Homebuyers Guidance and Recommendations

Here Are The Top 10 Homebuying

Tips We Highly Recommend:


Tip 1: Decide to Purchase a Home
The decision to purchase your first home is one of the biggest and best decisions you could ever make. After all, a home is the largest (and most emotional) investment most people will ever make. So, how do you know if it's the right time for you to buy your first home?

There is never a wrong time to buy the right home. The key is finding a good buy and taking the time to carefully evaluate your finances. A home purchase is an important step in the path to long-term wealth. 

Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential and tax benefits. It's also an automatic savings plan that you cannot get from renting!

Tip 2: Work with a Real Estate Professional Realtor © 
When you're looking for a real estate professional to help you, know that above all else, excellent agents put their clients first. This is your dream, and your agent is your advocate to help you make your dream come true.

Your real estate agent will:

1. Educate you as to the current real estate market conditions. 
2. Analyze what you want and what you need in your next home.
3. Guide you to homes that fit your criteria.
4. The executing of the real estate offer / contract.
5. Negotiate with the seller side on your behalf.
6. Coordinate the work of other needed professionals throughout the process.
7. Obtain and review the preliminary title report to ensure marketable title.
8. Coordinate and manage the many contingencies.
9. Act as the intermediadiary to keep negotiations and the process moving forward.
10. Manage the contract deadline dates which must be met in order to ensure the closing.
11. Check and double-check paperwork and deadlines.
12. Attend the home inspection with the client to assist any decisions that must be made.
13. Conduct a pre-closing walk-through inspection.
14. Review the accuracy of the HUD -1 settlement statement.
15. Provide for the notification of final recording and transfer of keys to the home.

Tip 3: Get Pre-Approved for a Mortgage
Do you know how much house you can afford? Probably not, unless you've talked with a lender.

Pre-approval helps you in other ways. Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter from the buyer's bank that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?

We believe you should be thrilled with your mortgage experience.

Get Pre-Approved for a Mortgage and Know "ALL" Your Financing Options

Tip 4: Searching For Your New Home
So you are preapproved and ready to begin your search. But how or where do you begin? There are a lot of homes out there and diving in without a guide can become overwhelming and confusing. A great agent will help you more accurately pinpoint homes that fit your criteria. The right home will meet all your important needs, and as many of your additional wants as possible. Some questions you might ask yourself include:

1.What do I want my home to be close to?
2. How much space do I need and why?
3. Which is more critical: location or size?
4. Would I be interested in a fixer-upper?
5. How important is home value appreciation?
6. Is neighborhood stability a priority?
7. Would I be interested in a condo?
8. What features and amenities do I want? 
9. Which do I really need?
10. Start your online home search here: ViewAndSearch.com see pictures, prices, property tours, price reductions, and all other pertinent information on all available homes in Utah.

You'll learn as you look at homes, your priorities will probably adjust along the way. It is important to know that throughout the process compromises may have to be made.

Tip 5: Make an Offer
Once you've found a home you love, the next step is making a compelling offer. While emotions are probably in high gear once you've found a home you love, it's important to remember that a home is an investment. Your agent will research similar properties in the neighborhood to help you determine the market value, and fair price, for your home. Let your agent to explain and guide you through the offer process.

The Key Components of Your Offer:
Price - is the dollar amount you are approved for, willing and able to pay.
Earnest Money - a deposit made to the seller showing the buyer`s good faith to bind a purchase contract.
Terms - cover the other financial and timing factors that will be included in the offer.
Contingencies - are clauses that let you out of the deal if the house has a problem that didn't exist or which you weren't aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.
Possession - the date and time you get to move in your new home.

Tip 6: Perform Your Due Diligence
Just because you love a particular property doesn't mean that it's perfect. In fact, this is where reason has to trump emotion. You'll need to have a property inspection (which we highly recommend you attend) that will expose hidden issues. This way you'll know what you are getting into before you sign closing papers.

Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built.

Don't sweat the small stuff. It's the inspector's job to mark everything discovered no matter how large or small. The inspectors report may be long, but, things that are easily fixed can be overlooked for the time being.

If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true, you might want to walk away from the purchase. 

Tip 7: Getting the Home Appraisal
This all-important step in getting the financing you need is the home appraisal. An oftentimes confusing part of the mortgage process in which both buyer and seller must depend on the expert opinion of a stranger. A real estate appraisal is simply that - the expert opinion of a certified, state-licensed professional who determines the final value of the property.

Tip 8: Pre- Closing Walk-Through Inspection
It is durning the final walkthrough home inspection, conducted (if possible) several hours before closing is to take place. The final walkthrough also allows you to ensure that the condition of the property has not significantly changed since the time of the first inspection. 

Tip 9: Close
Once you've made your offer and have completed the inspection process, appraisal, and pre-closing walk-through you're in the "home" stretch! But, in order to ensure that you don't put your closing date, or your mortgage at risk, you have a few pre-closing responsibilities that you'll need to be mindful of. These include:

Staying in control of your credit and finances. If you are tempted to make any large purchases during this time, it's best to talk to your lender first. Keeping in touch with your agent and lender, returning all phone calls and completing paperwork promptly. Communicating with your agent at least once or twice a week, and verifying with your lender that all mortgage funding steps are completed.

Closing on a home means that the sale is complete, and the all the terms and conditions of the purchase agreement have been met. The seller then gives you, the buyer marketable title to the property. 

The settlement date is the day you and your agent go to the title company and sign the paper work. Possession is the day and time you get the keys to your new home. 

Tip 10: Protect Your Homes Value
Congratulations, and welcome home! The home-buying process is complete. It's now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home's systems is always more affordable than having to fix big problems later. 

Remember, just because the sale is complete, your relationship with your agent doesn't need to end! After closing, your agent can still help you - providing information for your tax returns, finding contractors and repair services, and even tracking your home's current market value.


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