Buying a home in Cache Valley
Whether you are purchasing a first home or your dream home, there is a property waiting for you. I can help you situate yourself in our marketplace, review our communities or specify your location in your search options.
The real estate marketplace can be highly complex and fragmented. Unlike the many real estate information sources that may have inaccurate data, as a certified professional Realtor I have has access to current local statistics. I will help you interpret the information which will facilitate your decision-making process.
As your agent I can:
- Navigate the home buying process: including negotiations, inspections, and recommending professional lenders
- Advocate for you during the entire home buying process
- Understand your needs and motivations regarding a home purchase
- Provide you with current information on market conditions and expected trends
- Realize your goals even when working within the constraints of the marketplace and economy
- Research homes in the area and present any relevant active listings
- Aid in narrowing your search and identify top choices
- Show you homes that you are interested in
- Suggest repairs as needed
- Assist with closing
Ultimate Utah Home Buyers Guide 2024
Should I buy a home?
”You will purchase at least one home during your life. Yours, or your landlords.“
– Neil Walter
The perfect time to purchase real estate is always in the past! If you have found a property and are in a position to purchase it and it makes financial sense, you probably should buy it.
While rent may appear less expensive the following table illustrates the real cost of renting. Simply locate the amount closest to what you currently pay and notice how much you will end up spending over the next 10 years. Top row represents the initial rent each additional year will add an additional 3% to account for inflation. You are welcome to schedule a free consultation above.
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My Pledge to Buyers
As one of Cache Valley’s premier realtors Spencer guarantees his expertise will help every buyer purchase the right home at a fair price, in the shortest amount of time and with the least inconvenience. His unsurpassed services are founded upon sound business practices.
Promises:
Promises: Thoroughly explain real estate agency relationships
- Maintain constant communication
- Analyze buyer’s property needs and desires
- Orient buyer to correct market conditions
- Explain local real estate practices and procedures
- Provide information on lenders
- Search the MLS (Multiple Listing Service) for suitable properties
- Set up and show buyer properties
- Explain the offer presentation process
- Carefully explain and prepare the offer
- Follow up after the purchase
Financing
Reasons to Get Pre-Approved
- 1. You will know your monthly payment in advance.
- 2. You won’t waste time considering homes you cannot afford.
- 3. You can select the best loan package without undue pressure.
- 4. Seller’s may favor your offer when they are aware of your secure financing, placing you ahead of the competition.
- 5. You will gain peace of mind knowing you can purchase the home you love while being able to afford the payments.
After you are Pre-Approved
DO NOT change your financial situation or credit score
DO NOT apply for any new loans, consolidate, co-sign, obtain a car lease, apply for new credit cards (including applying for department store credit cards).
DO NOTmake any late payments, increase your credit card balance or anything else that may result in a lower credit score. This includes any credit inquires on your report for cell phones, credit cards associated with airlines even if you do not intend to get the credit card.
DO NOT make large deposits of cash into your bank account which cannot be sourced. Please consult your lender before depositing money into the bank with the exception of your normal payroll check. (Including proceeds from the sale of an automobile, etc.)
DO NOT change jobs. This includes changing positions from a W2’s earner to full commission. Please inform your lender if you transition from full-time to maternity pay or disability.
DO NOT quit your job and start your own business in the middle of the loan process.
I don’t know any Lenders. Can you help me find one?
Finding A Home
Once you have talked to a lender and know your budget we can start looking for a home. This is the fun part! You can use my proprietary tools which will immediately notify you of new properties that become available based upon your price, location and other factors. This gives you the best shot and seeing and making an offer on the property you desire.
Q: Can I just search for homes in Cache Valley and Utah for fun?
A: Yes, search to your hearts content. Here
Once we have found your desired property and you are ready to make an offer, I can write the offer and negotiate for you. Here are some of the things I can help you navigate:
Making an offer
Initial Offer-Complete Review & Gather Information
- Earnest Money deposit
- Offer price vs. Listing price
- Due Diligence, Financing & Appraisal Deadlines
- Personal property included
- Financing Terms-FHA, VA, conventional, cash, lease option, USDA
- Appraisal required repairs
- Closing costs, buyer costs, seller costs
- Home warranty
- Home inspection
- Contingencies
- Buyer’s agent
- Buyer motivation
- Water rights and water shares
- Greenbelt transfer & taxes
Subject Property Specifics
- Price range data
- Recently sold comparable properties
- Days on Market
- Past offers
- Cosmetic improvements
- General Market Conditions
Negotiate Offer
- Be reasonable
- Communicate clearly with another agent. Ask pertinent questions, such as dates, price, inclusions
- Trade items of value to reach an agreement
- Find a connection with the other party
- Be fair, use sound logic, employ statistics and comparable sold properties
- Explore options/alternatives
- Create a win/win
Common Questions
Q: Is an older home as good a value as a new home?
A:This is a matter of personal preference as both newer and older homes offer distinct advantages. New homes generally have more living space, like a great room while older homes may offer more total space. It all depends on what you’re looking for.
Q: Do I need to bring anything along when looking at homes?
A:Just a pen and paper if you need to take notes!
Q: What should I tell my realtor about the homes I look at?
A:Tell them what you liked and didn’t like about each home. It helps them get a feel for what you’re looking for. Don’t be shy!
