like compared to your income, and your REALTOR® needs to have a strong basis for your price point in order to make sure that your time house hunting is well spent.
The Surprising Downside of Frugality
The first thing a lender does when reviewing your financial outlook is check your credit report. Unfortunately for many of today’s first time home buyers, having a strong credit history is hard to come by. In general young adults, i.e. millennials, tend to be financially conservative. Considering most young adults must take on large student loan debt in order to complete their education, it’s not surprising they tend to visit website and avoid consumer debt and only buy what they can afford, often in cash. They supremely dislike the idea of paying interest into the pockets of large corporations, and truly understand the risks of revolving debt.
These choices sound healthy, right? Unfortunately, if you haven’t made purchases with credit and paid them off successfully over time, you won’t have much of a credit history to assess. As many millenials have found, it’s very difficult to buy a house or car with a weak or limited credit history.
Zingo Improves Your Credit Score
But wait! Most young adults dutifully pay rent and utilities every month. However, credit bureaus rarely track these payments. That’s where Zingo comes in. Zingo helps you automatically report your rent payments (and soon utility payments as well) to credit bureaus.
After evaluating the ins and outs of this financial service, Living Room Realty has teamed up with Zingo to help renters improve their credit score, so they can be in a better position to buy their first home.
More details about Zingo:
You must be at least 18 years old to enter into an agreement with Zingo.
There generally is no charge to set up your account and begin reporting your current rental payments to the credit bureaus. If Zingo is unable to validate your rental data through their automated process, they may need to reach out to you for further information. If a manual process is required for verification, there will be a one-time fee of $19.95.
Zingo can only report rental payments made to professional property management companies, not to private landlords. You can report previous payments to your current address as far back as 24 months.
You can add past rental payments for a different address, for a charge of $29.95 per address.
Currently Zingo is only able to report your rental payment data paid through financial institutions (no cash payments). Soon, they will be able to report utilities, insurance and more. When signing up, please enter all recurring payments including utilities and other recurring payments. Once the bureaus give Zingo the go ahead, they will begin reporting these additional payments as well.
Zingo currently reports to Equifax and TransUnion and expects to be able to report to Experian soon.
Once set up, your payments are automatically reported to the credit bureaus on a monthly basis.
Zingo uses bank-strength, 128-bit encryption to keep your data safe. They do not sell your data.
We are so excited about this new service. We want to help renters achieve their dream of home ownership. After all, why shouldn’t your responsible, monthly payments for rent and utilities improve your credit score? For more information and to sign up, go to www.livingroomre.zingocredit.com.
Check out the face lift of this lovely Alberta Arts Centenarian! 2016 home remodel features new kitchen, artisan tiled bathrooms, plumbing, electrical, windows, mini-splits and roof. Graceful floor plan boasts open concept living, dining and family rooms on main floor, three bedrooms up and deluxe basement guest suite. Fenced backyard for gardening and entertaining. Attached tandem two-car garage. Just blocks to great schools, parks and some damn fine BBQ!
Spacious and bright townhouse in a park-like setting. Rare, larger floor plan with great room living/dining room, informal kitchen eating area, master suite and second bedroom up, and large family room off kitchen. Covered patio, double wall of closets in master suite, and 2.1 bathrooms (right where you need them!) complete this gracious layout. New furnace, water heater, heat pump and garage door. Move right in or complete the snazzy cosmetic updates of your choice! Enjoy the community pool, sauna, meeting room and lovely garden walking paths throughout the complex.
OPEN SUNDAY September 15, 1 – 3 p.m.
OFFERED AT $205,000
2 bed | 2.1 baths | 1,836 SF
MLS# 19187947 | Taxes: $3,895
Erika George celebrated six years with Living Room Realty this year. Through Erika’s partnership with her cousin and real estate maven Kari McGee, Erika has been able to create the career she wants for herself – helping people buy and sell houses, a.k.a. find HouseLove. Where did her journey begin?
Before you became a realtor, what did you do for a living?
