Step # 3 We Are Under Contract

We are now under contract congratulations !!! 

I know this is a very scary and exciting time for you. I am here to help so any question please ask . No question is a stupid question. I want you to be 100% happy with your purchase. No Regrets!! 

There are a few deadlines that are very important. We will watch those as we go through the due diligence period to protect your money. We will schedule an inspection order title reports, CC&R, zoning etc. Please let me know if there is a concern you have that you want me to look into during this time. 

1. Seller disclosures – (7 days): This is a 7 page document where 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 walk prior to inspection and move onto the next home.
2. 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. I am radon certified and have extensive knowledge on mold and meth. This gives you 14 days to make sure there are no red flags such as the previous owner was a meth drug dealer. 🙂
3. Appraisal/Financing – (25 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 1 through the close. Once inspection is complete you will order an appraisal.($350) I recommend waiting until after the inspection in case you need to walk. 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.
4. Settlement – (30 days): One day prior to closing, I will receive a copy of the HUD’s for review and to catch any errors.
   • Closing – The next day you will sign loan documents and HUD’s 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 signed, 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!!!

 

Inspectors, 

 

Mike Stephens, Alliance Inspection Services,801) 921-0206      

Joel Jones, The inspector 801-946-1088

When your ready you need to call and schedule your inspection. Call and talk to both and make sure it is a good fit personality wise and cost. Once you schedule that please let me know so I can inform the correct people.