THE HUNT IS ON

Shopping…

At last, the fun part! With pre-approval checked off your list, you and your Realtor can get out there and start hunting for your new home. We’ll step back a little at this point—it’s more about you and your Realtor—but we’re here when you need us. Just ask and we’ll run numbers, answer questions and help strategize as you shop.

On the off chance that you are already shopping without getting preapproved — it’s not too late! And it’s very wise to get your application going now, so you’re prepared for when you find The One.

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While you shop

Now we step back a little

With the focus on your house-hunt, we’ll take on more of a supporting role—standing by to answer questions and work up numbers on any promising properties. If you haven’t already, go get our mobile app. You can use it to check rates and payments on the fly (but remember that the payment it shows is just the loan, not including taxes, insurance, mortgage insurance or HOA dues). If you’re sans smartphone, you can use this table to estimate payments, using any old calculator.

But don’t be shy!

When you spot something promising, email us. With just the price and amount of property taxes and any homeowners’ association dues we can work up numbers and send an estimate back your way.

Writing your offer

You’ve found it…now what?

Time to write an offer! You initiate negotiations with the seller by writing an offer (usually called an Earnest Money Agreement or Purchase and Sale Agreement). In it, you propose terms to the seller: a price, a closing date, a possession date, financing terms, inspections to be done and how long you have to do them, the amount of earnest money and more.

Now it’s their turn

The seller can accept your offer as written, reject it or propose a counter-offer. It’s not unusual go back and forth a time or two until you come to terms you and the seller both agree upon. Your real estate agent is your guide—helping you craft a strong offer, explaining and completing the paperwork and negotiating on your behalf.

For some more information on earnest money, the Earnest Money Agreement and a peek at the form you’ll use, be sure and check out our Glossary.

Customizing your preapproval…

Why go to the trouble of customizing a preapproval?

Of course we’ll also write a pre-approval letter for your agent to present with your offer. Wonder why are we writing the letter now, even though your loan has been pre-approved for a while? If you took our advice and got pre-approved for a little more than you mean to spend, you may not want to tip your hand to the seller. We will make sure the letter says exactly what you and your Realtor are comfortable with — supporting and strengthening your negotiating position.

Don’t be a stranger!

Be sure to keep us the loop. We’ll chime in to make sure the terms of your offer are compatible with your loan, that the proposed timelines are viable and run updated numbers for you. If the property brings up any new issues, we’ll brainstorm through them with you and your agent.

Need a Realtor?

There’s a good chance your real estate agent pointed you our way, but if you are in need of a Realtor, just ask. We know some of the best real estate agents in Portland and southwest Washington. We’d be thrilled to play matchmaker and provide a referral.