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Signing documents during a pandemic

99.99% of the time the Transaction Coordinator or myself will be emailing documents to you. If there are multiple people on the Residential Sales Agreement it's much easier if everyone has their own email and phone number. Documents will be sent via DocuSign and Digital Ink 2.0 (Powered by Authentisign) (zipForm Edition).

Stage One Documents

  • This pamphlet describes the legal obligations of real estate agents in Oregon.

  1. Disclosed Limited Agency Agreement (Buyers or Sellers)

  • Like any agreement, the first thing a Disclosed Limited Agency Agreement does is identify the parties to the agreement. When it comes to disclosed limited agency, those parties are the agent, the principal and the agent’s principal broker. You can think of disclosed limited agency as involving a triangle. Real estate agents conduct their activities on behalf of their principal broker. The listing or selling agent acts as the principal broker’s subagent to provide services to the company’s client. It is this triangular relationship that makes disclosed limited agency possible.

  • OregonRealtors.org more information

  1. Covid Advisory (Buyers or Sellers)

  • Important information for buyers of real property regarding covid-19 and its impact on real estate.

  1. Oregon Property Advisory (Buyers or Sellers)

  • This advisory is designed to assist home buyers in meeting their obligations as a purchaser of real property in Oregon. Common issues that arise inOregon real property transactions are summarized in this Advisory.

  • Did you know that many homes built before 1978 have lead-based paint? Lead from paint, chips, and dust can pose serious health hazards. Read this brochure to learn more.

Making an offer: The Documents

Here are the Step Two Documents that require both party signatures. Other common documents are addendums and escalation clauses (when you make an offer and mention that you can offer more if a competing offer is presented).

Residential Sales Agreement

  • THIS AGREEMENT IS INTENDED TO BE A LEGAL AND BINDING CONTRACT. This document is filled out by a licensed Oregon Real Estate Agent/Broker or authorized person(s).

Wire Fraud Advisory

  • Buyers and Sellers should take extreme caution when wiring funds in real estate transactions. Cybercrime continues to have a widespread impact on Oregonians, and the real estate industry is no exception. Scams are sophisticated and continually changing, which requires Buyers, Sellers, and industry partners to be on constant alert to identify and report questionable practices.

FIRPTA Advisory Tax Withholding

  • Summary. Seller and Buyer are advised upon Closing, a Federal law, known as the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"), requires buyers to withhold a portion of a seller's proceeds if the real property is located within the United States and the seller is a "foreign person" who does not qualify for an exemption (the “Withholding Requirement”). A "foreign person" includes a nonresident alien 10 individual, foreign corporation that has not made an election under Section 897(i) of the Internal Revenue Code 11 to be treated as a domestic corporation, foreign partnership, foreign trust, or foreign estate but it does not include a resident alien individual.

Listing a Property: The Documents

  1. Seller's Property Disclosure Statement

    • This seven-page document is a Yes, No, Unknown, N/A checklist, documenting the condition and knowledge of the seller's home. Sections include Title, Water, Sewage, Dwelling Insulation, Dwelling Structure, Dwelling System and Fixture (Electrical, Plumbing, fixture appliances, heating cooling, security), Common Interest (Home Owners' Association, HOA), Seismic, and General.

  2. Listing Profile Residential & Residential Form Contract

  3. Change Order Form

  4. Listing Contract Form

  5. Lead-Based Paint Disclosure Addendum

    • This Addendum must be part of every Real Estate Sale Agreement for the sale of a home built prior to 1978. A copy of the completed Addendum may be treated as an original.

  6. Septic Onsite Sewage System Addendum

  • Definition of onsite sewage systems, notices, seller representations regarding onsite sewage system, onsite sewage system information provided by seller, professional inspections / tests / pumping / cleaning / requested by buyer, buyer's right to terminate transaction.

