Portland Real Estate Buyer FAQs
The most frequently asked questions from home buyers
If you are getting ready to buy a new Portland home, you probably have some questions. Don’t feel bad, you are not alone. This is a complicated situation and it is best if you know what you are doing going in.
Here are some of the most asked buyer FAQs from homeowners just like you:
Should I talk to the bank before I begin house shopping?
That would be a firm yes. Getting pre-approved for a mortgage means you can move on your dream home quicker. Sitting down with the bank will help you to get a good idea of what you can afford. You should also ask if they have any kind of first time home buyer programs available. These can be found in many places and will help you with the process.
There are some different costs associated with purchasing a new home as well and the bank can fill you in on those details.
I found my dream home, what do I do now?
If you have yet to do so, you should talk to a Portland realtor who is knowledgeable about the area. They will be able to give you the facts you need and help you buy the home. You may be able to proceed very quickly depending on whether or not you have been pre-approved for a mortgage.
Do I really need a realtor?
It is strongly recommended that anyone selling their home have a realtor. Going it alone can make the process more difficult and time consuming not to mention more stressful. It is the realtor that knows the area and the other agents and they will help you to get the best deal possible.
Who pays the realtor fees when I buy a home?
In most cases, but not all, it is the seller who will pay all the realtor fees.
Can I rent to own a home?
It is possible but very unlikely. Most reputable sellers don’t go this route because it is risky for them. This is because most people who are interested in renting to own have a problem with their credit score. To make up for this, these sellers have stricter terms that are not generally as favorable to the buyer.
Should I sell my home before buying another one?
The answer to this question is dependant on your circumstances.
If you can afford it, buying a new Portland home before you sell the first is fine. It can actually lower the stress of buying since you won’t have a move out deadline.
If you need the money from the sale of your current home in order to purchase the new one however, you will need to make the new purchase contingent on the sale of your current home. Doing that means you run the risk of getting bumped for a buyer who doesn’t have this contingency.
Hopefully these common buyer FAQs have helped you determine what your needs are when selling your home.