8 Essential Steps to Buying Your Next Home

Are you ready to embark on the exciting journey of buying a home? Buying a home should be an enjoyable experience, and with Caralee Angell and the Angell Realty Team, you'll have the support and expertise you need every step of the way.

Whether you’re a first-time buyer or a seasoned homeowner, these essential tips will help you make informed decisions.

 

Kitchen Image
Angell & Co Logo

  • Step 1: Check Your Credit Report & Score

    Hey there! Before diving into the exciting world of homebuying, it's essential to assess your credit. We recommend promptly checking your credit report for any errors and disputing them. You can get a free copy of your credit report each year at Annualcreditreport.com, and for a free credit score, head over to Credit Karma.

  • Step 2: Figure out How Much You Can Afford

    Let's crunch some numbers together to determine what you can comfortably afford. We'll use online mortgage calculators to calculate an affordable monthly mortgage payment. Consider the down payment, closing costs, fees, and future remodeling or furniture expenses. It's worth noting that putting down 20% isn't the only option nowadays – loans are available to suit different needs. We'll guide you through the process and provide all the information you need on loan options, closing costs, and fees.

  • Step 3: Find the Right Lender and Real Estate Agent

    Finding the right lender and real estate agent ensures a smooth homebuying experience. Our team has extensive experience and can provide great recommendations, but don't forget to ask your friends and family, too. We encourage you to talk to at least three or four mortgage lenders, ask lots of questions, and find someone you feel comfortable with and trust. Getting a pre-approval will give you a solid understanding of your loan qualifications and make your offer more attractive to sellers.

  • Step 4: Find the Right Home

    Location, location, location! Once you've determined your dream location for your future home, let's make a comprehensive checklist of your "must-haves." How many bedrooms and bathrooms do you need? What is the ideal size for your kitchen? Closets and cabinet space – how much is enough? And, of course, don't forget about the yard for your kids or furry friends. We'll also help you consider other factors like nearby schools, commute times to work, and convenient local shopping. Your safety and the rate of home appreciation in the area are equally important to us.

  • Step 5: Making an Offer

    You've found the one – it's time to make an offer! Our team here at Angell Realty will meticulously research neighboring property prices and prepare a detailed Comparative Market Analysis (CMA) to ensure we negotiate the best deal on your behalf. Remember, negotiations might involve counter-offers, but we'll work together to find a middle ground that satisfies you and the seller. Once a price is agreed upon, you'll make an earnest money deposit (EMD) to show your commitment. This deposit will eventually go towards your closing costs when you settle.

  • Step 6: Get the Right Mortgage for Your Situation

    Understanding your mortgage options is crucial, and we're here to guide you through the process. We'll explore different mortgage programs like adjustable-rate, fixed-rate, and interest-only mortgages. Adjustable-rate mortgages are ideal for those planning short-term stays or seeking lower interest rates. Fixed-rate mortgages offer stability, perfect for those who prefer predictable payments over extended periods. Interest-only mortgages can increase cash flow by allowing you to pay only the interest portion for a specific time. Additionally, we'll help you navigate other loan programs like the 203k loan for property repairs or choosing between conventional and FHA programs. Our goal is to ensure you select the best fit for your situation.

  • Step 7: Close on Your Home

    Closing day is approaching! Before the big day, we strongly suggest getting a home inspection to confirm the property's structure and condition. We'll help you set a closing date that works for both parties, considering any rental agreements or the seller's new home closing. To avoid surprises, we'll walk you through all the closing costs involved, such as down payment, title fees, appraisal fees, attorney fees, inspection fees, and any points you may have bought to lower your interest rate.

  • Step 8: Move In!

    Congratulations, it's time to move into your new home! Whether you hire professional movers or recruit the help of friends, you've reached this exciting milestone. Caralee Angell and the Angell Realty Team are thrilled to have been a part of your homebuying journey. So unpack and start creating beautiful memories in your first home!

BUYER RESOURCE: OR & WA Real Estate Disclosures

Looking in Oregon?

Check out these Oregon Disclosures!

The below describes the legal obligations of real estate agents in Oregon. Real estate agents and Principal Brokers
are required to provide this information to you when they first meet you.

This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and an agent or a Principal Broker.

  • Real Estate Agency Relationships

    An "agency" relationship is a voluntary legal relationship in which a licensed real estate agent or Principal Broker, agrees to act on behalf of a buyer or a seller (the "client") in a real estate transaction.

