Buying A Home The Kim & Terri Team
Terri Schneider Licensed Oregon Broker 503-915-5093 terrischneider@kw.com terrischneider.kw.com 7504 SW Bridgeport Rd Portland, OR 97224
Guide To Buying Your Home Table of Contents The Kim & Terri Team 2 The Home Buying Process 4 Working With A Lender 6 Let The Showings Begin! 8 Writing An Offer 10 Your Offer Is Accepted 12 Opening Escrow 14 Home Inspection and Appraisal 16 Signing and Closing 18
Why Keller Williams 20
The Kim & Terri Team Getting to Know Us It takes years of experience to navigate the twists and turns of a real estate transaction. We have many years of business experience and 30 plus years in specializing in selling and buying homes and getting those tough deals to the closing table. Let us put those years of experience to work for you. “Because who you work with matters.”
Beth Hall . Terri Schneider . Darcy Paquette . Kim Childs
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Kim Childs Licensed Oregon Broker, GRI Masters Circle, PMAR Diamond – Platinum Member Portland Monthly Five Star Realtor – top 7% in Portland 2011-2020
Terri Schneider Oregon Licensed Broker Master Circle, PMAR Diamond Member
Kim has a consistent record of sales achievements for over 18 years. She earns enthusiastic referrals from her loyal client base who buy and sell with her time and time again. Clients know that Kim will do the job right, with no stone left unturned. “I am always excited to meet new people and to provide service and strategies beyond their expectations”, says Kim. This high level of service has resulted in Kim being honored with Portland Monthly magazine’s ‘5 Star Real Estate Award’ each year it has been offered. The award is based on client satisfaction and feedback from real estate professionals. Terri has worked with some of the top producing agents in the Portland Metro Area. Her previous career and life choices have allowed her to develop a strong customer service background, project management skills and attention to detail. These are attributes that have created success for her as a real estate agent. She also consistently strives to be innovative in her marketing and interaction with clients. Terri is currently an active member of her Homeowner Association and local Rotary Club. She enjoys travel, reading, fitness, cooking, wine tasting, live music and the visiting her grown children
Darcy Paquette Oregon Licensed Broker Master Circle, Pmar
Darcy is dedicated to providing the best possible real estate experience for all her clients. She works tirelessly to ensure the home buying process is stress-free and seamless as possible. She is knowledgeable about the local real estate market and educated on all neighborhoods in the metro area. She has creative ways for an offer to be accepted in a multiple offer situation. She even seeks out ‘off market’ properties in her clients desired areas. Darcy loves the outdoors, hiking, bicycling, cooking and travel.
Beth Hall Oregon Licensed Broker
Beth is a collaborative problem solver with a creative mind and a keen eye for color. She has a Degree in Interior Design and decades of solid experience including Design Sales with Ethan Allen, Design Consultant & Building Liaison at H&R New Construction Homes and as a Color Consultant and Project Manager at Absolute Painting for over 12 years. Beth enjoys time with her husband Greg of 20 years and their two rescue doges. Her interest includes walking, wine tasting, spending time with friends, time at the beach and live music.
The Home Buying Process The Steps You Should Know Whether you are a first-time homebuyer or a seasoned homeowner wanting to downsize, upsize, invest, or need information, we take pride in providing you with a wealth of knowledge and personalized, exceptional service. Exceptional service begins with getting to know you, understanding your objectives, providing excellent consultation and representation, communicating all along the way and ending with you - a happy homeowner. Our goal is to be problem solvers and solution providers all along the way.
THE HOME BUYING PROCESS: THE STEPS YOU SHOULD KNOW
Let the showings begin
Writing an offer
Your offer is accepted, now what?
Open escrow
Home inspection and appraisal
Negotiate repairs
Sign title and escrow documents
Sold
Working with a lender
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The steps to buying a house might seem complicated at first - particularly if you’re a home buyer dipping a toe into real estate for the very first time. Between down payments, credit scores, mortgage rates (both fixed-rate and adjustable-rate), property taxes, interest rates, and closing the deal, it’s easy to feel overwhelmed. There’s so much at stake when buying a home. Still, if you familiarize yourself with what it takes to buy your first home beforehand, it can help you navigate the real estate market with ease. So let’s get started. In this step-by-step guide, you’ll learn what it takes to buy a home in the current market, from beginning to end.
