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Buyer's Guide

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Turner Team Inc Buyer's Real Estate Guide

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Buyer's Guide

  1. 1. TurnerTeamInc 818NW 14thAve Portland,OR97209 503.501.2490
  2. 2. 2 Buyer’s Extraordinary Service Guarantee Extraordinary Service Guarantee for the Home Buyer The Extraordinary Service Guarantee is your written commitment from Jenny, Charles, and the Turner Team Realtors® assuring the delivery of all of the services described below. As your Real Estate Professionals, we will: 1. Present an agency law pamphlet and explain agency relationship. 2. Gather information to identify your needs and goals and to plan a property search. 3. Offer to arrange pre-qualifying or pre-approval meeting with one of our preferred lenders to determine affordability range and improve negotiating position at the point of offer. 4. Explain home warranty services and providers such as American Home Shield Buyer Protection Plan,LandmarkHomeWarranty,andOldRepublic Home Protection. 5. Commit to priority availability for meeting your needs and schedule for property research and showings. Complete a thorough market search to identify all properties consistent with your needs and price range. 6. Prepare a written Competitive or Comparative Market Analysis for you prior to your making an offer, per your request, if possible. 7. Prepare a written offer to purchase the property of your choice reflecting your price and terms. 8. Provide advice and negotiating assistance on all offers to purchase. Monitor and communicate the status and satisfaction of contract contingencies. 9. Obtain and review with you the seller’s written property history and disclosure statement. 10. Recommend professional inspections and review findings and remedies with you. 11. Accompany you on a property walk through before closing, if provided for in the contract. 12. Contact you after the closing to assure the satisfactory completion of all service details. The Turner Team RealtorsReal Estate Professionals
  3. 3. 3 Introduction for the Home Buyer Thank you for the opportunity to let us represent you in the purchase of your new home. We think of our clients as individuals with specific needs. With this in mind, we strive to give you exceptional service. No two real estate transactions are the same but regardless of your goals we can help you make the informed and educated decisions that best suit your situation. We, Jenny and Charles, teamed up as Realtors in 2003. Every year since then we’ve continued to grow and improve the service and expertise we are able to offer you. In 2010 we incorporated, in part to underscore that real estate is a business, not a part time hobby. Our current business is made up of more than fifty percent past clients and client referrals. Earning your repeat business and referrals is our main goal. Our unique team structure allows us to serve the entire Portland Metro including SWWashington. We have the tools and expertise to guide you through any residential real estate transaction. This guide provides an overview of our team and of the buying process: • Buyer’s Quality Service Guarantee......................................................2 • Introduction................................................................................................3 • The Turner Team........................................................................................4 • The Turner Team in the Community...................................................6 • Finding and Buying a Home..................................................................7 • What to Expect...........................................................................................8 • Technology Streamlines Your Transaction.......................................9 • Home Warranty........................................................................................10 • Dual Agency and Buyer Due Diligence...........................................11 • Mortgage Brokers Recommended by Past Clients.....................12 • Preparing for the Lender......................................................................13 • Loan Processes Do’s and Don’ts.........................................................14 • Moving Checklist.....................................................................................15 • Services You May Need.........................................................................16 • Looking for a Home Inspector............................................................17 • Buying a Short Sale.................................................................................18 • Buying a Bank-Owned Property........................................................19 • Reviews.......................................................................................................22 • Oregon Real Estate Agency Disclosure Pamphlet.......................24 Jenny Turner Principal Broker, MBA, GRI 503.312.4642 • Jenny@TurnerRealtors.com Jenny holds an MBA from Portland State University as well as an undergraduate degree from Lewis & Clark College. Her certifications include Graduate Realtor Institute (GRI). In addition to a wealth of knowledge and experience in realestateandbeingalicensedbrokerinbothOregonand Washington, Jenny has a passion for the communities she serves. She is past President, and current member, of the Board of Directors for the Fruit and Flower Development Center - an agency for helping children. She and her husband, Charles, reside in Northwest Portland with their son, Ryan. Her passions for family, community, and helping people achieve their dreams are evident in the diligence she brings to every transaction, relationship, and engagement in her life. Charles Turner Principal Broker, MBA, e-PRO, GRI 503.936.7764 • Charles@TurnerRealtors.com Charles brings a wealth of knowledge to this team as demonstrated by the over 1000 posts he has written for our industry-respected blog, PortlandRealEstateBlog. com. He holds an MBA from the Atkinson Graduate School of Management at Willamette University and an undergraduate degree from Lewis & Clark College. His certifications include completion of NAR’s e-PRO and Graduate Realtor Institute (GRI) designations. He is also a professional coach for Realtors with the Tom Ferry Your Coach Organization. Like his wife and business partner, Jenny, Charles has a great love for his community. He serves as a member of the Ambassador Board for the Oregon Chapter of the Make-A-Wish Foundation. In addition to a love of family, community, and real estate, Charles also enjoys sailing, skiing, and cycling.
