Buying a house in the next 90 days may seem difficult, but it is DEFINITELY possible, and may not be as difficult as you think. If this is your first house purchase you can take advantage of first-time homebuyer programs to make this goal more achievable. In Oregon, there are first-time homebuyer savings accounts that you can deposit money you plan to use towards your down payment and there are tax benefits for using these accounts. You can also apply for the Oregon Down Payment Assistance Program which helps first-time buyers with funds towards their down payment. Usually, the most critical piece of buying a new house is determining how you will pay for it.

First, get approved for a loan.

This is the most important step unless you plan to purchase your new house with cash. I always recommend using a loan and keeping your cash liquid so you can use it for expenses that may arise while you own the property. You could even use that cash to buy an investment property!

Second, find a good deal.

Working with a Realtor® who understands your current market and can negotiate to get you the best deal is important for buying your new house. A Realtor® who knows how to structure offers and navigate the contracts that are used to buy/sell real estate will save you money while you own the property.

Third, get your offer accepted and buy your new home.

Once your offer is accepted perform all of the inspections you want to be done on the house. The typical house sale will vary but one month is the average for Portland, OR. During this month you have time to have professional inspectors examine the house. If there are any issues that the inspector discovers, your Realtor® can negotiate compensation for those issues or the issues can be fixed by the sellers. Once all the negotiations have been done and both sides of the sale are content with the terms, get ready for the close date.

Fourth, prepare for your new home.

"Luck is what happens when preparation meets opportunity." - Lucius Annaeus Seneca.

Prepare for owning your new home by creating a budget for your income and expenses. Your first year of owning a new house is usually the most expensive. Not only are you investing a lot of money into a new house, but maintenance costs tend to be the highest in the first year. It is important to have money saved in case your water heater, electrical panel, roof, plumbing, or any other main systems in your house need to be repaired or replaced.

With these three steps, you can own a new house in the next 90 days! Be proactive and be ready for when a good deal comes on the market so you can submit an offer right away. You may be competing with other buyers when you submit offers. If you do not get an accepted offer on the first house you write on, do not get discouraged. When good deals come up, many people try to buy them, because real estate is a great investment!

Trent J. Werner

Realtor®

Uptown Properties

Licensed OR/WA Real Estate Broker