Amanda Haworth's Buyer's Roadmap

HereTogether OR POLICY & ADVOCACY WORK

e housing affordability and homelessness crisis in the PDX Metro region impacts all of us and requires collective action. HereTogether engages 250+ organizations, businesses, and leaders from every corner of the community to solve homelessness by spotlighting best practices, identifying roadblocks, and advocating for results to build a Portland region where everyone has a safe place to call home.

Neighbors Realty has partnered with HereTogether since 2020, supporting the coalition through donation matches and in-kind donations of marketing, photography, and promotional materials. Learn more at heretogetheror.com

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Taking Ownership PDX

To address historic and systemic racism within Portland and Portland real estate, Taking Ownership works with an emphasis on enabling Black homeowners to age in place, generate wealth, and simultaneously deter predatory investors to deflect the gentrification process.

To date, our agents have collectively donated more than $60,000, supporting fixes and renovations of nearly 100 homes belonging to local families. If you’d like to learn more about Taking Ownership PDX and how to get involved, please visit their website at takingownershippdx.com

Why work with me?

I’m not just going to help you find a house— it’s my mission to make sure that it’s the best home for you and your needs.

As your trusted advisor, I am here for you every step of the way. is frees you up to focus on the one thing that nobody but you can do—pick the house that feels right. I’ve got the rest covered.

Neighbors is a collection of agents who are passionate about our region and its beauty. We offer the highest quality service and aim to do real estate right.

How to buy a house

01

Discuss goals

We will discuss your goals, timeline, and what you should expect throughout the process. Whether it’s your first home purchase or not, there’s no such thing as a silly question. 02

Get preapproved

Meet with a lender to get a clear understanding of how much home you can afford, and how. e lender is a key member of your team, so it’s crucial you have a good one. I’ve got some great folks I recommend!

03

Look at houses

is is the fun part! We’ll work to find the perfect home based on your goals, and I encourage you to share listings that catch your eye. I’ll provide feedback and help you find the home that checks all the important boxes.

04

Write your o er

We will work together in order to determine the best offer based on the property, your buying power, competition (if any), and comparable sale data. Money talks, but it’s not the only deciding factor!

05

Inspections and repairs

A er se ing up inspections (e.g. whole home, radon test, sewer scope, and buried tank scan) we’ll work to identify and negotiate repairs, credits, or price reductions based on the findings (if our offer allows).

06

Appraisal

If you are financing your home, the lender will likely require a physical inspection of the property and an assessment of value by a state-licensed appraiser. You will receive a copy of this report from your lender.

07

Signing

Once you’ve received final approval of your loan, documents are sent to escrow who will schedule your signing of closing paperwork. Just think of it as a couple dozen opportunities to perfect your signature!

08

Funding and recording

On closing day, your lender funds the loan, then escrow disburses funds and records the deed. A er that’s done, you’re officially a homeowner. Now it’s time to celebrate!

How to make a strong o er

An offer is about so much more than purchase price. e seller will be looking for one which provides the most favorable terms and makes for the smoothest transaction. Here are some ways to make your offer stand out:

Price

In a multiple offer situation, we want to come in strong without overpaying! We’ll find this sweet spot together by looking at recent comparable sales and combining that with your personal buying power.

Earnest Money

Earnest money is a deposit you make with the escrow company when your offer is accepted. is money is protected in most cases by several contingencies (right of revocation, inspection, and financing, to names a few). Earnest money goes toward your “cash to close” at the end of the transaction.

Lender

Who you choose to finance your home can impact your ability to compete based on their reputation and the listing agent’s past experiences with them. We generally find it to be a greater challenge to get offers accepted for clients who’ve been preapproved with large banks or online lenders, but every situation is unique.

Down Payment

Choosing how much to put down is a very important topic to discuss with your lender. While your down payment amount actually has li le impact on the seller, buyers with a larger down payment are inherently seen as “stronger.” We understand that many buyers are limited on how much money they can put down on a home, so we’ll be strategic about it.

Appraisal Coverage

As part of your typical financing contingency, the home must appraise for your contract purchase price (or higher). If not, you could be entitled to your earnest money back under the finance contingency. is is an obvious risk for sellers, and in a competitive offer situation many buyers will take on this risk for an advantage— essentially agreeing to “make up the difference” for a low appraisal.

