Rachel's Buyer's Resource Guide

Team Rhoden

Buyer’s Resource Guide Rachel Rhoden Principal Broker Team Leader 541-771-6251 785 NW 3rd St Prineville, Or 97754 rachel@teamrhoden.com

About Rachel I am dedicated to providing you with a level of customer service that makes this process as comfortable as possible! I was born and raised in Prineville, Oregon. My husband and I own a 320 acre farm/ranch and grow alfalfa, raise correinte cows and have a barn full of spoiled horses and together have raised two great boys and are lucky to have the best daughter in law around. I have 35 years experience of outstanding customer service through my locally owned business and in 2008 I began my real estate career and I have loved every second of it . I am a top producing agent and truly love my career! I constantly research the market and property values so your home is priced effectively from day one. I'll make sure that the public knows your home is for sale by using innovative advertising and marketing techniques, social media and video to attract potential buyers. As a buyer I can help you find a great property from a residential home in town to a ranch or commercial/income producing property. I am committed to meeting your needs and representing you, and your interests, throughout the entire transaction. I take great pride in my work so rest assured I will go that extra mile to understand your short and long term needs and together work towards accomplishing your goals.

CDPE, 203k, ABR

Our Mission

Real estate begins with property, but it doesn’t end there. Our mission is to create lifelong relationships.

We believe that working hard at something you love to do, with people you trust, is one of the greatest experiences in life.

Real Estate Is What We Do! We offer extensive real estate knowledge and unsurpassed experience as one of the area’s top team of brokers with more than 40 years of experience. Well known in the industry for professionalism and loyalty, we have built a solid reputation for putting our clients’ goals first while bringing a highly personalized approach to each and every transaction.

Meet The Team Jered Rhoden 541-771-6252 jw@teamrhoden.com I have lived in Central Oregon my entire life, own a 320 acre farm/ranch with my wife and have two grown boys and one daughter in law. I have worked in the timber industry for over 20 years, own my own semi and have hauled cattle, logs and heavy equipment. As a kid I took 4-H animals to fair, mostly beef show cattle.

I also spent a lot of my time on my grandfathers ranch in Mitchell, Oregon where we offered fee hunting with full guide service for elk. It was also a working cattle ranch that I was fortunate enough to help out with. I enjoy researching ranches and farm properties for buyers and sellers and learning the uniqueness of each one. When I am not working I love hunting and camping with the family and team roping with my boys.

Kenzie Carnahan 541-419-4312 kenzie@teamrhoden.com

Hi, my name is Kenzie. I was born and raised in Prineville, OR. I’m a dog mom of 3, a wife and a coffee lover!

Our home is a family ranch where we wear many hats. We grow alfalfa, look after our beloved horses, and take care of our roping steers. It's not just a place to live; it's a way of life.

I am hands-on in all aspects, from irrigation to feeding and cleaning pens. And when it's time for some roping action, you'll often find me calling the shots as the "chute boss" at the arena.

I am proud to join Team Rhoden! I’m ready to help you with your home buying and selling needs! As a proud member of the Cascade Hasson Sotheby’s family, I carry the values of hard work, integrity and outstanding client service into everything I do.

Client Testimonials What Some Of Our Happy Clients Have To Say There are times in life where we meet people that we think are going to be momentary in our quest to accomplish an important goal. When we met Rachel Rhoden, in our quest to buy a home, we immeditaley knew she was going to be more than momentary in our lives. In our first meeting we found that we were blessed to be sitting with a professional that cared far more the people she was serving than the sale she could make. That care continued throughout the process of finding our home and completing the purchase.

Rachel went above and beyond is so many ways to find our home.

If you are looking to buy or sale your home we would highly recommend you look up Rachel Rhoden. you will be blessed just like we were.

Harley McCormick Overall fantastic experience. Mrs. Rhoden was very knowledgeable and any time I had a questions she was quick to respond. Provided great recommendations and made the overall experience of finding and purchasing a new home way less stressful than I feared it would be. Very happy that I had the opportunity to meet her and would most definitely recommend her to anyone moving to the area!

