Utah County Homes for Sale Purchase Process
Is now the time to buy a home here in Utah County? After a fair amount of thinking about it, you jump over the first hurdle and decide to go for it. Now once you are focused about what you want you then jot down a list of things you want in a house. That being done the search begins. These days the task of sifting through hundreds of potential houses is not as hard. With a few mouse clicks,you can see multiple house listings and take virtual tours of Utah County Homes for Sale. The key points to consider are the location and the surrounding neighborhood of the house and your estimated budget.
It is important to talk with a Utah County Loan Officer and determine if your budget ideas sound reasonable and get a pre-approval letter if possible, this will help a lot latter on you will see. Once you have set out the criteria it’s time to take yourself down to a Utah County Realtor. An efficient Utah County Realtor will pay close attention to your wants, needs, and show you houses accordingly. This will ensure that within the span of two weeks you will have a maximum number of houses to see which will fit your desired profile.
Then starts the personal viewing process, and this is a long, tiresome process indeed. Careful attention is needed when venturing out to see homes. Once you start seeing places that you like, slow down and don’t make the biggest mistake of your life by jumping for the first house that you see. Even if the first house you see actually has the perfect room size, the awesome kitchen and even the ideally shaped terrace, wait. Mark it out as one of your favorites and see others.
While inside the house, be thorough with your investigations and personal observations. Mark out all the things you like about the house and mark out the things that you do not like. Take a good look at all the rooms and the roof as well as if it’s accessible, and make a note even if it is not. After leaving the house rate it personally from 1-10. Also, take a good look at its surrounding location. Note the size and shape of the car parking area, and take note of the lawn and back yard shape and size.
Another thing to focus on is the garage. Lastly insist that the Utah County Realtor tell you about all the defects of the house that are not openly visible. Ultimately, revisit the top selected Utah County Homes for Sale to make an informed decision.
Preparing your Utah County Home to Sale
Every Utah County Home Seller wants their home to sell fast and for top dollar. It’s careful planning and knowing how to professionally dress up your home that will send home buyers scurrying to make an offer.
Here is how to prepare a Utah County home and turn it into an irresistible home:
Disassociate Yourself with Your Home
Say to yourself, “This is not my home; it is a house, a product to be sold much like a box of cereal on a store shelf.”
- Make the mental decision to ‘let go’ and focus on the fact that soon you will no longer own this house.
- Picture yourself handing over the keys to the new owners!
- Don’t look backwards — look toward the future.
Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there!
People collect an amazing amount of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it.
- If you don’t need it, why not donate it or throw it away?
- Remove all books from bookcases.
- Pack up those knickknacks.
- Clean off everything on kitchen counters.
- Put essential items used daily in a small box that can be stored in a closet when not in use.
- Think of this process as a head-start on the packing you will eventually need to do anyway.
Rearrange Bedroom Closets and Kitchen Cabinets
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well.
- Alphabetize spice jars.
- Neatly stack dishes.
- Hang shirts together, buttoned and facing the same direction.
- Line up shoes
Rent a Storage Unit
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around.
Remove or Replace Favorite Items
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal.
Make Minor Repairs
- Replace cracked floor or counter tiles.
- Patch holes in walls.
- Fix leaky faucets.
- Fix doors that don’t close properly and kitchen drawers that jam.
- Consider painting your walls neutral colors
- Replace burned-out light bulbs.
Make the House Sparkle!
- Wash windows inside and out.
- Rent a pressure washer and spray down sidewalks and exterior.
- Clean out cobwebs.
- Re-caulk tubs, showers and sinks.
- Polish chrome faucets and mirrors.
- Clean out the refrigerator.
- Vacuum daily.
- Wax floors.
- Dust furniture, ceiling fan blades and light fixtures.
- Bleach dingy grout.
- Replace worn rugs.
- Hang up fresh towels.
- Bathroom towels look great fastened with ribbon and bows.
- Clean and air out any musty smelling areas. Odors are a no-no.
- Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
- Linger in the doorway of every single room and imagine how your house will look to a buyer.
- Examine carefully how furniture is arranged and move pieces around until it makes sense.
- Make sure window coverings hang level.
- Tune in to the room’s statement and its emotional pull.
- Does it look like nobody lives in this house? You’re almost finished.
Check Curb Appeal
First Impressions mean a lot and often prospective buyers make a decision almost immediately.
- Keep the sidewalks cleared.
- Paint faded window trim.
- Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion.
- Trim your bushes. Make sure visitors can clearly read your house number.
Buyer Mistakes Utah County Homes for Sale
When it comes time to shop for a new Utah County Home for Sale many new experiences start to happen. It can be a very emotional time. It can also be very time consuming and usually comes with a myriad of details. Some buyers however, get caught up in the excitement of buying a new home that they tend to overlook some items. Their home purchase turns into an expensive process. Common mistakes generally fall into three areas:
- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
When you have a systematic plan before you shop, you’ll be sure to avoid these costly mistakes. Here are some tips on making the most of your home purchase:
Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a good deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional Realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.
Buying a mis-matched home
What do you need and want in a home? Clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a Realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.