Inspection Period/Repair Limits

ere are two main options here to help us stand out:

1. Shortening our inspection period from the standard 10 business days. We’ll only want to do this if we’re confident we can complete our inspections in a shorter time.

2. Adding terms to our offer that restrict what we might ask for in repairs or as closing cost credits in lieu of repairs.

Rent-back

You may agree for the seller to stay in the home (“rent back”) for a period of up to 60 days. is allows the seller to receive their proceeds while they’re still living in the home. You can charge the sellers rent (typically a daily prorate of your mortgage payment), or offer it for free if in a competitive offer situation.

FAQ

HOW DO I KNOW IF I’M READY?

e first step is ge ing preapproved (if you plan to finance your purchase). Your lender will likely want to schedule an initial consultation that will answer many questions you likely have about the price range, what you should have saved for a down payment and closing costs, and what your monthly payment would look like. Finding a good lender is critical to a smooth home purchase, and I know some great ones that I’m happy to share!

HOW LONG DOES IT TAKE TO BUY A HOUSE?

is is a tough one, and depends on a combination of factors: your financing, the type of home you’re buying, any repairs that might be done in a transaction, etc. at said, from offer acceptance to close is typically 30 days.

WHY WORK WITH A REALTOR?

In the era of apps like Redfin and Zillow, it’s reasonable to wonder why you need a buyer’s agent at all. It is our job to help you find the right house, not just any house. We see our role as that of a trusted advisor; from evaluating a home on the first walk-through, to writing a compelling offer, navigating inspections, repair negotiations, appraisal, and finally ge ing to close. We act as your primary point of contact, your advocate, and your project manager to get you into your dream home as smoothly as possible.

HOW DO BUYERS’ AGENTS GET PAID?

We don’t work for free, but our services likely won’t be a direct expense for you. Sellers who have their home listed in the Multiple Listing Service (MLS) have agreed to pay a buyer’s agent commission. at typically ranges from 2-2.5% of the sales price and is paid out of the seller’s proceeds. You’ll typically see this in a home’s listing details under “BAC” (buyer’s agent commission).

‘HOW MUCH HOUSE’ CAN I AFFORD?

ere are some basic calculators online, but the very best source of this information is going to come from your lender during the preapproval process.

HOW MUCH DO I NEED FOR A DOWN PAYMENT?

It depends! ere are conventional loan programs for as li le as 3% down, and some lenders even have 100% financing. Most conventional mortgages will require private mortgage insurance (PMI) for any mortgage with less than 20% down. Generally speaking, the lower your down payment, the more expensive your loan will be as it can impact your interest rate, mortgage insurance, and lender fees.

FIXER-UPPERS: HOW MUCH IS TOO MUCH TO TAKE ON MYSELF?

At the end of the day, if you’re going to sink more into a property than you’d ever get back, it’s be er to just keep looking! We’ll evaluate the price, potential and factor in expenses vs. opportunity. We can also help you understand exactly what you’re signing up for when you elect to remodel a home.

AFTER MY OFFER IS ACCEPTED, AM I OBLIGATED TO GO THROUGH WITH THE PURCHASE?

Yes, and no. You shouldn’t be writing an offer unless you are financially and emotionally prepared to buy. However, we know that sometimes things happen. ere are certain contingencies that allow you to terminate while protecting your earnest money. However, if you must pull out (and are past all of these contingencies), be prepared to lose that earnest money. It is the seller’s recompense for time lost on the market or any repairs completed during the transaction. is is a very complex issue, so please let me know if you have questions!

NOTES:

Amanda Haworth Broker

(503) 453-7698

hello@amandahaworth.com

Your partner in real estate.

Having practiced real estate for more than 15 years, I have the experience to help guide my clients through the many scenarios that come up during the home buying and selling process. Being a homeowner myself also gives me an added layer of perspective. I can beter prepare my clients for what to expect since I’ve been through the process.

I am my clients’ most valuable source for information and I have endless patience for the myriad questions that arise. I consider myself a “connector” and have developed relationships within the industry that play a key role in a successful transaction. Whether you need lenders, contractors, inspectors or a good therapist, I’m here to facilitate.