So You Want to Buy a House vol. II

BUY A HOUSE SO YOU WANT TO

GABRI ELLE ENFI ELD

THE BROKER YOU NEED IN PDX An overview of what to expect when you're ready to buy.

SIX STEPS TO REAL ESTATE SUCCESS

IT'S NUTS OUT THERE. BUT YOU DON'T HAVE TO BE

GET THE 411 ON GABRIELLE

CONTACT Living Room Realty 1636 NW Lovejoy Portland, Ore. 97209

(503) 388 2788 gabrielle@livingroomre.com www.livingroomre.com

BIO AT A GLANCE

WELCOME

Mul ti -mi l l i on dol l ar agent Top 4% of Oregon Brokers Marketi ng executi ve Non-Profi t program di rector Tel evi si on news personal i ty Mom of two and Ni ke wi fe

so good to see you.

Thanks for picking up So You Want to Buy a House. My hope is this magazine will serve as an extension of my passion and experience in real estate. Specifically, helping people fulfill dreams of purchasing a home. My 20 years of professional experience has taught me that the most important asset in business is trust.

My goal is to be a steady guide through the real estate process and exceed your expectations. My promise is to be an advocate, an expert, and someone you'd recommend. And, we'll have fun.

I value your time and look forward to a successful partnership.

GABRIELLE ENFIELD Oregon Real Estate Broker

SKILLS Buyers' speci al i st Ski l l ed market strategi st Experi enced negoti ator Expert communi cati on

“HOME IS THE NICEST WORD THERE IS.”

― LAURA INGALLS WILDER

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WHAT'S THE DEAL WITH THE

ROSE CITY

111 people move to Portland every day.

Annual home value appreciation on average 8.5% for last 5 years Median rent/month: $2,450 Average home purchase price of the Portland metro is $459,200 (*RMLS data) Most in-demand neighborhoods in Portland metro area: - Southeast Portland - South Beaverton - Northeast Portland - Tigard

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SIX STEPS TO REAL ESTATE SUCCESS

STEP ONE: GET PREAPPROVED

STEP TWO: MEET WITH A BROKER

STEP THREE: TOURING HOMES

Vital to your home

Tell me your must-

helps you get to know

search - you shouldn't

haves, like-to-haves,

neighborhoods and

make an offer without

and no way!, in a

amenities and

one. I am happy to

home. I will provide

solidifies your

offer lender referrals

the latest on market

understanding of what

should you need one. It

conditions and an

your money will buy.

provides confidence,

outline what to expect

Sometimes it only

buying power, and the

in the process. We're

takes looking at one.

knowledge of what you

going to spend a lot of

The average buyer

can afford.

time together!

sees eight homes.

STEP FOUR: MAKE AN OFFER

STEP FIVE: ENTER ESCROW

You'll have a clear

Once your offer is

STEP SIX: CLOSING AND KEYS

understanding of

accepted, we enter

Signing loan

comparable properties

the inspection period.

recently sold and

We learn about the

overall market

property from rooftop

conditions.

to foundation and

I will review the sale

negotiate for repair or

agreement with you,

credits, if needed. it's

and guide you toward

also when your loan

crafting the strongest

underwriting kicks off.

offer.

Don't make any big purchases or ding your

Where it gets fun! This

documents typically occurs two business days before closing.

The funds are released and recorded with the county, and I get the pleasure of handing you the keys! High fives!

credit!

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GETTING ALIGNED ON WHAT YOU'RE LOOKING FOR

If more than one person is involved in the purchase of a home, it's super important you're aligned in what your'e looking for.

Here are a few questions to answer and use to get there:

How does this floor plan suit my lifestyle?

How does this home compare to others in same price range?

Do I like the location and surrounding area?

What 3 things do I like most about this home?

What things about the home would I change were I to buy it?

Is this a community I want to be part of?

Rank in importance: Price Location Size Condition Features Schools

PUERTO PRINCESA SYWBH |

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WHADDYA WANT? PDX'S POPULAR STYLES

L: Foursquare - Two stories. Front porch. Magical. Found in NE, SE and SW. R: Dutch Colonial - Broad gambrel roof, with eaves over porches. Found in NE and SW.

L: Mid-Century Modern - Typically one level. Pitched ceilings and walls of windows. Notable local architect is Robert Rummer.

Found in NE, SE and SW. R: Contemporary Modern - Often asymmetrical and use alternative material. Found in all quadrants.

L: Victorian - The painted ladies.

Turrets, porches, fanciful and ornate Found in NW, NE, SE. R: Tudor - Heavy chimneys, stucco facade and medieval vibes. Look in NE, NW, and SW.

