Buying A Home

Purchasing a home is often the biggest purchase a person will make in their lifetime.  Having the right person to work with is critical when searching for a home due to the sheer size of investment and the complexities of a real estate transaction.  You will need someone you trust, has integrity and the knowledge to have your best interests in mind at all times.  If you are looking for a professional with these attributes you have came to the right place as we at Marcus Brown Properties hold these ideals as an absolute must when working with our clients.

The Buying Process

Portland OR Loans and Financing - Getting pre-approved is the crucial first step in the home buying process for any buyer before starting to view homes.  It can often make the difference between obtaining the house of their dreams or not being able to qualify. Without speaking with a mortgage loan professional a buyer has no idea what type of payments they are to expect with respect to specific price points and also what price points a lender will be willing to loan.  A mortgage professional will give you options of different loan programs available and the specific differences in each one.  A pre-approval letter will be issued giving you documented proof of your eligibility for financing which in turn is required when making an offer on a home.  During this process, you will encounter many terms like PITI, Debt to Equity Ratios, PMI, ARM and much more that we can help you with and answer all your questions. We work with one of the top lenders in Portland so contact us to get connected and pre-approved!

The Home Search - Searching for a home can be a daunting task, to say the least.  Luckily you are currently in a perfect place to simplify the process and to make informed decisions.  This website is updated every hour to reflect the most up to date activity on the RMLS. On this site you will be informed more than any other buyer with the ability to save searches, map properties, see the street view of properties to see the neighborhood, set up and save your favorite searches, get daily email updates of your favorite searches, request more information and showings, save your favorite specific properties to keep tabs on activity, learn about all neighborhoods in Portland and the surrounding cities and much more.  This site was updated recently to even be Ipad and iPhone friendly so you can search wherever you happen to desire.

The Home Showings - After obtaining a pre-approval letter and narrowing down properties of interest we need to set appointments and get you into those listings!  Whether it is one property or ten we will set up all appointments and work around your schedule for showings.  On site, you will get explanations of everything of particular properties from siding and roof condition to flooring and neighborhood information. If you ask and we don't know, we will be honest and find out the answer right away.

The Offer Process - Once you find your perfect home it will be time to sit down and make an offer.  We have the ability to do this one site if need be or work with your needs in terms of time and location.  We take multiple different factors into consideration when making offers like time on market, seller motivation, price per sq ft for the area and much more (We can't give it all away!).  There will be many questions that arise during this process and we are here to help. We are here as professionals to advise you on your offer, but when it comes down to it we work for you and will make sure that your needs are met.   Having the experience and knowing the tricks of the trade with negotiations are what separates us from the others.

The Home Inspection - You will need a complete and honest evaluation of the condition of the property in question because you don't want to by a lemon and you don't want lose your earnest money right?  We have built relationships with the best home inspectors in the area that we can refer who have earned our trust and referrals over the years.  We send so much business their way we even have a special discount for our clients.  The home inspection will give us a clear idea of what issues are with the property so we can negotiate a fix and/or price reduction or in the worst case walk away.

The Closing - We attend closing with all of our clients, set up the signing appointment, bring full copies of your paperwork and evaluate your settlement statement for accuracy.  We are by your side from start to finish to prove our value and earn your business for positive word of mouth referrals and any other potential transactions in the future. 

Portland Relocation

Are you moving to Portland for your first time?  Not to worry as we are professional relocation experts who will act as your guide for getting to know the town.  We can show you the city, give you hotel, restaurant and tourist recommendations and make the transition as easy as possible.  We will provide a vast amount of information to allow you identify the areas of town that make the most sense for you.  Just let us know and we will sit down with you and come up with a plan for move planning, destination information, mortgage financing, house hunting and purchasing a home.

Common Questions Buyers Ask

As a home buyer, especially if you are new to the process, you will be learning about several new real estate terms. Although you will, of course, have your real estate agent to rely on, sometimes it's nice to know what you're getting yourself into before beginning the process.

Am I ready to buy?

Before you begin the home search process, it is essential to ask yourself if you are financially ready to own a home. For some, renting might be a more cost-effective and financially savvy decision. For others, it will make far more sense to own a home vs. rent. If the following applies to you, you may be in a strong position to buy a home:

1. You've been continuously employed for at least 2 years
2. Your current income is reliable and consistent
3. You pay your bills on time and do not have considerable credit card debt
4. You don’t have multiple outstanding long-term debts (such as several car loans)
5. You have set aside funds for a down payment (or qualify for a zero down loan through VA or USDA programs)
6. You can afford to pay the principal, interest, taxes, and insurance on a home

Is there a difference between getting pre-qualified and pre-approved?

Although some may use these terms interchangeably, there are several differences:

Pre-qualifications:

Getting pre-qualified for a mortgage will tell you how much you *may* qualify to borrow. If you are hoping to purchase a home for $450,000 but are unsure if you can afford it, getting pre-qualified will give you a sense as to whether you can or cannot afford the home. Homebuyers can go online and complete a pre-qualification on their own. It is important to note that pre-qualifications do not involve verifying any financial information about you. If you want to know for sure how much you can borrow, getting a pre-approval is a better bet.

Pre-approvals:

Getting pre-approved is a far better option when determining if you will qualify for a mortgage. First, pre-approvals involve submitting several financial documents to your lender like bank statements. They also take into consideration your actual credit score. Thus pre-approvals are a stronger indicator - to real estate agents and home sellers - that you are ready and able to purchase a home. Plus, you and your real estate agent to know how much home you can afford to buy so that you can focus on viewing homes that are within reach.

As a buyer, do I have to pay to work with a real estate agent?

Realtors get paid a commission off of the home's sales price, which is paid by the seller. The commission rate is typically five or six percent of the home's final sales price. Then the listing agent splits the commission with the buyer's agent.

What is the standard down payment amount?

Your down payment will depend on the loan program for which you are approved. In the old days, the standard down payment was 20 percent of the home's purchase price. Today, many loan programs do not require 20 percent down. In fact, if you are buying a home for the first time, you might only be required to put down 3 to 5 percent of the home's purchase price. For example, FHA loans only require a 3.5 percent down payment. What's more, some loan programs allow family members to contribute to the down payment, which is considered a “gift.”

What is a home inspection?

A home inspection involves hiring a certified home inspector to review the home’s HVAC system, plumbing, electrical, roof, attic, floors, windows, doors, foundation, basement, and structural components. They will then provide a written report that states what needs repair. Although a home may seem perfectly intact, there could be problems brewing under the surface that should be reviewed by a professional home inspector.

For more information about buying or selling a home, contact our office, we would love to help!