Buying a home in Salt Lake is an exciting experience, especially if it is your first home. As you go through the process of home buying, however, there will inevitably be a point in time where you experience the “What Ifs”.
What if’s” are those doubts that creep into your mind after the rose colored glasses come off …after you have found “The” home to which you are about to give your commitment, your time, your love…and your money. Thoughts like
- “What If”…I can’t afford the house after I buy it?
- “What If”…I find out the air conditioner doesn’t work?
- “What If”…I lose my job in the next month?
- “What If”… I don’t qualify for the loan?
- “What If”…I change my mind?
There are a thousand different “What If”s that go through buyers minds at different points in the process of homebuying, but don’t worry, in Salt Lake these “What Ifs” are handled through “Contingencies” that are written into the REPC ( Real Estate Purchase Contract).
Contingencies that are standard for homebuying in Salt Lake are those that deal with:
- Finance Contingency– Utah Real Estate Purchase Contracts protect the buyer if he cannot ultimately qualify for a loan or the loan terms and conditions (payment amounts or variable rate etc) are not what he wants.
- Appraisal Contingency-If the sales price of a property comes in below the sales price, the buyer has the right to cancel the real estate contract.
- Due Diligence Contingency– The REPC protects the buyer by allowing her time to inspect the property, find any problems with condition, and negotiate the remedy with the seller.
- Due Diligence Contingencies also allow the buyer to cancel the contract if he cannot remedy the condition, or if he just simply changes his mind.
During the contract period, usually 30-45 days, there is ample time for you to find the answers to all the “What Ifs” especially if you use a great Buyers Agent.
Your Buyers Agent , especially if you…ahem…use Us, will know how to protect you and address any concerns you may have by:
- Properly preparing you to make an offer– not only getting you pre-qualified with a lender, but making sure you are in the right kind of loan for your circumstances, AND that you are comfortable with your price range and payment. They will help you make a plan for Earnest Money and whatever down payment you will need as well.
- Counseling with you on what terms and conditions (contingencies) should be included in your offer to address all your concerns and to protect you in the transaction.
- Planning the Home Inspection with you and attending the inspection to help address any problems with conditions and help you find the answers to all the questions.
- Communicating with both you, the lender, and the seller’s agent to make sure the transaction goes smoothly, all contingencies are met, and to head off any problems that might occur.
So, never fear, contingencies when you buy a home in Salt Lake are there to protect you, the buyer. And if you have the right people working for you (smiling slyly here), your experience will be as it should be…..Fantastic!
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Til later, ciao
Top 10 Things You Can Do With A Home That You Can’t Do In An Apartment
Now, I know that you get bombarded with all the reasons to buy a home rather than rent, and most of them are legitimate and logical, but there are some other things for you to consider. So….here is
My Top 10 list!
10. Build an under the stairs play area for your kids. I can’t tell you how cool that is to watch my grand-kids playing in the little house that their dad built them under the stairs in their home.
9. Have a naked room. Ok, we stole this from “Failure To Launch” but you probably don’t have the room to Have a naked room in your apartment if you really wanted one…now Do You?
8. Rearrange your floor plan. Now come on, how many of us have said…if we could just change this wall, knock it out, knock it down… For all you DIY’ers, you can indulge your creative side in your own home, but in an apartment….not so much
7. Build in a basement to create more space. If you are running out of space in your apartment, how many times has your Landlord allowed you to punch through to the apartment below?
6. Paint the kitchen orange….or yellow….or purple, with no repercussions. Well, not NO repercussions. I once painted my kitchen orange as a project when Steve was out of town. We had a…well…discussion afterward, he just has no imagination.
5. Keep your rent the same…for 30 years. You know how at the end of a lease, you either sign another lease for a little higher, or go month to month for a Lot higher (cause after all apartment owners are there to make money, not just provide housing for folks). Your mortgage will never vary (except for insurance and tax increases or decreases but even then its usually only a buck or 2) and at the end of 30 years…or sooner if you are prudent….you own the home outright. Can you say that about an apartment?
4. Sit by your own cozy fireplace on Christmas Eve and watch the lights on your Christmas tree. Some apartments have fireplaces, but most don’t, and especially not in an extra family room. Christmas trees are well, universal, but hey, I think they look so much better when you Own the home too, but again, that’s just me.
3. Have a party in your back yard, invite who you want, and not have to worry about the 10pm “silence” rule. Now, do you have to keep it down somewhat to be a good neighbor? Yes… but ….you can always Invite them to the party, then no more problem!
2. Tax deduction! Whoo Hoo…more money in Your pocket every April 15th. If you are used to receiving a refund each year…chances are you will Really like the tax deduction.
1. Plant roots. You can plant a garden too (which is a bonus point 11…can’t do that too much in an apartment), but you have a permanency in a home where you can build your place in a community that doesn’t change every 6 months. If you plan on having kidlets, or have them already, there is nothing like a stable neighborhood and community to give them the best chance of growing.
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There you have it, my top 10 things you can do with a home that you can’t do with an apartment. Now, to get you started, check out our section for first time homebuyers…. First Home In Salt Lake, and call or text us at 801-819-9005 with your questions or to get started on your journey to homeownership. (ok, kind of cheesy, but you get my drift!)
Just contact us, we will be happy to help you in any way we can! email@example.com
Til later, Ciao!
When you purchase a mortgage loan on a house- there is that phrase again, you didn’t think you were Purchasing a loan, now did you?
Anyway, as part of purchasing a house, there are certain costs and fees associated with closing on the loan (there, that’s better). These costs are referred to as….wait for it…”Closing Costs”.
Now, some of these charges are fixed fees, other , like title insurance are percentage based. Some are required by the bank to be put away on your behalf in an escrow account…like taxes and insurance (called pre-paids) so that your taxes and
Using A Buyers Agent Can Help You
insurance are actually paid by the bank and are part of your monthly payment, others are title fees for the good work that the title people do to protect you.
Then there are underwriting fees, appraisal fees, broker fees, application fees, origination fees. Everyone gets a fee from you…well, except us! As buyers agents it doesn’t cost you anything to use us, nope, nada, zip, zilch…so doesn’t it make sense to have someone like us watching over your transaction…and money…to make sure everyone is doing it right?
All in all these fees add up to about 3% or so of the purchase price of the home, and they are in addition to the purchase price and downpayment you need to have to complete the purchase of your home.
Homes In West Valley for 1st time homebuyers
But never fear, young Padawans, there are ways to handle closing costs so they are not an undo burden on you. Just give us a shout and we will talk with you about it. Don’t worry, we don’t bite (well, Steve might nibble a bit when he hasn’t had his Snickers, but I keep him under control), and remember, we are here to help! So, give us a shout at 801.819.9005 and yes, you can text us!
Homes for first time homebuyers