Terri was an excellent realtor. Together we quickly narrowed down the kind of house I was looking for. Terri was always there to answer any of my questions and to be there through what can be a stressful process. With Terri she made it easy for me. Ultimately, and rather quickly, she found the perfect house that suits me to a T. I couldn’t be happier with the house and with Terri as my realtor.
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Working With A Lender Obtaining financial pre-approved for your loan One of the first things a buyer should do is meet with a lender or mortgage broker to get pre-approved for a loan. Pre-approval is different from pre-qualified. Pre-qualification is a rough estimate of how much you can borrow. Getting pre-approved before shopping for a home saves you time from developing an interest in homes outside of your qualification range, and allows you time to select the best loan package available without the pressure of a deadline.
Once, pre-approved then the lender will provide you with a pre-approval letter. For an offer to be seriously considered by a seller in today’s market, a pre-approval letter must accompany an offer. It’s an assurance to the seller that you are a serious buyer.
As first time home buyers, Terri was a fantastic guide through the home purchasing process. As a real estate professional she was very helpful in assessing potential properties, always taking into account our specific asks and needs. On top of that, Terri was prompt and quick to act when a potential house came onto the market. In the chaotic housing market we are experiencing here in PDX her acting fast was very much appreciated. She was available day and night 24/7 which was above and beyond. We cannot recommend Terri enough for anyone interested in purchasing a home!
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Loan Process Once the loan process has begun, it’s best to keep a rein on your finances. Don’t apply for new credit, make a large purchase such as furniture or a car or close credit accounts. Also, best to stay current on any existing accounts.
Terri was incredibly helpful throughout the process. She was very knowledgeable of the area, and very quick to answer our questions. She took the time to understand what we were looking for in a home, and found us the perfect house. We wouldn’t be in our new home today, if it wasn’t for Terri.
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Let The Showings Begin! Do you have a wish list of wants and needs? Home shopping can be both exciting and exhausting, but doing some preparation beforehand will help tremendously. Buying a home is a long term commitment. The home you buy should offer the size, features, and amenities you and your family want, yet be affordable. We can set you up on a Keller Williams app, as well as send emails from the RMLS with homes that fit your basic parameters. We will watch for price drops on properties that you like but were more than you wanted to spend. Make a Wish List Make a list of must-have to help you narrow your home search. Features such as: • • • • • • • • •
Location Bedrooms Baths Garage space Style Levels Backyard Age of home Remodeled or fixer
All of this can add to the enjoyment of your home. Just as important is how the house is designed and the layout should suit your needs.
As a first time home buyer I didn’t really know what went into buying a home. Terri helped me along the way. She sent me informational packets and answered any questions I had. We visited many homes in search of the right one. In this particularly tough market, Terri helped me find the cutest bungalow at the right cost. She was the perfect liaison between me and the sellers and actually did so much more! I strongly recommend using Terri as your real estate agent!
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Social Distancing Your saftey and the saftey of others is a concern to us. We want you to feel comfortable going into homes. We have steps in place for showings homes that you are interested in.
I’ve bought and sold homes a number of times, and Terri is hands down the BEST realtor I’ve known. This is not hyperbole: She is responsive, knowledgeable, diligent, calm and kind. Her priority truly is to empower/enable her clients to get what they want most in a home.
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Writing An Offer What happens when an offer is submitted? You found the home that you want to live in, so now it is time to write an offer. The location, the price, how long it has been on the market, and other variables will play into what your offer will look like. We will work together to make the offer competitive.
Your formal offer will be documented in writing on a purchase contract. The offer will include: • • • • •
Sales price Earnest Money amount Seller-paid concessions Contingencies Personal property
Extending an offer Once the offer is written and presented to the seller by their listing agent, the seller can accept, reject, or counter the offer to purchase. The offer can be countered back and forth several times until both seller and buyer come to a mutual agreement, or one of the parties wishes to reject the offer or counter offer.
