Real Estate With Rodger Hardy
The Pre-Search. What to do before you start looking at homes.
1.Figure your budget using your gross monthly income, total monthly expenses and how much you can save. 2.Contact a loan officer and get pre-approved and find the best program for you. If you’re in Utah I recommend either Linda Creswell with Superior Lending, LC at 801-221-9576 or Stevan Davis with Guaranteed Rate Affinity, 801-724-7245. 3.List the features you would like in your home including the five that are the most important to you. 4.Determine how much home you can afford. 5.If you use a credit card, keep your use in line or stop using it; switch to a debit card and don’t buy a car or add any new debt. Don’t be late on any scheduled payments. 6.Find a real estate agent. Call 801-360-9133, use the Contact Us form below or go here.
If you are outside Utah a qualified Realtor® can be screened and referred to you if you will call 801-360-9133 or use the contact form below. We highly recommend you do so as it is a free service. You will be contacted by phone to complete the referral process.
The Home Search. What to do when you start looking at homes.
7.Start looking online and with your Realtor®. Do not look at any home without your Realtor® present. To look online go here. 8.Research neighborhoods where you would like to live. 9.You’ve found your home! Talk to neighbors and learn more about the neighborhood.
The Pre-Offer. What to do before you make an offer.
10.Have your Realtor® price-check using comparable properties and pull a property report to determine unpaid property taxes and liens, especially if the home is for sale by owner. 11.With your agent, determine your offer price. 12.Determine contingencies. These include the appraisal, which allows you to cancel your offer if the home fails to appraise for the purchase price; and the financing contingency, which gives you time to get your financing in place. Go over the purchase contract with your agent to clarify any other contingencies.
Make your offer when you are ready to commit to buying the house.
13. Give your purchase contract to your loan officer as soon as possible to start the loan process. Be sure and turn in all requested documentation ASAP.
14. Do your due diligence. Have the home inspected. Most Realtors® will suggest an inspector that you can hire. If you’re in Utah, refer to the Due Diligence Disclosure for all your due diligence responsibilities that may apply. Other states may have a similar document.
15. Have the home appraised. Your loan officer may order this and ask you to pay for it before it is ordered.
16. Lock or float your interest rate. Discuss this with your loan officer.
17. Determine your homeowner’s insurance policy. Most buyers use the same company as their car insurance.
18. Make your purchase funds available.
19. With your Realtor, walk through the property again. This is called the Final Walkthrough to determine that all is in order and as expected before you close on the loan. You usually do this within the week before you close.
20. Settlement and Closing! Attend the settlement and sign all the documents. Bring your ID with you and a cashier’s check for your closing costs. Anything over $10,000 must be wired. Be careful with wire instructions. If you receive any communication changing those instructions be sure and call the title or escrow company immediately and confirm the instructions again.
21. Closing occurs when your loan is funded and recorded with the county recorder. Your Realtor® will then hand you the keys to your new home!
Congratulations on deciding to become a homeowner. Here is a step-by-step guide to get you through the home buying process,