Peter Brian Schlott

I have used Rachel on 1 home sale and 2 home purchases. Not to mention, countless viewings. She patiently put up with every question, no matter how dumb :) or complex, and made sure I was comfortable with everything that was new to me as a first time, single home buyer. When I asked her opinion---and expertise from her many years in the real estate field---she gave it. And it made all the difference, for both my knowledge gain, making sure I didn't do anything I'd regret or didn't understand, and in getting what I wanted. I would not go with anyone BUT Rachel, moving forward in my real estate transactions. She is genuine, trustworthy, ethical, and just "good people." Forever thankful for her putting me in my first and second homes, helping me navigate such large life hurdles, and putting up with me and my many texts! I highly recommend Rachel! ori G My husband and I love Rachel. She is awesome to work with. Males things easy and smooth. Goes way above and beyond to help in anyway she can. She's amazing!

D. Hardman

Client Testimonials What Some Of Our Happy Clients Have To Say

Find a Lender Know What You Can Afford

Preparing your finances before you start looking for a new home is one of the most important steps. I recommend that you start talking with a lender and getting pre approved before you start looking at homes, there is nothing worse than falling in love with a home that you can’t qualify for yet. A lender will be be able to answer your questions about financing and give you a pre approval for the amount you qualify for.

Our Top 6 Questions To Ask A Potential Lender 1.

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What type of loan is best for me?

Are there any special discounts or loan programs I qualify for?

What interest rate can you offer me?

When will you lock in my rate?

What fees can I expect from you?

What are my estimated closing costs?

Finances How Much Can You Afford The best way to start the home buying process is by determining if you can afford to purchase a home and if so, how much can you afford. you can do this by getting pre approved from a mortgage lender. You’ll also want to make a list of your income vs. debts.

This will help to determine a comfortable per month mortgage payment.

Check Your Credit It is always a good idea to review your credit reports and scores periodically, even if you are years away from shopping for a home and a mortgage. Once yearly you can a get a free credit report from “annualcreditreport.com”. If you are planning to buy a home this year, we recommend checking your credit reports and scores as soon as possible to make sure there are no errors that need to be addressed.

The better your credit history and score, the more likely you are to receive a good interest rate on your mortgage loan.

Down Payment and Extra Expenses Your largest expense will usually be your down payment unless you qualify for a VA (veterans) or USDA loan which both have zero down payments. Your down payment is typically calculated as a percentage of your new homes purchase price. Various loan types require different down payment amounts. Examples are FHA loans require a 3.5% down payment and Conventional loans can be 5-20% down payment. Your down payment is due at closing and not at the time of the offer although funds for the down payment do need to be available upon making the offer.

Closing costs are fees you pay to your lender in exchange for originating your loan and cover things like appraisal fees, title insurance, loan origination fees and any lender fees and are also due at closing. Inspection fees are typically paid by you at the time of the inspection you have requested.

Finances Pre-Qualified and Pre-Approval Most real estate buyers have heard that hey need to be pre qualified or pre approved for a mortgage before they begin looking at homes.

These are two key steps in the mortgage application process. Some people use the term interchangeably but there are important differences that every home buyer should understand. Pre qualifying is just the first step. It gives you an idea of how large a loan you’ll likely qualify for. Pre approval is the second step and is more detailed after the lender has had time to verify income, expenses and credit and is an actual commitment to grant you the mortgage.

Getting pre qualified involves supplying a bank or lender with their overall financial picture including debt, income, and assets. The lender reviews everything and gives an estimate of how much the borrower can expect to receive. Pre qualification can be done online and typically at no cost.

Pre qualification is quick and you can usually get a pre qualification letter in few days. Keep in mind that a pre qualification does not include an analysis of your credit report or an in depth look at the borrowers ability to purchase a home, it is a starting point.

Getting pre approved is the next step, and it is much more involved.

The buyer will fill out an application and supply the lender with all the necessary documents to complete a credit and financial check.

Typically this is 2 years taxes, 2 months most recent bank statements and pay stubs and a list of current debts.

Getting pre approved is a smart step if you are really ready to make offers. It shows the seller that you’re a serious homebuyer and that you have taken the step to assure that you can secure a mortgage and there is less risk in accepting an offer from you than maybe someone who only has a pre qualification letter.

Finding A Home Home Shopping - Scheduling Showings & Home Tours After you have gotten a pre approval letter from your mortgage company, we can start looking at home to fit your needs and wants! The pre approval letter will tell you the top dollar amount for which you can purchase a home and get a mortgage. Use this to look at homes at that price and below.

