Hood River Real Estate Update

#1   Hire a REALTOR-  When you are ready to make a home purchase it is a good idea to use the services of a  REALTOR. A good REALTOR can help you locate the home you're looking for quickly and efficiently. Once homes matching your specific criteria are found, the REALTOR will take care of setting up showings coordinating with your schedule, touring the home and determining if the home is competitively priced.

#2     Submitting an offer- When you decide to submit an offer on a home, the buyer's REALTOR  fills out the Purchase and Sale Agreement or Real Estate Agreement. This agreement defines the proposed purchase price, terms, and timing of the closing on behalf of the buyer.  This document also covers which appliances stay with the home. Typically, this will be any built in appliances such as dishwashers, ranges, microwaves, etc. Any other appliances that are to remain with the property such as free standing refrigerators, washer and dryers, etc. should be identified in the listing contract by the seller, as well as any appliances or items that are excluded from the sale. These items are then written into the sales contract that they are included or excluded in the sale.

#3    Negotiating-Once an offer is submitted to the seller there are often still several steps in negotiations before an agreement is met to everyones satisfaction. This usually takes place with the counter offer forms going back and forth between the buyer and seller until either an agreement is made or not. A good real estate agent can provide the homebuyer assistance in evaluating any counteroffers or contingencies that may arise during this process.

#4     Title Report-When the buyer and sellers are in agreement with all the terms of the sale escrow is opened. A Preliminary Title Report will be done on the property which will confirm proof of ownership, and the history of transactions shown in public records affecting the property. The title report will also show whether there are any liens or outstanding claims, judgments against the title. Most often title insurance will be purchased to protect from any outstanding claims.

#5    Escrow-Closing instructions are submitted to the escrow company. The escrow account is a neutral account that is opened by the buyer and seller for the duration of the transaction. The escrow company acts as a neutral third party providing settlement services and title insurance. The buyers earnest money is deposited into the escrow account as evidence of their good faith intention to complete the purchase transaction. Sometimes the earnest money funds are held in a broker's client trust account.  Prior to closing, the escrow agent provides a closing statement to the principals for their review and approval.  This statement shows how the funds will be dispersed.