Why use a Buyer's Agent?
Any major purchase requires research, careful analysis, consideration, and thought. Home buying isn't any different! The easier things are determining the right location, the number of bedrooms or bathrooms needed, and outdoor space. However, there are many other factors to think about in your home search. From your initial inquiry to when you get the keys to your new home, we will be there, guiding you through the process. We can even help connect you with mortgage professionals to get the best rates.
As an area expert, ParkCityHomeSales can help educate you on the different neighborhoods, schools, and other local community amenities that suit your lifestyle.
What is the Usual Process for Purchasing a Home in Park City?
Getting Ready for a Home Search
1) Consultation - When you work with ParkCityHomeSales, we will do our absolute best to give you the personal attention and service you deserve. We will help you find a great home with fair terms and a reasonable price. Let's work together to make your dreams a reality.
2) Pre-Approval for a Loan - We'll help you find a mortgage broker to assist you in your home purchase. There are many advantages to getting pre-approved for a mortgage loan. You will know what you can comfortably afford and will not be looking at homes out of your price range. You become a qualified buyer, putting you in a stronger negotiating position with sellers. If your offer is accepted, your pre-approval can simplify the closing process.
3) Searching for a Home - ParkCityHomeSales has many valuable resources available to aid you when searching for a home. We are a member of the Board of REALTORS® and have access to the Multiple Listing Service, which means we can provide you with current listings and information on available properties. We also work as a team with other brokerages in town, allowing us to provide a more extensive network of information and service.
4) Viewing Houses/Virtual Tour - Let's work together to find the right home for you. We'll set up appointments that fit your schedule and show you only properties that meet your needs.
Once You Have Found Your Ideal Home
5) Make an Offer - When we write an offer for your home, we will work hard to help you secure a favorable contract. There are many important factors to consider besides the price. This is where our experience, knowledge, and commitment to you come into play as we assist you in evaluating every critical term of the contract to be sure we're looking out for your best interests.
6) Ratified Agreement - Once the Seller has accepted your offer, you are Under Contract. But there are still many steps to go before closing day. Working together, we can ensure a successful closing.
7) Opening Escrow - Escrow is a third party that manages the financial details of the sale contract between you and the seller. We perform a preliminary title search to see if any issues prevent us from getting you into your new home. We work with a highly-regarded title company that gets complex issues resolved quickly.
8) Inspections - Inspection is an opportunity for you to learn more about the property. If something unexpected comes up, you might be able to renegotiate the terms of your contract with the seller.
9) Appraisals - Appraisals determine a property's value. For example, if you're using a loan to finance the purchase of your new home and the lender orders an appraisal, it will ensure that your home is worth the money it is lending you.
10) Final Walkthrough - We'll ensure you complete your final walkthrough of the property before closing the Escrow. This way, you can be confident that everything about the home is as expected.
11) Closing Escrow - We will keep you posted on the status of your escrow transaction and let you know when all conditions have been met, so you don't have to worry.
12) Close on Your New Home! - We'll help you get into your new home as quickly as possible after you've secured the deed.
After you move into your new home, ParkCityHomeSales will stay in touch with you to answer any questions about the area and take care of any needs that arise. We can also be your go-to resource for any list of essentials, including utilities, helpful websites, and a list of our current service providers.
Other Frequently Asked Questions about Buying a Home in Park City, Utah
- When can I move into a property that I'm buying? The purchase contract specifies when you can move in when you buy a home. Possession of the home is yours after signing at Settlement AND Recording of the Deed at the County Recorders office, usually one day after signing.
- How much do homes cost in Park City, Utah? Park City single-family homes vary widely, but entry-level condos are priced at about $500,000. Luxury homes may sell for $ 3M over $20 million, studio condos may be listed for 300,000, and large luxury condos for more than $ 4 million. When you look online for Park City real estate, you will find great value in any home or condo priced over $1.8 million, townhomes over $1 million, and condominiums over $750,000.
- Are there any closing costs when you buy a house in Park City, Utah? You have to pay additional costs when you take out a loan. Those costs include an appraisal and a lender's title insurance policy. Some lenders charge mortgage points, document preparation fees, and other fees. The lender is required by law to provide the estimated closing costs when you apply for the loan.
- Does Utah have a first-time home buyer program? Yes. The Utah Housing Corporation offers its FirstHome Loan program to first-time buyers, veterans, and single parents. Unlike most programs of its kind, UHC doesn't require participants to take a homebuyer education course. To qualify for a mortgage, the borrower must have a credit score of at least 660 and not exceed the household income limit set for their county. Purchase price limits also vary by county.