Utah Real Estate Search and Information

Utah Real Estate Search and Information

by Adam Evans

Pre-Qualify Should I Pre-Qualify First?

Pre-Qualifying is simply one of the first steps to buying a home. It costs you (the applicant) nothing and it gives the future buyer a good starting ground. Pre-Qualifying allows the buyer to know how much they can spend before ever spending time looking at homes.

It is especially beneficial because it can usually help a buyer uncover any credit problems that they may not have been aware of.

I would like to Pre-Qualify Now

Realtors How can a Realtor help?

Times have obviously changed in the Real Estate business. With the continuous advances of the internet more buyers tend to surf the web for homes and narrow down their choices before ever working with a realtor. Most people do not like to be tied down to a realtor especially if they don't already have a personal relationship with them.

Before I talk about how beneficial a realtor can be, allow me to address the issue of Buyer-Broker Agreements. This form is a very common agreement that is used by most realtors. The intention is a very honest one. In short, brokers/agents agree to help a client if the client agrees to only buy with them. It is a way to ensure that both parties are treated fairly. Unfortunately, it is not unheard of for this form to be abused. Occasionally, some realtors will have their clients sign these agreements with alarmingly long expiration dates. This is how buyers get tied down to using one realtor, whether they like the job that they're doing.

At Wright Brothers Real Estate, we believe that the clients and realtors should have a relationship that is based on trust and respect for each other. Generally a client will not be asked to sign any agreements until it is time to actually make an offer on a home. If for any reason the contract on the house falls through before closing, the client is released from their agreement and can either continue to work with us or find another agent. We believe that if the client does not want to work with us at any time, then we have not done our job correctly and they should be allowed to pursue other options.

Working with a realtor can be a very beneficial resource when looking for a home. While all buyers have access to a surplus of internet sites which list homes on the MLS (Multiple Listing Service), a realtor can access additional data that is not usually accessible. Also, agents have the capability of performing more detailed searches than the average website. Hotsheets

What Are Hotsheets?

Through a program that the MLS offers, Realtors are able to set up buyers with hotsheets that will send them information about a home as soon as it is listed according to their search criteria. For example, if a client were looking for homes near a golf course in the Salt Lake Area, a hotsheet would send them the info by email at the time of day that the client desires.

One reminder about working with an agent is that it costs the buyer nothing. The seller is the one that offers a commission to the agent that brings them a willing buyer. So why not use an agent?

Can I Afford a Home?

The potential buyer is obviously the best (or most important) judge of whether buying a home is right for them. While there are many benefits to getting away from renting, it is important to know if it is the right time to buy. Personal circumstances will always play a key role.

The only information I can share is the financial. Typically, a debt to income ratio of at least 50% is prefered as a minimum. So if a family's income is $3,500 a month, they would preferably have to pay less than $1,750 each month including their future home payments).

The best way to know what you can afford is by getting pre-qualified for a loan. This costs nothing and does not mean you have to get a loan.

Closing Costs What Are Closing Costs?

Closing costs at this point can only be loosely estimated. While they can be a bit costly, it is also possible to negotate with the seller to have them pay a portion of the costs. To get some idea as to what is involved in closing fees, I have listed a few good sites below.

visit: Closing Fee Calculator Wikipedia Closing Cost Info Mortgage-x.com

Commissions

Often, in Utah, the commision paid is about 6% by the seller at the time of closing. 3% goes to the listing agent and another 3% goes to the buyers agent (you are "offering" this percent to the agent that brings a buyer.) This is the reason why it costs the buyer nothing to use an agent. These rates are not set in stone. Which is one of the reasons that you see flat fee brokerages.

I would be glad to answer any questions that you have. please feel free to call me.

Adam Evans 801-680-7530 cobian77@yahoo.com