Bend Oregon Real Estate Buyer’s Tips

The information here is a small sample of what may be involved when buying real estate in Bend.  The Bend Oregon Homes Online Real Estate Buyers Broker Agent professionals have the knowledge and experience needed to guide you through the process and protect your interests.  Choosing “Bend Oregon Homes Online” to represent you in upcoming transactions is an excellent first step when buying a home or property, relocating, or investing.

Getting Started

Buying a home in Bend, or anywhere else, is the most significant investment most people ever make.  The first thing to remember is all real estate is local. Transactions in Bend are handled differently than other parts of the country.  Every state has its own laws regarding real estate transactions – what works in one area of the country won’t work in another.  You need to consult a buyers broker professional at Bend Oregon Homes Online for the specific area you are interested in.  Another important consideration is Real Estate Agency and the benefits of having a Buyers Broker Agent to represent your interests.  Oregon is a dual agency state, which means it is legal for one Broker to represent both the Seller and Buyer in a transaction under Disclosed Limited Agency.  However, we recommend each Buyer and Seller have their own professional assisting them – each Buyer or Seller deserves unbiased representation.

Advantages of Owning Your Home in Bend

There are many good reason to own a home or invest in Bend real estate.  Home ownership, including investment property, offers many benefits:  (1) tax savings;  (2) stable monthly housing costs;  (3) savings and equity appreciation over time and most importantly – the opportunity to own a part of the most desirable area in the Pacific Northwest.  Right now, the  distressed property market - foreclosures, REO Bank Owned and Short Sales makes our area very affordable.  Plus, another advantage of home ownership in Bend is the quality of life – it is fantastic!  There is always something going on, an event or something, regardless of the time of year.

Before Buying a Home

Before you invest in a new home or property, a number one priority is to contact a lender. Interview a couple lenders for comparison and select a company you are comfortable with.  Remember, a good lender will never say “Oh, just sign here, it’s all right”.  Or if you hear the words, “I don’t know” as an answer to your question, but don’t hear “But, I’ll find out for you”, move on to someone else.  A few things you do not want to do before and during the home buying process are: (1) don’t go on a spending spree, don’t open new credit accounts; (2) avoid moving money around from one account to another, and (3) don’t loose or change jobs.  Lenders today are re-checking credit right before closing.  The more organized and stable your personal finances are, the better your chances of obtaining a great mortgage will be.  Being well prepared to buy a home will reduce undue anxiety.  Bend Oregon Homes Online is an invaluable resource, contact us for lender referrals and assistance.

The Economy and Buying a Home

Economic conditions influence how, when and where people buy real estate.  Bend is no different.  If you have relocation plans, or are seeking investment property, knowing the local economic conditions is a must.  When the economy of the nation or a particular area slows, demand for real estate decreases and prices typically drop.  The recent economic slow down has resulted in foreclosures, short sales and distressed properties  such as REO and bank owned showing up in Bend.   The opposite is true when economies accelerate.  Buyers can benefit from the economic slow down.  Unfortunately, people who sell their homes during slow period, don’t.  It all comes down to supply and demand.  Recession = Buyers Market and Economic Expansion = Sellers Market.

Choosing the Right Time to Buy

The right time to purchase  real estate depends upon your individual circumstances.  Presently, Bend distressed real estate for sale is very attractive.  Bend foreclosures, REO bank owned and short sale real estate transactions require special attention from your buyer’s broker agent.  Distressed property listings and transactions in Bend and throughout Central Oregon are almost always handled by professionals.  Real estate investors, move up buyers and fir time home buyers will have very different goals in mind.  Investment buyers are considering 1031 tax deferred exchanges, rental rates, tax advantages, etc. First time buyers are thinking about kitchens, location, bathrooms, etc.  The investor may want to “time the market” and buy when demand is low to obtain the best price.  Buyers with relocation on their mind are concerned with being safe and comfortable in a home they will occupy for a long time. Over time everything has a way of evening out.  Don’t dwell on getting the perfect real estate deal at the perfect time – no one has a crystal ball.  It’s probably safe to say, not investing in Bend will likely be a mistake.

Offering to Buy Real Estate

When you’re ready to take the next step and make an offer to buy your dream home or that perfect investment property, you’ll best be  represented using the assistance of a licensed professional real estate broker.  Here are some items to have your Buyers Broker Agent do before making an offer (1) assist in determining a price to offer by comparing similar properties that have sold recently, are currently for sale or are pending sales; (2) evaluate the condition of the property and include a home inspection clause in the offer; (3) look at current Bend real estate market conditions; (4) assess the terms of sale, and if possible, consider Seller motivation.  Remember, there could be more than one price and scenario for a Buyer to consider. As Buyers Broker Agents, we hope you will consider the services of Bend Oregon Homes Online.

Writing an Offer

Because buying a home is probably your largest ever investment -  an offer to purchase real estate, including price, terms and conditions, must be well thought out.  A properly executed and signed offer to purchase is a legally binding contract between the Buyer and the Seller.  Protections much be put in place, such as who pay for repairs, completion dates for accepting conditions, possession date, amount of down payment, financing and close of escrow dates – the list goes on.  These are just a few of the items that need to be carefully considered.  Before writing an offer for distressed property, take extra time with your real estate broker and make sure it’s right the first time.  A handshake deal is never a good idea.  Buying  for investment or relocation is a major event.  The decisions you make can affect your for a very long time.  Having a Buyers Broker agent representing you is a must.  If you would like to review a draft copy of the Central Oregon Association of Realtors Sale Agreement, contact us and we’ll provide you a copy.

Accepted Offer

Congratulations!  Once the Seller and Buyer have agreed to all the terms in an offer and have signed the acceptance, you’re on your way to becoming a home owner.  All the parties involved in the transaction must perform as agreed to in the contract to assure the transaction makes it to closing successfully.  All time lines must be met for repairs, inspection, deposits, mortgage application, and any other terms and conditions contained in the agreed upon offer.  Buyer, seller, Buyers Broker Agent, Sellers Broker Agent – all have important tasks to accomplish in a specific period of time.  If someone drops the ball during the contract, the consequences could be a sale that doesn’t close.  If changes or extensions are a needed, make sure those changes are done in writing and signed by all of the parties involved.  No real estate transaction is complete until all terms and conditions included have been completed.  When everyone works together, your purchase and investment in Bend real estate will be very rewarding.  Nothing pleases us more than to hand you the keys to your new home!

Oregon Property Buyer’s Advisory

Contact us for all of your Bend and Central Oregon Buyer’s Broker needs.