14 minute read

Home Buying Guide

ISSUE NO. O2

2018

S O Y O U W A N T T O

BUY A HOUSE

GABRIELLE ENFIELD

T H E B R O K E R Y O U N E E D I N P D X

An overview of what to expect when you're ready to buy.

SIX STEPS TO REALESTATE SUCCESS

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

GET THE 411 ONGABRIELLE

CONTACT

Living Room Realty 1636 NW Lovejoy Portland, Ore. 97209

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

BIO AT A GLANCE

WELCOME 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.

Multi-million dollar agent Marketing executive Non-Profit program director Television news personality Mom of two and Nike wife

SKILLS

Buyers' specialist Skilled market strategist Experienced negotiator Expert communication

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.

G A B R I E L L E E N F I E L D

Oregon Real Estate Broker

“ H O M E I S T H E N I C E S T W O R DT H E R E I S . ”

― L A U R A I N G A L L S W I L D E R

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W H A T ' S T H E D E A L W I T H T H E

ROSE CITY

111 people move to Portland every day.

Annual home value appreciation on average 8.5% for last 5 years

Median rent/month: $2,150

Average home purchase price of the Portland metro is $430,100

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 PRE- APPROVED

Vital to your home search - you shouldn't make an offer without one. I am happy to offer lender referrals should you need one. It provides confidence, buying power, and the knowledge of what you can afford

STEP TWO: MEET WITH A BROKER

Tell me your musthaves, and would liketo-haves in a home. I will provide the latest on market conditions and an outline what to expect in the process.

STEP THREE: TOURING HOMES

Where it gets fun! This helps you get to know neighborhoods and amenities. Sometimes it only takes looking at one. The average buyer sees eight homes.

STEP FOUR: MAKE AN OFFER

You'll have a clear understanding of comparable properties recently sold. I will review the sale agreement with you, and guide you toward crafting the strongest offer.

STEP FIVE: ENTER ESCROW

Once your offer is accepted, we enter the inspection period (I'll handle the details) We learn about the property from rooftop to foundation and negotiate if needed.

STEP SIX: CLOSING AND KEYS

Signing loan 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!

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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?

Rank in importance: Price Location Size Condition

PUERTO PRINCESA

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UPFRONT COSTS

F O R B U Y I N G A H O M E

EARNEST MONEY

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

HOME INSPECTION

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.

SEWER SCOPE

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

OIL TANK SEARCH

APPRAISAL

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.

$125 - $150 paid by check or credit card. Soil testing ($285) also may be required and depending on situation may be paid by Seller.

$400 - $500 - paid to Mortgage company. Required for financing. Completed by a 3rd party.

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ANNUAL PERCENTAGE RATE (APR)

APPRAISAL

ASSOCIATION FEE / HOA

BALLOON MORTGAGE

CLOSING

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

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.

In addition to the mortgage, certain housing communities such as condos have a monthly fee associated with maintaining the common areas and amenities.

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

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

CLOSING DISCLOSURE (CD)

COLLATERAL

COMMISSION

COMPARABLES

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.

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.

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

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

Homes in the area of interest that have recently sold, that have similar features. Demonstrates market value,

CONTINGENCIES

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.

TALK THE TALK

COUNTER OFFER

DEBT TO INCOME RATIO

DOWN PAYMENT

EARNEST MONEY

The response from the seller regarding an offer.

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

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

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.

ESCROW

EQUITY

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.

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

FHA

FIXED RATE

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).

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

HOME EQUITY LINE OF CREDIT (HELOC)

PRINCIPALSHORT SALE

UNDERWRITING

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

The underlying amount of the loan which is actually borrowed.

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

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

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WALK THE WALK

T H E N E I G H B O R H O O D S

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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WHADDYA WANT?

P D X ' S P O P U L A R S T Y L E S

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.

YOU BOUGHT AHOUSE!

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 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.

LET LABEL MAKERS BE YOUR FRIEND.

It sounds like a pain in the already tender

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.

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.

C O N S I D E R M E A R E S O U R C E B E F O R E , D U R I N G , A N DA F T E R Y O U R M O V E . C A L L M E W I T H Q U E S T I O N S ,C O N C E R N S O R I F Y O U N E E D A G O O D C O N T R A C T O R .

TAKING CARE OF BUSINESS.

A couple weeks before move in, be sure to confirm details with your moving company and on moving day, cross-reference their DOT information. Pack a moving day/weekend suitcase with enough supplies to last a couple extra days. Defrost the freezer. Service your car and top off the tank.

MAKE IT YOUR OWN.

Immediately after move in, be sure to:

- Test all smoke detectors and CO2 alarms

- Place a fire extinguisher on each floor

- Reprogram garage door openers/pad

- Change the locks

- Find the circuit breaker and do a test run

- Locate water and gas shut off

- 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 in my career. Here's what afew clients had to say about working with me:

LEE SAYS:

JERAMIE SAYS:

Within two weeks we had a contingent offer accepted on a new house and our house officially on the market. After back to back open houses we were reviewing 9 offers to purchase our existing home.

It was crazy and fast, and through it all, down to the final signing and moving, 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 successfully and quickly buy and sell our homes - over the holidays at that! Through the stresses of the negotiations, prepping our house for sale, inspections, and other unknowns, she was a pro with a personal touch.

She was very attentive,proactive and professionalduring the entire process.There are always littlehurdles when buying ahome and Gabriellehandled those weencountered with quickand decisive action. Webeat out a higher offerdue to her knowledge,patience, warmth and bycreating a greatcommunication bridgebetween us and the seller.

" S H E W A S A P R O W I T H A P E R S O N A L T O U C H . "

TARYN SAYS:

The house we felt was bestturned out to be a badinvestment and Gabrielle helpedto get us out of it safely and intoour dream home. She found thehouse for us within hours of beingon the market, we saw the househours later and put in an offerwithin 24 hours. Our workschedules were crazy, but shehand delivered a gift after we gotour keys. She really made theexperience a good one

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GABBING WITH GAB

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. It's been the best decision ever.

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 newlyengaged (they'd kept it secret from our posse of friends), and it's great to know 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.

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.