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Offer to Purchase 1) Accepted 2) Rejected 3) Counter offer
We are so fortunate to have had the opportunity to work with, Terri. She was extremely knowledgeable and always five steps ahead. She was a wealth of knowledge and made the home buying experience seamless. More importantly, she is calm and level headed which made the home buying experience stress free. We highly recommend enlisting her to find your next forever home! 11
Your Offer Is Accepted Now what? Congratulations, your offer has been accepted! Now we get to work together on getting to the closing table. Getting an offer accepted is one of the most exciting moments of the home-buying process. But it’s also when things get more serious. By now, you’ve probably heard the terms “closing” and “escrow” thrown around, but a lot happens between offer acceptance and closing escrow. The accepted offer dictates the timing of how and when things will be accomplished, through closing. During the closing process, you’ll put down an earnest money deposit, perform any necessary inspections, negotiate for repairs, get your home appraised, lock down your loan and, if necessary, cancel the deal without losing your deposit.
Earnest Money Earnest money is a deposit in the range of 1% of the purchase price. It shows good faith that you are serious about purchasing the property and will follow the agreed on terms. These funds will go towards your down payment or closing costs. Earnest money is usually deposited into an escrow account with the title company within three business days of mutual acceptance
Let’s be honest, being a first time home buyer is scary. With Terri by our side we knew there was an expert by our side. We had a very unusually requirements for a house; one that house also fit a tiny home on wheels. Terri responsiveness with our silly first time buyers questions amazed us, she had a prepared packet, and was always willing to sit down to explain in more detail anything we didn’t immediately grasp. As we tried to close our sales, Terri pretty much got us everything we wanted, so you know you are dealing with a negotiation master. Just very impressed and would recommend her to anyone!
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Lender Documents As soon as you have an executed sales contract on a home, we will communicate with your mortgage lender to make sure they get a copy of the fully executed contract. As soon as they receive it, they will start the mortgage process for your transaction. To begin this process, your lender will start asking for a myriad of paperwork. Be prepared to provide the requested documentation throughout the transaction. It is best to get the requested documentation to them ASAP to limit any problems with their timeline. Gathering and organizing all of these documents can quickly become overwhelming if you are not prepared; not providing them to your lender on time can slow their process down and could ultimately result in a delay to the closing date.
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Opening Escrow A Title Company moves you toward closing Our title partners are here to help us through this process. They are trained professionals that supervise the transaction to closing. They will make sure that no funds or property change hands until all terms and instructions in the purchase and sale agreement have been followed.
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Once an offer on a property is mutually agreed to by buyer and seller, the transaction is then placed into “escrow.” Escrow is a term that describes neutral third-party handling of funds, documents, and tasks specific to the sale of the property. A record of all real estate sales and events on all properties is filed in public archives. The title company will do a title search of the records to see if there are any issues such as liens, levies, or encumbrances associated with the property. Title insurance is the best way to protect yourself against title defects that have occurred in the past, which may not appear until after you’ve taken ownership of the property. In Oregon, the seller provides title insurance for the buyer and the buyer provides the insurance for the lender.
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Home Inspection and Appraisal What you need to know A home inspection is designed to give a buyer a better understanding of the systems and overall condition of the home they are purchasing. There may be items that the buyer will ask to have repaired. These can all be negotiated, and we will help you with perspective in this area. Whole House Home Inspection A home inspection covers the major systems of the property: • • • • • • •
Exterior, porch, and deck Foundations and walls Chimneys and roof Windows, doors, and attics Electrical components and plumbing Central heating and air conditioning Basement/crawlspace and garage
Radon Radon is a naturally occurring gas found in many areas of the Portland Metro area. If levels are over a certain amount, mitigation is advised. Sewer Scope A sewer scope inspection checks the sewer lines to make sure there are no problems with tree roots, pooling, cracks, holes, or pipe separation. Additional inspections Depending on the property, the buyer may decide additional inspections are warranted. These can include roof, mold, oil tank location, well tests, foundation, and others. Buyer inspections should not be invasive, and should not damage the house.