  4. 4. 4 The Turner Team The Turner Team’s Realtors® Jessica Berger, Oregon Broker • 503.703.1712 • Jessica@TurnerRealtors.com Jessica joined our team as a graduate of the University of Oregon and has a passion for assisting buyers and sellers, which is evident in any interaction with her. She lives in the Hawthorne neighborhood with her husband and loves family as well as supporting children in the community. Some of her favorite activities include wine tasting, fashion, and studying architecture. Lisa Carter, Oregon and Washington Broker • 503.757.7283 • Lisa@TurnerRealtors.com Lisa is one of our dual state brokers – licensed in both Oregon and Washington. She joined the team as a graduate of Oregon State UniversityandisnowoneofourtopagentsandWashingtonStatespecialist.Clientstrulyappreciateherpatient,friendly,compassionate, and understanding manner. In addition to spending time with her husband and three children, Lisa also is passionate about serving her community in Brush Prairie. Jacob Fowler, Oregon Broker • 971.270.8159 • Jacob@TurnerRealtors.com With a passion for helping people find their dream home, Jacob brings a wealth of knowledge to every real estate transaction. He joined our team with two bachelor’s degrees and with extensive knowledge of the local market. Jacob enjoys volunteering at Doernbecher Children’s Hospital and Lines for Life. In his free time, Jacob likes to ride horses, travel, and explore the local area through outdoor activities. Susan Horvat, Oregon Broker • 503.949.3899 • Susan@TurnerRealtors.com Susan is a member of RMLS and WVMLS and serves both buyers and sellers in real estate transactions. She is an Accredited Buyer Representative (ABR). After living in the Salem area for many years, Susan now lives with her husband in the Tualatin area and loves to spend her spare time with her grandchildren. Ray Gardner, Oregon Broker • 971.226.7729 • Ray@TurnerRealtors.com Born in Chicago and raised in Oregon wine country, I have become rooted in the Portland community and lifestyle. While I enjoy the outdoors and coaching baseball here in Portland at Westview High School, my real passion is helping people and building relationships. I am a very outgoing and will treat every one of my clients as if they are family. I want to please people and earn their trust, so you can be assured that I will work tirelessly to not get you just any deal but the very best deal. Melissa Messner, Oregon Broker • 971.404.8078 • Melissa@TurnerRealtors.com Melissa is a new team member that has brought her talents for fulfilling client’s needs and wants as a longtime, cherished public librarian, to the vibrant Portland real estate market. She has unashamedly fallen in love with Oregon, since moving to Lake Oswego from Redondo Beach, CA with her family two years ago. She is delighted to help buyers discover and own the home of their dreams, especially in her beloved new home town. She is passionate about serving her community as a member of the Lake Oswego Arts Council, Village on the Lake HOA Social Chair and the lead for Friends of Lily Bay. Kris Whitby, Oregon Broker • 503.726.6277 • Kris@TurnerRealtors.com Kris comes to the Turner Team with three years of experience in the hot Portland real estate market. She is a native Portlander and loves where she works and lives. In addition to her Oregon Real Estate license, she has an Interior Design degree, which makes her an asset when staging a home for sale or when going through a home inspection with a buyer. Prior to being a Broker, Kris was a middle school science teacher for 12 years. Shayda Rohani, Oregon Broker • 503.481.4601 • Shayda@TurnerRealtors.com Shayda is passionate about people & design, so it makes sense that the marriage of these two loves led her to Real Estate. With degrees in interior design and marketing, and over 5 years in sales, interiors, and photo styling- she is the consummate perfectionist, when it comes to providing you the very best care and customer service. When her sleeves aren’t rolled up at work, Shayda loves spending time with her family in the outdoors, drawing with her 5-year-old daughter, reading design blogs, playing soccer, and cooking up a storm for family and friends.
  5. 5. 5 The Turner Team Press & Award Highlights 2014 • Portland Business Journal’s Top 100 Fastest Growing Private Companies 2013 • Portland Monthly 5 Star Agent • Keller Williams Double Platinum Award 2012 • Atlantic & Pacific Real Estate: Top Agents Nationwide • Portland Monthly 5 Star Agent 2011 • Portland Business Journal’s Forty Under 40 awarded to Charles 2010 • Prudential Chairman’s Circle Platinum • 2nd Quarter Top Three Sales Professionals in Oregon for units & GCI • Oregonian Alphabet District Neighborhood Profile Article • Portland Tribune Article • Portland Mercury Article 2009 • Prudential Chairman’s Circle Gold • KOIN News TV Interview 2008 • Prudential Chairman’s Circle Gold RISMedia Realtors on the Rise • NuWire Investor Article 2007 • Prudential Chairman’s Circle Gold • New York Times Article • Brainstorm NW Article 2006 • Prudential President’s Circle • Oregonian Article • Daily Journal of Commerce Article • Associated Press Article 2005 • Prudential President’s Circle • Portland Business Journal Article • Oregonian Article 2004 Our unique team structure allows us to serve the entire Portland Metro including SW Washington. We have the tools and expertise to guide you through any residential real estate transaction. The Turner Team’s Administrative Staff Erica Jensen, Director of Operations 503.305.3280 • Erica@TurnerRealtors.com Erica joined the Turner Team after spending 13 years in the Fine Art industry. She recently received her Oregon brokers license and has immersed herself in the world of real estate. With an extensive background in office management, as well as client relations and database management, she provides the backbone of procedural efficiency and the frontline of practical professionalism upon which operations revolve for our team. She is a native of Willamette Valley. In her spare time, she loves exploring the Oregon outdoors, spending time with her son, fashion, and traveling. Adam McCombie, Marketing and Social Media Coordinator 303.619.8000 • Adam@TurnerRealtors.com Adam spent over three years managing marketing operations for a variety of clients at a small marketing agency before joining our team. Adam leverages his marketing knowledge and resources to develop creative and engaging marketing for our team. In his free time, Adam enjoys exploring Oregon with his wife and helping out at his brother-in-law’s winery in the Willamette Valley. Carla Dumo, Transaction Coordinator 503.501.2371 • Carla@TurnerRealtors.com Carla has been a member of the Turner Team since 2011 and she takes care of most of the administrative tasks with the team’s listings and sales transactions. A self proclaimed stickler for order and organization, she and the admin team she manages love helping the rest of the team by making sure everything is in order. When not at work, you can find Carla at the dance studio or MMA gym exercising.
  6. 6. 6 We proudly support the Make-A-Wish Foundation of Oregon and Fruit & Flower with our charitable dollars. Charles is a member of the Ambassador Board for the Oregon chapter of the Make-A-Wish Foundation and Jenny is a member of the Board of Directors for Fruit & Flower. Giving back is an important part of being members of our community. The Turner Team in the Community The Make-A-Wish Foundation grants the wishes of children with life-threatening medical conditions to enrich the human experience with hope, strength and joy. FRUIT & FLOWER provides a play- based childcare program that supports creative thinking, respect for diversity, and social awareness in each child. Other community organizations the Turrner Team is proud to support: • Goodwill • Chapman Foundation • Smart • Friends of Trees • Arts Council of Lake Oswego
  7. 7. 7 Finding and Buying a Home Initial Consultation • Determine your priorities and needs • How long are you planning on living in your next home? • Consider the benefits / drawbacks to owning a home • Review“agency”choices & select appropriate working relationship • Discuss financing options Preparing an Offer • Review comparable sales to determine offer price • Review progress of loan pre-approval; decide on financing • Decide on other terms (inspections, possession date, personal property, etc.) Completing the Settlement Process • Deposit of earnest money • Review seller’s property disclosures • Review preliminary title report • Roof, termite and other inspections • Remove any remaining contingencies • Arrange for homeowners insurance • Arrange for home warranty • Arrange for movers • Final walk-through of property with Realtor® • Provide balance of down payment and closing costs • Sign documents • Loan funding • Recording of title • Receive keys from Realtor® • Move in! • Property appraisal • Loan processing • Final loan approval Finding the Right Home • Realtor® to show you properties based on your criteria • What kind of home do you want? (Detached, Attached, etc.) • How many bedrooms and bathrooms? • Are school districts important? • Evaluate each property with sales associate • Choose the right home Obtaining Financing • Select a mortgage company • Consult with a loan officer • What are the different loan programs available (FHA, VA, Conv, etc.) • Make sure your credit is in good shape • Pre-qualification • Complete loan application • Obtain pre-approval • How much can you afford?
