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The complete guide for helping you take the first steps towards finding home.GUIDEBuyer'sOREGONLeAnn RaschleS A L E S M A N A G E R(503) 442-1756LeAnn@LovejoyRealEstate.com
Thank you for the opportunity to let usrepresent you in the purchase of your home.We think of our clients as individuals withspecific needs. With this in mind, we strive togive you exceptional service. No two real estate transactions are the same.Regardless of your goals, we can help youmake the informed and educated decisionsthat best suit your situation. Jenny got licensed in 1998, and Charlesfollowed in 2003. Since then we havecontinued to grow and improve the serviceand expertise we are able to offer you. In2010 we incorporated, in part to underscorethat real estate is a business, not a part timehobby. Our current business is made up ofmore than 80% past clients and clientreferrals, so earning your repeat business andreferrals is our main goal. ABOUT US1030 NW 12th Ave. TH-1, Portland, Oregon 97209503.501.2490393 State St. Suite 250, Salem, OR 97301503.501.2490237 NE Chkalov Dr,Vancouver, WA 98684360.326.9445Our team of real estate professionals can makebuying your home a great experience! Lovejoy Real Estate | lovejoyrealestate.com | Page 1Jenny Turner, Principal Broker (OR, WA) - Jenny@LovejoyRealEstate.com - 503-312-4642
We are knowledge brokers. We stay tuned into local markettrends, winning strategies, and we're always seeking moreknowledge. Our team takes complex concepts and breaksthem down into the information you actually need to know.KnowledgeWe are a family even though our team might not all berelated. We work hard, think hard, and laugh hard. Ourdefinition of family extends to include all of our clients.Even after your transaction is complete!FamilyTransparencyWe strive to make this process as clear as possible for you.Our goal is to tell you everything you need to know, asearly as possible. We won't hide anything, pull any shadytricks or leave you to fend for yourself. PartnershipTeamwork makes the dream work. It also makes real estatework. We're committed to discerning details, reallylistening, and standing in your corner every step of the way. When you work with us, you work with a team that has your best interests at heart. We always say we aren't salespeople, we're project managers. Our only goal is to helpyou find the perfect property for you, embodying our team values every step of the way.WHY WORK WITH US? Lovejoy Real Estate | lovejoyrealestate.com | Page 2CONNECT WITH US ON SOCIAL MEDIA@TurnerTeamInc@LovejoyRealEstate@TurnerTeamInc@LovejoyRealEstate
BUYER’S EXTRAORDINARY SERVICE GUARANTEE Lovejoy Real Estate | lovejoyrealestate.com | Page 3As your Real Estate Professionals, we will: Present an agency law pamphlet and explain the agency relationship. Gather information to identify your needs and goals in order to plan a propertysearch. Offer to arrange pre-qualifying or pre-approval meeting with one of our preferredlenders to determine your affordability range and improve your negotiating positionat the point of offer. Explain home warranty services and providers to you. Commit to priority availability for meeting your needs and schedule when it comesto property research and showings. Complete a thorough market search to identify all properties consistent with yourneeds and price range. Prepare a written Competitive or Comparative Market Analysis for you prior to yourmaking an offer, per your request, if possible. Prepare a written offer to purchase the property of your choice, reflecting your priceand terms. Provide you advice and negotiating assistance on all offers to purchase. Monitor andcommunicate the status and satisfaction of contract contingencies. Obtain and review with you the seller’s written property history and disclosurestatement. Recommend professional inspections and review findings and remedies with you. Accompany you on a property walk through before closing, if provided for in thecontract. Contact you after you close to assure the satisfactory completion of all servicedetails.1.2.3.4.5.6.7.8.9.10.11.12.13.
