Oregon Home Buying FAQs

You can research homes and attend open houses on your own. But once you want a real estate broker to represent you and assist with identifying or purchasing property, Oregon requires a written buyer representation agreement before, or as soon as reasonably practicable after, the broker begins assisting you.

If you are working with a REALTOR®, additional REALTOR® requirements may affect when a written agreement must be signed before touring homes.

The agreement should explain the scope of representation, how the broker may be compensated, whether the relationship is exclusive or nonexclusive, and how the agreement may be terminated.

I prefer to discuss these details before we start seriously touring so you understand exactly how representation works.

You can begin researching before you’re pre-approved, but I strongly recommend talking with a lender before becoming serious about homes.

A lender can help you understand the price range that fits your finances, estimated monthly payment, available loan programs, down-payment options and expected closing costs.

A strong pre-approval can also be important when you’re ready to submit an offer.

There is no single down-payment amount that applies to every buyer.

The amount depends on the loan program, purchase price, property, lender requirements and your financial situation. Some programs allow relatively low down payments, while others may require or benefit from more.

Your lender should help you compare the total cost of the different options rather than choosing a loan based only on the down-payment percentage.

Earnest money is money a buyer agrees to deposit after an offer is accepted as part of the purchase agreement.

It demonstrates the buyer’s intent to proceed with the transaction and is generally handled according to the terms of the sale agreement. If the transaction closes, it is typically credited toward amounts the buyer owes at closing.

Whether earnest money is refundable if a transaction does not close depends on the contract, applicable contingencies and the circumstances. I do not recommend assuming earnest money is automatically refundable.

We look at more than the list price.

I can prepare and discuss comparable market information, recent sales, competing listings, property condition, time on market and current market activity. We also consider your priorities, financing, risk tolerance and how much the particular property is worth to you.

A Comparative Market Analysis is a real estate analysis — it is not an appraisal.

Ultimately, you decide what you want to offer. My job is to give you information and strategy so you can make an informed decision.

The seller decides how to respond to competing offers.

Price matters, but it isn’t necessarily the only factor. Financing, contingencies, earnest money, closing timeline, possession, requested concessions and other terms can affect how a seller evaluates an offer.

If we know there is competition, we’ll discuss the options available to strengthen your offer without automatically giving up protections that may be important to you.

An inspection contingency can provide important protections, and waiving or limiting inspection rights can carry significant risk.

I will explain the real estate implications and available options, but I will not pressure you to waive an inspection simply to make an offer more competitive.

If you’re considering waiving or modifying an inspection contingency, understand the potential consequences before making that decision.

They serve different purposes.

A home inspection is generally performed for the buyer to evaluate the physical condition of the property and identify potential concerns.

An appraisal is an independent opinion of value generally ordered as part of the lender’s process when financing is involved.

An appraisal is not a substitute for a home inspection, and a real estate broker’s Comparative Market Analysis is not an appraisal.

Depending on the transaction and your loan, expenses may include earnest money, inspections, appraisal costs, lender fees, prepaid taxes and insurance, title/escrow-related charges and other closing costs.

The exact costs vary considerably.

Your lender and escrow/title professionals will provide the transaction-specific figures. I can help you understand where those costs fit into the overall buying process.

Signing documents is an important part of closing, but signing alone does not necessarily mean the transaction is complete or that you can immediately take possession.

Funding, recording and possession are separate parts of the process.

We will review the closing and possession terms for your particular transaction so you know when the sale has officially closed and when you are entitled to receive possession and keys.