  8. 8. 8 What to Expect From this Market Navigating this market can be very complex at times. In your search for a home you generally come across three different types of sellers. Each one will have different escrow timeframes, negotiation styles, pricing strategies, and timeframes for accepting your offer. Withoutknowingthedifferentcharacteristicsof the different types of sellers it can be very frustrating to a buyer. Traditional Sales: These are sellers who have equity intheirhomesandareusuallylookingtocloseescrow in 30-45 days. When writing an offer on a traditional sale you will usually negotiate directly with the seller through their agent. Short Sales: These are sellers who owe more than what they can sell their home for and therefore have to negotiate with their bank to receive a lesser amount. Typically the negotiation process with the bank can take four to six months to get an offer approved and the price is subject to change during this time. There is also a chance that the bank will reject the seller’s request for a short sale and instead foreclose on it. Foreclosures: These are the homes which have been foreclosed on and taken back by the bank, also known as Real Estate Owned (REO) or bank owned. Like the traditional sale the bank will want to close escrow within 30 days upon accepting your offer. The banks are motivated to sell these homes quickly and will typically price them slightly below market value to get multiple offers and create a bidding war to drive the price up. Even though you may pay over the asking price, these can still be a great value. When Writing an Offer Here are some things to consider to ensure your offer gets accepted: What type of sale is it? • Traditional sale, short sale, foreclosure? Is it priced right for the market? • What is the buyer activity? • Are there offers on the home? • What other homes are for sale in the neighborhood? • What has sold recently in the area? • How long has it been on the market? What is the seller’s motivation? • Are they price driven or are there other terms that are more important to them? • How long of an escrow are they looking for? Do you need concessions for closing costs? • Closing costs such as title, escrow, and lender fees usually cost around two to three percent of the sales price. Are there multiple offers on the property? • This is not uncommon for homes priced right for the market, in great condition, and in a good location. • Often times the seller will ask for your “highest & best” offer. In other words, what is the highest price you will offer, considering someone else might out bid you, you would not have any regrets because you gave it your best shot?
  9. 9. 9 Technology Streamlines Your Transaction with the Turner Team Technology is constantly moving the real estate industry forward. We strive to adopt the tools that will make your transaction as smooth as possible. Therealestatetransactionisgettingcloser and closer to being paperless. Electronic signatures are widely accepted and allow you to sign without printing, scanning, or faxing. It doesn’t matter if one signer is home and the other is on a business trip. All signatures are collected by the system and placed into one document no matter who signs first. One of our clients signed his accepted offer from 30,000 feet on a cross country flight with WiFi and his mobile phone! Skype allows us to keep in touch anywhere in the world with an Internet connection. We’ve helped buyers and sellers close transactions from as far away as England, Singapore, and Taiwan. We use Dropbox to manage all of our paperless files to ensure we can quickly access them wherever we are.
  10. 10. 10 Home Warranty ➢ What is a home warranty? A home warranty is a service contract that covers the repair or replacement of many of the most frequently occurring breakdowns of home system components and appliances. ➢ Why do I need a home warranty? While a home warranty is optional, it is highly recommended. Unexpected repair or replacement costs can easily strain your budget. Plus, finding a qualified professional to solve your problem can be stressful and inconvenient. A home warranty cannot prevent systems or appliances from breaking down, but it can help make handling covered repairs or replacements easier and less costly. ➢ Types of coverage Because all plans differ, you will need to ask specifically what is covered. We are happy to discuss with you the different options and what best fits your needs. ➢ How do I acquire a home warranty? A home warranty can be purchased by the buyer on your own, purchased by the seller while their home is on the market, or negotiated during the sales agreement. ➢ Recommended Home Warranty Providers American Home Shield www.ahs.com 800.735.4663 Landmark Home Warranty www.landmarkhw.com 866.306.2999 Old Republic Home Protection www.orhp.com 800.445.6999
  11. 11. 11 Dual Agency and Buyer Due Diligence As a buyer, you want to pay the least amount of money and have the seller make the most amount of repairs. As the seller you the most amount of money and to complete the fewest number of repairs. The back pages of this guide contain the State of Oregon’s Agency Disclosure Pamphlet. Disclosed dual agency is a real estate transaction where both the buyer and seller agree to be represented by the listing agent. WE WON’T DO THAT. The Turner Team, Inc. will only participate on behalf of one party in all non-institutional sales. Representing both sides is a conflict of interest. If you hire us as your Realtors® you know that we have your best interests in mind. The only time we will participate in a dual agency transaction is if the seller is a bank or other entity. Banks are also exempt from property disclosures and their offer acceptance is “as-is”. In the bank owned sales that we list, we are the conduit for the flow of information. Your decision whether to buy or not is based on the bank’s terms and the due diligence that is performed during the inspection period and other contingencies. The Earnest Money Agreement [the offer] paperwork contains contingencies that are mostly in favor of the buyer. Most contingencies expire after a set time and are considered accepted unless action is taken to reject them. Each contingency allows you to review the information provided by the seller, the title company, inspections, and other sources of due diligence during that contingency’s time frame. Rather than“Buyer Beware”we strive to make it“Buyer Be Aware” so that you know you are making the best decisions for your situation. If you back out of a transaction based on a contingency you would be entitled to have your earnest money returned. If you simply change your mind and don’t want to buy the property your earnest money could be forfeited to the seller. In all instances, both the buyer and seller must agree to what happens to the earnest money in writing. As a seller, you are obligated to sell under the terms agreed upon but do not have to make any concessions or repairs. One of the best sources of public information about a specific property or address in Portland is PortlandMaps.com. You can find everything from crime reports, building permits, and oil tank records to your garbage collection schedule. The “Resources” page of our TurnerRealtor.com website provides the links for other county’s websites and also to public school links. The Oregon Association of Realtors® provides Buyer and Seller Advisories designed to assist home buyers and sellers in meeting their obligation and/or to satisfy themselves as to the condition and desirability of real property. Common issues that arise in Oregon real property transactions are summarized in these Advisories, which can be found on their website: www.oregonrealtors.org/resources/membership-resources/buyer-seller-advisories
  12. 12. 12 Mortgage Brokers Recommended by Past Clients Kim Pentrack Senior Mortgage Banker Direct: 503.706.9077 Office: 503.617.3467 Kim.A.Pentrack@wellsfargo.com www.wfhm.com/loans/kimberly-pentrack I’m a native Oregonian and graduated from the University of Oregon’s business school. I have been a Branch Manager for Wells Fargo Home Mortgage since 2001. My team can help clients with a variety of home financing needs including condo’s, renovation, investment, first time, move up, and second homes. In addition, we specialize in new construction with long term locks, and Corporate Relocations. Our goal is to offer you multiple options so you can make a well informed decision that best meets your short and long term financial goals. Brian Haveman Senior Mortgage Banker NMLS #4988 Office: 503.459.0583 brianh@go-summit.com go-summit.com Brian Haveman is a native Oregonian. He graduated from Clackamas High School, then studied Business and Pre-Veterinary Medicine at Oregon State University where he graduated in 1993. Brian has been with Summit Mortgage Corporation since 1995. He enjoys working with a wide variety of clients with different needs and situations. Outside of work, Brian enjoys spending time with his family, attending his children’s sporting events, racing sailboats, and all the outdoor activities the Northwest has to offer. I am a native Oregonian and started my career in lending February 2, 1980. I learned early on that what clients want and certainly deserve is straight forward honesty about the products that fit their needs and the process they are entering into. Beyond that I am committed to ensure that everyone I deal with has price clarity about the cost of doing business with me and I gladly take the time to help borrowers compare offering from other lenders. While this may sound simple, our rapidly changing business demands full attention and you can depend on my full time commitment to overseeing all the details of your next real estate transaction. Shane Musselwhite Loan Officer - NMLS 249862 Office: 503.908.7116 Mobile: 503.705.8111 shanem@guildmortgage.net www.guildmortgage.net/officers/ shanemusselwhite Evan takes great pride in working individually with every customer that the team serves. He brings his expertise as a Certified Financial Planner™ to every loan application, educating all customers on how the choices they make surrounding their mortgage will affect the rest of their financial lives. Evan is a proud husband and father; he married Tina in 2006, and they welcomed daughter Addie in 2010 and son Bennett in 2012. When Evan can find time away from work, he enjoys being with his family, teeing it up on the golf course, and listening to his vinyl record collection. Evan Swanson, CFP ® Mortgage Professional NMLS #120856 Office: 503.282.5626 x4012 Mobile: 503.314.9959 evan@mortgage-trust.com www.evanswanson.com Hiring a great mortgage professional means access to a variety of lenders and finding the right loan options for your specific needs.
