Steps to Buying Real Estate in Utah

Step 1: Prequalify for your Loan

If you are like most home buyers, you'll be financing your home purchase with a loan. Prequalifying for a loan is important because it let's you know how much you have to spend. If you have not yet prequalified for a loan, I can recommend some lenders to talk to. All major banks and credit unions are a great starting point. They have real estate specialists who will help you with the entire process.


Academy Mortgage
Stephanie Bevard, Academy Mortgage
(801) 223-9800 stephanie.bevard@academymortgage.com

First Colony Mortgage
Steve Lundwall, First Colony Mortgage
(801) 768-0968

Citywide Home Loans
Evelyn Ellett, Citywide Home Loans
(801) 979-1602 Evelyn.Ellett@chl.cc

Citywide Home Loans
Sterling Garns, Trillion Mortgage
(801) 360-9079



Are all lenders essentially them same?

No! Lenders compete for your business just like anyone else. Even a small difference in rate can have a big impact over the length of your loan. You should shop around and have at least two loan prequalifications.

Step 2: Talk to a Realtor®

Come into the office (or talk to me over the phone) for a 45 minute consultation with Ashley. I'll ask you questions about the kind of home or property you're looking for, size, location and any other concerns you may have. I take your answers and find you the right homes for sale in Utah. I also work with real estate investment clients. If you are looking to invest in real estate, rentals, or even commercial properties, I can help you with that as well.

Ashley Lauren Jensen, Realtor®
Keller Williams
841 N. 900 W.
Orem, UT 84057
Phone: 801.830.1717
Email: ashleyjensen27@gmail.com

What is an Agency? Why do I need a realtor?

A real estate agent represents you in all aspects of your home purchase. I help and educate you on the home buying process, purchasing strategy, contract negotiation, lending, inspection, and closing. I develop expectations based on current market conditions and set clear goals for each client. Most importantly, a realtor costs you nothing! Sellers cover all realtor costs in order to list their properties.

Step 3: Looking at Homes!

This is the fun part! We select 5-10 homes that meet your criteria and visit each one. When we've found that perfect home, we make an offer that includes an earnest money check. Once the offer is accepted (sometimes after several counteroffers), we start the process to closing. For the next 30 days we will be in constant communication with the title company, lender, and the other agent to make sure your home purchase is completed. Note that 30% of all deals fall out of contract.

Step 4: Under Contract

Once under contract, we have several deadlines to meet as we move towards closing. Meeting these deadlines shows the seller that you are a serious buyer. Once under contract the home is "off the market"; however, if you miss any deadlines the seller will keep your earnest money and the home goes back on the market. Your first task is to find a real estate / home inspector and schedule an inspection of the property. As always, I will help you with this.

Inspectors

Jim Fahs
Wasatch Homes Inspections
801-828-6842

John Casperson
JC Home Inspections
801-860-0268

Neil Morris
Win Home Inspection
801-949-6438

Aerolite Home Inspections
801-400-7867

What's the timeline from contract to closing?

Seller disclosures (7 days): This is a 7 page document in which the seller discloses any major issues the home may have. For example, if the home needs $40,000 in foundation repair you may choose to forgo inspection and look for a different home.

Due diligence (14 days): Call an inspector. Inspection typically costs around $350. You will receive a 50 page report. All homes for sale in Utah have maintenance issues and there will always be repairs listed on an inspection report. Sometimes it can be overwhelming to a buyer. I am there to counsel with clients on what to stay away from and what truly is the seller's responsibility. This gives you 14 days to make sure there are no red flags such as the previous owner was a meth drug dealer. :)

Appraisal/Financing (21 days): From the first day we go under contract, we are both in contact with your lender. The lender will be asking you for documentation throughout the process. I will be in constant contact with the lender from day one through the close. Once inspection is complete you will order an appraisal ($500). I recommend waiting until after the inspection in case you need to walk away from the deal. We work together to make sure the underwriter is happy and we are meeting the deadlines. This deadline gives us 25 days to make sure the loan will go through and you will not loose your earnest money.

Settlement (30 days): One day prior to closing, I will receive a copy of the HUDs for review and to catch any errors. Closing - The next day you will sign loan documents and HUDs at the Title company. This takes about 1 hour. The title company will explain your loan and answer any questions you may have. I will be present at the closing. Funding - Once the documents are completed, the loan will be funded. This can take anywhere from a few hours to a few days.

KEYS - Once the loan is funded you get the keys to your new home!!!