I think the most frequent comment I get from clients is, “That was a whole lot more work than I had expected.” Buying a new home isn’t a sprint; it’s a marathon. When you find the Portland real estate of your dreams and place an offer that is accepted, don’t assume the marathon is over — there are many more miles you must travel before closing. Buying a home is emotionally draining, so pace yourself. And don’t forget to, ask questions. Too many times I work with people that are successful in their jobs and are used to taking the lead, so they forget to ask vital questions of me. That is a huge mistake that will cost you time, money and stress.
Here are four steps to take after the Portland Real Estate Contract is signed:
- Be prepared for your earnest money or escrow deposit to be cashed. This money is typically 1-2% percent of the price of the home.
- Go over disclosures with a fine-tooth comb. I can help you identify any red flags. Then you want to familiarize yourself with the home’s history, zoning district and past building permits. Don’t assume that I will point that out as part of the due diligence, rather I will provide you with the info necessary for you to make informed decisions . Ask questions about anything you don’t understand.
- Negotiate with your bank. It’s time to lock in an interest rate with your lender. You might have gotten pre-approved beforehand, but now you actually need the loan. This process actually takes the rest of the escrow period, so be prepared to go back and provide more documentation throughout this time.
- Schedule a property inspection. Attend the inspection, and come prepared with a list of questions for your home inspector. The point of this appointment is not just to highlight major issues, but also to familiarize yourself with the short and long-term maintenance of your new Portland real estate.
Don’t get derailed by unexpected costs and time-consuming tasks that come after you sign a contract. You’ll want to be mentally and financially prepared so that you can close smoothly and move into your new Portland real estate quickly.