  13. 13. 13 Preparing for the Lender • Full names of all purchasers as they are to appear on the title. • Social security numbers of all purchasers. • Present residence address for all purchasers and previous address for all purchasers going back two years. • Home, office, cell phone numbers. • Present Employer: Name, address and a contact person to send employment verification form. • Explanation for any gap during two year employment history. • Relocation letter for any transferees - giving date, salary, new location, and any relocation benefits. • Previous Employer: Name, address, and a contact person, going back two years. • Present Salary: Year-to-date pay stub and W-2s for last two years. • If any variable income, commission, part-time income, bonus, overtime, interest income, etc., is being used to qualify: Two years signed federal tax returns and W-2s and/or 1099s. • If self-employed: Two years signed federal individual and corporate returns (if applicable). Also a profit and loss statement and balance sheet. • Diploma or transcript if student during two year period. • Rental Income: Copy of lease which is current and at least one year in length. • Alimony and Child Support (only if used for qualification): Copy of divorce decree and property settlement (ratified) setting out terms. Proof of payment will also be requested at application. • Income from notes held: A copy of the ratified note. • Retirement, Social Security, and Disability Income: Copy of award letter and latest check showing amount of present payment. Copy of end of year statement if applicable. • Bank Accounts: Name of bank, address, account numbers, types of accounts, and present balances. With checking, use average balances. • Copy of two most recent statements of all accounts. • Stocks and Bonds: Copy of certificates or copy of recent (within 30 days) broker statement listing holdings. • Life Insurance: Cash value, only if being used for down payment. • Vehicles: Year, make, and value. Copy of title if under four years old with no outstanding lien. • Real Estate: Address and market value. If free and clear, deed of release, deed or mortgage payoff. • Present Home: Copy of sales contract, settlement sheet and/or lease. • Gift Letter: Form will be provided by financial representative. Donor capacity must be verified. Receipt of funds must be shown in account. • Credit Cards: Account numbers and outstanding balances. • Loans(Auto,Mortgage,Personal,Student,etc.):Nameofinstitution,address,accountnumbers,outstandingbalances, monthly payments, and months left on loan. Copy of next payment coupon. 12 months of statements or canceled checks for present mortgage. • Alimony and Child Support: Copy of ratified decree and property settlement setting out terms. • Certificate of Eligibility: To obtain, you will need a DD-214 (Separation of Service) or if in the service, you will need a Statement of Service signed by a Commanding Officer or Personnel Officer (certificate must be updated prior to application). • If in the service, you will need an Authorization to Live Off Base (DD-1717 from the housing office) andTransfer Order (if applicable). PersonalEmploymentOtherIncomeAssetsLiabilitiesVALoans
  14. 14. 14 Loan Process Do’s and Don’ts Will Mortgage Pre-Approval Hurt My Credit Score? This is a very common myth. Getting preapproved is 100% beneficial to you because it gives you the confidence to write offers and prevent any heart ache down the road. Good agents and smart sellers will not even consider looking at a financed offer without a preapproval letter. All of the credit bureaus understand the complex timing of getting a mortgage. Therefore, they have instituted measures to avoid reflecting pre-approval inquiries on credit reports. There are certain “Dos and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during, and after loan approval, up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour you have signed your final loan documents. Here is a list you should comply with: Don’t! • Do anything that may alter your credit and risk you obtaining your loan. Also, these things may put you in default of your Sales Contract, put your Escrow deposit at risk, and put you at risk of being sued. • Quit your job or change jobs. If this is likely, consult your loan officer and call our office. • Allow anyone to make an inquiry on your credit report except your lender. • Apply for credit anywhere else except with your lender. This causes more “hits” on your credit rating which can reduce your credit score. • Change bank accounts or transfer money within your existing accounts. • Co-sign for anyone, for any reason, for anything. • Purchase or attempt to purchase anything on credit such as another car, truck, boat, furniture, etc. • Charge any abnormal amounts to your current credit cards or credit lines. • Send in late payments or incur late fees for anything. • Wait longer than the time-frame given per your contract to provide all necessary paperwork and information to your lender. Do! • Keep all accounts current, including mortgages, car loans, credit cards, etc. • Contact both your lender and your Realtor® anytime a question arises. • Make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan. • Have any lender-required money or funds to your loan officer within seventy-two hours after home inspection is complete. • Return phone calls from your agent, loan officer, settlement company or anyone else involved in your transaction within two hours of a message.