Q: How many homes should I look at before I buy?
A:There is no set number. We will look until we find the right one.
Q: What should I look for when I begin visiting homes?
A:As you walk through the homes, ask yourself: is there enough room, do I like the floor plan, is there enough storage, is the yard appropriate for my family size, are there enough bathrooms, etc.
Q: I would like to have a professional look at the home before I buy it. What does a home inspector do?
A:I highly recommend using a home inspector. A home inspector will check the home’s plumbing, heating, cooling, electrical systems, and look for any structural problems to ensure you won’t have any expensive surprises. (See Due Diligence Section)
Q: Should I be present during the inspection?
A:It’s not necessary, however, I do recommend meeting the inspector at the property after the inspection to review anything that may have been discovered during the inspection. This can take anywhere for thirty minutes to an hour. The inspector will also provide you with an inspection report.
Q: Do I need to talk to an insurance agent?
A:Yes, you will need to have your new home added to your insurance policy the day you close on your home.
Q: Can I protect myself against emergency repair bills in my new home?
A:Yes, I offer a home warranty that covers the basics of your home for one year. You can purchase it or ask the seller of the home to purchase it.
Q: What is “earnest money” and how much do I need?
A:When you write an offer you must include earnest money. Generally, on an average priced home the earnest money is 1 % of the purchase price.
Due Diligence
Due Diligence is a set time period after you have made an offer on a property for you to determine if the home is in satisfactory condition for you to move ahead with the home purchase. Home inspections are common. A home inspector will inspect the home and create a report for the buyers. They will also walk through they home with you showing you any issues they have found. The buyer will determine if they want the home inspected or tested and pay for these services. As your Realtor, I can arrange for these inspections and tests.
Home inspectors:
Bear River Home Inspections
Cole Busby
(801) 513-3163
colebusby@bearriverhomeinspections.com
Brighton Home lnspections
Cliff Douthit
(435) 881-9908
info@brightoninspections.com
Carlson Inspection Services
Bryan Carlson
(435) 753-2084
bryan@carlsoninspection.com
Nook & Kranny Home lnspections
Troy Thompson
(801) 698-6467
Common Tests
- Mold
- Meth
- Radon
- Lead
- Asbestos
Common Appraisal Repairs and Inspection Issues
- Mold/mildew in the home
- Peeling paint-interior & exterior including fences, sheds, outbuildings, decks, etc.
- Evidence of past or present leaks
- Broken windows
- Pest inspection
- Roof life expectancy
Septic Tank & Well issues:
- Well & drain field must be separated by 50′
- Septic tank will need to be pumped within the last 5 years
- Confirm the well has been proofed
- Provide copies of the water share certificate
Understanding Closing Costs
Here are some of the terms and definitions you will see:
Application Fee: The fee charged by the lender to offset fixed costs related to mortgage loan processing such as appraisal, credit reports, and underwriting.
Closing Fee: The fee charged by the title company who prepares closing documents and closes the loan on behalf of the lender.
Origination Fee: The fee charged by the lender and generally computed to 1% of the mortgage amount.
Discount Points: Each point is equal to 1 % of the mortgage amount. Points are used by the lender to adjust the yield in the mortgage when sold to an investor. By paying more points, the borrower can obtain a lower interest rate.
Mortgage Insurance: Insurance required by the lender when the down payment is less than 20% of the value of the property. In the case of loan default, the insurance reduces the lender’s loss.
Recording Fee: Fee charged by the county for recording the closing documents into the public record.
Processing Fee: Fees charged by the title company for administrative escrow services performed from the point of contract through closing.
Title Insurance: Provides protection for lenders and homeowners against financial loss resulting from legal defects in the title.
Underwriting Fee: Typically included in the application fee. Note: practices are subject to vary from lender to lender.
Homeowner’s Insurance: One-year premium is due in advance at closing.
Moving Checklist
Plan ahead and follow this checklist for a smooth and easy transition.
🗹 Transfer Utilities into your name. (Towns in Cache county and Services they provide)
🗹Determine what to move and what not to move. Consider a garage sale or donate unwanted items.
🗹 Gather estimates from several moving companies or truck rental companies to secure the best rate.
🗹 Plan your travel itinerary if necessary. Reserve lodging in advance.
🗹 Transfer your bank accounts if necessary.
🗹 Request records from doctors and dentists if relocating to a new town.
🗹Obtain children’s school records for an easier transfer.
🗹Pay existing bills and closeout local charge accounts.
🗹Plan where and how you would like your furniture arranged.
🗹Label boxes clearly.
🗹 Coordinate the transfer of utilities to the next homeowner.
🗹 Cancel or transfer deliveries, mail, etc.
🗹 Transfer insurance policies or arrange for new policies.
🗹 Remember personal items that may be at the photo shop, bank safe deposit box, a neighbor’s house or repair shop.
🗹 Gather all valuables, jewelry, important papers (birth certificates, deeds, etc.). Transport them with you personally.
🗹 Ask for professional referrals if available (doctor, accountant, etc.)
🗹 Change the following addresses: post office, subscriptions, relatives and friends, church, firms with time-sensitive payments, past employer.
🗹 Cancel or transfer deliveries, mail, etc