    Oregon law provides for three types of agency relationships between real estate agents and their clients:

    Seller's Agent - Represents the seller only;

    Buyer's Agent - Represents the buyer only;

    Disclosed Limited Agent - Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of all clients.

    The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent.

  • Definition of “Confidential Information”

    Generally, agents must maintain confidential information about their clients. “Confidential information” is information communicated to the agent or the agent's Principal Broker by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential information” does not mean information that:

          a. The buyer instructs the agent or the agent's Principal Broker to
              disclose about the buyer to the seller, or the seller instructs the agent
              or the agent's Principal Broker to disclose about the seller to the
              buyer; and

          b. The agent or the agent's Principal Broker knows or should know
              failure to disclose would constitute fraudulent representation.

  • Duties and Responsibilities of Seller's Agent

    Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow the agent to also represent the buyer. An agent who represents only the seller owes the following affirmative duties to the seller, the other parties and the other parties' agents involved in a real estate transaction:

          1. To deal honestly and in good faith;

          2. To present all written offers, notices and other communications to
              and from the parties in a timely manner without regard to whether the
              property is subject to a contract for sale or the buyer is already a
              party to a contract to purchase; and

          3. To disclose material facts known by the agent and not apparent or
              readily ascertainable to a party;

    A Seller's Agent owes the seller the following affirmative duties;

          1. To exercise reasonable care and diligence;

          2. To account in a timely manner for money and property received from 
              or on behalf of the seller;

          3. To be loyal to the seller by not taking action that is adverse or
              detrimental to the seller's interest in a transaction;

          4. To disclose in a timely manner to the seller any conflict of interest,
              existing or contemplated;

          5. To advise the seller to seek expert advice on matters related to the
              transactions that are beyond the agent's expertise;

          6. To maintain confidential information from or about the seller except
              under subpoena or court order, even after termination of the agency
              relationship; and

          7. Unless agreed otherwise in writing, to make a continuous, good faith
              effort to find a buyer for the property, except that a Seller's Agent is
              not required to seek additional offers to purchase the property while
              the property is subject to a contract for sale.

    None of the above affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived by written agreement between seller and agent.

    Under Oregon law, a Seller's Agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller.

    Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent's expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller's past conformance with law.

  • Duties and Responsibilities of Buyer's Agent

    An agent, other than the Seller's Agent, may agree to act as the Buyer's Agent only. The Buyer's Agent is not representing the seller, even if the Buyer's Agent is receiving compensation for services rendered, either in full or in part, from the seller or through the Seller's Agent.

    An agent who represents only the buyer owes the following affirmative duties to the buyer, the other parties and the other parties' agents involved in a real estate transaction:

          1. To deal honestly and in good faith;

          2. To present all written offers, notices and other communications to
              and from the parties in a timely manner without regard to whether the
              property is subject to a contract for sale or the buyer is already a
              party to a contract to purchase; and

          3. To disclose material facts known by the agent and not apparent or 
              readily ascertainable to a party.

    A Buyer's Agent owes the buyer the following affirmative duties:

          1. To exercise reasonable care and diligence;

          2. To account in a timely manner for money and property received from
              or on behalf of the buyer;

          3. To be loyal to the buyer by not taking action that is adverse or
              detrimental to the buyer's interest in a transaction;

          4. To disclose in a timely manner to the buyer any conflict of interest,
              existing or contemplated;

          5. To advise the buyer to seek expert advice on matters related to the
              transaction that are beyond the agent's expertise;

          6. To maintain confidential information from or about the buyer except
              under subpoena or court order, even after termination of the agency
              relationship; and

          7. Unless agreed otherwise in writing, to make a continuous, good faith
              effort to find property for the buyer, except that a buyer's agent is not
              required to seek additional properties for the buyer while the buyer is
              subject to a contract for purchase.

    None of these affirmative duties of an agent may be waived, except #7. The affirmative duty listed in #7 can only be waived by written agreement between buyer and agent.

    Under Oregon law, a Buyer's Agent may show properties in which the buyer is interested to other prospective buyers without breaching an affirmative duty to the buyer.

    Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent's expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller's past conformance with law.

  • Duties and Responsibilities of an Agent

    Who Represents More than One Client in a Transaction

    One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property, only under a written "Disclosed Limited Agency Agreement” signed by the seller and buyer(s).