A professional inspector should conduct an inspection of the home. This way, you will have an idea of the cost of future repairs. Make your final contract subject to what you may find in the inspection.
Shopping with pre-approval
Getting a pre-approval with a Loan officer is essential. This gives you a lot more power; a seller is more likely to consider an offer from a serious pre-approved buyer.
Additional Fees at Closing
Beside the funds for the purchase of a home, you will need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the Utah County Home for Sale.
Utah County Home Sellers
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First Time Utah County Home Buyers
The First Time Utah County Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more. Some home loan guidelines are longer than that.
There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Utah County Home Buyers. First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them.
Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important.
Closing Costs associated with Selling Utah County Homes
There are various fees associated with Selling a Utah County Home. These fees are called closing costs. Some of these fees are automatically assigned to either the buyer or the seller, other costs are either negotiable or are dictated by local area custom.
If the house has not yet been paid in full, the sellers most important closing cost is satisfying the remaining balance of their home loan. Before the date of closing, the Title officer will contact the seller’s lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale.
Other seller closing costs include:
- Broker commission
- Transfer taxes
- Title Insurance
- Property Taxes (prorated)
- Negotiated Closing Costs
In addition to the sales price, buyers and sellers frequently include closing costs in their negotiations. This can be for both major and minor fees. For example, if a buyer is particularly nervous about the condition of the plumbing, the seller may agree to pay for the house inspection. Likewise, a buyer may want to save on up-front expenditures, and so agree to pay the sellers full asking price in return for the seller paying all the allowable closing costs. There is not right or wrong way to negotiate closing costs, just be sure all the terms are written down on the purchase agreement.
Federal Housing Authority lower down payments and the Utah County Real Estate Purchase
The Federal Housing Authority doesn’t actually fund your home loan in any way. The Federal Housing Authority simply provides mortgage insurance to help consumers become Utah County Home Owners. The Federal Housing Authority actually insures the lender from losses resulting from Home Owner default. The Federal Housing Authority helps mortgage lenders prepare loans for people who might not otherwise qualify.
One of the big advantages of a Federal Housing Authority Loan is that a smaller down payment is possible. The down payment for a Federal Housing Authority Loan is 3.5 percent of the principle loan amount. In today’s market the down payment on conventional loans can be as much as 20 percent. Federal Housing Authority loans make it possible for many people to enter the Home Buyer market, just with the lower down payment alone. There are many other good incentives for getting a Federal Housing Authority loan:
· Lower Credit scores are allowed with a Federal Housing Authority insured loan.
· Higher Debt-to-Income ratio is allowed
· No maximum income levels
When working with a Utah County Mortgage Loan Officer, always ask them to consider a Federal Housing Authority Loan, you might be able to see substantial savings if you do so.
Real Estate Agency in Utah County
Utah County Real Estate Agency is broken down into three categories. Seller, Buyer and Limited. The Utah County Real Estate agent has to disclose in writing, which he is representing in the transaction and the other party has to acknowledge their understanding of the representation during the process of buying and selling of a home.
There are three big advantages of having a Home Buyer Broker agreement when you are purchasing a new home.
Seller agents want to sell you their own property that they have listed. Buyer agents want to show you as many properties as possible to help you make an educated decision.
Seller agents typically try to get the highest price they can for their seller client. The higher the selling price the larger their commission and happier their client is.
Once a Utah County Home Buyer Agent has negotiated a purchase contract, then he works hard to save you money on loans, inspections, repairs and closing costs. The buyer benefits by having his agent focus completely on him and trying to make his experience a good one.
Selling your Utah County Home by Owner or by Realtor
When it comes time to sell your Utah County Home, one big decision needs to be made. Can I sell my home by myself or should I use a Realtor? Everybody wants to make as much money as they can when it comes time to sell their home, but it is necessary to maintain realistic expectations if there is to be a successful sale transaction. The For Sale by Owner option is often perceived to be best way to make the highest profit when selling a home. In theory, that makes a lot of sense, but there are so many variables that the results usually come out the opposite. In fact, statistics from the National Association of Realtors report that only 16 % of those who listed their home For Sale by Owner, were successful in selling their home. The main drawbacks can be divided into two main categories, Buyer Perception and Seller Frustration.
Buyers often have a negative perception of a seller who is selling on their own. Some see the refusal to hire a Realtor, as cheap, and they begin to wonder how far that cheap goes. They wonder if maybe the Seller even cuts corners in maintenance, repairs, or upgrades. They think the Seller is going to be hard to work with when it comes time to negotiate terms.
There really is a lot of work involved in selling your house on your own. You have to field all the phone calls yourself and conduct all the showings. Unless you have a very flexible schedule, you will lose potential buyers simply because you are unable to accommodate their schedules. Sellers are often frustrated by the low offers they receive, but buyers realize you are not paying any commission and therefore have more room to negotiate. They want to save money too, and expect you to understand. Most frustrating to Sellers is organizing the closing and understanding the paperwork.
There is always the chance that your house is the exact property that a buyer is looking for so they throw a sign in the yard for a few weeks and see what happens. If you have not sold by then, call a Utah County Realtor to guide and protect you, and help you through the process.