Continuing Steps to Buying Portland Real Estate - Read the first 6 Steps
7. Negotiations on home inspections
Once the home inspection report is complete it is up to the buyer to decide if they are going to continue with the transaction. There are several options a buyer can perform after the home inspection: 1) the buyer can simply accept the inspection contingency as-is and proceed to closing, 2) the buyer can ask for certain repairs, 3) the buyer can ask for money at closing or money off of the purchase price of the home to cover repairs, 4) the buyer can reject the inspection and terminate the transaction. The home inspection contingency addendum is returned to the seller for approval or rejection. The seller can also counter requests and negotiations but the contingency must be fulfilled, mutually accepted, and satisfied for the transaction to move on to pending.
8. Satisfaction of any additional addendum and contingencies
Each Portland real estate transaction is going to be a little bit different because every buyer, seller, and home is different. Buyers may need to sell an existing home before the purchase can be closed on a new home. The buyers may require a neighborhood feasibility addendum in which they are allowed time to research and navigate the community and neighborhood before the transaction can continue. There are dozens of different types of contingencies and addendums and each one of these needs to be completed and satisfied for the transaction to move on.
9. Title, escrow, and signing
The time between the satisfaction of contingencies and the time you will sign the final documents is anywhere from 1 to 4 weeks and maybe longer depending on your situation. Short sales and Portland foreclosures will take longer for all the necessary documents and paperwork to come together to finalize the transaction. When all the documents and paperwork has been compiled, title and/or escrow will call the buyer for a final signing. The buyer and seller will come in separately and sign all the necessary documents to close the transaction. Don't be alarmed by the amount of paperwork you will need to sign. The escrow agent will explain all the details and your buyer’s agent may be present during this time to help clarify any confusing legal jargon. Don't sign anything you don't fully understand. Your buyer’s agent and escrow agent are there to help guide you through this process.
10. Filing of the deed and final closing
For the keys to be handed over to the buyer the transaction needs to be fully closed and the deed filed with the county. At this time the buyer can receive the keys to their new home. This may be shortly after signing, at signing, or several days later if the sellers have requested this in the original purchase and sale agreement.
Welcome to your new Portland home!
Your Expert in Where to Live in Portland
As an expert real estate agent in Portland, I love helping buyers and sellers come together over the right property. As a dedicated buyer’s agent I can help you find the right property, at the right price, and negotiate for your terms. Want a hassle-free real estate transaction? Call me anytime for details, secrets, and the keys to homeownership in the Portland Oregon real estate market.