It is exciting to write an offer in Oregon as there are substantial consumer protections. Submitting an offer on a home in Oregon typically involves providing your full legal name and email address, along with an initial offer price. We can provide you with comparable properties to review and advise you on what we believe the home is worth, but the final offer is up to you.
At RealEstatePDX, we say you’re not buying a house as much as you are buying a lifestyle! (…and a payment for that lifestyle.)
It’s rare for sellers to accept an initial offer without some negotiation, so it’s important for us to know your walk away price upfront so we can best guide you during negotiations. Closing usually takes place between 30-60 days from contract acceptance (45 days is average), although if you have a loan it may be possible to close as quickly as 21 days or even 14 days for cash closings – check with your lender first!
In Oregon the Buyer has 5 business days to withdraw from an accepted contract for any reason
This should give you, the Buyer, a lot of confidence going into the market! Once you are in contract in Oregon, you don’t have to buy the property, but the Seller cannot sell it to anyone else! Now they could take a back-up offer, but you are ‘locked in’ without liability. In addition, you have 5 business days to withdraw from the day you receive the property disclosure statement, and then generally 10 business days for the inspection period.
Our brokerage encourages you to make an offer if you are at least 83.6% sure you may want the home. The 2 big questions are… Do you like the location? And, do you see yourself living there? If both answers are yes, you should most likely make an offer asap.
If you plan to move by July 1st, it’s best to submit your offers between May 10th and 15th. Most lenders require 30-45 days for closing, but some local lenders may be able to close as quickly as 21 days. If a faster closing is needed, reach out so that a suitable lender can be identified. Cash buyers can expect closings in just 14 days! When making an offer, let us know what date you would prefer the closing (Monday-Friday) – Mondays are not recommended due to potential wire fraud issues. The actual closing, which is the county recording the deed electronically, will not occur until two or three days after the Buyer and Seller sign. Sometimes it is quicker but that is a good expectation. If attending the closing in person is not possible, the title company can send a remote signer. You can also get a courtesy signing at an escrow office closer to you.
Multiple offers often put people off… but just understanding what our brokerage calls the “they can have it price”, makes it easier for you to value the home.
When signing the contract, you will need to provide earnest money, to show you are earnest, which could range from 3.5%, or 5%. This is part of your down payment. This is generally due 3-5 business days after the offer is accepted. The earnest money goes to escrow, which is a neutral 3rd party who cannot distribute the earnest money without written permission from both parties.
We suggest asking the seller to cover some of your closing costs if you don’t have enough money for both the down payment and closing costs. The sales price can sometimes be raised to accommodate the closing costs.
Once the seller signs the offer – an escrow account with an escrow officer is opened and inspections are scheduled.
Have a question? Email me here.