A recent lawsuit involving the National Association of Realtors (NAR) has led to changes that aim to make commissions fees more transparent and may shift who pays them. Now, the settlement says that buyers and their agents should clearly agree on commission terms, which will be negotiated directly between them. The buyer's agent will do everything they can to get the seller to pay their commission and it could be part of the closing costs or the purchase agreement. It’s essential to be aware of these changes since they could impact your expenses when buying a home. You should discuss the specifics of how agent fees will be handled in your case with your real estate agent, to ensure you understand any potential costs in your local market.

The Buyer's Representation Agreement is a key document for anyone buying a home, as it formally establishes the relationship between you, the buyer, and your real estate agent. Under House Bill 4058, this agreement outlines your agent's duties to you, ensuring they act in your best interests throughout the home-buying process. It also sets out the terms of your agent's compensation. While it's standard for sellers to cover this fee, due to new regulations, you, as the buyer, are ultimately responsible for this cost. However, we will do everything possible to negotiate with the seller to cover this expense. In Oregon, beginning January 1, 2025, no agent may show a home to a buyer without the buyer representation agreement being signed. This agreement is crucial for ensuring transparency and protecting your rights as a home buyer.

You don't have to hire a real estate agent to buy a home, but it's highly recommended. An agent can make the process easier by helping you find the right house, handling negotiations, and managing all the paperwork. They know the local market well, which is especially useful if you're buying a home for the first time or are new to the area. Overall, an agent can help you navigate the buying process more smoothly and might even help you get a better deal.

To make a competitive offer on a property, it’s important to work with an experienced agent who can help you understand the current real estate market conditions, evaluate the property’s value, and help you structure an offer that is both appealing to the seller and appropriate for your financial situation. We can help you make a strong and competitive offer on the property you want.

Yes, we highly recommend that you get pre-approved for a mortgage before starting your home search. A pre-approval will give you a better understanding of what you can afford and will help you make a competitive offer when you find a property you like. We can guide you through the pre-approval process and help you understand the benefits of having this step completed before you start your search.

Determining how much to budget for a down payment depends on various factors, including the property’s purchase price, your financial situation, and the type of mortgage you are applying for. While the general rule of thumb is to aim for a down payment of at least 20% of the purchase price, some mortgages require a minimum down payment of 3.5%. Moreover, several programs are available to assist with down payments. We can pair you with a professional mortgage broker to assist you in obtaining the right mortgage for your needs.

The home-buying process can vary depending on a number of factors, including the current real estate market conditions, your specific needs and preferences, and the type of property you are looking to buy. Typically, the process can take anywhere from a few weeks to a few months. We can guide you through the process and provide you with a better understanding of the timeline for your specific situation.