109 NW Greenwood Ave #105, Bend, OR 97703

(541) 668-1810

©2019 by New Millennium Realty powered by Stellar Realty Northwest. Licensed real estate agent in the State of Oregon

COMMON QUESTIONS

The Help Center

HOW WILL YOU FIND POTENTIAL BUYERS FOR MY PROPERTY?

Here at New Millennium Realty with Stellar Realty Northwest we offer a comprehensive marketing strategy. This includes a 3 month marketing plan, listing submission on two of the largest Multiple Listing Services in Oregon, Facebook and Social Networking Paid Advertising, Pre Listing inspections if necessary, an array of professional photography packages, creating buzz about the property online and in various communities through extensive open houses and networking.

WHAT ARE SOME COMMON ISSUES AS A BUYER?

THINGS YOU SHOULD ABSOLUTELY NOT DO AS A BUYER

  • Don’t get a divorce before closing!

  • Don’t change jobs, not even a promotion

  • Don’t get a name change

  • Don’t open any new accounts

  • No large deposits

  • Don’t pay off or cancel any credit cards (unless your lender tells you otherwise).

  •  Don’t sell any assets

  • Don’t go on a trip (especially on a cruise!)

  • Don’t receive gift money.  If you do,  get a gift letter

  • Don’t get advice from a buy or seller that hasn’t bought/purchased in the last 6 months (rules 

  • change almost daily)

  • Don’t wait to see if there’s “something else on the market.” In a hot market things go fast

  • Not being honest to lender about child support, alimony, wage garnishment or other payroll 

  • reduction.  The more they know the better- they will find out anyway!

  • Don’t attend open houses without your agent.  If you do make sure to make it clear you are already 

  • working with an agent and give them my card!

  • Don’t withhold if you have a house to sell before you can buy.

  • Don’t delay paperwork

  • Don’t wait to find the PERFECT house. There will always be limitations with income, zoning, 

  • inventory etc. (80/10/10 Rule: If you find something that has 80% of what you’re looking for, 10% 

  • of things you can fix and 10% of things you can live with, it’s a keeper)

  • No cosigning for anything

  • Don’t go out looking at houses before you’re preapproved

  • Don’t keep what’s MOST important to you from your agent

  • Don’t use another name than what’s on your driver’s license for mortgage docs (use Jr. or Sr. if 

  • needed)

  • Not telling your lender if you lose your job before close

  • Don’t inquire on anything that will pull your credit

  • Don’t talk to the sellers directly

  • Don’t buy a car

  • Don’t move money around and don’t stop making any payment

FREQUENTLY ASKED QUESTIONS

  • How are inspection negotiations handled?

  • How many properties does the typical buyer look at?

  • How much should I offer?  When should I make an offer?

  • What will my closing costs be?

  • How much earnest money should I put down?

  • What happens to my earnest money?

  • Will I get my earnest money back if the contract is not accepted?

  • How do I know any problems that come up in the inspection will be taken care of?

  • What if the seller doesn’t do the repairs?

  • Can the seller still occupy after close?

  • When do I contact the lender?

  • When will I get keys?

  • How long to close and fund?

  • Do I have to do an inspection?

  • What happens if the appraisal comes in high or low

  • Can we do renovations before it closes?

  • How long will it take for a TRID closing?

  • When do I need the down payment?

  • When we sign is that the same thing as closing?

  • Can we move in early?

  • What if the inspection comes in bad?

  • How long does preapproval last?

  • Where can the down payment come from?

  • When can I schedule moving?

  • When are rates going up/down?

  • How much can I negotiate on the inspection?

  • What documentation do I need?

  • How long does the whole process take?

 

THIS WILL MOST LIKELY HAPPEN

  • Seller may require 24 hour notice for an appointment.

  • You will not be told how much money to bring to closing until the day of your closing and many 

  • times only hours or minutes before

  • You will negotiate 2-5 times on this transaction. You will negotiate the purchase price,

  • the inspection, potentially the appraisal, the final walk through etc…

  • You will want to tell people via social media about your process… Don’t

  • You will be asked by lender for documents multiple times all the way up until closing.

