Joni McClintock, CRS

1. Contract with a realtor is the first step.

2. Pre-Qualify with a lender to find out your true buying power.

3. Figure out your financial budget and comfort level.

4. Determine your home and location needs.

5. Select and view homes that meet your criteria.

6. Decide on the home you want.

7. Work with your realtor to write the earnest money contract.

8. Offer is negotiated.

9. Offer is accepted.

10. Escrow is opened and earnest money is deposited.

11. Contact your lender to determine the next step with her.

12. Schedule the home inspection

13. Complete the inspection negotiations.

14. A home appraisal is scheduled and conducted.

15. Insurance is purchased for the home.

16. Repairs are completed.

17. A final walk through is scheduled and completed.

18. Loan docs go to escrow and a signing is scheduled.

19. Buyer brings cashiers check for down payment.

20. Documents are signed in escrow.

21. Utilities are changed over to your name.

22. Documents are then reviewed by the lender and accepted.

23. Transaction is finalized, funded and the deed is recorded.

24. The home is yours!

So I showed a first time home buyer couple about 5 houses on Wednesday evening. They were all under $140,000 and either a short sale or foreclosure. Not because I wanted to show that type of home, but that was about all there was to show them. We have been looking for quite some time. When we started looking all they could buy were 2 bedroom and l bath homes with a single garage. Now because of the drastic change in the market they can buy a house with 3 bedrooms and 1.5 to 2 baths and a double garage. If we can get there first that is. The market in that price range is not for the indecisive. One must make a decision right there if you want it because tomorrow it may be gone. That is what happened to them. They narrowed it down to 2 and wanted to think about it. Well, 2 days later those two houses were under contract! This sounds like 3 years ago! Well, for homes that are decent under $150,000 it is often a bidding war and a rush to get your offer there first. It can be done. This couple from Wednesday night have written two offers before. One was rejected and the other was a short sale. It fell apart because the seller filed bankruptsy. Bummer! So we persevere and keep looking. It will happen for them. Sometimes it does take a few offers to get the house for them. I have seen that over and over.

I do have one closing next week in that price range and we did it! My client competed for the house and got it. She is thrilled! I wrote an offer for a client last night and now we wait for the "highest and best" reply to come. Oh I hope for my client's sake they can buy the house. I have been diligently looking each day for new listings and price reductions for my clients. I am really hoping they are all in their homes before the $8,000 tax credit benefit is gone!

Does the weather affect the buyers we have out there looking? I was surprised to find that last week I had 2 showings on one listing and 1 showing on another. With temperatures above 100 degrees I was surprised there were any. I was blessed to be on vacation at the coast last week and avoided the issue all together. Last week was one of those weeks that you wished all your listings had air conditioning. Alas, the house that got 2 showings has no A/C. What a bummer. In fact I am getting bids on A/C at my own house this week!

Tonight I am out looking with some buyers again and hopefully we will find something that is right for them. We just waited 2 months with a short sale offer only to have the seller file bankruptsy. What a disappointment for everyone! The problem with these particular buyers is that they are approved for a low amount and that amount is where many of the short sales and foreclosures seem to be. They can afford a little more than 6 months ago, but the wait is long and can, as in this last case end in disappointment. So we will wade through the listings again and hope to find a great deal for them that won't take 3 or more months to close. It will happen I know. They want to take advantage of that $8,000 tax credit for first time home buyers. I am thankful the weather has cooled down to something reasonable! It's going to be a great August!

Before a first time home buyer starts looking for a home they may be under the impression that the finding will happen the first time they go out and view homes. They may be under the false impression that after looking at 3-4 homes they will find the home of their dreams. It could happen, but not likely. Especially for the first time home buyer because they haven't been in enough homes to really understand what kind of home they can get for what they are pre-qualifed for. And yes, they do need to be pre-qualified before they go out looking at homes. They have a dream home in their mind and it is usually much larger and more expensive than they can afford. It is important for them to be educated before they ago out and look at properties that looking for a home takes time and patience. There are many homes out there right now and it takes time to narrow down the search and sort through all the choices. They may have to make compromises on what their dream home looks like and what will work for them with their current budget. What can they live with out and what do they really have to have with this home? Make a list of must haves and doesn't matter is a great idea.

Besides that they must also decide if they want to look at short sales and foreclosures because these homes may take longer after the agreement has been signed. A buyer must decide if they have the time to wait on a home that is in that situation. Do they have an extra 4-8 weeks to wait on the bank approval and the loan process? They may get a really good deal and it would be worth the wait. They just have to be emotionally prepared to wait.

Yes, buying a home takes patience and stamina. If the buyer is in the under $200,000 price range there are many buyers out there looking and if a good deal comes along, others will jump at the listing too and a price war can begin. A buyer needs to know their top amount they will offer and stick to it, not getting caught up in a bidding war. The rewards of buying a home are great and the rewards far out weigh the effort. I encourage all first time home buyers to hang in there as some times it takes a couple of offers before they get the home that is meant for them. Looking for a home can be so much fun and enjoyable if looked at as an adventure.

This last March my husband and I celebrated our 30th wedding anniversary. As is our custom for our anniversary, we went to the Oregon coast. We stayed at one of our favorite motels in Lincoln City. We decided to drive around and check out real estate while we were there and happened upon an open house. We struck up a conversation with the real estate agent and she recommended a local motel called the Anchor Inn. This last week end was the long 4th of July week end and we thought it would be fun to go to the coast and meet up with some friends who were staying in Newport at a campground. There was room for us there so we thought we would take the easy way and stay in a motel. The Anchor Inn came to mind and we called and got one of the last reservations. Wow! We were so thrilled with our choice. This place is amazing! It was built in 1946 and has memorabilia everywhere! The quaintness of the place was incredible! The suite was fantastic! With a sitting area and separate bedroom. Then we had a large common living room, kitchen and computer room on our floor. We slept in the main building, but I guess the cottages had their own kitchenettes, living room and bedroom. The first floor had an awesome living room and bar area where they served a hot breakfast that was part of the room price. We all sat around on 40th and 50th furniture and were served by very friendly and welcoming staff. We had great conversations with total strangers and enjoyed every minute of it. We even got a recommendation for a place to have lunch in the future. This place motel was only $79 a night during the 4th of July week end! I heard during the winter months you can stay there for as low as $39 on week nights. That includes a hot breakfast. Oh did a mention that they have a DVD shelf that must have 200-300 DVD that you can check out for free? You have to try this place when you are going to the Oregon Coast. Look it up online. It was a wonderful place to refresh and energized to get back into the swing of life again. No, you don't have an ocean view, but you can hear and for that price we didn't complain. We could easily walk to the beach for my much loved walks along the beach. We want to go back with a group of friends and spend a week end this winter. So thank you to the realtor that was friendly and gave us such a great recommendation. She may not have sold us a house, but she brought more business to her community by having us come back! By the way, I love Oregon! What a place to live and work! And I love what I do. Helping people buy or sell properties in the wonderful state of Oregon. Check out the picture, it is just one room in this very unique motel.