Home Buying Stages
Home Team Realty has designed a unique set of guides to help you through the Home Buying and Selling Process to keep you informed and engaged at every step. These informative guides will provide you with an overview of each stage of home buying and a list of things to do during that stage. Here is a brief outline of the Home Buying Stages. This information is not designed to replace us walking you through the process, but rather to give you an orientation to what is ahead.
To Do List For Stage One
- Discuss goals, dreams, budget, and search criteria with your Home Team
- Interview and choose a lender
- Obtain pre-approval letter
- Do not make any changes to your credit, debt, or employment until after buying a home
STAGE ONE: HOME BUYING ORIENTATION
- Receive Home Buying Orientation
- Client Reference List
- Lender List and Loan Timeline
- What Expenses to Expect when Homebuying
- How Real Estate Agents Get Paid
- Essential Real Estate Websites
To Do List For Stage Two:
- Identify neighborhoods of interest
- Request neighborhood tours if desired
- Make funds available for earnest money
- Review daily RMLS listings sent by your Home Team
- Request showings for home of interest
- Visit properties with your Home Team (Yes, now the fun part!)
- Further research neighborhoods of interest
- Request Real Estate Sale Agreement tutorial if desired
- Interview inspectors if desired
STAGE TWO: GETTING THE HOUSE HUNT STARTED
- This guide contains: How to Use our SearchAgent Program
- Portland Neighborhood Guide
- Portland School Guide
- Latest Portland Market Update
- House Hunting Tips
- What are Distressed Properties? Should I buy one?
- Recommended Inspections and Inspector Referrals
- Properties from an Inspector’s Point of View
- Unpermitted Remodeling Issues
- Negotiating Real Estate Offers
To Do List For Stage Three:
- Find ”The One”
- Write an offer and promissory note or check for earnest money
- Wait for seller’s reply
- Negotiate counter offers, rejections, and acceptance
- Work with your Home Team to schedule and pay for all essential inspections
- Investigate your property
- Investigate your neighborhood
- Redeem promissory note and deposit earnest money
- Review your title report
- Complete all inspections and review inspection reports
- Investigate needed repairs
- Negotiate repairs, credits, and price adjustments
- Remove your home inspection contingency or walk away
STAGE THREE: FINDING THE DREAM HOUSE AND NEGOTIATING THE BEST CONTRACT
- Receive Stage Four Home Team Information Packet: Investigating your Chosen Property
- Investigating your Chosen Neighborhood
- Negotiating Real Estate Repairs
- How to Read a Title Report
- How to Choose an Insurance Agent and Property Insurance Policy
To Do List For Stage Four:
- Get bank appraisal
- Complete any conditions from appraisal for bank funding
- Make sure lender has all the final paperwork needed
- Obtain final loan approval
- Conduct reinspections and final walk-through
- Review estimated settlement statement
- Sign your loan docs at escrow & deposit your down payment and closing costs
- Wait for lender to fund
- Wait for escrow to record deed
- Get your keys, Homeowner
- Celebrate!
STAGE FOUR: APPRAISAL & CLOSING
- Receive Stage Six Home Team Information Packet What is an Appraisal and Does it Affect my Purchase?
- Next Steps after Repair Negotiations
- Nuts and Bolts of Signing and Closing
- What to Look for on Reinspection and Final Walk Through
- Portland Utility Company Information