Anne's Corvallis Buyer Questions Answered

Q:  Why can't I have my keys when I sign the documents at the closing table?
 
A:  Oregon is not a "table funding" state.  In some states this is the rule and not the exception.  In Oregon, the new possession kicks in at the time the documents are recorded and all the fees have normally been pro-rated for 5PM on the day the transaction is recorded at the county courthouse.  Fees would be things like property taxes, insurance, home owner assoc. fees, etc,  When you hear your agent tell you that the title company has had the deeds recorded on the public record they will be getting the keys to you or have them ready for you to pick up at the specified time.  With so many shows on national television about home buying and selling it's easy for buyers to get confused on this topic and how it plays out in Oregon.
 
Q: Why are some listings said to be "as is" and what does that mean for a first time home buyer who will need to get a loan?
 
A: Typically, the "as is" means the seller will be doing no repairs.  In some cases, those repairs would have to be done to meet the demands of the loan you are getting or your lender simply will not loan and the deal is dead.  These "as is"  properties are often heavily discounted and depending on the repairs needed, can only be purchased by a cash buyer.