Buyer Resources/Comments

This list is not intended to be all inclusive. Many issues can arise during the course of searching for a home and the transaction process. This list focuses only on the fundamental steps involved in purchasing a home. Useful information is also available in the Oregon Property Buyer Advisory publication by the Oregon Real Estate Agency.

Steps in buying a home:

1. If you require a loan to make a purchase contact a reputable lender to get pre-approved. A pre-approval letter from a lender gives the seller added assurance you have the financial means to make a purchase.

2. Search for homes and properties that meet your needs and are within your price range. Search offerings on our web-site and the MLS online sites listed on our web-site.

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Make your selection of the properties you want to view and make appointments to view them. If offered by seller, directly contact the owner/seller. If listed in MLS you will need to contact a broker. Often times brokers will promote the advantages of signing a buyer service agreement. This agreement establishes an exclusive right to represent a buyer for a specified period and could result in a buyer being liable for a commission even though a buyer makes a purchase without the assistance of the broker. It is recommended the agreement be specific to only broker listed properties and not seller direct properties.

3. Once you have found the right property and have agreed to price, terms, and other conditions a written sale contract and other documents (seller disclosure, lead base paint disclosure) are prepared and signed by all parties. Take the sale contract and earnest money to a local title / escrow company.. The title/escrow company will assist in the sale and closing process. Alternatively, one of the services we offer through Lilly Real Estate, Inc., is Broker Assisted Transactions (BAT). For a flat fee we will prepare all necessary documents and coordinate the transaction and closing process. A BAT includes all  services a broker typically performs from the sale contract to closing, but at a substantial savings.

4. Contact your lender and start the loan process.

5. It is prudent to have inspections performed to determine if the property is acceptable to you. Inspections can include home inspections, septic systems, and wells. If an inspection report is unsatisfactory the buyer has the option of terminating the sale agreement and refund of earnest money. Alternatively, the seller and buyer may agree to modify the sale contract addressing which party pays for repairs. In addition, it is possible the lender may require repairs after having the property appraised.

6. The final step in the purchase is closing which is done at the title/escrow office.

Information listed above is for your convenience only. Real Estate Eastern Oregon does not offer any legal, financial, or tax advice.