Erika at construction site
I was a lawyer specializing in construction and contracts. I worked in private practice for 12 years, and then spent three years working for the City of Portland, representing the construction and contracts bureaus. While I had my fair share of days in the courtroom, I spent even more days on construction sites and building remediation projects all over town!
How does your past experience influence your current role as a realtor?
My legal skills are invaluable to my real estate clients. I continue to use them on a daily basis: client advocacy, problem solving, contract analysis and negotiation, and excellent client service.
It’s especially helpful to have a working knowledge of contract law. It allows me to pre-identify tricky issues and help explain potential pitfalls and ramifications to clients.
Why did you decide to pursue a new career as a realtor?
As much as I love being a lawyer (I really do!), after 15 years I was ready for a change. I could no longer deny the fact that my heart beat faster every time I had the chance to educate friends and acquaintances (and random people in coffee shops and wine bars) about all Portland has to offer when it comes to real estate and life. I believe that a home is more than the four walls you live in, and I love the process of turning a house into a home.
Do you miss your old job?
The truth is I still practice law “on the side.” While real estate keeps my schedule pretty darn full, I am still a part-time lawyer associated with a small law firm, and if you are interested to learn about the firm you can learn more at JD Injury Law website. I love being able to keep my skills sharp and my legal relationships intact!
Do your clients value your legal experience?
Kari and I often get really positive feedback from our clients, like this recent Google Review from David Lashen: “We highly recommend using Kari McGee and Erika George for your home buying/selling needs. We can’t thank them enough for finding us the perfect home in Portland. Having two agents is like two for the price of one! They are always available and will provide you with the best service. Kari and Erika’s negotiating skills are also fantastic. We felt like we got more than we thought was possible during the inspection period. Do yourself a favor and hire Kari and Erika!”
When I read reviews like that, my heart soars! I know I made the right choice to team up with Kari to create HouseLovePDX and join Living Room Realty.
You’re buying a home. You’ve completed your inspections. You’re waiting to close. Now what?
You’ve made it through the inspection period and the seller has agreed to complete some home repairs. Congratulations! Now what? A week before closing I remind my clients about the closing process and to schedule a final walk through before closing. Besides asking the seller to provide any invoices or photos showing the repair has been completed- schedule a final walk through at least 3-5 days before your closing date. It’s always a good idea to double check that seller has completed the items they’ve agreed to repair.
Often you’ll find that a seller is scrambling to get those last repairs done, or cleaning up their move out. You’ll walk through the house with your real estate agent and verify that the items have been repaired. I’ve found that a day or two before closing is just not enough time to remedy unfinished repairs. If a seller has not performed the agreed repair, do not give authorization to close until you are satisfied. This may delay your closing and you’ll have to write an extension to close.
Here are some repair and final walkthrough tips-
Make sure your repair requests are written in detail or refer to a specific scope of work.
In addition to your inspection report, get a professional estimate for repair.
If you are asking for a sewer repair, request that the seller scope the line after the repair and provide you the video of the scope.
Make good judgement about work that is being completed by homeowner or needs to be completed by a licensed & bonded contractor. There is a lot of work that a homeowner can do on their own. If the repair is related to a “service” of a major appliance, structure, or health/safety issue- request a professional handle that repair.
If a repair is being completed after closing, for example a sewer repair- ask for escrow to hold back additional funds in case the repair exceeds the provided estimate.
Your repair request agreement has a date written in which the repairs need to be completed by. If you haven’t seen photos or invoices come in, check in with your REALTOR® to request them from the seller.
If you are thinking about buying a home- give me call! I’d love to help you through the real estate process.
Don’t miss this cheerful mid-century condo in one of NW Portland’s best kept “secret” neighborhoods. You will love living in this vibrant community of home owners! Warm hardwoods, radiant heated floors in kitchen and bath, in-unit laundry closet, and NW territorial views grace this bright two bedroom unit. Recent building updates include: new windows, siding, exterior paint, high efficiency water heaters and more. Nestled at the base of Macleay Park and just blocks to NW district hot spots. Ten private parking spots reserved for owners and guests. Assigned basement storage closet. No rental cap. Chapman, West Sylvan, Lincoln Schools.