  15. 15. 15 Moving Checklist 4 Weeks to Go ❍❍ Call moving companies for a free estimate. Cost will vary depending on distance, weight, and optional services. ❍❍ Look through your house to determine items to be discarded or donated to charity. Have a garage sale! ❍❍ Inform schools of transfer. Make arrangements for enrollment/ registrationinnewschoolsifnecessary. ❍❍ Most homeowner’s policies do not provideadequatecoverageformoving. Check with your agent and consider purchasing additional coverage from a moving company. ❍❍ Begin collecting boxes with covers if you plan to pack your belongings. You can purchase packing materials through moving companies or contact local grocery stores for extra boxes. Be sure to stock up on packing tape! ❍❍ Begin consuming perishable and frozen food items to minimize waste. 3 Weeks to Go ❍❍ Begin packing! ❍❍ Notify the post office of your new address and send change of address cards to friends, family, subscriptions, and any billing companies/credit cards. ❍❍ Make necessary travel arrangements including interim housing and car rental. Be sure to record confirmation numbers. ❍❍ Collect medical records and prescriptions from physicians. Ask for recommendations for doctors in your new area. ❍❍ Place legal medical and insurance records in a safe and accessible place. 2 Weeks to Go ❍❍ Arrange to disconnect utilities/ services in your current residence and coordinate installation of utilities/services in your new home: ❑❑ Electric/Gas ❑❑ Water/Sewer/Trash ❑❑ Phone ❑❑ Cable ❑❑ Internet ❑❑ Other: __________________ ❍❍ Close/transfer bank accounts and open accounts in your new city. ❍❍ Take pets to the vet for immunizations. Ask for advice on moving animals. ❍❍ Draw a map of your new home and where the furniture will be arranged. ❍❍ Return library books and any borrowed items. ❍❍ Be sure to cancel newspaper subscriptions and/or special services you have (i.e. landscaping/lawn service, snow plow, etc.) ❍❍ Change your address with the DMV for your vehicle registration and your license. 1 Week to Go ❍❍ Prepare car for the trip. Check the oil, tires, brakes, etc. ❍❍ Drain water from household hoses. ❍❍ Drain gasoline and oil from any lawn or power equipment. ❍❍ Remember to pick up items sent to the cleaners or for repairs. Final Days ❍❍ Defrostandcleanoutrefrigerator. ❍❍ Pack your luggage and separate any items you will need in the first days in your new home. Label these boxes“Load Last”. ❍❍ Reconfirm travel arrangements. ❍❍ Reserve ample parking space for the movers and provide clear paths inside the house. The Big Day! ❍❍ Be on hand to answer any questions. ❍❍ Go over your inventory with the driver. ❍❍ Be sure to point out all FRAGILE items to the movers. ❍❍ Check, double check and triple check to see if anything is left behind! ❍❍ Do not leave the house until the movers are gone.
  16. 16. 16 Services You May Need Real Estate Lawyers Phil Querin 121 SW Salmon St, Ste 1100, Portland, OR 97204 503-471-1334 Richard A. Mario 5300 Meadows Rd, Ste 200, Lake Oswego, OR 97035 503-620-8900 Home Inspectors Home Team Inspection Services » Mike Huppi 5890 SW 191st Ave, Aloha, OR 97007 503-530-8306 www.hometeam.com Nickelsen Home Inspections, LLC » Kurt Nickelsen 7314 NE 58th Ave, Vancouver, WA 98661 360-907-9648 www.nickelsenhomeinspections.com Pillar to Post » Scott Saari 1118 Lancaster Dr, #316, Salem, OR 97301 503-856-8775 www.scottsaari.pillartopost.com Pillar to Post » Chris Livingston 10258 SW Stuart Ct, Portland, OR 97224 503-682-3053 www.portlandwestside.pillartopost.com Superior Home Inspection » Troy Walton 12611 NE 7th Ave, Vancouver, WA 98685 360-571-4142 www.a-shi.com Sewer Inspectors Pipe Repair Services » Bill Schroeder 971-570-5452 Pest Management Evergreen Pest Management 503-925-9752 www.nobugs4u.com Home Stagers Chancellor Designs » Ruth Chancellor 503-807-8167 www.chancellordesigns.com Synergy Staging 503-557-2244 www.synergystaging.com Electricians Precision NW Electrical Contractors » Mike McDonald 503-413-9870 Insurance Farmers Insurance » Paul Rilatt 8196 SW Hall Blvd, Ste 217, Beaverton, OR 97008 503-646-2300 www.farmersagent.com/prilatt Pentrack Allstate Agency » Todd Pentrack 4855 SE TV Highway Hillsboro, OR. 97123 Radon / Oil / Mold / Lead Alpha Environmental 11080 SW Allen Blvd, Ste 100, Beaverton, OR 97005 503-292-5346 www.alphaenvironmental.com Handyman Services Kyle Kuhlman 503-989-7517 Jody Roscoe 503-318-2848 www.goodneighborllc.com CCB# 187254 WA# GOODNNH851C6
  17. 17. 17 Looking for a Home Inspector (1 of 2) Here’s What You Need to Know: ➢ Why should I get a home inspection? Before purchasing a house, many people contract with a home inspector to objectively evaluate important aspects of the home’s condition. A professional home inspector can spot existing defects and conditions that the seller may be unaware of. ➢ What is a home inspection? A home inspection is a general, visual examination of the current condition of the house. An inspection report should cover the mechanical systems of the house: interior plumbing, electric, heating and cooling, general interior, attic and visible insulation, ventilation, siding, windows, doors, roofs, attached garages, foundation, and visible structure. Features that are not part of the main structure such as septic systems, wells, underground piping, and swimming pools are usually not included. A Wood Destroying Organism Report (WDO), sometimes called“a pest and dry rot”, may also be included. Home inspectors will not move furniture, rugs, or other obstacles, nor will they inspect areas which are inaccessible such as wall interiors, wet crawl spaces, and steep or wet roofs. ➢ How do I find a qualified home inspector? Consider finding your own home inspector. Don’t rely solely on the recommendation of the real estate agents involved in your house purchase. Ask friends, co-workers, neighbors, or lender for recommendations. ➢ How do I check a home inspector’s qualifications? Before signing a contract with a home inspector, check with the Oregon Construction Contractors Board (CCB) to make sure the business is properly licensed, and has a certified home inspector employed. Anyone who performs home inspections of two or more components: roof, plumbing system, electrical system, etc. must be certified with the CCB. A licensed business is also insured and bonded, providing some financial protection if problems occur. To check a license, certification, and complaint history, visit the CCB at www.oregon.gov/ccb or call the CCB at 503-378-4621. Ask the home inspector if he/she belongs to a trade association. Trade associations require members to adhere to standards of practice, a code of ethics, and industry-specific training. Continued on Next Page Keep in mind that a home inspection is an educated opinion, not a warranty or guarantee that the house is sound or that there will never be any problems.
