Home Buying Process
Looking for a new home can be an exciting and challenging experience. The Reger Group takes the time to understand your unique needs right from the start. While you may be buying your first home or maybe even your fourth or fifth home, Craig Reger and his associates have helped thousands of buyers in the Portland- Metro area purchase homes. So rest assured, whether you are looking at a one bedroom condo or a ten acre estate, or something in between, The Reger Group has the experience and understanding of the process to expertly handle every last detail of the purchase process, from negotiating the terms of sale to recommending moving companies.
Here’s a quick look at what to expect from the home buying process with The Reger Group:
Step 1: Decide to Buy
The decision to purchase a home is one of the biggest decisions you could ever make. There are tremendous opportunities in the real estate market in the Portland area at this time. While there remain many uncertainties in the economy, two things we know for sure are that interest rates are at an all time low and home prices in our area are continuing to drop. This is great news for potential home buyers!
Step 2: Hire The Reger Group
When you’re looking for a real estate professional to help you, know that above all else, good agents put their clients first. This is your dream, and we are your advocate to help you make your dream come true.
- Educate you about the current conditions of market.
- Analyze what you want and what you need in your next home.
- Guide you to homes that fit your criteria.
- Coordinate the work of other needed professionals throughout the process.
- Negotiate with the seller on your behalf.
- Check and double-check paperwork and deadlines.
- Solve any problems that may arise.
Step 3: Secure Financing
Ultimately,your lender will pre-approve you for a certain amount, but YOU will decide what you’re comfortable paying every month. Remember, your lender only sees your finances on paper. It’s up to you to decide how much you’re willing to stretch your budget in order to get into your next home. We work with the best lenders in Portland, and are happy to refer them to you. Securing financing is crucial to complete prior to starting your home search.
Step 4: Find Your Home
So you are pre-approved and ready to begin your search! But how or where do you begin? There are a lot of homes out there and diving in without a guide can become overwhelming and confusing. Our vast network of sellers, builders and other real estate professionals means that we often know about properties before they ever hit the market. Our knowledge of each neighborhood in Portland and its surrounding areas enables us to navigate you through the confusion to help you identify the right home that will meet all your important needs, and as many of your additional wants as possible.Looking for an investment property? We can steer you to tremendous opportunities and help you avoid pitfalls. Again, put our experience to work for you!
Some questions you might ask yourself include:
- What do I want my home to be close to?
- How much space do I need and why?
- Which is more critical: location or size?
- Would I be interested in a fixer-upper?
- How important is home value appreciation?
- Is neighborhood stability a priority?
- Would I be interested in a condo?
- What features and amenities do I want? Which do I really need?
You’ll learn as you look at homes, your priorities will probably adjust along the way.
Step 5: Make an Offer
Once you’ve found a home you love, the next step is making a compelling offer. While emotions are probably in high gear once you’ve found a home you love, it’s important to remember that a home is an investment. We will carefully research similar properties in the neighborhood to help you determine the market value, and a fair price for your home. Again, our knowledge of the nuances and micro-markets within Portland enables us to work with you to strategically craft an offer that will be appealing to the seller, while serving your best interests. We will guide you through every step of this process.
Step 6: Perform Due Diligence
Just because you love a particular property doesn’t mean that it’s perfect. In fact, this is where reason has to trump emotion. You’ll need to have a property inspection (which we highly recommend you attend) that will expose hidden issues. This way you’ll know what you are getting into before you sign closing papers. Depending on the age and location of the home you’re purchasing, there may be additional inspections that we will recommend such as sewer scopes and structural inspections by a qualified engineer. It is important during this time that you find out everything you can about the home and property you are considering purchasing.
Step 7: Close
Once you’ve made your offer and have completed the inspection process, you’re in the “home” stretch! But, in order to ensure that you don’t put your closing date, or your mortgage at risk, you have a few pre-closing responsibilities that you’ll need to be mindful of. These include:
- Staying in control of your credit and finances. If you are tempted to make any large purchases during this time, it’s best to talk to your lender first.
- Keeping in touch with us, your lender and the escrow officer, returning all phone calls and completing paperwork promptly.
- Conducting a final walk-through of the home with your agent.
- Confirming with us, the escrow officer, your home insurance professional, and lender that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.
Step 8: Protect Your Investment
Congratulations, and welcome home! The home-buying process is complete, but just like any big process, there’s a maintenance plan! It’s now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home’s systems is always more affordable than having to fix big problems later. Be sure to watch for signs of leaks, damage, and wear.
And remember, just because the sale is complete, our service to you is not! After closing, we are always available to still help you – providing information for your tax returns, finding contractors and repair services, keeping you up to speed on the changes in the market and even tracking your home’s current market value.
Contact The Reger Group today to learn more about how we can help you take advantage of the current real estate market!