| Pre-Qualify | | | | performing more detailed searches than the average |
| Should I Pre-Qualify First? | | | | website. |
| Pre-Qualifying is simply one of the first steps to | | | | Hotsheets |
| buying a home. It costs you (the applicant) nothing | | | | What Are Hotsheets? |
| and it gives the future buyer a good starting ground. | | | | Through a program that the MLS offers, Realtors are |
| Pre-Qualifying allows the buyer to know how much | | | | able to set up buyers with hotsheets that will send |
| they can spend before ever spending time looking at | | | | them information about a home as soon as it is listed |
| homes. | | | | according to their search criteria. For example, if a |
| It is especially beneficial because it can usually help a | | | | client were looking for homes near a golf course in |
| buyer uncover any credit problems that they may | | | | the Salt Lake Area, a hotsheet would send them the |
| not have been aware of. | | | | info by email at the time of day that the client |
| I would like to Pre-Qualify Now | | | | desires. |
| Realtors | | | | One reminder about working with an agent is that it |
| How can a Realtor help? | | | | costs the buyer nothing. The seller is the one that |
| Times have obviously changed in the Real Estate | | | | offers a commission to the agent that brings them a |
| business. With the continuous advances of the | | | | willing buyer. So why not use an agent? |
| internet more buyers tend to surf the web for | | | | Can I Afford a Home? |
| homes and narrow down their choices before ever | | | | The potential buyer is obviously the best (or most |
| working with a realtor. Most people do not like to be | | | | important) judge of whether buying a home is right |
| tied down to a realtor especially if they don't already | | | | for them. While there are many benefits to getting |
| have a personal relationship with them. | | | | away from renting, it is important to know if it is the |
| Before I talk about how beneficial a realtor can be, | | | | right time to buy. Personal circumstances will |
| allow me to address the issue of Buyer-Broker | | | | alwaysplay a key role. |
| Agreements. This form is a very common agreement | | | | The only information I can share is the financial. |
| that is used by most realtors. The intention is a very | | | | Typically, a debt to income ratio of at least 50% is |
| honest one. In short, brokers/agents agree to help a | | | | preferred as a minimum. So if a family's income is |
| client if the client agrees to only buy with them. It is | | | | $3,500 a month, they would preferably have to pay |
| a way to ensure that both parties are treated fairly. | | | | less than $1,750 each month including their future |
| Unfortunately, it is not unheard of for this form to be | | | | home payments). |
| abused. Occasionally, some realtors will have their | | | | The best way to know what you can afford is by |
| clients sign these agreements with alarmingly long | | | | getting pre-qualified for a loan. This costs nothing and |
| expiration dates. This is how buyers get tied down to | | | | does not mean you have to get a loan. |
| using one realtor, whether they like the job that | | | | Closing Costs |
| they're doing. | | | | What Are Closing Costs? |
| At Wright Brothers Real Estate, we believe that the | | | | Closing costs at this point can only be loosely |
| clients and realtors should have a relationship that is | | | | estimated. While they can be a bit costly, it is also |
| based on trust and respect for each other. Generally | | | | possible to negotiate with the seller to have them |
| a client will not be asked to sign any agreements until | | | | pay a portion of the costs. To get some idea as to |
| it is time to actually make an offer on a home. If for | | | | what is involved in closing fees, I have listed a few |
| any reason the contract on the house falls through | | | | good sites below.visit: |
| before closing, the client is released from their | | | | Closing Fee Calculator |
| agreement and can either continue to work with us | | | | Wikipedia Closing Cost Info |
| or find another agent. We believe that if the client | | | | Commissions |
| does not want to work with us at any time, then we | | | | Often, in Utah, the commission paid is about 6% by |
| have not done our job correctly and they should be | | | | the seller at the time of closing. 3% goes to the |
| allowed to pursue other options. | | | | listing agent and another 3% goes to the buyers |
| Working with a realtor can be a very beneficial | | | | agent (you are "offering" this percent to the agent |
| resource when looking for a home. While all buyers | | | | that brings a buyer.) This is the reason why it costs |
| have access to a surplus of internet sites which list | | | | the buyer nothing to use an agent. These rates are |
| homes on the MLS (Multiple Listing Service), a realtor | | | | not set in stone. Which is one of the reasons that |
| can access additional data that is not usually | | | | you see flat fee brokerages. |
| accessible. Also, agents have the capability of | | | | |