  18. 18. 18 Looking for a Home Inspector (2 of 2) ➢ What else should I know? You get what you pay for: Don’t automatically contract with the lowest-priced home inspection company. Consider aspects such as cost, services provided, experience, and qualifications of the home inspector before deciding which company meets your needs. Ask questions: How does the company handle disputes–do they have an arbitration clause in their contract? What items will the home inspection report include? (Reports must be written, but there is no standard format.) A written contract is required for all home inspections: If there are problems later, a written contract will protect you. Don’t sign the contract until you have read and understood everything in it. The Construction Contractors Board has adopted Standards of Practice and Behavior which list what a home inspector must do and cannot do. If you and your home inspection company agree that the home inspection will deviate from those standards, the changes must be written into your contract. Liability Clauses: Read the contract carefully. Home inspection businesses often include a clause in their contracts which limits their liability amount to the cost of the inspection. This is a common practice that underscores the need for buyers and sellers to find skilled, competent home inspectors. Beclearaboutwhatisandisnotincludedinthehomeinspection: Youmayneedtocontractforaspecializedinspection to check details such as asbestos, radon, lead-based paint, code compliance, mold, low-voltage wiring, etc. It is important to be present at the home inspection: To discuss the home inspector’s findings, the current condition of the house, and any minor or major repairs that may be needed. Any business that does an inspection of two or more components of a house cannot, by law, perform repairs on the house within twelve months of the home inspection. However, home inspectors who inspect only one detail of a home (for example, the roof), may contract to perform repairs on the house. Consider getting a second opinion: If the home inspector’s findings indicate needed repairs, get an opinion and an estimate from another properly licensed contractor before deciding to buy the home. Home inspectors should not give estimates of the home’s market value: Oregon certified home inspectors cannot provide an opinion on or appraisal of the value of a house that he/she has inspected. ➢ What should I do if I have problems? The Construction Contractors Board offers dispute resolution services for homeowners who use licensed home inspection businesses. Try to resolve the problem with the home inspection business first. If you cannot come to an agreement, download a complaint form from CCB’s website at www.oregon.gov/ccb (click on Consumer Help or Dispute Resolution). You can also call the CCB at 503-378-4621 to obtain a complaint packet or to ask further questions. If you had a contract with the home inspection business, you may file a complaint as long as you do so within a year of the home inspection.
  19. 19. 19 Buying a Short Sale “Short Sale”is used to refer to those real estate transactions in which the agreed-upon purchase price is insufficient to pay off all of the secured debt on the property (such as mortgages, trust deeds, state/federal income taxes, liens, property taxes or other local assessments) including the costs of closing, such as escrow and recording fees, title insurance premiums, real estate commissions, etc. As the buyer of a short sale, patience is often the most important component to a successful sale. When the seller accepts your offer it is sent to the bank(s) for approval. That process can take months and still does not guarantee the transaction will close. The contingencies in your offer begin with notification of short sale approval. That’s when your earnest money must be deposited and the inspection period and other contingency time frames begin. Do you want to fall in love? If you do, a short sale may not be the best home for you. The process can take months and there are lots of things that can go wrong during the transaction that you have no control over. Short sales are best for those that have no time contraints on making a purchase and that will not be crushed if the transaction falls apart. When you are looking at property online, short sales that are awaiting bank approval are catagorized as “Short Sale Pending” (SSP) and will show as available. When bank approval is received the property goes“Sale Pending”and will drop off of property search results.
  20. 20. 20 Buying a Bank-Owned Property (1 of 2) Continued on Next Page What price does the bank (seller) want for the property? The same as if a private seller was listing their home. They want the listing price or better. How did the seller come up with their listing price? The sellers typically try to determine fair market value through a combination of Broker Price Opinions and appraisals on the property. The condition of the property was also taken into consideration. How do I place an offer for the property? All offers must have either a pre-qualification letter or proof of funds attached to them. A pre- qualification letter can be obtained by going to a direct lender. Proof of funds can be a bank statement showing the balance in the account exceeds the offer amount or a statement from a securities company. A prequalification letter must be current and contain the following information: • Borrower’s name • Borrower’s lending limit • Lender’s name • Lender’s address • Loan Officer’s name • Loan officer’s direct phone and fax numbers. Once you have obtained proof of funds or a pre-qualification letter, then you should begin looking at houses. What should I offer for the property? You should make an offer that feels comfortable to you. However, if you are going to submit an offer substantially below the list price, be prepared that you may: 1. be outbid by other prospective buyers; 2. need to wait an extended amount of time for a seller’s answer; or 3. be forced to look for a different property if your offer is not accepted. Will the seller look at more than one offer? YES. And the seller will not consider a property under contract until the seller has signed all contract forms and addendums. (They will not do this until the buyer has signed all of these forms first.) Therefore, if you make an offer on a property and receive seller addendums back, you need to review and (if you agree to the terms) sign them immediately and return them. (Never cross out or make changes on the seller addendums unless you are willing to have the seller treat such changes as a counter offer that can result in your offer subsequently being rejected by the seller.) Will the seller make repairs? Most foreclosures are sold “AS IS, NO DISCLOSURES.” This means the property is offered “as is,” without repairs or upgrades. The seller has already reduced the price of the property for any damages or needed repairs, which are reflected in the listing price. As for“No Disclosures,”the seller cannot provide disclosures because typically the seller has not personally seen the home to have knowledge of its condition. Foreclosure sellers generally rely on what the listing agent and appraiser have seen.
  21. 21. 21 Buying a Bank-Owned Property (2 of 2) When will the seller respond to my offer? Response times on an offer can vary from just a few days, to much longer. Will the seller accept contingencies or a Lease/Purchase? No. Contingency and lease/purchase offers are generally not accepted on foreclosed properties. Does the seller have any special forms? Most sellers do have what they call“special addendums.” These forms vary from lender to lender. The addendums supersede the original purchase and sale agreement and become part of the purchase and sale agreement. Most of these forms have a few items that the buyer must pay close attention to, such as per diem charges, inspection periods, closing costs, and earnest money requirements. Should I get a home inspection? Yes. A thorough home inspector can provide the buyer with valuable information. Will the seller allow for an inspection period? Typically, yes. This inspection period is normally 10 days long. It is designed so that the buyer can have a home inspection, termite inspection, septic inspection, survey (if desired) and appraisal completed. An appraisal is part of the inspection period. The inspection is not designed to allow the contract to be re-negotiated. Generally this will kill the transaction if the buyer attempts this.The seller will not activate utilities if the condition of the property is deemed unsafe. Ask the listing agent for more information. Can my agent provide me a home inspection? No. A home inspection can only be performed by someone associated with ASHI (American Society of Home Inspectors) or NACHI (National Association of Certified Home Inspectors). Will the seller pay my loan closing costs? Closing costs, along with other aspects of the transaction, are subject to negotiation. Does the seller accept FHA? This depends on the seller and the condition of the property. Will the seller finance the property? This depends on the lender. If they do, it will be advertised as such.
