STEPS TO BUYING A HOME

If you’ve found your dream home, you may be wondering what the next step is. The home buying process can be long and complicated, but with Wolfnest it doesn’t have to be. There are several steps you will go through before you can officially call this house your home, and we will be there every step of the way. So, if you’re buying a home in Utah, we’re here to break down everything you need to know with our step-by-step process and our real estate agents can answer any questions you may have along the way.

PURCHASE AND SALE AGREEMENT

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After you’ve found your dream home, you’ll make an offer. Once an offer on a property has been made and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.

INSPECTION

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Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. the inspector will check specific items, such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterward, buyers will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.

NEGOTIATION

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Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. Wolfnest real estate agents are expert negotiators whose job it is to represent your interests during the give and take of a real estate transaction.

FINANCING

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Although you may already be pre-approved, now that you’re closer to the actual purchase price, you’ll be working more in-depth with your lender on your final loan approval. This is where you’ll solidify the actual cost of the home and get your loan approved and in place.

TITLE HISTORY

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As part of the financing process, you will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased.

ESCROW

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After the offer is accepted and a closing date agreed upon, escrow allows the buyer and the seller to have an outside party ensure all parts of the contract are complete. Your Wolfnest agent can coordinate the completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete.

CLOSING

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During the final step, all the paperwork is signed by the buyer and seller. Both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you’ll receive a settlement statement outlining any fees which may apply to you. After closing is finalized and recorded, the home is yours!