Archive for the 'Buying' Category
How Your Deadlines Can Help or Hurt You When Making an Offer In The Salt Lake Market
September 17th, 2007 Categories: Buying
The buyer typically will have the contingencies of an inspection, appraisal and to finish their loan. All of these items come with deadlines that are set when the buyer makes an offer to purchase the property. It is then accepted, countered or rejected by the seller.
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It has been argued that a Buyer’s agent should seek to get the longest possible dates they can. Therefore, protecting their client; makes sense to me. For example: if the inspection deadline is for 28 days past the acceptance of the contract, then the buyer can cancel the contract on the 28th day “Just Cause”. However, a listing agent that is protecting their seller will look at that and say, “We will give you the time you need BUT we are not going to give you that much time.” Sometimes when the deadlines only favor the buyer, the seller will consider it a bad offer and may flat reject it. If another buyer were to come along and make an offer and the home was sold out from under the buyer, there was no service to the buyer.
To make a really strong offer a buyer should take the time needed to do their diligence but be aggressive and do it quickly. A seller will notice that you are serious buyer and this can help when negotiating the price. I believe that an inspection deadline should be around seven days and no more then ten. Personally, I like to do the inspection immediately. If the Buyer gets the inspection done on the property and decides that they no longer want to purchase the house; that is perfectly fine and is well within their rights to cancel the contract or make an objection, if so, let’s do it quickly and move on.
Once it is determined that the inspection is Okay, then I order the appraisal. I do not like to order the appraisal and have my buyer liable for the payment if we do not get past the inspection. The appraisal deadline should be about fourteen days, followed by the loan denial which should be about twenty one to twenty eight days, depending on the type of loan and the underwriting time.
Summary:
- Inspect the property
- Appraise the property
- Finish the loan (an approved buyer must have the property approved before the loan can be completed)
- Close
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“Why Would I Want To Pay A Home Owners Fee For A Salt Lake Condo?”
September 16th, 2007 Categories: Buying
“Why Would I Want To Pay A Home Owners Fee For A Salt Lake Condo?”
In my career I hear this a lot about condominiums. People often object to Home Owner Association Dues known as HOA fees. I found that most people don’t really know what they really are and why you pay them. Typically, an HOA fee will cover, Water, Sewer, Trash, Exterior Maintenance (such as: lawn Service, snow removal.) It also covers hazard and liability insurance for the building. THE MASTER INSURANCE DOES NOT COVER YOUR PERSONAL PROPERTY. It will take care of all the common areas, such as: swimming pools, workout rooms, club houses, playgrounds and equipment. Obviously, the more the amenities the higher the cost.
So then the question is, “is it a waste or a simple trade off?” Well it really depends on the management of 
the community. Remember it is a Home Owners Association, meaning all of the owners are the managers and make the decisions. If the board of directors elected by the Owners is aggressive and runs a tight ship it can be an awesome thing. There is an economy of scales when purchasing things like satellite, cable, Internet services. You will find it is pretty much a wash providing that you would not cut your own grass, shovel your own sidewalks and take care of some minor upkeep on the exterior. For those that have busy schedules or value their spare time too much to do those things a Condo and the HOA fee are a perfect match. If enjoying a good book or relaxing in the great outdoors appeals to you more.
So then the question is, “is it a waste or a simple trade off?” Well it really depends on the management of the community. Remember it is a Home Owners Association, meaning all of the owners are the managers and make the decisions. If the board of directors elected by the Owners is aggressive and runs a tight ship it can be an awesome thing. There is an economy of scales when purchasing things like satellite, cable, Internet services. You will find it is pretty much a wash providing that you would not cut your own grass, shovel your own sidewalks and take care of some minor upkeep on the exterior. For those that have busy schedules or value their spare time too much to do those things a Condo and the HOA fee are a perfect match. If enjoying a good book or relaxing in the great outdoors appeals to you more.Let’s face it when you buy a home you have a homeowner’s fee. You pay your own water, sewer and trash. You have a hazard insurance and the joys of cutting the grass or paying someone. The real difference is you pay it out in multiple checks.
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