The Utah Real Estate Buying Process
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The Buying Process
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Education and Planning: Proper preparation will alleviate much of the confusion some buyers experience when purchasing a home for the first time. It's important to identify the neighborhoods that you are interested in, determine needs vs wants (there's always a little give-and-take when buying a home), scout out schools and shopping centers, and determine an affordable price range (our mortage calculator can help).
Choose an Agent: The best part about being a Buyer in Utah is that you don't pay anything! We work with you as long as it takes to find the perfect property, and the seller pays any real estate commissions through a pre-arranged contract with their listing agent. In other words, you get a seasoned team on your side with years of experience in negotiation, and you pay nothing for it! Our priority is to ensure that you are so satisfied with your real estate buying experience that you have nothing but great things to say about us to your friends and family. Give us a call or send us an email - We're ready to hit the streets whenever you are.
Get Pre-Qualified: It is often an advantage to be pre-qualified for a mortgage before beginning to shop. It allows you to get excited about properties that you know you can afford, and adds credibilty to any offer you might make. We can recommend to you trusted mortgage brokers that we have worked with for years. They will walk you through the qualifying process which will include an evaluation of income, monthly expenses and past credit history. Based on that information, we'll know beforehand exactly what mortgage programs are available to you.
View Properties: We'll consult with you about what type of home you are looking for, and then set up the appointments to see the properties that fit the established criteria. Plan on viewing several properties - the more you see, the easier it will be to identify the ones that stand out.
Narrow the List: Based on the impressions formed, you'll be able to narrow the list down to the homes you would actually consider. If there are several, it is a great idea to do some drive-by's at a different time of day to ensure there aren't any external factors you might be overlooking. Then choose your favorite, and let's make an offer!
Make an Offer: Every offer is unique and must be in writing. The offer will include the proposed purchase price, due diligence deadlines, and a closing date. The offer will be made using the Utah State Real Estate Purchase Contract. The offer will also allow for contingencies such as a satisfactory home inspection, acceptable appraisal value, and financing approval.
Acceptance, Rejection & Counteroffer: The REPC (purchase contract) will allow the seller a specified amount of time to respond to the proposed terms of the sale (typically 24 hours). The seller can accept the contract, reject it, or modify the terms and send it back in the form of a counteroffer. In any negotiation, there is typically a certain amount of 'back-and-forth', so don't be surprised or offended by it.
Due Diligence and Loan Processing: After the terms of the contract have been established, there is a period of time for you to do your due diligence. This will most often include a home inspection, a review of the home's title to ensure it is clean and clear, and an appraisal. It is during this time that you will also submit the property to the mortgage company in order to get the final loan approval. This process typically last 30 days, though it can vary by a few weeks either way.
Closing: The final loan documents will be signed at a title company, and all closing costs associated with the loan will be paid at that time. The title company will then submit the documents to the state to be recorded, and the mortgage company will provide the funds for the purchase.
Possession: Because of the time it takes the mortgage company to transfer the funds for the purchase, you won't receive the keys to your new home until 'Funding and Recording' has taken place. 95% of the time, it is within 24 hours of having signed the closing documents, but that can vary depending on holidays, weekends, and the number of loans being processed. Once you have the keys, the house is yours and you are free to move-in, paint, decorate and relax.