Once you have what you want in a home and what you need in a home written out, you can look closely at the listings and better determine what you love, like and dislike. You can share those parameters with your broker and a search can be created in the MLS so that you receive homes within your request the minute they hit the market so you never miss an opportunity.

Finally, finalize the list of homes you want to see. Compile a list of the homes you’re most interested in seeing, as well as the questions you have. Your Realtor (this is where I come in) will schedule days where you can go tour the homes you’re interested in seeing and will have time to research the answers to your questions, if they don’t know them off hand. Keep in mind many homes require a 24 hour notice to view the property especially if there are tenants in the home or a seller that works from home. you’re now prepared to go view homes! Congratulations!

Making An Offer Putting Your Best Foot Forward-Presenting A Strong Offer

When To Make An Offer You found your dream home, Congrats!

In todays market being well prepared is key. Inventory is still low so if the home is priced well it likely will not last a long time so it is important to act sooner rather than later.

How Much To Offer We will review the recents sales and market activity in the area.

With the market analysis we can get a good look at what the sales and buyers activity has been in the last 6 months which is also the data that the appraiser will be looking for when it comes time to appraise the home you’ve made the offer on. these numbers will help guide us to make our best possible offer.

Multiple Offer Situations There is a possibility that the seller has received multiple offers on their home. Don’t panic! We have worked on the best rips and practices to get your offer at the top of the list, this is where we need to show our strengths and use our best strategies to put our best foot forward.

Making An Offer Putting Your Best Foot Forward-Presenting A Strong Offer

Submitting An Offer Here are some of my best tips on submitting a strong offer on your dream home even if there are multiple offers on the home.

Submit your pre approval letter with your offer Be flexible with your closing date Shorten your inspection period if we can secure an inspector early Keep your offer clean and contingencies to a minimum Write a short letter to the seller describing why the house is perfect for your family or what you love about their home Put down a healthy down payment if you are able Make a cash offer if possible

Title & Escrow & Inspections Congratulations, your offer is accepted! You will deposit your earnest money to the title company typically within 3 business days, we will schedule all of the inspections that we have negotiated in your offer, negotiate repairs and move forward with your lender, sending them all of the signed documents.

The entire process from contract to close typically takes between 30-45 days.

Inspections The Inspection Period and What to Expect

Inspections The Inspection Period and What to Expect Inspection Time Period The Typical Inspection Period Is With 10-15 Business Days It is critical to begin scheduling the inspections that you want to have done as soon as we are under contract on your potential new home. This will ensure that we do not have any delays in the process. We have to complete the inspections AND negotiate any repairs within our allotted inspection period. All time lines begin the next business day after an offer is formally accepted. For instance, the seller agrees to your terms and accepts your offer on Wednesday, your timelines for inspections and earnest money would begin on Thursday.

Recommended Home Inspectors Hiring someone who’s certified by a professional organization can give you a bit more assurance that the inspector is knowledgable but sometimes referrals from people you know and trust gives you an extra assurance that the experience will be what you are expecting.

To find a reputable inspector, first ask friend who have recently purchased a home whether they recommend the person they used. You can also find referrals on sites like Yelp and NextDoor and we also have a number of inspectors that we recommend from previous clients.

Negotiating After The Offer Has Been Made Issues typically arise after a home inspection. After inspections have been completed, use the report to negotiate repairs or a credit when major fixes are needed.

1.) Ask For Credit For The Work That Needs Done If the repair request is reasonable, sellers usually agree to making repairs. This decision is typically wise because it can be costly to begin marketing the property again and find a new buyer. Sometimes the buyer submits a repair addendum with a list of things to be repaired, and other times the buyers ask for a credit at closing towards closing cost in lieu of repairs.

2.) Don’t Sweat The Small Fixes Sellers will typically refuse to address cosmetic issues or minor repairs that are less than a few hundred dollars. We typically try and focus on anything relating to health and safety issues such as electrical problems, leaks and structural problems however some lending will require us to focus on things such as peeling paint and bushes or trees too close to the home. We will go over the report together and decide what needs to be addressed and what you can and are willing to take on after you buy the home.