Lovejoy Real Estate | lovejoyrealestate.com | Page 4WHERE WE SERVESalem Corvallis Eugene StaytonPortland Metro Area
MEGHANJenny is fabulous! Her expertise and guidance were amazing in helpingus both buy and sell. She was very patient with us through the entireprocess, and her communication was excellent. Jenny goes above andbeyond for her clients. I highly recommend Jenny and the Turner Team! Lovejoy Real Estate | lovejoyrealestate.com | Page 5CLIENT LOVEJenny and her team are necessities in navigating the Portland real estatemarket. We used Turner Team for purchasing our home 3 years ago andselling it this month, and their expertise was critical on both ends. Theymade both processes easy, allowing us the time to pack and handleother moving chores. We are so thankful to have been matched up withtheir team!ALEXCould not have been happier with our experience when buying asecond home. We were kept informed during each step in the processand all paperwork was easy to complete electronically. What could havebeen a stressful situation was smooth and stress free. Thanks!KENTOur experience working with The Turner Team was outstanding! Theywere always close to our necessities during the whole process. We havea great relationship now based in the work they did and in the way theydid it. Great professionals , great people.CONSTANZABRIANAs first time home buyers Jenny and team made the process very clear,eliminating any surprises along the way. We truly appreciate the work ofthe entire Turner team and network of Mortgage and title professionals. We already have suggested their services to a few friends and willcontinue to recommend them in the future. My family has worked with Jenny & the Turner Team on two homes,and they are truly great at what they do. Attentive, professional, anddiligent throughout the process from start to finish. We appreciate theirstraight forward manner, assessing needs and not wasting time onanything that doesn't fit the bill. I recommend these folks 100%.TODD
HEATHERWe have utilized the services of Jenny and her team a couple of times inthe past and have always been very happy. Our most recent transactionclosed before our house even hit the market and was facilitated withprofessionalism and speed. Jenny also expertly consulted us on how toquickly shift our house from a rental to show ready. Highly recommendthe Turner Team! Lovejoy Real Estate | lovejoyrealestate.com | Page 6CLIENT LOVEJenny and her team are the best! I've been working with Jenny for overa decade and she's the one I trust for expert input. I've bought 2 housesand sold one through her and the Turner Team. She's veryknowledgeable and responds quickly. She also saved me thousands ofdollars on my very first house purchased. I highly recommended themto everyone, especially close friends and family.JAYBeing first-time homebuyers we had so many questions and the teamalways had fast, concise, helpful answers for us. We never missed out ontouring homes and were often the first ones to sneak a peek Definitelyrecommend checking out the whole Turner Team at Lovejoy Real Estateif you're looking for a new home.MICHAELAfter my first meeting, I knew that I found the team I wanted to use tosearch for my new home. They listened to my wants and needs. Oncemy offer was accepted, the Turner Team was with me every step of theway. Even after my transaction was completed the Turner Team hasbeen of great assistance, helping me with questions and making surethat I was satisfied with my new home.ERICMARKCan not say enough about the wisdom and guidance that was sharedwith us when we purchased our dream home. Thank you for all of yourhelp getting us exactly what we wanted!! Thank you Jenny, you ROCK!LILA I would (and often do) recommend them to everyone who is looking tobuy or sell a house. They are excellent at all aspects of the transaction. Every client is treated like good friends. This team loves what they doand it shows. You would be lucky to work with them.
Lovejoy Real Estate | lovejoyrealestate.com | Page 75. Inspections3. Find your dreamhome4. Make an offer7. NegotiateRepairs8. Appraisal 10. Sign Final PaperworkPendingKey day!2. Determinepurchasing power &home needs6. Review homeinspection report9. Receive clear toclose from lender11. Funding andRecording1. Meet your agentTHE HOME BUYING PROCESS
Lovejoy Real Estate | lovejoyrealestate.com | Page # Lovejoy Real Estate | lovejoyrealestate.com | Page 8ELEMENTS OF YOUR OFFER LETTEROffer PriceEarnest MoneyType of financing (Cash,VA, Conventional, FHA,etc.)Pre-approval letter foroffer priceDown payment amount Proof of funds fordownpaymentMONEYShorten or Waive Inspection PeriodSay you're not going to ask for repairs (at all or up to a certainvalue)Waive appraisal contingency/Have a appraisal differential planIncrease earnest money or release earnest money to the sellerQuick closingOffer seller possession after close - also known as "rent back"Closing DateInspection PeriodRent back/delayedpossession periodTIMELove letterHEARTCompetition ReadyIn a competitive housing market, it's important to know where you'd like to be and whatyou're willing to do to get there. We will work with you to understand what may beneeded to get your offer accepted in the current market, but it's equally important foryou to know what your willing and not willing to do. Below are some elements that couldget your offer accepted. Offer EssentialsAlthough there will be a few variances to this list based on your situation and the homeyou are making an offer on, generally speaking these are the minimum required detailsI'll need to write your offer.
