Welcome to the TooeleHomes4Sale.com Blog

2016-02-18 04:06:02
You've Found The House You Want To Buy

Now you have done it: you’ve found the house you want to buy. And it's in Tooele Utah.finding a house

The next step in buying a home in Tooele UT is to have you're agent make an offer that the seller will sign. 

Every single line in the purchase agreement is important, but, some are more critical to understand before signing.

Let’s look at some of the more important ones. Keep in mind, you should have an experienced agent here, walking you thru these, but you need to be involved.  After all, this is one of the most important contracts you’ll ever sign.

Earnest Money Deposit

The earnest money deposit is the amount of money you’ll be giving the seller when you submit your offer to purchase (or shortly after it is accepted) to show you are serious. Don’t confuse this with the down payment, which is an amount the lender needs from you to make the loan. (mortgage).

  1. 1 percent is typical. Ask your agent about the strategy involved as the amount can vary.
  2. Earnest money is either held in the brokers trust account or with the title company.
  3. The entire amount of E.M. will be applied to the purchase price of the home and credited at closing. (settlement)

Personal Property

Anything that is not permanently attached to the home is considered personal property. Sometimes this property is included in the sale. If so, it must be listed in the purchase agreement or in a separate addendum. This is an area that causes considerable misunderstandings between buyers and sellers at the final walk thru. Be sure all personal property that you believe is included in the sale is supported by proper paperwork.

Items of personal property commonly included in home sales include:

  • Appliances
  • Yard equipment
  • Furniture

Closing Date

Closing dates may vary, and in many cases they involve strategy that can help minimize the cash needed at closing or soon thereafter. 

  • Some people feel it’s best to close escrow as late in the month as possible. This is because prepaid interest, which you’ll need to pay at closing, is prorated from the date of closing to the end of the month.
  • If you are cash-flow conscious, on the other hand, you may want to close escrow early in the month. Your prepaid interest charge will be higher but, because mortgage interest is paid in arrears, you will skip two mortgage payments instead of one.

Having said that however, some times are better for closings, for various reasons:

  • Avoid closing escrow near the fall and winter holidays, especially Thanksgiving, Christmas Eve or New Year’s Eve. Real estate professionals (agents, lenders and title reps), like folks in all other businesses, take time off to be with friends and family.
  • If you are both selling and buying you may need a simultaneous close, allowing both escrows to wrap up on the same day. This is a delicate process and it does have its shortcomings, which I can explain to you if you are in this situation.

A local experienced real estate agent worth his or her salt will walk you through the purchase agreement, line-by-line to ensure you understand what you’re signing. Never sign the contract unless you do.

I would like to be that agent. I have worked with thousands of home buyers, and would like to be in your corner.

Give me a call. Berna Sloan 435-840-5029. Don't wait till after you've found the house you want to buy.

 
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