3.) Keep Your Poker Face Technology has made the use of hidden cameras so easy. Home sellers may be spying on you with hidden cameras that can and will record audio and video so be careful about the conversations that you have in the home or even within several feet of the home.

Appraisal and Approval Home Appraisal If you’re a buyer, owner or seller, you’ll want to understand how the appraisal process works and how an appraiser determines a homes’s value. Appraisals are almost always used in a home selling transaction and are common in refinancing as well. If it is a purchase and sale transaction, the appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location and features.

Loan Approval and Clear To Close Once your loan in approved you will get a commitment letter from your lender.

This document outlines the loan and terms of your mortgage agreement. Your monthly costs and the annual percentage rate on your loan will be available for review. Any conditions that must be met before closing will be documented as well.

“Clear to Close” means that the mortgage underwriter and escrow agent assigned to your loan have reviewed your file and have found it satisfactory and all conditions have been met. You are now a few days away from your lending funding the loan and closing your transaction.

Closing Table-Signing Your Closing Documents You will need to be ready to do a lot of signing and of course hand over your cashiers check to pay your down payment and closing costs.

The paperwork you will sign at the closing table should mirror that of your closing disclosure that you reviewed at least three days prior to closing. The escrow agent will guide you through each document, explaining what it means, where to initial and where to sign.

Who Will Be There Your Agent On Most Occasions Your Lender On Rare Occasions Your Escrow Officer

Bring To Closing You will need to bring your photo ID. The title company will verify your identity and have you sign their notary book. You will need to bring a cashiers check for your closings costs and your lender will make sure you have that exact number prior to the signing date, you may also wire the funds if you prefer and the escrow agent can get you the wiring instructions.

Receiving Your Keys The signing day is typically not the “Closing Day”. You will receive your keys on the day the property is recorded with the county clerk and considered “Closed”.

Closing Day! Getting The Keys To Your Dream Home Congratulations!!!! You’ve made it! Pat yourself on the back, this is a major life event and you made it. I will almost always accompany you to the signing at the title company to sign all of the final closing documents. This typically takes about an hour and is done a day or two prior to our closing date. i will be there to answer any questions that you may have however the escrow agent will likely do all of the answering of questions, this is their field of expertise.

Closing Disclosures You will get these three days before closing from your lender for you to review. It includes a summary and itemized list of all the costs related to your loan, details such as: your lenders repayment policy, including late fees and partial payments and a breakdown of all of your fees associated with your loan.

Final Walkthrough Essentially, the final walkthrough allows the buyer to do one last check on the home prior to closing. IT IS NOT a way to back out of the deal. This is to verify that the home is in the same condition it was when they agreed to purchase it and that nothing is missing that was agreed to in the contract. It is not required and not all buyers feel the need for this step but it is available to you if you would like it.

We will make sure: All appliances are still in the property that were agreed upon No hidden holes in flooring that may have been under rugs No trash or debris or personal property have been left

Scheduling Your Move & Some Helpful Checklists 4 Weeks To Moving Day Give 30 day notice if you are renting Schedule movers/moving truck Buy moving materials Start packing non essential items

3 Weeks To Moving Day Start purging closets Start purging the garage Make a donations pile Make a dump run

2 Weeks To Moving Day Verify new insurance policy is in place Start cleaning cabinets as you empty them Take donations to your favorite charity Make a dump run

1 Weeks To Moving Day Finish Packing Confirm Movers Clean as you go so you have less to do when you get your keys

Scheduling Your Move & Some Helpful Checklists

Scheduling Your Move & Some Helpful Checklists

Scheduling Your Move & Some Helpful Checklists Moving with Pets Checklist

F.A.Q.’s Why do I need to be pre qualified for a loan brfore I can look at homes?

Sellers need to know that the buyers looking at their home are ready, willing and ABLE to purchase their home before they spend time preparing their home for a showing and having to leave. Buyers need to know the amount they can qualify for but more importantly what they are comfortable spending. There is nothing worse than falling in love with a home that you cannot have.

What is earnest money and how much will I have to deposit the the title company?

Earnest money shows the seller that you are a serious buyer and “Earnest” in your offer. Earnest money can be varying amounts but is typically 1% of the purchase price and due to the title company typically in 3-5 business days after your offer is accepted.