  22. 22. 22 What Our Clients Have to Say Continued on Next Page ««««« Highly Likely to Recommend 11/20/2016 - Janet M. Bought and sold a Single Family home in 2009 for approximately $200K inVancouver,WA. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is incredibly amazing and very knowledgeable. She worked with me as a first time buyer in 2009 and helped me negotiate with some hiccups due to the seller at closing. She also was my selling and buying agent last year and was very prompt in responding to my many questions, regardless of how busy she may be. If you want the best to represent you, look no further than Jenny Turner. I highly recommend her and her team. ««««« Highly Likely to Recommend 08/30/2016 - Ojas S. Bought a home in 2016 in Harmony Point, Happy Valley, OR 97086. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Going through the first time home owner process, Jenny first gave me a detailed overviewoftheprocess.Ihadmyrequirementsdownaheadoftime.Shethenhelped me set realistic expectations and worked with my timeline. What i really liked about Jenny & team is that right form the start, till I officially moved in - I was presented with unbiased information.Thus, providing me all info - that I can then decide upon. ««««« Highly Likely to Recommend 08/18/2016 - Jessica R. Bought a home in 2015 in Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Wehadacomplicatedsale.Wehadsavedsomemoneyandwantedtobuyahousein Portland. We didn’t live there and were not sure we could get transferred. We found JennyTurner on an Internet search.We had no connections or prior relationship.The oddsofusbuyingahomewereabout40%.The TurnerteamtreateduslikeVIPsfrom the beginning. When we found our dream house, we had trouble securing a loan since we lived out of state. Jenny helped us find a mortgage rep who specialized in our situation. When our inspections had a few issues, Jenny brought in trusted 2nd opinions. When we found out that we couldn’t live in the house for 2 years, Jenny helped us find a rental management company. I’ve never experienced this level of service before.We were a long shot that turned into loyalTurnerTeam for life clients. Now we are getting ready to move in. I’m excited to be their neighbors! ««««« Highly Likely to Recommend 08/18/2016 - Jenn S Sold a Single Family home in 2016 for approximately $400K inWoodstock, Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We have sold two homes and purchased three with the help of Jenny and Charles. They aretheabsolutebest. Theyareprofessional,personable,andhighlyknowledgable. Their communication has always been quick and clear and they have fantastic foresight and problem solving skills. Their network of inspectors, contractors and other professionals is excellent and we have always been pleased with who they have reccomended. We have reccomended them over and over to friends and family because we trust that anyone will be very happy with the results when working with theTurners. ««««« Highly Likely to Recommend 08/15/2016 - Brian K. Bought a Single Family home in 2016 for approximately $350K inWest Beaverton, Beaverton, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny was great. We had multiple friends recommend her and she came through for us. We also worked a little with a couple other team members who were also friendly and knowledgeable. We were very aggressive first time home buyers as we needed to be in this crazy Portland market. From the day officially entered the market, to the day we had our offer accepted only 9 days went by. We offered on three homes losing out on the first two, thankfully, and ended up getting the perfect home for us. Jenny helped us make offers we were comfortable even if it meant we may lose out on the purchase such as the first two homes. In other words she didn’t push us out of our comfort zone to purchase a house we didn’t want or couldn’t afford. She was very receptive to all our needs, wants and financial situation. She was super knowledgeable and had great attention to detail when viewing homes. She was able to point out the important things to look for in homes especially things we may have to worry about down the road. We asked a lot of Jenny and her team over those 9 days with many home visits, emails, texts and phone call; they were prompt and receptive to them all. She was an expert in the home buying process and all the loads of paperwork we had to sign. We also felt that we could trust she was doing things in our best interest. We made a bold offer to get our house but felt comfortable doing so after speaking in depth with Jenny. We would definitely recommend her in the future and are very thankful she help us buy our wonderful home! ««««« Highly Likely to Recommend 11/25/2015 - Teresa T. Bought and sold a home in 2015 in Tanasbourne, OR 97006 Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny and her team member Jessica Berger went way beyond any expectations we had. They were always there to answer our questions quickly and honestly. They kept us well informed of the process and how things were going. I highly recommend Jenny and Jessica to anyone looking to buy or sell, you won’t be disappointed. ««««« Highly Likely to Recommend 06/04/2015 - Gabe S. Bought a Single Family home in 2015 for approximately $450K in St Johns, Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« I would highly recommend Charles & JennyTurner. Our latest home purchase was a breeze, and really enjoyable. We really felt like they had our best interests at heart, and that we were in good hands from the beginning. I can’t speak highly enough of them.
  23. 23. 23 What Our Clients Have to Say See all of our reviews at www.zillow.com/profile/TurnerRealtors/Reviews ««««« Highly Likely to Recommend 05/08/2014 - Brian H. Bought a Single Family home in 2014 for approximately $250K in Hillsboro, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We had a two year relationship with the turners (Jenny). When our first home fell through on our end, Jenny picked us up and kept us moving. When we were finally able to work it out, she was there with the perfect home - the first one she took us to! We cannot recommend the Turners highly enough. ««««« Highly Likely to Recommend 04/27/2014 - Alina A. Bought a home in 2014. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is amazing. She is personable, knowledgeable, and trust worthy. She never wasted our time and was very patient with us. There were several bids for our house and she helped us be the chosen ones, without us exceeding our comfort zone with price. She would get back to us quickly with any concerns and more on top of everything than we could ever be. This is the third time we’ve bought a home and definitely the best experience we’ve had. ««««« Highly Likely to Recommend 08/18/2016 - Billie C. Bought a Single Family home in 2014 for approximately $425K in Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is hands down the best real estate professional I’ve ever worked with. She was always thoughtful, on-time, and sought answers from her large network of professionals to answer any questions we had about any house we looked at. We had questions about odd roof features that she sought answers to right away. When we had concerns about an old basement, she brought in an expert that demonstrated a passion for his craft and took the time to help us understand the construction and current state of the foundation. I’ve recommended the Turners to multiple friends, and they’ve all reported similar experiences. ««««« Highly Likely to Recommend 08/18/2016 - Megan F. Sold a Single Family home in 2016 for approximately $575K in Portland, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« We love working with the Turner Team. Always a pleasure! Very detailed oriented and responsive. Also applied creative approach to getting great turn out at open houses. Also great at handling inspection period and follow through to see the transaction through completion. ««««« Highly Likely to Recommend 04/25/2014 - Dawn W. Bought a Single Family Home in 2014 in Tualatin, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny was a super star! She was very knowledgeable, narrowed down our choices and facilitated and advised all along the way. She was punctual, organized and very personable. I would recommend Jenny highly. ««««« Highly Likely to Recommend 01/15/2014 - Cheryl W. Sold a home in 2013. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Our lake front home had been listed for about a year with another agent who was unsuccessful in selling it. We listed with the Turner team and they had our home sold in just a couple of months. They are professional, positive, and a pleasure to work with. Our phone calls were always quickly returned and they were open to any and all questions. We would definitely work with them again and recommend them to friends. ««««« Highly Likely to Recommend 01/15/2014 - Jason C. Sold a Single Family home in 2013 for approximately $275K in Beaverton, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Working with Jenny (and her team) to sell my property was a breeze. Her expertise in the area was evident from day one of my search for a realtor. Being an out-of-state property owner, I was naturally nervous about not being able to be on site for the sale of my property. However, working with Jenny gave me confidence that we were priced right and everything would be handled professionally. Jenny was always available for questions or concerns, no matter how big or small and I thank her for that. I sold my property within the first month of listing! Thank you Jenny and your team!!. ««««« Highly Likely to Recommend 01/14/2014 - Joe M. Sold a Single Family Home in 2013 for approximately $400K in Wilsonville, OR. Local knowledge: ««««« Process expertise: ««««« Responsiveness: ««««« Negotiation skills: ««««« Jenny is fantastic at what she does. I have used her services to both purchase and sell my homes and she never disappoints. It seems like she is available 24-7 and she does everything with a smile. Jenny is knowledgeable, professional, fun, understanding and precise. She has a ton of connections and all of them love her! I will always refer her to friends and family. If you need an agent, pick up your phone and enjoy the ride. Thanks Jenny!