L: Bungalow - PDX's most popular style, AKA Craftsman. Porch columns, pitched roof and gabled ceilings. Found in all quadrants.

R: LEED certified - Mostly new construction, styles vary. Uses highly efficient materials to be environmentally friendly.

WALK THE WALK THE NEIGHBORHOODS

As part of our house hunt, I will encourage you to walk, bike, drive and/or use public transportation in the neighborhoods you are drawn toward. Do your homework. Does it have the grocery store you love? Parks for the kids and pets? How's the coffee shop? Schools?

What's your commute going to be like? Talk to the neighbors. Are you more Multnomah Village or Arbor Lodge? Each Portland neighborhood has its own distinct personality and correlating community. Need more detail? Ask me for a neighborhood guide.

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UPFRONT COSTS FOR BUYING A HOME

EARNEST MONEY

HOME INSPECTION

SEWER SCOPE

A minimum of 1% of sales price ($300,000 = $3,000) to be deposited with the Title Company typically within 3 business days of a mutually accepted offer.

Earnest money is deducted from down payment, which is paid at closing, but won't go to seller until closing.

Price ranges based on size of home, expect to pay $450 - $750. Fee is due at time of inspection, paid directly to inspector. Many accept online payments.

This is a third party resource, I have several trusted partners I can recommend.

Used to determine functionality / clearance of sewer lines and system. Generally $100, paid at the time of inspection. If blockage is discovered, plumber may need to pull toilet or install a clean out (additional $100 - $250).

RADON TEST

A naturally-occurring gas that has proven to have carcinogenic effects. Can be mitigated by installing Radon system. $150 for test, paid by check or credit card. Some inspectors also handle Radon testing.

OIL TANK SEARCH

Old Portland homes were heated using diesel oil furnaces. If it's been decommissioned, we'll want to make sure it's not a hazard. $125 - $150 paid by check or credit card. Soil testing ($285) also may be required and depending on situation may be paid by Seller.

APPRAISAL

$500 - $750 - paid to Mortgage company. Required for financing. Completed by a 3rd party.

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BUT WAIT THERE'S MORE

LISTING SEARCH

GENERAL STATISTICS

Don't hesitate to send me what catches your eye. it helps hone the search

Lot sizes, permit histories, crime rates, school districts, sewer lines. All good things to know in advance.

realtor.com zillow.com trulia.com estately.com

portlandmaps.com

SCHOOLS

FOOD, ARTS AND TO-DO

TRANSIT

A deciding factor for a lot of my clients; what's the health of the nearby school?

Foodies, unite! So many vibrant neighborhoods with so much to eat, see and do.

ADDITIONAL RESOURCES

greatschools.org pps.k12.or.us niche.com

pdx.eater.com travelportland.com

Plan to be car-free?

Want to know the best bike route? How Portland of you!

trimet.org walkscore.com

TALK THE TALK COUNTER OFFER

The response from the seller regarding an offer.

DEBT TO INCOME RATIO

A lender will evaluate whether a borrower's income is large enough to handle payments on existing debts plus mortgage.

DOWN PAYMENT

A percent of the cost of the property that is paid up front as a part of the mortgage. No longer a mandatory 20%!

EARNEST MONEY

ESCROW

A deposit from buyer to seller when submitting an offer. This is held in a trust by 3rd party. Upon closing, the money will be applied to the down payment or closing costs.

This term has multiple meanings: earnest money is typically held in escrow. It can also be referred to as the time period from when contract is written and accepted to when the home actually closes. Typically this is 30 days.

EQUITY

The difference in the market value of a home versus what is owed on the home.

FHA

A mortgage that is financed through a private lender and insured by the Federal Housing Administration.

Often requires lower down payment and income, but does require mortgage insurance (MIP).

FIXED RATE

The interest rate will remain the same for the entire life of the mortgage.

HOME EQUITY LINE OF CREDIT (HELOC)

A loan or line of credit your lender may offer, using your equity as collateral.

PITI

Principal, Interest, Property Taxes and Insurance

SHORT SALE

When the seller's lender is willing to accept an offer and allows sale for amount less than mortgage owed by the seller.

UNDERWRITING

Process where the buyer is evaluated for ability to repay loan. Includes a credit check, and appraisal of the property.

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ANNUAL PERCENTAGE RATE (APR) APPRAISAL

The percent of interest that will be charged on a home loan.Â

A report highlighting the estimated valued of property, completed by a 3rd party. This is typically done for the benefit of the buyer, by the buyer's lender, to ensure property is worth purchase price.