Lovejoy Real Estate | lovejoyrealestate.com | Page 9PERSONALFull names of all purchasers as they are to appear on the title. First, Last and Middle or justFirst and Last etc.Social security numbers of all purchasers.Present residence address for all purchasers and previous address for all purchasers goingback two years.All phone numbers.EMPLOYMENTPresent Employer: Name, address and a contact person to send employment verificationform.Explanation for any gap during two year employment history.Relocation letter for any transferees - giving date, salary, new location, and any relocationbenefits.Previous Employer: Name, address, and a contact person, going back two years.Present Salary: Year-to-date pay stub’s covering 30 daysIf you have any variable income, commission, part-time income, bonus, overtime, interestincome, etc. be sure to let your loan officer know.Two years signed personal federal tax returns and W-2s, 1099s, any and all schedulesassociated to your return.If self-employed: Two years signed personal federal and corporate returns (if applicable).Also a year-to-date profit and loss statement and balance sheet.Diploma or transcript if student during two year period if you do not have a 2 yearemployment history.OTHER INCOMERental Income: Copy of lease which is current.Alimony and Child Support (only if used for qualification): Copy of divorce decree andproperty settlement (ratified) setting out terms. Income from notes held: A copy of the ratified note.Retirement, Social Security, and Disability Income: Copy of award letter and latest checkshowing amount of present payment. Copy of end of year statement if applicable.ASSETS & LIABILITIESBank Accounts / Asset statement, check, savings, 401k, IRA, Retirement: Two months’worth. Bank generated statement with the Name of bank, address, account numbers,types of accounts, and present balancesReal Estate: Address and market value. If free and clear, a copy of your most recentproperty tax statement and home insurance declarations page that shows the annual costof your home insurance.Present Home: Copy of sales contract, settlement sheet and/or lease.Gift Letter: Form will be provided by financial representative. Donor capacity must beverified. The path of least resistance would be to have the money wired directly from theperson gifting you the money to the title company, not to your personal account.Alimony and Child Support: Copy of ratified decree You will need a DD-214 If in the service, you will need an Authorization to Live Off Base (DD-1717 from thehousing office) and Transfer Order (if applicable)VA LOANSWHAT TO PREPARE FOR YOUR LENDER
Lovejoy Real Estate | lovejoyrealestate.com | Page 1010 COMMANDMENTS FOR AHOME LOAN APPLICATIONThough shalt not change jobs, quit, orbecome self-employedThou shalt not buy a car, truck, or van(or you may end up living in it!)Thou shalt not use credit cards excessivelyor let your accounts fall behindThou shalt not make any large depositwithout first checking with your loan officerThou shalt not spend money you have setaside for closingThou shalt not originate any inquiries intoyour creditThou shalt not omit debts or liabilities fromyour loan applicationThou shalt not co-sign a loan for anyoneThou shalt not change bank accounts orbanksThou shalt not buy furniture or appliancesuntil you have the keys
Lovejoy Real Estate | lovejoyrealestate.com | Page 11YOUR LENDERCan I affordthis house?What will mymonthlypayment be?What did thehome appraisefor?Did I satisfy allthe conditionsof my loan?What ishomeownershipcounseling andwhy do I need it?Is my appraisalthe same as myhomeinspection?What if myappraisal islower than thepurchase priceof the home?How muchmore moneywill I need tobring toclosing?What is myinterest rate?Can I write apersonal checkat closing forthe downpayment? YOUR REALTOR®Has mycontract beenaccepted?Is this a fairpurchaseprice?What does "asis" mean on mycontract?What isearnestmoney andhow much doI need?When will myhomeinspection bescheduled?What repairsare the sellerswilling to do?How long doesit take to findout if my offerwas accepted?What is a homeinspection? DoI need one?What if theseller doesn'tfix the repairs?Is the washerand dryerincluded in thecontract?WHO SHOULD I CALL?