  • The inspector will find something wrong with the house.

  • You most likely won’t close in 30 days

  • Lender will verify employment at closing

  • The closing date will change

  • Credit will be pulled initially and at the end of the process

  • Sellers may receive multiple offers

  • Sellers won’t want to make any repairs.

  • Seller might not leave the mail key (especially if there is a tenant).

  • Seller will not leave the house as clean as you’d like.

  • If you schedule a moving truck for your closing date you won’t close on time.

  • The seller may leave things behind.

  • Utilities will be turned off on your closing date if you don’t call to transfer utilities.

  • Sellers may not be fully moved out during your final walk through.

WHAT ARE SOME COMMON ISSUES AS A SELLER?

THINGS YOU SHOULD ABSOLUTELY NOT DO AS A SELLER

  •  Don’t go on a trip or leave the country

  •  Don’t change marriage status

  •  Don’t get advice from a buyer or seller that hasn’t bought/purchased in the

  • last 6 months (rules change almost daily)

  •  Don’t delay paperwork

  •  Don’t use any other name than the one on your driver’s license for

  • mortgage docs (use Jr. or Sr. if needed)

  • Don’t commit any crimes

  • Don’t list without a broker

  • Don’t turn off utilities

  • Don’t cancel insurance

  • Don’t stop making any payments

  • Don’t leave your home messy for showings.

  • Don’t stay home for showings.

  • Don’t speak directly with the buyer or the buyer’s agent besides confirming

  • showing appointments.

  • Don’t leave valuables or medications available to be stolen.

  • Don’t do repairs yourself that a licensed professional should do.

  • Don’t allow the buyers to move in prior to closing without a rental

  • agreement in place and non-refundable earnest money. Or don’t do it all!

  • o Don’t forget to tell your agent if you need to purchase a house once you

  • sell.

  • o Don’t leave clutter and lots of personal pictures up in your home.

  • o Don’t leave pets (especially dogs) home during showings. 

  • FREQUENTLY ASKED QUESTIONS

  • How are inspection negotiations handled?

  • How long does the appraisal process take?

  • How long to close and fund?

  • What happens if the appraisal comes in low or high?

  • How long will it take for a TRID closing?

  • When we sign is that the same thing as closing?

  • What if the inspection comes in bad?

  • How long will showings take?

  • When can I schedule moving?

  • When are rates going up/down?

  • When do I cancel utilities?

  • How much can I negotiate on the inspection?

  • What is the market like?

  • How many counter offers are normal?

  • What documentation do we need?

  • How long does the whole process take?

  • What is the role of the title/escrow company?

  • Do I need to make any repairs?

  • How much are closing costs?

  • Why would the buyer ask me to pay for closing costs?

  • When do I have to pay closing costs? 

  • THIS WILL MOST LIKELY HAPPEN

  • Showings will take longer than expected.

  • You may need an extension for inspection periods and/or closing dates.

  • Buyers will ask to move in early.

  • Closing date WILL change.

  • Buyer might ask for a home warranty.

  • Property might not appraise for your contract price.

  • Appointments will be made and cancelled last minute

  • Showing times will very. Some will last for minutes and others hours

  • Expect lowball offers.

  • There will be counter offers.

  • There will be last minute showings. When you are not ready, is when you will get a call

  • for a showing.

  • The inspector will find things wrong with your house.

  • Most likely you won’t close in 30 days.

  • There will be a lot of showings when the home is first listed. There will be less showings

  • after the first two weeks.

  • People won’t show up on time for showings.

  • People will go through your stuff during showings. They will look in your fridge, closets,

  • and medicine cabinets.

  • Buyers will use your bathroom.

  • Agents may not turn off the lights or leave the house exactly the same as you left it.

  • A door will be left unlocked.

  • The inspector might not leave the house as you left it.

  • An agent will not leave their business card after a showing.

  • Pets may enter your home.

  • Somebody will take all your flyers.

  • Buyers financing may fall apart in the 11th hour.

  • An agent will not respond to our request for feedback