The Process of Buying Property in Oregon
Every state has its own uniqueness when it comes to the process for buying and selling property. Oregon is no different. The following are the common steps to buying property in Oregon.
What do you want?
Try to describe to your realtor what you think you want. This may change as you start viewing properties. This is common, and nothing to worry about. The important thing is to get a house that you want; you’ll most likely be there a long time.
Links and Lists
If you’re reading this online, you’re probably tech-savvy. Your realtor will search listings on the net and e-mail you links to those properties that match your wants. I usually have my clients drive by some of my suggestions and give me feedback to see if I’m on track. I’ll adjust my search criteria if needed.
Many properties can be eliminated just through driving by, but some are worth looking at on the inside. Vacant properties usually require no advance notice. Occupied properties can take between an hour’s and a day’s notice to see. Your realtor will set up the necessary appointments to allow you to see the properties you like.
After you’ve found a house that you like and can afford, it’s time to write an offer. Based on market conditions, your realtor will counsel you on an appropriate offer. The form used to make the offer is usually called an Earnest Money Agreement (EMA). Occasionally, and usually in commercial property transactions, your offer will more appropriately be written on a Purchase and Sale Agreement (PSA).
And, don’t be misled by what seems like an apparent bargain. I paid more than asking price for the best deal on a house I ever got.Your offer will probably have contingencies. Common ones include: subject to sale of other property, subject to obtaining adequate financing, and subject to approval of home inspection.
Along with your offer will come your pledge of earnest money. This usually is in the form of a check or a promissory note. My preference is to use a promissory note redeemable on the clearing of the buyer’s contingencies or upon the acceptance of the buyer’s offer.