Sometimes you walk into a house and you just know it’s the one for you. That’s how this one went. I sent the listing to Pat first thing in the morning, he drove by within an hour, and pretty much knew it was the one before we even walked in the door a couple hours later. As we looked around the house, loving on the undisturbed midcentury vibe he looked at me and said, ‘Don’t let me not get this house.” Ummm Yikes! No pressure right? But ok, let’s do this! It was tense – he wasn’t the only person in love with this awesome house and we really had to shine. When we got word that his offer was accepted we practically (maybe literally, but that’s a secret) cried tears of joy.
Pat and I have known each other for many years as the result of sharing great friends. Over the last year we have been on an epic house journey together. It hasn’t always been easy, but it’s definitely been worth it and just in time for summertime ping pong on the back porch!!
This special bungalow will make you so happy! Thoughtfully designed remodel with warm and unique cosmetic details including custom wood work and built-ins, modern stained glass, and new windows. Impeccably executed kitchen complete with fir banquette, looks out to the sweet, private deck and backyard. Large, bright master up, with ample closet and 1/2 bath. Finished basement with guest room and cheerful family room. A rare 10 Home Energy Score is the icing on the cake. Systems include Tesla solar panels, high efficiency heat pump and electric mini-split, and energy efficient appliances throughout!
Price improved by $35,000! This beautiful 4 bedroom, 3.1 bath home is chock-full of modern amenities. The main floor features gorgeous Acacia hardwood floors, formal entry, open living room, gourmet kitchen with island, light-filled formal dining room, powder room, and den with french doors and custom built-ins. The upstairs master suite is a peaceful retreat with tall coved ceilings, gas fireplace, large walk-in closet and deluxe bathroom. You’ll find two additional bedrooms upstairs next to an ample bathroom with two sinks for easy sharing, and a cheerful laundry room just where you need it! The finished basement boasts a guest suite and great room, which is plumbed for a second kitchen for great ADU potential. This bonus space has uncommonly high ceilings and will accommodate a wide variety of rumpus room needs! The inviting back deck is perfect for outdoor dining, with steps down to the fully fenced and beautifully landscaped yard and pool for outdoor living at its best. Mere blocks to Beaumont Village, Wilshire Park and Alberta Arts District. High home energy score of 7.
OPEN SATURDAY, June 8, from 2 – 4 p.m.
OFFERED AT: $899,900
4 bed | 3.1 bath | 3,434 sf
MLS# 19381740 | 5,280 SF Lot | Garage: 1 attached, oversized | Taxes: $8,111
Classic storybook charm with super flexible floor plan! Light-filled living room with historic fireplace and leaded pane windows. Formal dining room with beautiful built-in cabinetry and bay windows. Option for master bedroom on main OR second floor, which has large bonus space (nursery, office, craft room, dressing room, etc.). Remodeled bedroom in basement with fireplace is perfect for guests, teenagers or as a media room. Private backyard has a sunny deck, patio and is fully fenced. Plenty of storage in basement laundry room and detached garage. Location can’t be beat – walk to Trader Joe’s, Normandale Park and the Hollywood Farmers Market. Schools = Laurelhurst Elementary and newly remodeled Grant High School, which is reopening this fall!
This beautiful 4 bedroom, 3.1 bath home is chock-full of modern amenities. The main floor features gorgeous Acacia hardwood floors, formal entry, open living room, gourmet kitchen with island, light-filled formal dining room, powder room, and den with french doors and custom built-ins. The upstairs master suite is a peaceful retreat with tall coved ceilings, gas fireplace, large walk-in closet and deluxe bathroom. You’ll find two additional bedrooms upstairs next to an ample bathroom with two sinks for easy sharing, and a cheerful laundry room just where you need it! The finished basement boasts a guest suite and great room, which is plumbed for a second kitchen for great ADU potential. This bonus space has uncommonly high ceilings and will accommodate a wide variety of rumpus room needs! The inviting back deck is perfect for outdoor dining, with steps down to the fully fenced and beautifully landscaped yard and pool for outdoor living at its best. Mere blocks to Beaumont Village, Wilshire Park and Alberta Arts District. High home energy score of 7.
