REAL ESTATE PROFESSIONAL
LICENSED IN OREGON
one simple promise
3000 Market St NE, Ste 310 Salem, Or 97301 by appt
One simple promise
Your happiness & satisfaction come first!
Make 2020 your year for a new home
It's easier than you think!
Thinking about selling?
Let's value your home, it's free!
Knowledge is your Super Power
Hone your craft!
Why this guy?
Because you have a choice & it's about you!
Purchasing a home is one of the most important decisions that you will be fortunate enough to make, so it's a good idea to be prepared.
Unless you have a suitcase of cash stashed under the bed, chances are you will need a mortgage. You will need to know how much home to shop for and with a tight inventory being pre-approved is a necessity.
Gather your documents:
These are just some of the required documents a lender may ask for.
Check your credit rating and BE CAREFUL with your finances. Now is not a good time to take on extra debt or make a change in your career. Lenders will be looking for stability.
Because of the tight inventory a pre-approval letter is needed to submit with any offer to make sure we don't lose out on a sale. If you are not already working with a Lender, just ask me, I can put you in touch with a preferred Lender.
Put together your list of wants for your new home. You can start by filling out the Buyer Questionnaire to get acquainted and list the items you desire in your new home.
Buying a property involves making important financial choices, understanding complex issues and completing a lot of paperwork so it helps to have an expert on your side. I can guide you through the process, and assist you along the shopping experience. In some cases even provide you with access to property listings that are "Coming Soon" and haven't hit the general market.
Here are some things to consider when choosing a real estate professional:
Okay, you've done quite a bit of the legwork at this point and it's time to shop to see what's out there and find the right property for you.
Well what seems like a Sunday drive anyway. Get a general idea of the area you would like to concentrate your efforts in. Take a good look as you drive around and get a feel for what it might be like to be a homeowner in that area and start getting an idea of the properties available.
Select a few properties that interest you the most and we'll look at them together. Provide me a list and I can make sure that they are still available and make appointments to visit them. I'll be looking at the same time for you based on the information you submitted from the Buyer Questionnaire.
Keeping in contact during this process is important since I'll be out there searching and reviewing homes at the same time as you. As we continue through this process communication will be key since I will be monitoring the progress, overcoming hurdles and keeping you informed along the way from start to the much anticipated closing date!
Once you have picked out the property you want to purchase, I can help you make an offer that provides for the most opportunity that the seller will accept it.
You are entering into a legal arrangement between yourself and the property’s seller.
Some important things to note:
In the state of Oregon a title company will be selected as a closing agent. The closing agent will hold your deposit in escrow and will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances and that all new encumbrances are properly added to the title. Some properties may have restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use the property. The closing agent will research all of this and provide you with a preliminary report.
You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.
Once your offer is accepted, I highly recommend obtaining the services of a licensed property inspector to perform an inspection of the property. We will write into the accepted offer a time frame agreed upon in the effective sales agreement to complete this activity. You may also elect to have different inspectors inspect the property. If you wish to obtain professional opinions from inspectors who specialize in a specific area, I can assist in identifying an inspector.
Depending on the outcome of these inspections, one of two things may happen:
It is extremely important that you stay in communication with your lender during this process. Your lender will let you know when/if additional documents are needed to approve your application and fund your loan. If the agreement is conditional upon financing, the property will be appraised by a licensed appraiser to determine the value, via a third party. This is done so that the lender can be sure their investment in your property is accurate. As we get closer to closing, we will double check with your lender to be sure that the loan is on track to fund on time.
If the property that you are purchasing is conditional upon an association approval, you will need to request the rules, regulations, and other important documents from the seller as soon as we have an agreement to purchase. Make sure that the application documents and processing fees are submitted to the appropriate person by the required time. Fill out all of the information completely and legibly so there is no delay in processing the application. If you are required to meet with the association, make an appointment as soon as possible. Most associations require a certificate of approval before move-in. Your closing agent may request that the original copy of the association approval letter be brought to the closing, so that it can be recorded with the deed in the county public records.
If you are financing your property, you will be required by your lender to provide coverage on the property. The amount will depend on the lending institution and the purchase price of the property. I recommend consulting an experienced insurance agent to see what types of discounts may be available for your specific situation.
We've made it this far which means we are so close that it's almost time to move in. Congratulations!
