The Home Buying Process Explained Ogden Valley Real Estate

#1 – Get Pre-Approved and Meet with your REALTOR

Meet with a loan officer in Utah; by sharing income and other financial information, you will know the price range of a Utah mortgage for which you are qualified.  Remember, a Utah lender is no more interested in a house in Florida – than a Florida lender is interested in a property for sale in Utah.  Makes sense, right?

#2 – Get Pre-Qualified – Obtain a Pre-Approved letter

Obtain a “Truth in Lending” letter explaining the costs of borrowing money

Learn about the many loans available to buyers in today’s market

Learn about closing costs

#3 – Begin viewing homes with your REALTOR –

When possible, all decision-makers should visit the various homes in Utah

Always be candid with your REALTOR – it will help them understand your particular needs and desires and enable them to select homes you’ll want to see

#4 – Prepare the offer –

Your REALTOR will provide you with a comparative market analysis on the Utah real estate of your choice in order to assist you in making an informed decision

Your REALTOR will go through the contract with you and complete your offer

Negotiations will proceed until both buyer and seller agree on all terms and sign

All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered

#5 – Make your loan application –

Give your loan officer a copy of the contract and apply for the loan

#6 – Inspect the property –

Select an inspector and arrange for a general inspection and any other inspections you’d like (your REALTOR will help).

Your REALTOR also can provide information about other environmental assessments

#7 – Appraisal and survey of property –

The lender and title company will make arrangements for the property appraisal and survey

Buyer will be provided a copy of the Title Commitment Letter

Buyer will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company

#8 – Seller’s closing is also arranged –

Buyer receives a copy of the closing statement for review prior to closing

Buyer does a final walk-through inspection of the property with your REALTOR

The REALTOR arranges a closing date and time with the buyer and title company. Seller’s closing is also arranged

Buyer brings a cashiers check for all closing costs and the balance of the down payment

#9 – After the closing –

Documents are sent to the buyer’s loan company for approval and funds are disbursed

The title company receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing are due including taxes, attorney’s fees, professional real estate fees and title company fees

Legal documents will be recorded in the office of the county clerk and mailed to the buyer

Title company prepares and issues the title policy, and sends it to the loan company and new home owner

#10 – IT’S NOW TIME TO ENJOY YOUR NEW HOME!

The Home Buying Process Explained Ogden Valley Real Estate