Will I get my earnest money back if the transactions falls apart?

If the offer is terminated during the inspection period due to the buyer unconditionally disapproving of the finding of the home inspections the earnest money is returned to the buyer. however if the buyer were to terminate the contract for not just cause the earnest money will be forfeited to the seller.

How long does the buying process take?

That depends on many things, financing type, if the home is occupied or has a renter living in it (if the tenant has occupied the home for over 1 year by Oregon law they have to be given a 90 day notice to vacate), if there are repairs that need or have to be done prior to closing. The typically transaction timeframe is 30-45 days after the offer has been accepted.

F.A.Q.’s When should I make an offer?

That can depend largely on the market at the time. if there are limited homes on the market they can go quickly if priced correctly and possibly with multiple offers. However, if there are many homes in the same price range the buyer may have more time to think over their offer a little longer.

How much should I offer?

After researching and reviewing recently sold comparables of similar homes with me you should have a better understanding of what the other homes have sold for and feel more comfortable deciding what a reasonable offer and terms would be to put your best foot forward.

Do I really need a home inspection? How long does an inspection take? how much time is buyer allowed to do their inspections and ask for any repairs that may be needed or required for financing?

We always recommend a home inspection, even on new construction: with such a big investment it is cheap insurance to know what you are purchasing. Home inspections can be anywhere from 2-5 hours depending on the size of the home. When negotiating an offer, standard practice is to ask for 10 business days to have the inspection AND negotiate repairs however that is negotiable.

What if there is an uncertified wood stove?

Wood stoves now have to pass EPA standards and be certified. If a wood stove is not certified it will need to be removed prior to the appraisal and this can be negotiated between the buyer and seller as to who is responsible for the removal and destruction. You will need proof of destruction for the DEQ notification process. for more info go to http://www.deq.state.us/aq/burning/woodstoves/questions.htm

F.A.Q.’s Can you recommend a home inspector, lender or attorney?

Yes, we have several professionals that we consider part of our team including inspectors for all aspects of the home including septics systems, well flow testing and additional water quality tests if you would like something other than what is required by law of the seller to perform, lenders and various attorneys depending on the need ie: easements, land use, estates, shared well or road agreements etc.

What happens at closing?

You will review and sign several documents, sometimes it can be hundreds of documents and seem redundant but it is all part of the process. You will need to bring your picture ID and your cashiers check for your down payment and/or closing costs. You may also wire your funds to the title company and the escrow agent will provide you with wiring instructions if that is the method you prefer.

Our escrow agent and your lender will have that final number for us prior to the signing date. The escrow agent will explain in detail all of the documents that you will be signing and answer any questions that you may have.

When do I get my keys?

Keys cannot be released to the buyer until the deed has been recorded with the county clerk. This can be the day of signing but most often signing will be a few days prior to the closing date to give the lender and the escrow agent time to review all the documents and balance the funds. If the buyer or seller are out of the area at the time of signing we will also have fed/ex delivery times to consider for their documents to be delivered to the escrow agent for final review with the lender.

This will most likely happen The closing date on your contract will change, possibly more than once. It is a guesstimate and subject to many variables.

You will become anxious or nervous, this is a big transaction.

You will become irritated or annoyed about frequent and last minute paperwork requests with seemingly impossible deadlines.

Buyers and Sellers may negotiate back and forth 2-5 times on a transaction. They will negotiate not only purchase price but inspection timelines, possible repairs or credits, closing dates and possibly the appraisal.

If you as the buyer terminate based on the home inspection the sell can and will likely ask for a copy of the home inspection that you paid for. Per the contract if this is the reason for the termination they are allowed to ask for a copy and you are required to provide it.

The property may not appraise for the agreed upon price. More negotiation may be required or the transaction may not be able to close.

You may not be told how much money to bring to the closing until the day of your closing and many times only hours or minutes before the signing time. This depends largely on how fast of slow the transaction and/or lender are going.

The mortgage company can AND will pull another credit report just before and even up to the date of closing. DO NOT run up new debt, purchase large items or forget to pay bills, this can and likely will kill the deal.

The agent on the listing side may not return a call about showings in as timely of a manner as you would like. We are persistent and will get you in as soon as possible.

The 10 Commandments of Buying a Home