HOME BUYERS
CHANGES THAT AFFECT UTAH HOME BUYERS
- Buyers should be aware that if they want to tour a home they need to sign a buyer broker agreement before touring a property
- The buyer agent commission (BAC) is no longer listed on the Multiple Listing Service (MLS). The buyer agent can check with the listing agent before they show the property to find out if a buyer agent commission is offered so the buyer is not paying out of pocket for this fee.
BUYING A HOME STEP BY STEP
STEP 1: CHOOSE A REALTOR
Find a good Realtor as your Buyers Agent representative. Your buyer agent should be knowledgeable, experienced and be someone you actually like or could see youself working with.
The reason why finding a Realtor is step number 1 is because they have valuable resources, recommendations and knowledge to help you make the right moves at the right time. Find a Realtor that is more about giving you quality service rather than making you a number on their sales chart. Realtors with Utah Relocations are highly experienced, 5-star Realtors that love what they do…(shameless plug).
A good Realtor is there to guide and protect you and they often will go above and beyond to make sure you have an amazing buying experience. They also know who the good lenders are and other important industry professionals.
STEP 2: LENDER – GETTING PRE-APPROVED
Get pre-approved! Your Realtor is going to know the best lenders that are great to work with. Your Realtor will give you 2 or 3 options to choose from but you are in total control of who you ultimately want to work with – whether it’s someone your Realtor recommends or someone you find on your own.
During the pre-approval process you will be asked for a plethora of information. This is normal but if you know it ahead of time you’ll be best prepared. Pre-approvals can be processed fairly quickly – sometimes within 48 hours if they have all the information.
IMPORTANT NOTE:
It’s so important that once your lender pre-approves you for a mortgage that you don’t make any major expenses like, buy a car, furniture or appliances on credit. Wait until you are closed on a house before doing that.
STEP 3: FIND A HOME
Decide what you want in a home, then it’s time to go house hunting
What’s important to you and your family? How many bedrooms do you need? What amenities would you like? How far are you willing to travel to work or school? What do you want to avoid? What is your budget? Are you looking for specific features in a home? Once you know what your needs and wants are your agent will create a shortlist of homes to show you.
You can search all the homes on MLS by clicking HERE.
Another place to look is on KSL.com homes You may find homes that are not listed on the market here but are being sold as a ‘For Sale By Owner’ (private sale). You don’t want to miss out of these opportunities so make sure you let your buyers agent know if you want to take a tour. Often the home seller will accommodate buyer agents touring the home with their buyers. We have sold many homes for our clients this way.
STEP 4: SUBMIT AN OFFER
When you find a home you are interested in buying, it’s time to put in an offer. Your Realtor will prepare this for you based on the information you provide. They will explain the contract and what your obligations are as a buyer. Your agent will inform you of common practices and protective contingencies.
A good buyers agent brings their negotiating skills into play as they work on getting you the home you want for the best possible price and terms. If you’re offer is accepted you will need to pay the earnest money within 4 calendar days. This is typically deposited into the brokerages trust account.
STEP 5: UNDER CONTRACT TO CLOSE
As noted above you have 4 days to pay the earnest money as per the contract. There are other important obligations and dates you’ll need to to take special note of and perform on. You’re agent will prep you at each step of the way. Here are some important elements and steps to take before you close.
- Note the contract dates: Due Diligence, Appraisal & Finance, and any other contract dates
- Choose a Title company to work with and your Realtor will open escrow
- Order home inspection and any other due diligence you want to perform
- Review the Seller Property Condition Disclosures and sign to acknowledge you have received them
- Your lender will order the appraisal
- Select a home owners insurance provider
- Follow any instructions from the lender, title officer and your Realtor that pertain to the contract
- Coordinate with your lender to finalize any documents or requirements they need in order to close
- Set up utility services to the new home
- Redirect your mail after your closing date
- Bring any additional funds to closing and sign closing documents
- Once title has received all funds and recorded it with the county you are now the new owner! Congrats!!!
FREE HOME BUYER GUIDE
This is an incredibly valuable 27 page Home Buyers eBook that gives you all the information you need to know about the home buying process. Complete the signup below and the eBook will be automatically emailed to you.
