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Beaverton Oregon Real Estate: 1st time home buyers, know the facts before you start looking

When I help a first time home buyer, I want to know they are ready to purchase a home, because it is a very large step from renting to buying, and if you aren’t ready, you could be stepping in to a very deep hole that you can’t get yourself out of.

One of the first things I suggest a 1st time home buyer to do is to check out a rent vs. buy calculator and see if this is something they are even ready to do. (For many, it may be actually better to continue renting, depending on your situation.)

The second thing is, if you think you are ready even after checking out the rent vs. buy calculator, then the next thing I suggest you do is contact a few mortgage lenders. It is very important to find out what you can actually afford. (You can call me for a list of mortgage brokers / bankers that I recommend who I know will get the job done.) With interest rates changing daily, and your payments being based on your credit score, your payments can vary greatly for the same house depending on that credit rating, sometimes as much as $200 a month.

The next thing I’m going to suggest is to find a real estate agent that you like and you trust. Remember, you are going to be working very closely with this person for the next couple months on the biggest purchase of your life, and if you don’t like them or trust them, then move on, because usually your gut is correct!

Once you have found your agent, you can now start the home search. Upon finding the home you want to put an offer in on, there are many steps to the process before you actually get to move in. A major one includes the inspection which will cost you around $350 - $500. I highly recommend everyone should get an inspection. The second is the appraisal. This will also run you about $500, but it isn’t paid until closing and this will be required of the lender prior to closing. They won’t lend more than the home is worth in most cases. (There are a few exceptions.) But, if you do think a home is worth more than the appraiser says it is, you may get the loan for the amount the appraiser says it is worth and then pay the remaining amount in cash or trade, if the owner will consider that as an option.

For more information on buying your first home, please contact me anytime. I would love to sit down with you, discuss all your options, and help your family home.




Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739



Twitter Bird by Janko.

Other articles for 1st time home buyers:

Buying your first home in Beaverton Oregon doesn’t have to be stressful
Buying your first home in Beaverton Oregon: Don’t let the inspection scare you!

©2009 Todd Clark - Beaverton Oregon Real Estate: 1st time home buyers, know the facts before you start looking



Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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10 commentsTodd Clark • June 01 2009 02:09PM

Comments

Great tips. I would highly recommend Todd to anyone looking to buy a home in the Beaverton OR area!

Posted by Mark Hall, Homes for Sale Vancouver Washington (Elite Realty NW - Keller Williams, Vancouver Washington) almost 5 years ago

Great post this is good for anyone looking to purchase a home for the first time.

Posted by Pat Champion (Coldwell Banker Camelot Realty) almost 5 years ago

These are great tips, thanks for these great reminders for 1st Time Homebuyers.

Posted by Heather Fitzgerald, REALTOR Greenwood Indiana Real Estate (REALTY WORLD-Harbert Company, Inc.) almost 5 years ago

most of our lender are requiring the appraisal be paid for by the borrower upfront - on an FHA loan or one that we have asked for closing costs be paid by the seller they will get it back at closing but otherwise it is paid prior to the appraisal.

Posted by Thesa Chambers, Principal Broker - Licensed in Oregon (Alpine Real Estate) almost 5 years ago

Todd

A first time buyer and buyer would do great by following these guidelines, and having a great Realtor like you.

Posted by Tom Braatz, Waukesha County Realtor Real Estate agent,Waukesha (Re/Max Realty Center 262-377-1459) almost 5 years ago

Great straight forward advice for the first time homebuyer!  I really like mentioning the rent vs. buy calculator.

Posted by Kim Peasley-Parker (AgentOwned Realty, Heritage Group, Inc.) almost 5 years ago

Todd,

I think most 1st time home buyers don't realize that it isn't like car shopping. You don't go out pick the home and get to move in that night. It really is a 45-60 day process now and you have a lot of work as a buyer before you get to move in.

Posted by George & Arlene Paukert (Road to Wealth, Inc.) almost 5 years ago

I've been in conversation with a friend I met on Twitter.  He's a financial planner - we're hatching a scheme to offer his services to new clients as part of working with my team.  He would do a light analysis of their readiness to buy and help them get structured. 

Posted by Jeff R. Geoghan, Marketing VP & Coach (Coldwell Banker Select Professionals) almost 5 years ago

Most first time home buyers are given advice from so many areas they need to find someone that will help them make the right decision. We can be that person that can guide them through the process.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) almost 5 years ago

Thank you Mark that means a lot! I think a lot of people aren't told what to expect when they buy a home and that is the type of person that is interviewed after the sale and they say they felt confused and if they had to do it over again they wouldn't have. Education is the key to a successful and happy sale.

Posted by Todd Clark, Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494 (Keller Williams Realty) almost 5 years ago

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