WILL GETTING PRE-APPROVED HURTMY CREDIT SCORE?Getting pre-approved for a mortgage canimpact your credit score temporarily, butit will not cause heavy or permanentdamage, nor will it affect your mortgageterms. Don’t be afraid to shop around forthe best rate, as all inquiries initiatedwithin 45 days of each other will becounted as a single check.QAWHAT DOES IT MEAN TO ‘LOCK IN’ ANINTEREST RATE?Locking in an interest rate means payingfor a lender’s written guarantee that theinterest rate, terms, and points they havequoted you will remain the same for aspecific amount of time. If you don’tclose before the time is up, then you willbe facing rising interest rates. However, ifinterest rates fall during the lock period,you lose out on the decrease in rate.Make sure to talk to your lender aboutthe best option for you.QAHOW MUCH DOES IT COST TO BUY AHOUSE?Besides your down payment, you willincur a few other fees, including a homeinspection, appraisal, transactionmanagement, and loan costs thattypically amount to about 2-3% of thepurchase price.QAWHAT USUALLY IS INCLUDED INCLOSING COSTS?Closing costs are usually the titleexpenses, prepaid taxes, and any otherexpense incurred throughout themortgage process. In a seller’s market,you are competing with a lot of otherbuyers for the same property, and willalmost always have to pay for your ownclosing costs.QACAN I GO TO OPEN HOUSES WITHOUTMY AGENT?Open Houses can be a great way tocasually view homes. If you do choose totour open houses without your agent, it’simportant to understand that the agenthosting the open house works for theseller and has their best interests in mind.Feel free to let the hosting agent knowthat you already have representation, andthat you’d simply like to view the homewithout getting hassled.QA Lovejoy Real Estate | lovejoyrealestate.com | Page 12FREQUENTLY ASKED QUESTIONSWHAT IS THE HOME INSPECTION FOR?The home inspection is there to give youan idea of the overall condition of thehome. If there are any structural,mechanical, or safety issues, you will havethe opportunity to request that the sellerrepair those items before moving forwardwith the contract.QA
WHAT EXACTLY IS A SHORT SALE? HOWIS IT DIFFERENT THAN A NORMAL SALE?The reason this is called a Short Sale isbecause the mortgage holder of thehouse has agreed to sell the home for lessthan the remaining value of the mortgage,meaning that the mortgage holder will get“shorted” when the property sells. In orderfor the home to sell, both the seller(s) andthe mortgage holder must agree to thecontract. On average, the typical ShortSale purchase takes about 2-3 monthsfrom the time you make an offer to thetime you hear back as to whether or notthe seller’s mortgage holder will evenallow the sale...with no guarantee that itwill even go through.QAWHAT HAPPENS ONCE WE FIND MYDREAM HOME?We write up a Purchase & Sale Agreementthat I will present to the seller’s agent.There are six key terms in a purchase offerthat will adversely or beneficially affect itsoverall strength in the eyes of a seller:purchase price, down payment, financingtype, earnest money deposit, closing date,and inspection contingency.QAWHY DO I NEED A HOME WARRANTY?While a home warranty is optional, it ishighly recommended. Unexpected repairor replacement cost can easily strain yourbudget. Plus, finding a qualifiedprofessional to solve your problem can bestressful and inconvenient. A homewarranty cannot prevent systems orappliances from breaking down, but it canhelp make handling covered repairs orreplacements easier and less costly.QAWHAT IS A HOME WARRANTY?It is a service contract that covers therepair or replacement of many of themost frequently occurring breakdowns ofhome system components andappliances for the first year.QAHOW DO I ACQUIRE A HOMEWARRANTY?A home warranty can be purchased bythe buyer on their own, purchased by theseller while their home is on the market,or negotiated during the sales agreement. QAWHEN WILL I GET THE KEYS TO MY NEWHOUSE?When you take possession of the propertyis subject to negotiation, and is explicitlyoutlined in the contract. Usually, you willget the keys on the day that the salerecords with the county, sometimes theseller.QA Lovejoy Real Estate | lovejoyrealestate.com | Page 13FREQUENTLY ASKED QUESTIONS