ASSOCIATION FEE / HOA

In addition to the mortgage, certain housing communities such as condos have a monthly fee associated with maintaining the common areas and amenities.. $50/mo in HOA diminishes your loan by $10k

BALLOON MORTGAGE

A long-term mortgage loan that starts small buy has a large payment due at maturity.

CLOSING

When the new title to the property is officially recorded by the County Recorder's Office and ownership transfers to the new buyer.

CLOSING COSTS

The buyer and seller have expenses associated with the transaction other than the actual cost of the home. Pre-paid taxes, fees, and transaction costs as well as loan processing for the buyer and commission paid to agents by the seller. Typically between 2 - 5% of loan.

CLOSING DISCLOSURE (CD)

A form with the final details about the mortgage loan.

It includes loan terms, projected monthly payments and how much the additional fees will be. Needs to be released before the home purchase can close.

COLLATERAL

Something of value (in this case, your home) that is held to ensure repayment of a mortgage or loan.Â

COMMISSION

A percent of the sale price of the home paid to agents. The seller pays both buyer and listing agents.

Buyers agents typically receive 2.5% of the sale price.

COMPARABLES

CONTINGENCIES

Homes in the area of interest that have recently sold, that have similar features. Demonstrates market value, Conditions that must be met in order to close.

Typically tied to a date, referred to as a deadline. If the contingency is not satisfied, the contract may be cancelled. For example, you need to sell your home before you can buy another.

KEY PLAYERS YOU

TRANSACTION COORDINATOR You will see communication from Amber Blum, my transaction coordinator.

She helps with documents, signatures and serves as liaison.

LENDER

Please decide in advance your preferred method of communication, and who the main point of contact will be (if more than one person is involved)

Your lender will be in regular contact with me and your team to keep apprised of loan status

ME

TITLE AND ESCROW

I will be the quarterback.

Consider me your primary point for all questions and information.

Neutral 3rd party - they hold and process documents and funds related to the transaction

DATES AND GATES

24 HOURS

Typical turnaround time for an offer. Can take longer in competitive situations.

10 DAYS

Inspection period. Gather intel, negotiate repairs and agree to move forward or terminate

30

1

Typical timeline for sales agreement to closing.

Home warranty coverage, included in purchase and covers major systems and appliances,

DAYS

YEAR

3 WEEKS

Underwriting period appraisal, loan documents and processing with title

365+ DAYS

Consider me a resource before, during and after your purchase. Design help, contractors, resources, jobs, networking, restaurant reccos. I'm here for you.

YOU BOUGHT A HOUSE!

LET LABEL MAKERS BE YOUR FRIEND.

It sounds like a pain in the already tender

WE DID IT! OFFER IS ACCEPTED.

The adrenaline settles in. So does the, "Holy sh$t. Now we have to move!!" feeling.

Here are a few pointers to keep you on

keister, but label each box with a

consecutive number and destination for your new home. e.g., #1 Kitchen. As you pack, make a list of the box #'s contents.

DO THE SWITCHEROO.

track: START PACKING WHAT YOU USE THE LEAST. If it's summer, pack your winter clothes. If you haven't made cake pops in months, whip up a batch, then pack up the pan.

It will be in your new homeowners kit I'll provide, but be sure to let utilities, major accounts and workplace know your new address as soon as your move-in is finalized.

CONSIDER ME A RESOURCE BEFORE, DURING, AND AFTER YOUR MOVE. CALL ME WITH QUESTIONS, CONCERNS OR IF YOU NEED A GOOD CONTRACTOR. TAKING CARE OF BUSINESS.

MAKE IT YOUR OWN.

A couple weeks before move in, be sure

Immediately after move in, be sure to:

to confirm details with your moving

- Test all smoke detectors and CO2 alarms

company and on moving day, cross-

- Place a fire extinguisher on each floor

reference their DOT information. Pack a

- Reprogram garage door openers/pad

moving day/weekend suitcase with

- Change the locks

enough supplies to last a couple extra

- Find the circuit breaker and do a test run

days. Defrost the freezer. Service your

- Locate water and gas shut off

car and top off the tank.

- Make an evacuation plan

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A majority of my business is from repeat and referred clients. All my reviews are 5-star, and a positive client experience is what motivates me every day. Here's what a few clients had to say about working with me: LEE SAYS: JERAMIE SAYS

She was very attentive, proactive and professional

Within two weeks we had a

during the entire process.

contingent offer accepted

There are always little

on a new house and our

hurdles when buying a

house officially on the

home and Gabrielle

market. After back to back

handled those we

open houses we were

encountered with quick

reviewing 9 offers to

and decisive action. We

purchase our existing

beat out a higher offer due

home.

to her knowledge, patience, warmth and by

It was crazy and fast, and

creating a great

through it all, down to the

communication bridge

final signing and moving,

between us and the seller.