The final walk-through takes place right before closing or in some instances the day of. This is an opportunity for you to visit the property and make sure that everything is the same way as when you fell in love with it.
Time to get services for your new home started. Find information for the community along with quick links and telephone numbers to some of the common service providers in the Willamette Valley.
I'll be here and ready to assist should any unforeseen issues arise, at any stage, including this last one. I'll help you to complete the transaction as stress-free as possible.
We made it! The closing agent will schedule your time to come in and sign paperwork, provide any necessary funds to close and typically get your keys. Keeping in close touch with the closing agent up to this point and completing all of their requests timely will ensure a smooth close to your transaction.
Answer: Many don't realize that there is a difference between a Real Estate Agent and a REALTOR® and that not all Real Estate Agents are REALTORS®.
A Real Estate Agent is anyone licensed to help a consumer buy and sell homes. A REALTOR® is also a member of the National Association of REALTORS®, which has a strict code of ethics defining agent's duties to clients, customers, the public and other REALTORS®.
As a REALTOR® devoted to your real estate needs, I'll work hard for you during the home buying process representing you throughout the transaction and beyond.
Answer: Determine how much home you can afford (get pre-approved).
Unless you are fortunate enough to have a suitcase of cash lying around, chances are you will need a mortgage. You will need to know how much home to shop for and with a tight inventory being pre-approved is a necessity.
Because of the tight inventory a pre-approval letter is needed to submit with any offer to make sure we don't lose out on a sale.
If you are not already working with a Lender, just ask me, I can put you in touch with a preferred Lender.
Answer: So exciting!
We'll sit down and work out what makes sense for your transaction. We'll determine what to include in the offer and make sure that all of the necessary paperwork is completed. We'll also ask for an updated pre-approval letter from your Lender which will be submitted with your offer.
I'll go to work and get your offer submitted to the listing agent and work for you through the process and continue to see the process through to closing and beyond.
Answer: There are a few things to include in your costs.
Down payment: The down payment amount will vary depending on the type of loan. Usually 3% to 5% of the purchase price. There are differing loan types that you may qualify for that will change the amount required for your down payment. FHA loans are usually 3.5% while USDA (rural area) loans are $0 down. Veterans may also qualify for $0 down through VA loans.
There are several options and I recommend working with your Lender to determine what works for your budget.
Closing Costs: Closing costs will be part of the overall transaction. REALTOR® commissions are in most cases paid by the seller, not the buyer.
Your down payment is usually the largest portion associated with the home buying process. Lending fees (commonly referred to as "Loan Origination Fees") are the second largest costs (usually 2% to 4%). Your Lender will be able to give you an idea of what to expect.
Inspections: I highly recommend that you obtain a home inspection and we’ll write into the offer a period of time to allow for this. A Home Inspector will dig deep and identify any issues that need to be resolved right away, those that can wait, or those that may be a deal breaker for the transaction. The overall cost of a home inspection is minimal compared to the costs that you may incur down the road by not having one.
I can put you in touch with a preferred Home Inspector, and don't worry, we can go over the results together.
Answer: Today's technology affords us a great opportunity. It allows both of us the opportunity to review properties and see inside the home from the comfort of our computer screen.
I continually search local listings to see what's available in the area. I also encourage you as the buyer to look for homes through the online resources.
The Willamette Valley Multiple Listing Service provides information to homesnap® which is the tool I recommend you use for your home search. If you find a home you would like to tour, just let me know, I'll be doing the same and will validate the availability of the home on the market and work with the listing agent to schedule a time for us to view the property.
Answer: As much or as little as you want, it's up to you!
Before I began in this industry, I was the home buyer and seller and I'm sure on at least one occasion I drove my Agent crazy with the constant attention I required. But let's face it, this is one of, if not the largest transaction(s) you may ever deal with in your lifetime and I want you to be happy!
Together we'll determine the best communication channel and a communication schedule that fits your lifestyle. After all, I want your complete satisfaction, and look forward to your referrals and repeat business.
**Information is deemed reliable but not guaranteed. Consult with a mortgage professional.
Kevin R Gallaher, wvalleyliving.com ©2020 All Rights Reserved | 0B27
3000 Market St NE, Ste 310 Salem, Or 97301
KEVIN R GALLAHER
REAL ESTATE PROFESSIONAL
LICENSED IN OREGON