Buying
Home buying on your own terms.
Imagine you, sipping your morning coffee in the sunny kitchen of your dreams.
We aren’t going to sugar coat it, buying a home is a process — a process full of ups, downs, laughter and maybe some fears. But we are here to make that process fun, exciting and ultimately rewarding. We understand that real estate isn’t just about the houses, it’s about homes and the lives, your lives, that exist in them. Success requires a balance of market expertise, quick-thinking and understanding your needs to create the best possible outcome for everyone involved.
We will help you carve out a place in Portland to call your very own. Start your Home Search now!
The 11-Step Portland Porch Process
Step 1: Obtaining your loan
Talk to your loan officer and get your pre-approval. Based on your finances, what are you comfortable with as a payment each month? Let your lender know this and have them calculate what the actual purchase price would be.
Step 2: Finding your Home.
This is where we come in! Once a price has been established, it’s time to get to work. The more specific you are in your needs, the more focused our search for you will be.
Step 3: Writing the Sales Agreement – “The Offer”
Once you have identified a property you want to purchase, our next step will be to make a formal written offer to the seller. The offer will outline, among other things: a price, type of loan you will be obtaining, identifying inspections you will perform, a closing date, and how much Earnest Money you will be depositing.
Step 4: Escrow/Title Company
The title company (“Escrow”) is a neutral third party in your transaction and will only accept mutually agreed upon written instructions. The title company will research the title of the home you are buying, making sure there are no liens or judgments against the home or seller.
Step 5: Disclosures
In most cases, the seller will provide the buyer with Disclosures. There are several types of disclosures including Property Disclosures, Lead-Based Paint Disclosure, and Siding Disclosures. The intention of this information is to inform the buyer of any deficiencies that the seller knows about. While the disclosures are important, they don’t replace inspections.
Step 6: Inspections
Inspections are an excellent way to get to know the house, what maintenance has been completed properly and what repairs you might need to make in the future. Inspectors will look at everything from the roof to the basement/foundation, check for dry rot and pest infestation, test the appliances, run the furnace, evaluate the plumbing, electrical, and other aspects of the property.
Step 7: Negotiate Repairs
After inspections are complete, the buyer has the opportunity to ask the seller to address some of the deficiencies that were discovered. There are two ways to address deficiencies — credit or repair. The credit to the buyer from the seller can come in the form of a credit towards the buyer’s closings costs/prepaids or as a reduction to the sales price. Since this step is a negotiation, every situation is a little different, and we will always represent your needs.
Step 8: Appraisal
After negotiations and if you agree to move forward with the purchase, we will let your mortgage lender know to order the appraisal. An appraisal is a mini-inspection so to speak, on the lender’s behalf. The lender wants to make sure the home is in its represented condition and in-line with comparable home sales in order to reduce their risk to lend you the money to buy the property.
Step 9: Insurance & Utilities
Once you are confident you are going to go through with your home purchase, you may need to choose homeowner’s insurance and get your utilities set up. We can provide you with utility companies so you can transfer accounts on the closing date.
Step 10: Closing
‘Closing’ is the term used when the deed has transferred from the seller’s name into yours. There are 3 steps to closing: signing, funding, & recording. We will talk you through all of these important steps in person as we start the buying process.
Step 11: Possession
Possession is the time we have agreed upon in the sales agreement contract for you to receive your keys, from us truly. It’s an exciting time, celebrate!