What is the urban growth boundary?
The urban growth boundary (UGB) is a self-imposed development & growth boundary placed on urban areas in Oregon. Each city or urban area has a committee which studies and evaluates the growth patterns. The boundary is required to be modified/expanded on a regular basis, usually a seven year cycle. In the Portland area, Metro is the controlling body for the UGB. Services like roads, sewers, water, traffic flow and population growth are the factors which decide what areas are included in the boundary or identified as Urban Reserves. Metro also recommends changes in zoning when properties are accepted into the UGB. This zoning restriction on development has driven up land values within the UGB and causes the shrinking of the average residential lot size. It has also allowed Oregon to avoid the sprawling style of development found in the southwest United States.
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Some roads in Portland have directional designations, SW, NW etc. Where are the dividing lines?
The Willamette River serves as the east and west division. Burnside serves as north or south. The names of streets may change as they pass from one community into another. For example, Hwy 43 runs from north to south along the Willamette River. In Portland it’s also know as Macadam Ave. In the Dunthorpe area it’s known as SW Riverside Dr. In Lake Oswego it’s North State St. then south State St. and in West Linn it’s Willamette Dr.
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How long does it take to get to the beach or the mountains?
From downtown Portland, it’s about an hour and a half in either direction.
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Why are the lots for new construction homes so small?
Please see the section on the urban growth boundary.
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Why can’t I pump my own gas?
State law prohibits you from dispensing your own gas. In the rainy season, you’ll be glad.
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How much does it rain?
44 inches per year, 155 days with measurable precipitation. It rains very little in July, August and September, but LOTS in December, January and February. Also, it does snow in Portland on occasion, usually once or twice a winter.
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How does a Realtor get paid?
Listing agents and selling agents are paid when a property changes ownership. As a listing agent, I have a contract with the seller stating that I will be paid a percent of the selling price when the property closes. As a selling agent, the listing agent has offered the property for sale in the Regional Multiple Listing Service (RMLS) and part of that listing is a percentage that I will be paid should one of my clients/customers choose to buy that house. Some buyers choose to hire me as a buyer’s broker. They agree to pay me a fee for finding them a home, negotiate the best possible price for the property and navigate the perplexing paperwork.
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Why should I use a Realtor?
Buying or selling a home is one of the largest financial transactions that anyone ever undertakes. Your home purchase will go more smoothly and you will have the assurance of someone who represents your best interest when you hire a Realtor. Every member of the National Association of Realtors has agreed to work under a code of ethics and will treat all parties involved in the transaction fairly. It’s a very emotional time when you buy a home or sell a house. You need someone who will guide you through the process and who will counsel you when decisions need to be made.
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What is a contingency sale?
A contingency sale is when a buyer makes an offer on a house that is contingent, or dependent, on the sale of the buyers’ current home. If the seller accepts the offer, the home is identified as “bump-able” in the multiple listing, which means that the seller can accept another offer and the first buyers are given 24 to 48 hours to remove the contingency and show that they have the financial ability to purchase the house without selling their home. If they can’t prove they have the funding to close the purchase, the second offer moves into first position and they go ahead with the purchase.
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How long does closing take?
Usually about a month but they can take 45 to 60 days depending on the needs to the two parties involved or as little as 10 days.
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What do closing fees include?
These fees include title insurance, the escrow company's fees to gather all the loan information, record the new loan, pay off the old loan and see that there are not any liens against the property or the seller, flood insurance, delivery charges and document preparation.
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How much do I need for a down payment?
That depends on the home you are buying and what type of loan you are trying to get. Anywhere from 0 to30% down might be required.
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What area would be a good investment?
Look for an area where the houses are just beginning to be sold after a long period of ownership by the current owners. Long-term home ownership is always a good sign.
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What are CC&R’s?
Conditions, Covenants and Restrictions are an imposed code of conduct and living restrictions that a developer places on a new community when it is created. It addresses the size of the homes, the use of the homes, the materials used in the construction of the homes and code of conduct that future homeowners agree to adhere to when they purchase a home in that subdivision. The CC&R’s may be amended by a 70% agreement by the current home owners.
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What can I expect if I have bad credit?
Depending on how bad it is, you may not be able to qualify to buy a home. You may have to pay a higher interest rate and get a nonconforming loan. You may have to have a co-signer on the loan. A credit score of 600-650 is about as low as you can go and still get a conforming loan. If your credit score is in the 700’s or above, you will not have a problem getting a loan.
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What are the current mortgage rates?
Give me a call at 503-691-9700, and I'd be happy to tell you what today's rates are.
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Should I buy first or sell first?
If you buy before you sell, you will need enough income to qualify for both house payments and it’s not unusual to have a bridge loan as well. That can get to be very expensive if your current home takes longer to sell than planned. You can put your house on the market “subject to identifying suitable replacement property.” If someone wishes to buy your home, they have to agree to give you 30 to 45 days to identify a replacement home. It’s easier to negotiate with a seller when you have sold your current house and the cash is in the bank.
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Can I save money by buying a fixer-upper?
Sometimes. You may be able to buy the home for less money than other homes in the area of similar size and age, but you will spend money and timelots of time--updating and upgrading the house. If that’s something that you enjoy, then buying a fixer-upper can be a very good investment.
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Is it a good idea to design and build my own home?
Only if you are an architect or builder. I would strongly recommend you work with a professional designer and builder.
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How long does building a home take?
It depends on the size of the house. The average 4 bedroom/2.5 bath home can take between six and nine months of actual construction. It can take as long as four months just to get the building permits. Large luxury homes can easily require a year to construct.
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Is it more expensive to build a home than to buy an existing home?
Yes.
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Is it easier to sell a house vacant or occupied?
If the home's furnishings match the style of the house and are in good condition, it can be a benefit to sell the house occupied. If the seller has lots of knick-knacks or is unable to keep the house clean and neat, then selling the house vacant may be best.
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What are the best updates to make before I sell?
Replacing worn-out carpeting and painting inside and out are the highest priorities. The next priority is kitchens and bathrooms. You might consider updating the appliances and fixtures.
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When is the best time of year to sell?
That depends on what you are selling. If you are selling a single family home that would be appealing to a family with children, early summer is ideal, right after school lets out. With other properties you have to consider the property and when it would look its best.
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What do I do with my pets during showings?
It is best to remove them if possible, either by taking them for a walk, a ride in the car or kenneling them.
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How fast can I expect my house to sell?
That depends on the current market condition and the price you put on your house. I'd be happy to provide you with the current market statistics for your area.
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