Gabrielle was always responsive and supportive.

She spent time to get to know both of us, understanding and working with our different personalities and needs.

She brought the tools and experience to help us

"SHE WAS A PRO WITH A PERSONAL TOUCH."

successfully and quickly

ALISON SAYS We were first-time home

buy and sell our homes -

buyers and Gabrielle was

over the holidays at that!

such a huge help through

Through the stresses of the

the entire process. She

negotiations, prepping our

immediately went to work--

house for sale, inspections,

got us help from the sellers

and other unknowns, she

on closing costs, got us

was a pro with a personal

under the asking price and

touch.

got all the necessary work covered and completed.

Gabrielle was completely understanding that this endeavor can be stressful, and helped answer any and all of our questions (no matter how small) quickly and thoroughly.

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WHY LIVING ROOM? A COMPANY WITH HEART Our mission at Living Room Realty is to enhance every person’s capacity for success, well-being, creativity, and joy. As agents, we accomplish this by finding homes where individuals and families take root and flourish. We believe everyone deserves Room to Live. To us this signifies space and opportunity to make a fair living, with suffcient income to enjoy a life rich in experience; a place for fearless self-expression, unleashed with vigor and gusto; it’s a space to find one’s purpose and embody it in daily practice; it’s the comforting, secure environment from which we offer ourselves in service to others.

When we ask, “Where’s your Living Room?” we pay attention to the answer. We apply the Golden Rule.

We know what’s at stake, because we understand what our Living Rooms mean to each of us. As Living Room agents we are students of the ever-evolving real estate market. There is no room for complacency. We are tactically proficient, using the latest industry tools to achieve outstanding results.

But we are also alive to the art and nuance of our profession. It requires patience, humor, intuition, persistence, and field experience to become a capable partner and guide to our clients. We are committed to the growth of neighborhoods that are energized, resilient, and peaceful. Our belief is that strong communities cultivate the core values of tolerance, equity, respect, collaboration, and good will. Our actions demonstrate the highest regard for these values. By investing ourselves in Portland’s tapestry of distinctive, community-minded neighborhoods, we seek to build a vibrant, diverse, urban landscape—a city which nurtures and sustains Living Room for All.

Gabrielle with friends and colleagues Scott Shoji and Carly van Aart

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"MAKING THE DECISION TO JOIN THE INCREDIBLE LIVING ROOM TEAM WAS ONE OF MY BEST, YET."

OUR VALUES DIVERSITY To promote, honor and embrace the culture within our community.

CONNECTION

To create meaningful and powerful relationships in our community.

INTEGRITY To honor ourselves and those around us by doing what we say and saying what we mean.

JOY

To cultivate joy through energy and gratitude.

BALANCE

To create achievement and enjoyment each day.

ABUNDANCE

To appreciate and value what we have in order to create true generosity.

EXCELLENCE To achieve excellence through distinctive client experience and service.

RELEVANCE

To seek relevance, beauty and meaning in all we do.

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NOTES

GABBING WITH GABÂ WHY REAL ESTATE? I spent 20 years in marketing and communications before I finally decided to listen to that "little voice" that had been traveling with me forever. Real estate is in my blood: my Dad designed and built custom homes. My Grandpa was a Realtor and developer. And for as long as I can remember when I go on neighborhood walks, I always look at houses first.

I love what I do, and I think it shows.

BIGGEST WIN SO FAR? Helping great friends buy a beach home that they'd had their eyes on for a year, and it ended up being a competitive situation with the other offer being cash! I learned through the transaction that they were newly-engaged (they'd kept it secret from our posse of friends), and I was fortunate enough to be a part of helping frame their future and memories to come. High fives!

WHAT MAKES YOU DIFFERENT? Maybe it's the old news reporter in me, but I have a natural way of drawing people to share their story and create lasting relationships built on trust. People also often comment on my upbeat personality and good energy.

WHAT'S YOUR SUPERPOWER? I firmly believe I have Spidey Sense when it comes to thrift shopping. It's how I've decorated my eclectic, mid-century modern home, how I clothe my kids and me, and where I get supplied to re-imagine materials and turn them into wonderful treasures for gifts.Â

WHY LIVING ROOM? Having spent so long in brand marketing and communication, of course I realize the power and beauty of the Living Room Brand. Our company ethos, leadership, and camaraderie truly inspire me and make me so excited to get to work each day. The fact we are #1 in the Portland Metro is pretty OK, too.