Seller’s Property Condition Disclosures:How old is the roof? Is the current owner aware of any ground settling, foundation, or flood issues? This
is a 6-page document the seller uses to disclose any major issues or
repairs the home might have, usually within 5-7 days of going Under
Contract. Consider this the seller’s “tell-all” history of the home.
Due Diligence: What other issues with the home are the
sellers unaware of? Do the neighbors like the neighborhood? Is there a
future highway proposal for the field behind the home? This major
deadline is when we schedule a professional home inspection and research
every aspect of the home, neighborhood, schools, crime reports,
utilities, etc. Inspections typically cost around $350 (prices vary on
size of home and inspection company). You will receive a detailed report from the inspector
within 24-hours of your home inspection, so you can review. Most homes
for sale in Utah have maintenance issues and there might be repairs
listed on an inspection report. We are there to counsel with you on what
to stay away from, or what truly is the seller’s responsibility to
repair. This deadline gives you roughly 10-15 days to make sure there are no “red
flags” when purchasing your home.
Appraisal/Financing: Is my home worth what price I’m offering? Am I guaranteed the loan for my new home?
Your lender will be asking you for documentation throughout this entire
process. We will be in constant contact with the lender from day one
until close. Once the inspection is complete, and we have determined the
home is in good physical condition, your lender will order your
appraisal to assess value, as well as process your loan and all
documentation with the underwriter. This deadline usually gives us 20-25
days to make sure the loan is solid and the home is worth what you’re
paying, so we can protect your earnest money.
Settlement: When can I move in?! A few days prior to
closing, we will receive a copy of the HUD’s (Settlement Statements
breaking-down all credits/debits for your purchase). We thoroughly
review those to ensure there are no errors before closing.
Closing – The next day you will sign all of your loan
documents and your HUD’s at the title company. This takes roughly one
hour. The escrow officer will explain your loan in great detail and
answer any questions you might have. We will be at closing with you.
Funding and Recording – Once the documents are signed, the
loan will be funded and the title company will record your purchase with
the County with you as the new owner. This usually takes 24-48 hours.
KEYS – Once the property has recorded, you get the keys to your new home!!
Pearson & Associates Real Estate TeamPhone: 801-446-8217Fax: (866) 441-00147985 South 700 East, Sandy, UT 84070