Lovejoy Real Estate | lovejoyrealestate.com | Page 14Amendment: A written change to a contract, signedby both parties involved.Appraisal: A written justification of the contractprice, primarily based on an analysis of comparablesales of similar homes nearby. Ordered by thelender.Closing Costs: Expenses incurred from a real estatetransaction, usually charged by a title company,lender, and HOA. Closing Date: The date that the deed and title of aproperty are transferred to a new owner. Comp or Comparable Sale: Properties with similarcharacteristics (size, layout, finishes, and upgrades)that are for sale, pending, or have recently sold.Agents and appraisers use them to justify a contractprice.Contingency: A condition that must be met before acontract is legally binding. Deed: A document explicitly stating the ownershipof real property.Earnest Money: A good faith deposit made by thebuyer to show that he or she is serious about buyingthe house. Earnest money may become non-refundable after certain contingencies are met, ormay be returned to the buyer if the contract fallsthrough.Escrow Company: Neutral third party that facilitatesthe sale.Home Inspection: A thorough inspection conductedby an accredited third party inspector to assess thefunctionality and condition of a property. Home Warranty: A warranty provided by a thirdparty servicer that covers defects or damage tomechanical systems including AC, heating,electrical, plumbing, and major appliances.Loan Officer: A representative of a lendinginstitution that assesses the credit worthiness ofpotential borrowers to determine whether or notthey qualify for a loan.Payoff: A loan statement prepared by a lendershowing the remaining loan balance and number ofpayments, and the rate of interest. Pending: The status of the deal when the offer isaccepted.Possession Date: The date the seller relinquishespossession of the property to the buyer.Processing: The second stage of the mortgageprocess after the borrower’s application has beencompleted and income verified, during which allother required documentation is acquired andevaluated.Title Insurance: An insurance policy required byalmost all lenders that insures against financial lossfrom defects in title to real property and from theinvalidation or un-enforceability of mortgage loans.Underwriting: The final stage of a mortgage processin which all of a borrower’s documentation isscrutinized to determine their eligibility for a loan,and all contract documentation is evaluated todetermine whether the risk to the institution fallswithin an acceptable range.GLOSSARY OF TERMS
Lovejoy Real Estate | lovejoyrealestate.com | Page 15SERVICES YOU MAY NEEDReal Estate LawyersPhil Querin(503) 444- 7661SERVICES YOU MAY NEED Pest ManagementBlack's Pest Services(503) 723-7957The Killers(503) 777-3141Evergreen Pest Management(503) 925-9752ElectricianPrecision NW Electrical Contractors - Mike McDonald(503) 413-9870InsuranceAaron Howard - Country Financial(503) 203-1218 Home WarrantyAmerican Home Shield(800) 735-4663Landmark Home Warranty(866) 306-2999Old Republic Home Protection(800) 455 - 6999Home InspectionIntegrity Home Inspections(503) 246-5076Mike Huppi - Home Team Inspection (503) 314-9577Russ Tolle - 45th Parallel Inspections(360) 419 - 5544Mike Denney - Pillar to Post Home Inspections(541) 250-6367Alpha Environmental Services (SewerInspection)(503) 292-5346Speedy Inspections (Sewer Inspection)(503) 512-0798 Staging/Interior DesignThe Roughhouseroughhouseco.comCW Decorating(503) 953-4868Olive and Ivory Interiorsoliveandivoryinteriors.com