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Additional inspections Depending on the property, additional inspections may be warranted. These can include roof, mold, underground storage tank location, well tests, foundation, and others. The cost of testing can add up but is important information for a buyer to have before purchasing the home and may save a buyer thousands of dollars. Appraisal Once the negotiations for the inspection are complete and agreed upon, the buyer’s lender will order an appraisal. The house must appraise for the purchase price of the home for the lender to approve the loan.
Terri was wonderful! She listened and paid attention to what we were needing in purchasing a home. She always responded to questions and requests. When we found the perfect home she worked very hard to make sure everything went well with the purchase. She kept us informed at every step and made the entire process very clear and easy. She is so pleasant and great to work with!
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Signing and Closing We can see the sold sign coming We are getting closer to the finish line now. As a buyer, you will be able to sign documents usually one or several days before closing. This typically will happen at the title company. We will be working with the title company and seller’s agents to make sure everyone is on track to close your purchase on time. Signing Closing disclosures (CD) will be provided by the lender at least three days before any documents are signed by the buyer. The CD will contain a detailed description of all costs associated with the transaction, including the exact dollar amount a buyer will need to bring to the signing table. Once the loan documents are sent to the title company, date and time will be set for the signing of documents.
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Funding/Closing Once the title company receives funding from both the buyer and the lender, the lender authorizes the title company to release the property to record with the county. Once the property records, it is considered closed. You, the buyer receives the keys and possession at the contracted time. Time to Celebrate!
Terri was amazing to deal with. I would recommend her to everyone. She made the whole process of buying a house a breeze. Without Terri, we would have never found the house we did. She is super knowledgeable about the area and once you tell her what you are looking for she works tirelessly to find your dream house. I would use Terri again without a doubt to buy a house, she was amazing.
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Why Keller Williams? KW is the largest franchise real estate company in the world! My affiliation with the fastest growing and largest Real Estate company in North America is no accident. I wanted to affiliate my real estate services with a company whose values closely matched my own, a company that offered exceptional tools for their agents to in-turn provide an exceptional home-buying experience to each client, and a company that listens to suggestions from it’s agents on ways to improve the company -just like I listen closely to my clients’ wants and needs.
Technology Leading-edge tech tools and training give me the edge in effectively marketing your property online, 24 hours a day, seven days a week! Through KW’s exclusive Keller Williams Listing System (KWLS), your property is fed to more than 350 online search engines and available on KW’s Web network of more than 76,000 sites. Best of all, because of Keller Williams Realty’s “My Listings, My Leads” philosophy, every single Internet inquiry on your property will come directly to me so that I can follow up quickly on potential buyers for your property. Teamwork Keller Williams Realty was designed to reward agents for working together. Based on the belief that we are all more successful if we strive toward a common goal rather than our individual interests, I’m confident that every Keller Williams professional shares the common goal of serving you, my client, in the best way possible. Knowledge Keller Williams Realty helps me stay ahead of trends in the real estate industry through its comprehensive, industry-leading training curriculum and research resources. It’s what prepares me to provide you with unparalleled service. Reliability Founded on the principles of trust and honesty, Keller Williams Realty emphasizes the importance of having the integrity to do the right thing, always putting your needs first. It reinforces my belief that my success is ultimately determined by the legacy I leave with each client I serve. Track Record I’m proud to work for #1 Real Estate Franchise in the World, by agent count! It’s proof that when you offer a superior level of service, the word spreads fast.
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CONSUMER-CENTRIC.com
Our web network boasts 2.6 million unique vistors a month
Among the features specifically designed to give consumers all the real estate information they want are local featured listings on the landing page and a mobile optomized version of the site. Keller Williams associates enjoy the benefit of receiviong text messages directly from consumers through their listings. Listings have increased open house visability via a real-time open house search. 21
“There is no place like home” Dorothy - Wizard of Oz