OPEN SATURDAY, May 11, from 1 – 4 p.m.
OFFERED AT: $959,900
4 bed | 3.1 bath | 3,434 sf
MLS# 19381740 | 5,280 SF Lot | Garage: 1 attached, oversized | Taxes: $8,111
This is the unit you’ve been waiting for – at an improved price! Two real bedrooms and two full baths in an elevator building. Lovely, partial river view and peaceful grounds with water features and verdant gardens. Living-dining great room flows to spacious balcony for all weather river views. One deeded parking spot. Walk to south waterfront and catch the street car downtown or stay in the neighborhood for fun cafes and Willamette Park. Railroad is used on summer weekends for charming Lake Oswego Trolley. List agent is related to seller.
Adorable one-level living bungalow with charming and spacious garden lot. Large, cheerful kitchen, basement laundry area, and tons of outdoor living space. Walk to Berrydale Park and Montavilla shops, restaurants and Farmer’s Market. Easy freeway access gets you out and about in a snap.
1,255 sq. ft. Lot is 3,970 sq. ft.
Offered at: $240,000.
Address: 8524 SE Morrison St, Portland, OR 97216
Open House: Saturday, March 2, 12:30 – 2:30 p.m. and Sunday, March 3, 1 – 3 p.m.
Located on one of Laurelhurst’s prettiest streets, this light-filled, historic home has been meticulously updated. Owner improvements include new kitchen, bathrooms, windows, roof, paint, plumbing, tankless water heater, furnace, AC, panel, water & electric service, refinished hardwoods, and more! Excellent floor plan boasts three bedrooms upstairs and a legal ADU in the basement for additional living space or rental income. Lovely private back yard. Easy walk to schools, parks, coffee shops and Portland’s Restaurant Row.
4 bed, 3 bath.
2,384 sq ft. Lot is 4,792 sq ft.
Offered at: $850,000.
Address: 4200 NE Flanders St, Portland, OR 97213
Open House: Saturday March 2 and Sunday March 3, 2 – 4 p.m.
After four long years, the Portland real estate market is now right for those homeowners who want to buy a house, but need to sell their current home as well. In real estate lingo, they’re called “contingent buyers.” If you’re considering how to sell and buy a house, we’ve outlined four options to help you make the move. We’ve helped many Portlanders sell their current home and move into their dream house.
Why is 2019 a great time for contingent buyers? The Portland real estate market has changed, and we’ve entered a balanced market for the first time in four years. That means buyers have more leverage, including contingent buyers. (We do a deep dive into 2019 buyer trends in our post Is 2019 The Right Time to Buy a House?)
Before we outline your four options, remember that the HouseLovePDX Team provides free consultations and market analysis. Don’t hesitate to give us a call and arrange a time to go over your options in person or over the phone!
Option 1: Shop – Buy – Sell
This is a classic contingent offer:
Shop for your new dream home
Make a “contingent offer” to the seller – the offer is contingent on the sale of your current house
Seller accepts the offer
Sell your current house
Move into your new home
Sellers may be wary of contingent offers because there is more risk compared to a traditional offer. (If for whatever reason you don’t sell your current house, then the deal is off.) Some sellers won’t accept a contingent offer. In the past, sellers had more leverage than buyers in the Portland real estate market, and they tended to reject contingent offers. Happily that’s not the case in the current market.
When you’ve made a contingent offer, it’s crucial to sell your house as soon as possible. You don’t want to be sitting on the market for two or three months. Preparing ahead to sell your house will make your contingent offer as appealing as possible to sellers.
How to Prepare Ahead for a Contingent Offer
Preparing ahead for a contingent offer is similar to preparing to sell your house in general.
Free Consultation and Market Analysis
We provide a free consultation, including a professional marketing analysis of your current property. We’ll establish your house’s price point, and how much you can expect to get in terms of your net proceeds. This will give you a price range when you’re house hunting for a new home.
Recommended home improvement projects
We’ll provide a list of prioritized home improvement projects to help increase the value of your home. Not everyone can – or wants to – invest in home improvement projects. That’s not a problem! What’s important is pricing your house right to sell it after you make a contingent offer on a new home.
