Did you know – people often refer to real estate agents as “REALTOR®.” Technically, this trademarked term applies only to members of the “National Association of REALTORS®.” This means that not all real estate agents are REALTORS®.
What does the “R” stand for, and what makes a REALTOR® different? It is our “Code of Ethics.”
Ethics is at the core of every business decision we make, large or small.
For the ninth time – Coldwell Banker Realty’s parent company – Realogy, has been named among “2020 World’s Most Ethical Companies Honoree List.” This honor is no surprise to us – Our company was founded 114 years ago, also on principles of trust, honesty, and integrity! Susan and Marilee demonstrate an unwavering commitment to the highest ethical standards and practices. Your complete satisfaction is a top priority to us – That is who we “R.”
We are proud to be a “REALTOR®.” We are proud to work for a company that believes in ethical conduct! That is who we “R.”
The American dream of homeownership is alive and well in Utah! Some benefits you receive by being a homeowner are:
- Homeownership is a form of forced savings.
- Homeownership provides tax savings.
- Stable monthly with inflation but your monthly cost will not.
- Homeownership can cost less than paying rent over time.
- No other investment lets you live inside of it! You could choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.
Marilee and Susan can help you know if homeownership is a good decision for you.
Purchasing a home can be different for everyone because everyone has unique wants and needs. Marilee and Susan will meet with you to discuss and listen to your needs and goals and help you to plan your property search! They can help you during the pre-approval process, show you properties that meet your criteria and keep you informed of new properties that come on the market. They both take pride in educating all of their clients on the buying process and guiding you from start to finish.
|Own Or Rent||Advantages|
|Homeownership||More stable housing costs from year to year, Pride in ownership and strong community ties. Tax incentives and equity buildup (savings) With today’s low-interest rates you may find that paying a mortgage can be lower than paying monthly rent but keep in mind that home ownership does require maintenance/repair cost.|
|Renting||Shorter-term commitment No/minimal maintenance and repair costs. Depending on the area you are renting – you may find housing costs lower than buying.|
There are many factors that influence the market value of a home. Susan and Marilee will give you the insight and information you need to make an offer you are comfortable with. Some of the factors to consider include:
- How long the home has been on the market.
- If the price has been reduced.
- How much the home is worth – your agent will provide a comparable market analysis (CMA) showing the list and sale prices for similar homes in the area.
- If there are multiple offers.
- Other items that might be included in the sale (furniture, hot tub, etc.).
- The “list to sale price ratio” an indication of how competitive the market is for homes in the area.
- Why the seller is selling.
- Whether the seller is offering an assumable loan or financing.
Once the offer is written, your agent will present it to the seller’s agent. At that point, the seller can accept your offer, reject it, or counter it to start the negotiation process. Marilee and Susan will work with you to plan a strategy to ensure the most advantageous terms and acceptable pricing for you and your budget.
Once your offer has been accepted the closing process begins. Here are some typical steps involved.
- Home Inspection – Most property sales are contingent upon the result of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance and includes a review of the home’s exterior elements like the roof, siding, trim and windows, as well as kitchen and bathroom fixtures and appliances, the major systems like heating and cooling, plumbing and electrical. If defects are discovered during the inspection, you may exercise the remedy described in your offer or negotiate with the seller to determine what repairs will be made.
- Title search – This is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that your purchase title insurance is case the records contain errors or there are mistakes in the review process.
- Appraisal – As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the home’s value.
- Final walk-through – If it’s requested in the contract, you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sales agreement.
- Closing cost – In addition to your deposit and down payment, there is a variety of other cost involved in closing including – Loan origination fees, appraisals and reports, surveys and inspections, mortgage insurance, hazard insurance, taxes, assessments, title insurance, notary and escrow fees, recording fees and stamps.
Susan and Marilee will guide you through all of these steps from start to finish.
The first step in any home search is finding out exactly how much home you can afford and securing the financing to make the purchase. While you can get a rough estimate through prequalification, taking the extra step to obtain pre-approval will give you some added advantages
- Understand your financial condition
- Know exactly how much home you can afford before you begin your home search
- Strengthen your purchasing power when making an offer
When you find a home you love and are ready to make an offer, your mortgage pre-approval lets the seller know that you’re serious and fully prepared to buy their home, putting you in a stronger position than other potential buyers.
In this “Seller’s” market it is our recommendation that you talk to a lender and get fully pre-approved. This means that your lender has all of the documents they need to process your loan including the following:
- Current pay stubs, usually for the past two months
- W-2s or 1099s, usually for the last two years
- Tax returns, usually for the last two years
- Bank statements
- Investments/brokerage firm statements
- Net worth of business owned (if applicable)
- Credit card statements
- Loan statements
- Alimony/child support payments (if applicable)
A home warranty is a service plan that covers the cost to repair and replace major household appliances and systems that can break over time. Commonly covered items may include dishwashers, plumbing systems and air conditioners. Some plans may even cover refrigerators, washing machines and dryers. Although they sound similar, a home warranty and a homeowners insurance policy aren’t the same. A homeowners policy provides insurance coverage for the unexpected damage or loss of your home and its contents. It won’t provide coverage if your dishwasher stops working.
There are pros and cons to purchasing a home warranty. Marilee and Susan will help you know if getting a home warranty is the best decision for you.