  24. 24. 24 Oregon Real Estate Agency Disclosure Pamphlet (1 of 2) Consumers: This pamphlet describes the legal obligations of real estate licensees in Oregon. Real estate brokers and principal real estate brokers are required to provide this information to you when they first meet you. This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and a broker or a principal broker. Real Estate Agency Relationships An “agency” relationship is a voluntary legal relationship in which a licensed real estate broker or principal broker (the “agent”) agrees to act on behalf of a buyer or a seller (the “client”) in a real estate transaction. Oregon law provides for three types of agency relationships between real estate agents and their clients: • Seller’s Agent: Represents the seller only. • Buyer’s Agent: Represents the buyer only. • Disclosed Limited Agent: Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of all clients. The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent. Definition of“Confidential Information” Generally, licensees must maintain confidential information about their clients. “Confidential information” is information communicated to a real estate licensee or the licensee’s agent by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell.“Confidential information”does not mean information that: a. The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the seller, or the seller instructs the licensee or the licensee’s agent to disclose about the seller to the buyer; and b. The licensee or the licensee’s agent knows or should know failure to disclose would constitute fraudulent representation. Duties and Responsibilities of a Seller’s Agent Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow the agent to also represent the buyer. An agent who represents only the seller owes the following affirmative duties to the seller, the other parties and the other parties’ agents involved in a real estate transaction: 1. To deal honestly and in good faith; 2. To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and 3. To disclose material facts known by the agent and not apparent or readily ascertainable to a party. A seller’s agent owes the seller the following affirmative duties: 1. To exercise reasonable care and diligence; 2. To account in a timely manner for money and property received from or on behalf of the seller; 3. To be loyal to the seller by not taking action that is adverse or detrimental to the seller’s interest in a transaction; 4. To disclose in a timely manner to the seller any conflict of interest, existing or contemplated; 5. To advise the seller to seek expert advice on matters related to the transaction that are beyond the agent’s expertise; 6. To maintain confidential information from or about the seller except under subpoena or court order, even after termination of the agency relationship; and 7. Unless agreed otherwise in writing, to make a continuous, good faith effort to find a buyer for the property, except that a seller’s agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale. None of these affirmative duties of an agent may be waived, except (7).The affirmative duty listed in (7) can only be waived by written agreement between seller and agent. Under Oregon law, a seller’s agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller. Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law. Continued on Next Page
  25. 25. 25 Oregon Real Estate Agency Disclosure Pamphlet (2 of 2) Duties and Responsibilities of a Buyer’s Agent An agent, other than the seller’s agent, may agree to act as the buyer’s agent only. The buyer’s agent is not representing the seller, even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller’s agent. An agent who represents only the buyer owes the following affirmative duties to the buyer, the other parties and the other parties’agents involved in a real estate transaction: 1. To deal honestly and in good faith; 2. To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and 3. To disclose material facts known by the agent and not apparent or readily ascertainable to a party. A buyer’s agent owes the buyer the following affirmative duties: 1. To exercise reasonable care and diligence; 2. To account in a timely manner for money and property received from or on behalf of the buyer; 3. To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction; 4. To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated; 5. To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise; 6. To maintain confidential information from or about the buyer except under subpoena or court order, even after termination of the agency relationship; and 7. Unless agreed otherwise in writing, to make a continuous, good faith effort to find property for the buyer, except that a buyer’s agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase. None of these affirmative duties of an agent may be waived, except (7).The affirmative duty listed in (7) can only be waived by written agreement between seller and agent. Under Oregon law, a buyer’s agent may show properties in which the buyer is interested to other prospective buyers without breaching an affirmative duty to the buyer. Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law. Duties and Responsibilities of an Agent Who Represents More than One Client in a Transaction One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property, only under a written “Disclosed Limited Agency Agreement”signed by the seller and buyer(s). Disclosed Limited Agents have the following duties to their clients: 1. To the seller, the duties listed above for a seller’s agent; 2. To the buyer, the duties listed above for a buyer’s agent; and 3. To both buyer and seller, except with express written permission of the respective person, the duty not to disclose to the other person: a. That the seller will accept a price lower or terms less favorable than the listing price or terms; b. That the buyer will pay a price greater or terms more favorable than the offering price or terms; or c. Confidential information as defined above. Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise. When different agents associated with the same principal broker (a real estate licensee who supervises other agents) establish agency relationships with different parties to the same transaction, only the principal broker will act as a Disclosed Limited Agent for both the buyer and seller. The other agents continue to represent only the party with whom the agents have already established an agency relationship unless all parties agree otherwise in writing. The principal real estate broker and the real estate licensees representing either seller or buyer shall owe the following duties to the seller and buyer: 1. To disclose a conflict of interest in writing to all parties; 2. To take no action that is adverse or detrimental to either party’s interest in the transaction; and 3. To obey the lawful instructions of both parties. No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation. You are encouraged to discuss the above information with the licensee delivering this pamphlet to you. If you intend for that licensee, or any other Oregon real estate licensee, to represent you as a Seller’s Agent, Buyer’s Agent, or Disclosed Limited Agent, you should have a specific discussion with the agent about the nature and scope of the agency relationship. Whether you are a buyer or seller, you cannot make a licensee your agent without the licensee’s knowledge and consent, and an agent cannot make you a client without your knowledge and consent.

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