Create Marketing Plan and Stage Photography
We will create a marketing plan and stage photography that will show your house in the best light.
When you find your new dream home and make a contingent offer, we show the seller your marketing strategy, pricing strategy and beautiful photos. This assures the seller we’re ready to sell you house, and can provide the confidence needed for a seller to accept your contingent offer.
As soon as the seller accepts your offer, we’re ready to get your house on the market within 24 to 48 hours!
Option 2: Sell – Shop – Buy (Or Plan B)
We call this the “Plan B Option” because you must have a plan B arranged in case you don’t sell your house in time:
Sell your house
Shop for your new home
Either buy your new home or move temporarily into your plan B option
Plan B can be an apartment, or living with your parents or in-laws.
You’re already under contract to sell your current house, so you’re in a great position when shopping for your dream home. However, it’s important to do some research and make sure there is enough real estate inventory to choose from, i.e. other houses for sale within your price range and with the characteristics you’re looking for. You will need to shop for a new home relatively quickly.
The risk in this situation is that if you haven’t closed on your new house in time, you have to move into your plan B temporary housing.
Although it’s crucial to have a doable plan B arranged, so far we’ve always managed to get our clients into new homes before they’ve had to move to their plan B. (Moving back in with your parents seems to be a very motivating factor!)
Option 3: Bridge Loan
A bridge loan provides financing for a downpayment on a new house. That means you don’t need to sell your current home in order to purchase a new one. Like all loans, bridge loans are based on several factors, including your income and credit, and loan-to-value ratio. We can put you in touch with excellent loan officers who can provide detailed information on your unique circumstances. (Erika used a bridge loan to buy her last house, so she can speak from personal experience as well.)
If you qualify for a bridge loan you can:
Shop for your new dream home
Make an offer on a new house, financed with the bridge loan
Move into your new house
Prepare your old house for sale
Sell your old house
The major benefit of this option is you can wait to sell your house until after you’ve moved out. You don’t need to worry about moving into temporary housing and then moving again. If moving twice is something you want to avoid (think: children, pets, home businesses, lots and lots of packing) then a bridge loan may be a great option for you.
However, from a financial point of view, you will need to be able to pay two mortgages until your sell your old house. Not everyone has to make double mortgage payments, but you need to be able to afford it for the time it takes to sell your old house. Additionally, the selling price of your old house isn’t set in stone, so there’s some financial uncertainty.
In a best case scenario, you sell your current house quickly and avoid paying double mortgage. On the other hand, you may not be able to sell your house for six months, ten months or more, depending on the market. In our free consultation and market analysis, we talk to prospective clients about what they can realistically expect. If you are considering a bridge loan, you want to be confident that your property will sell quickly.
We understand that no one wants to pay two mortgages, so we will work with you to get your house sold quickly.
Option 4: Sell – Rent – Buy
This is a great option for people who want total financial security and don’t mind moving twice. If you want to make sure you have the money in the bank from your house sale, and you want plenty of time to shop around for your dream home, then this is a great option for you.
This option is straightforward:
Sell your current house
Move into temporary housing
Shop for your new dream home
Buy your new house
Kari went this route when she made her last move. This option gave her time to shop for the right house. There was no rush to buy a new house quickly.
There are pros and cons to each of these options. We’re happy to discuss your specific circumstances in detail. There’s no reason to wait – it’s time to move into the right house for you and your family! Call us for a free consultation at 971-322-6612 or email us at karianderika@livingroomre.com.
Sometimes you walk into a house and you just know it’s the one for you. That’s how this one went. I sent the listing to Pat first thing in the morning, he drove by within an hour, and pretty much knew it was the one before we even walked in the door a couple hours later. As we looked around the house, loving on the undisturbed midcentury vibe he looked at me and said, ‘Don’t let me not get this house.” Ummm Yikes! No pressure right? But ok, let’s do this! It was tense – he wasn’t the only person in love with this awesome house and we really had to shine. When we got word that his offer was accepted we practically (maybe literally, but that’s a secret) cried tears of joy.
