The Roseburg Buyer’s Guide: 14 Steps to Keys in Hand
Real Estate Broker · Douglas County, OR
This year I decided to create a simplified checklist for all the Buyers we serve, to give them a tangible roadmap through the purchase process. Every real estate transaction is different, but the backbone of each transaction for a Buyer can be summarized by 14 steps - from the first meeting with your Agent to receiving keys to the house: meet and choose a Real Estate Agent; choose purchase method; make an offer; open escrow; deposit earnest money within 3 business days; homeowner’s insurance; Seller’s Property Disclosures; Preliminary Title Report; Home Inspection; Appraisal; Financing; utility info; closing; and possession. Five of those steps are contingencies.
When it comes to purchasing a home or property, knowing what is happening is the key to mitigating stress or anxiety. If you’re like me, I like to have a solid grasp on what’s going on and what’s expected of me. This year I decided to create a simplified checklist for all the Buyers we serve to give them a tangible roadmap that will guide them through the purchase process for their new home or property.
Every real estate transaction is different, but the backbone of each transaction for a Buyer can be summarized by the 14 steps below - from the first meeting with your Agent to recieving keys to the house. We love to serve our clients with top-tier professionalism and these checklists are effective in supporting that endeavor.
Buyer’s Process Checklist
1. Meet and choose a Real Estate Agent
Discuss Buyer Representation.
2. Choose purchase method
Cash or Financing (secure lender preapproval letter).
3. Make an Offer
4. Open Escrow
After Seller acceptance of offer.
5. Deposit Earnest Money in Escrow
Due within 3 business days. Failure to Deposit Earnest Money is considered a breach of contract.
6. Homeowner’s Insurance
Buyers should begin shopping for a homeowner’s insurance policy.
7. Seller’s Property Disclosures (Contingency 1)
Buyers have 5 business days to review and ask any questions.
8. Preliminary Title Report (Contingency 2)
Buyers have 5 business days to review and ask any questions.
9. Home Inspection (Contingency 3)
Buyers usually have 10 business days from accepted offer to complete inspections and negotiate any repairs with Seller.
10. Appraisal (Contingency 4)
The Buyer’s lender hires an Appraiser to evaluate a home’s value and condition.
11. Financing (Contingency 5)
Lender issues Final Underwriting Approval for Buyer & sends Closing Disclosure.
12. Utility Info
Buyer should ask their Agent for a list of utility services and prepare to coordinate switching utilities into their name by the time of possession.
13. Closing
Closing occurs after both parties have signed, and the deed is recorded with the County.
14. Possession
Possession is when Buyers take control of the property and receive keys. Possession can range from the day of closing to a pre-agreed upon day before or after closing.
Housing Inventory
Months of Supply · 12-Month Rolling Average
Roseburg and Douglas County Real Estate (April 2024) Market Update
Comparing 2024 to 2023 over the last 12 months in Douglas County, the average sale price has decreased -0.80% from $352,631 to $349,813. In the same comparison, the median sale price has increased 2.02% from $322,500 to $329,000. Inventory decreased to 2.7 months in March. Total market time decreased to 74 days.
Average Sales Price
12-Month Rolling Average · Douglas County
Related Reading
Housing Inventory is months of supply (active listings ÷ monthly sales). A balanced market is ~6 months. Days on Market (DOM) is days from listing to accepted offer. Absorption Rate is the percentage of inventory sold per month. Balanced = 15-20%.