6. Private Well Addendum

  • OREGON LAW: If this transaction includes a well that supplies domestic water to the Property, Oregon law requires Seller shall have the well tested for arsenic, nitrates, and total coliform bacteria (ORS 448.271). For more information, see the Oregon.gov webpage titled “Domestic Well Testing and Real Estate Transactions”. Note: This only applies to wells made operational to supply groundwater for domestic purposes. Capped domestic wells on unimproved lots are not required to be tested.

What does Active Under Contract vs Pending vs Contingent mean?

Active Under Contract: accepted offer but there are contingencies that need to be satisfied. Back up offers usually welcome

Pending: Accepted offer and contingencies have been met (WVMLS only though) (RMLS the pending status also means Active under contract)

WVMLS - Active Bumpable RMLS- Bumpable : Contingent Right to purchase- offer is subject to buyer selling a property and they do not have an accepted offer yet. Potential to bump the buyer.


Exclusive Right to Sell vs Exclusive Agency

One of them the homeowner can find a buyer and not have to pay the listing agent. The other one means that the agent will be paid the agreed commission regardless the procuring cause of the buyer. Message me to find out who. Email.

How do I get my house on Redfin and Zillow?

Submitting your property into a Multiple Listing Service list WVMLS or RMLS will update third-party apps with your home listing.

Do you need a real estate agent to submit your home on Redfin/Zillow/ect..?

Yes, feel free to email me anytime about my low flat fee to submit to the MLS. Freddy@salemoregonbroker.com or you can Text and Call 503-881-5031

My offer was accepted why does the house still say Active?

Takes a little time for the person at WVMLS or RMLS has to physically enter the date and make the changes. Those changes will it take place on third party apps within minutes or hour.

Extra

Preparing: finishing projects, cleaning, clearing, paying off, throwing away, painting, pressure washing, landscaping, then repairs and updates.

Expectations: contributing to closing costs, appraisals, home inspection, sewer scope, radon, extending closing day, loan terms: government loans vs cash, conventional,

Preparing to List for Purchase

There is a lot of advice online on how to prepare your home for purchase. Here's what it all means.

  • Appraisal, your home's accepted offer needs to match as close as possible to the appraisal price without coming in under the accepted offer.

  • Competition, your home is in competition for the buyer with the best terms. There's a certain amount of buyers looking for homes similar to yours. Buyers are looking for a perfect, or as perfect as possible. Updated features, clean environment, everything works and is in great condition.

  • Repairs, An owner can only do so much, it is very common to be stuck between putting in more money to your house while at the same time preparing for the costs buying house with potential repairs.

  • Home Inspection (Sewer scope), I think are very important before the sale. If you're going to sell your home within the next year or two— a home inspection (and sewer scope) is a great idea to not be surprised during an accepted offer and their deadlines. You'll have a much better idea about any major repairs before any accepted offer and save plenty of time and possible discounted money from the purchase price.

  • Appraisal, closer to the beginning of listing your property on the multiple listing service, an appraisal could prove to be an official report of your home's estimated value. A real estate agent (me, Freddy Ruiz Jr) will provide you with a market analysis with your home's value. But a certified licensed appraiser will always be a great piece of intelligence — incase a buyer is asking for discounts.

  • Photography, decluttering, curb appeal, and personality are all taken into account when a buyer is shopping online. Even more familiar senses are taken into consideration when showing your home to qualified buyers. Smells, vibes, sounds, everything is examined by various people and perspectives. You want to give people a clean slate, bright and friendly vibes, and a sense that this house do not need any (or hardly any) work to be done.

Price, Time & Terms

My objective is to listen carefully so I understand your needs. I will explain the home selling and marketing process; our responsibility and your. I will conduct a thorough evaluation and provide valuable input to help you set a competitive price.

The advantages of proper pricing include higher net sales, attract better offers, faster closings, avoid "shopworn" syndrome.

Step-by-Step: text messages/phone call, quick RPR Comparative Market Analysis (CMA), visit the home for a full review and analysis, pre-listing paperwork with a custom CMA, home disclosures and proactive paperwork, open house (or not covid times make this part difficult), schedule showings, qualify buyers, negotiate offers, navigate through the sales process, facilitate the transitions, celebrate (again) if we haven't already.