Lovejoy Real Estate | lovejoyrealestate.com | Page 16LENDERS OUR CLIENTS LOVEStephen Bowdon, Academy Mortgage CorporationKim Pentrack, Wells Fargo Home Mortgage503-706-9077 (Mobile) | 503-706-9077 (Office)Kim.A.Pentrack@wellsfargo.com2785 NW Town Center Dr Suite 4, Beaverton, OR 97006Jennifer Leon, Umpqua BankTodd Williams, Umpqua Bank503-753-0515 (Mobile) | 971-202-4454 (Office)stephen.bowdon@academymortgage.com10702 NW Lakeshore Ave. Suite 101, Bld. 6, Vancouver, WA 503-219-6166 (Office)JenniferLeon@UmpquaBank.com1745 NE Alberta St, Portland, OR 97211503-268-6207 (Office)ToddWilliams@UmpquaBank.com5005 Meadows Rd Ste 400, Lake Oswego, OR 97035Heidi Talbert, US Bank503-706-9077 (Mobile) | 503-706-9077 (Office)heidi.talbert@usbank.com2785 NW Town Center Dr Suite 4, Beaverton, OR 97006Aaron Coker, CrossCountry Mortgage LLCaaron.coker@myccmortgage.com5 Centerpointe Drive, Suite 300, Lake Oswego, OR 97035971-271-7301 (Mobile) | 503-782-4313 (Office)Brian Haveman, Summit Mortgage Corporation503-490-5137 (Mobile) | 503-459-0583 (Office)brianh@go-summit.com5331 SW Macadam Ave, Ste 314, Portland, OR 97239
Lovejoy Real Estate | lovejoyrealestate.com | Page 17MOVING CHECKLIST❍ Call moving companies for a freeestimate. Cost will vary dependingon distance, weight, and optionalservices.❍ Look through your house to determineitems to be discarded or donated tocharity. Have a garage sale!❍ Inform schools of transfer. Makearrangements for enrollment/registration in new schools if necessary.❍ Most homeowner’s policies do notprovide adequate coverage for moving.Check with your agent and considerpurchasing additional coverage from amoving company.❍ Begin collecting boxes with coversif you plan to pack your belongings.You can purchase packing materialsthrough moving companies or contactlocal grocery stores for extra boxes. Besure to stock up on packing tape!❍ Begin consuming perishable andfrozen food items to minimize waste.FOUR WEEKS BEFORE❍ Begin packing!❍ Notify the post office of your newaddress and send change of addresscards to friends, family, subscriptions,and any billing companies/creditcards.❍ Make necessary travel arrangementsincluding interim housing and carrental. Be sure to record confirmationnumbers.❍ Collect medical records andprescriptions from physicians. Ask forrecommendations for doctors in yournew area.❍ Place legal medical and insurancerecords in a safe and accessible place.THREE WEEKS BEFORETWO WEEKS BEFORE❍ Arrange to disconnectutilities/services in your currentresidence and coordinateinstallation of utilities/services inyour new home:❑ Electric/Gas❑ Water/Sewer/Trash❑ Phone❑ Cable❑ Internet❑ Other: __________________❍ Close/transfer bank accountsand open accounts in your newcity.❍ Take pets to the vet forimmunizations. Ask for advice onmoving animals❍ Draw a map of your newhome and where the furniturewill be arranged.❍ Return library books and anyborrowed items.❍ Be sure to cancel newspapersubscriptions and/or specialservices you have (i.e.landscaping/lawn service, snowplow, etc.)❍ Change your address with theDMV for your vehicle registrationand your licenseONE WEEK BEFORE❍ Prepare car for the trip. Checkthe oil, tires, brakes, etc.❍ Drain water from householdhoses❍ Drain gasoline and oil fromany lawn or power equipment.❍ Remember to pick up itemssent to the cleaners or forrepairs.FINAL DAYS❍ Defrost and clean outrefrigerator.❍ Pack your luggage andseparate any items you will need in the first days in yournew home. Label these boxes“Load Last”.❍ Reconfirm travelarrangements.❍ Reserve ample parking spacefor the movers and provide clearpaths inside the house.THE BIG DAY❍ Be on hand to answer anyquestions.❍ Go over your inventory withthe driver.❍ Be sure to point out allFRAGILE items to the movers.❍ Check, double check andtriple check to see if anything isleft behind!❍ Do not leave the house untilthe movers are gone.