    Disclosed Limited Agents have the following duties to their clients:

          1. To the seller, the duties listed above for a seller's agent; and

          2. To the buyer, the duties listed above for a buyer's agent;

          3. To both buyer and seller, except with express written permission of
              the respective person, the duty not to disclose to the other person:

                   a. That the seller will accept a price lower or terms less favorable
                       than the listing price or terms;

                   b. That the buyer will pay a price greater or terms more favorable
                        than the offering price or terms; or

                   c. Confidential information as defined above.

    Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent's expertise.

    When different agents associated with the same Principal Broker (a real estate agent who supervises other agents) establish agency relationships with different parties to the same transaction, only the Principal Broker will act as a Disclosed Limited Agent for both buyer and seller. The other agents continue to represent only the party with whom the agents have already established an agency relationship unless all parties agree otherwise in writing. The Principal Broker and the real estate agents representing either seller or buyer shall owe the following duties to the seller and buyer:

          1. To disclose a conflict of interest in writing to all parties;

          2. To take no action that is adverse or detrimental to either party's
              interest in the transaction; and

          3. To obey the lawful instruction of both parties.

    No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation.

    You are encouraged to discuss the above information with the agent delivering this pamphlet to you. If you intend for that agent, or any other Oregon real estate agent, to represent you as a Seller's Agent, Buyer's Agent, or Disclosed Limited Agent, you should have a specific discussion with the agent about the nature and scope of the agency relationship. Whether you are a buyer or seller, you cannot make an agent your agent without the agent's knowledge and consent, and an agent cannot make you their client without your knowledge and consent.

For the most current up to date version of OR disclosures, click HERE

Looking in Washington?

Check out these Washington Disclosures!

The below provides general information about real estate brokerage and summarizes the laws related to real estate brokerage relationships. It describes a real estate broker's duties to the seller/landlord and buyer/tenant. Detailed and complete information about real estate brokerage relationships is available in chapter 18.86 RCW.

If you have any questions about the information in this pamphlet, contact your broker or the designated broker of your broker's firm.

  • Licensing and Supervision of Brokers

    To provide real estate brokerage services in Washington, a broker must be licensed under chapter 18.85 RCW and licensed with a real estate firm, which also must be licensed. Each real estate firm has a designated broker who is responsible for supervising the brokers licensed with the firm. Some firms may have branch offices that are supervised by a branch manager and some firms may delegate certain supervisory duties to one or more managing brokers.

    The Washington State Department of Licensing is responsible for enforcing all laws and rules relating to the conduct of real estate firms and brokers.

  • Agency Relationship

    In an agency relationship, a broker is referred to as an “agent” and the seller/landlord and buyer/tenant is referred to as the “principal.” For simplicity, in this pamphlet, seller includes landlord, and buyer includes tenant.

    For Sellers

    A real estate firm and broker must enter into a written services agreement with a seller to establish an agency relationship. The firm will then appoint one or more brokers to be agents of the seller. The firm's designated broker and any managing broker responsible for the supervision of those brokers are also agents of the seller.

    For Buyers

    A real estate firm and broker(s) who perform real estate brokerage services for a buyer establish an agency relationship by performing those services. The firm's designated broker and any managing broker responsible for the supervision of that broker are also agents of the buyer. A written services agreement between the buyer and the firm must be entered into before, or as soon as reasonably practical after, a broker begins rendering real estate brokerage services to the buyer.

    For both Buyer and Seller - as a Limited Dual Agent

    A limited dual agent provides limited representation to both the buyer and the seller in a transaction. Limited dual agency requires the consent of each principal in a written services agreement and may occur in two situations: (1) When the buyer and the seller are represented by the same broker, in which case the broker's designated broker and any managing broker responsible for the supervision of that broker are also limited dual agents; and (2) when the buyer and the seller are represented by different brokers in the same firm, in which case each broker solely represents the principal the broker was appointed to represent, but the broker's designated broker and any managing broker responsible for the supervision of those brokers are limited dual agents.

  • Duration of Agency Relationship

    Once established, an agency relationship continues until the earliest of the following:

         1. Completion of performance by the broker;

         2. Expiration of the term agreed upon by the parties;

         3. Termination of the relationship by mutual agreement of the parties;
             or

         4. Termination of the relationship by notice from either party to the
              other. However, such a termination does not affect the contractual
              rights of either party.

  • Written Services Agreement

    A written services agreement between the firm and principal must contain the following:

          1. The term (duration) of the agreement;

          2. Name of the broker(s) appointed to act as an agent for the
              principal;

          3. Whether the agency relationship is exclusive (which does not allow
              the principal to enter into an agency relationship with another firm
              during the term) or nonexclusive (which allows the principal to   
              enter into an agency relationship with multiple firms at the same
              time);

          4. Whether the principal consents to limited dual agency;

          5. The terms of compensation;

          6. In an agreement with a buyer, whether the broker agrees to show a
              property when there is no agreement or offer by any party or firm to
              pay compensation to the broker's firm; and

          7. Any other agreements between the parties.

  • A Broker's Duties to All Parties

    A broker owes the following duties to all parties in a transaction:

          1. To exercise reasonable skill and care;

          2. To deal honestly and in good faith;

          3. To timely present all written offers, written notices, and other
              written communications to and from either party;

          4. To disclose all existing material facts known by the broker and not
              apparent or readily ascertainable to a party. A material fact
              includes information that substantially adversely affects the value
              of the property or a party's ability to perform its obligations in a
              transaction, or operates to materially impair or defeat the purpose
              of the transaction. However, a broker does not have any duty to
              investigate matters that the broker has not agreed to investigate;

          5. To account in a timely manner for all money and property received
              from or on behalf of either party;

          6. To provide this pamphlet to all parties to whom the broker renders
              real estate brokerage services and to any unrepresented party;

          7. To disclose in writing who the broker represents; and

          8. To disclose in writing any terms of compensation offered by a party
              or a real estate firm to a real estate firm representing another party.

  • A Broker's Duties to the Buyer or Seller

    A broker owes the following duties to their principal (either the buyer or seller):

          1. To be loyal to their principal by taking no action that is adverse or
              detrimental to their principal's interest in a transaction;

          2. To timely disclose to their principal any conflicts of interest;

          3. To advise their principal to seek expert advice on matters relating
              to the transaction that are beyond the broker's expertise;

          4. To not disclose any confidential information from or about their
              principal; and

          5. To make a good faith and continuous effort to find a property for
              the buyer or to find a buyer for the seller's property, until the
              principal has entered a contract for the purchase or sale of
              property or as agreed otherwise in writing.

  • Limited Dual Agent Duties

    A limited dual agent may not advocate terms favorable to one principal to the detriment of the other principal. A broker, acting as a limited dual agent, owes the following duties to both the buyer and seller:

          1. To take no action that is adverse or detrimental to either principal's
              interest in a transaction;

          2. To timely disclose to both principals any conflicts of interest;

          3. To advise both principals to seek expert advice on matters relating
              to the transaction that are beyond the limited dual agent's
              expertise;

          4. To not disclose any confidential information from or about either
              principal; and

          5. To make a good faith and continuous effort to find a property for
              the buyer and to find a buyer for the seller's property, until the
              principals have entered a contract for the purchase or sale of
              property or as agreed otherwise in writing.

  • Compensation

    In any real estate transaction, a firm's compensation may be paid by the seller, the buyer, a third party, or by sharing the compensation between firms. To receive compensation from any party, a firm must have a written services agreement with the party the firm represents (or provide a “Compensation Disclosure” to the buyer in a transaction for commercial real estate).

    A services agreement must contain the following regarding compensation:

          1. The amount the principal agrees to compensate the firm for
              broker's services as an agent or limited dual agent;

          2. The principal's consent, if any, and any terms of such consent, to
              compensation sharing between firms and parties; and

          3. The principal's consent, if any, and any terms of such consent, to
              compensation of the firm by more than one party.

  • Short Sales

    A “short sale” is a transaction where the seller's proceeds from the sale are insufficient to cover seller's obligations at closing (e.g., the seller's outstanding mortgage is greater than the sale price). If a sale is a short sale, the seller's real estate firm must disclose to the seller that the decision by any beneficiary or mortgagee, to release its interest in the property for less than the amount the seller owes to allow the sale to proceed, does not automatically relieve the seller of the obligation to pay any debt or costs remaining at closing, including real estate firms' compensation.

For the most current up to date version of WA disclosures, click HERE

Don't Miss Out On Your Dream Home!

Enter your info below to claim your Free Home Buyer Guide.

Home Buyer Guide

Master the Market:

Top 10 Home Buying Surprises Solved!

DOWNLOAD NOW!
Vertical Stacked_White
CONTACT ME
Angell & Co Logo_White
Agent Name_White
Angell & Co

COLDWELL BANKER BAIN
Licensed in WA & OR

(503) 209-3282

Terms Of Use | Privacy Policy | Accessibility Statement | Fair Housing Notice

© Coldwell Banker 2023 – 2024. All Rights Reserved. Coldwell Banker and the Coldwell Banker logo are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company-owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.