WHAT DOES A TITLE COMPANY DO???

Many of you may wonder "What does a title company do"???  There are many things a title company does, but the main one is to be a facilitator during your home buying process.  Once an offer on a house is accepted you will pick a title company and make sure they have a copy of the contract.   They will also issue you title insurance to insure that when you purchase the property that you own the home free and clear.   The title company is also who will prepare all of the closing documents.  They will also walk you through those papers when you go in to the title company to sign the documents.   Below is a list of many of the responsibilies of a title company.

 1) Preparing the closing documents for all the parties
 2) Paying off the loan of the seller
 3) Walking you through the paperwork at settlement and answering  questions
 4) Paying off the seller's loan
 5) On occasion depositing the buyer's earnest money check
 6) Coordinating paperwork between all parties involved
 7) Prorating annual property taxes and other items such as rents collected if necessary
 8) Coordinating the funding of the loan
 9) Dispursing checks and commissions
 10) Preparing and recording deeds and other necessary documents

WHAT IS A SHORT SALE?

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.  For example, if you were selling a home in Murray or West Jordan and you owed $200,000, but could only sell it for $150,000 you may have to do a short sale.    Before doing a short sale there are a few things you need to look into.  

#1 you need to find out if the bank will allow you to do a short sale since they have to give the final approval. 

#2 you need to look into how a short sale will affect your credit as well as other implications.   

 If you are selling this home in Murray where you owe $200,000 and you don't want to do a short sale you would have to bring in the difference at closing of what you owe on that $200,000 mortgage.

One positive in buying a short sale is that sometimes you can get a good deal on the home.  

Now although buying a short sale can be advantagous it can also have its downfalls.  In a normal transaction you would put in an offer and hear back within a day or two.  With a short sale, although the seller will respond to your offer sometimes it can take weeks or even months to hear back from the bank.  One other downfall is that in a short sale the property is sold in As-Is condition.  This means that if there is a problem with the home most likely the bank will not fix it.  For those buyers who are looking to be in a home within 30 days or so a short sale is most likely not the route for you.  If you do have a few months to wait then maybe a short sale is the way to go.

STEPS TO BUYING A HOME

STEP 1 CONTACT A LOAN OFFICER   Before you look for homes it is a good idea to contact a loan officer. This way they will be able to tell you what price you are pre-approved for. They will also be able to inform you how much your payment will be as well as what rates are currently. Loan officers can also give you an estimate of what your closing costs will be as well as how much money you need to bring in as a down payment.

STEP 2 LOOK FOR HOMES    Now that you know how much you can spend on a home it is time to get looking. There are many ways and outlets on how to do this. One of the best ways is to choose a real estate agent. Agents have a vast knowledge on the current market and will have great expertise to help you along the way. Agents can email you listings in certain cities such as Murray and West Jordan so you can see the property before you go look at it. Once you find a few properties to see it is time to look. Having an agent is nice because they have keys and access to all of the properties. They can set up appointments and then take you to see the properties. The best part about using an agent when buying a home is that you don't have to pay them. The sellers have already agreed on a commission to pay them!!!

STEP 3 PUT IN AN OFFER     When you have found a property you are interested in it is time to make an offer!!! This is the time when negotiating begins. Hopefully the buyer and seller can come quickly to a price that works for both of them.

STEP 4 ORDER A HOME INSPECTOR     Once your offer is accepted by the seller it is time to make sure that the property is in a condition that you are comfortable with. Although it isn't required it is a good idea to have a professional home inspector inspect the property. This will usually run about $225 depending on the size of the property. Another good idea would be to order a 1 year home warranty. Most likely the seller will pay for this and it usually runs around $320 depending on the size of the home. That way if something breaks it will most likely be covered by the home warranty.

STEP 5 ORDER AN APPRAISAL    Unless you are paying cash for a home you will be required to order an appraisal. An appraisal will run you about $400 and most likely can be rolled into your closing costs. The appraisal will tell you what the current market value of your home is.

STEP 6 CLOSE ON YOUR HOME      Once the time comes you will go to the title company of your choice and sign the documents on your home. While you are driving around you will notice there are many title companies out there.  It is true that you will be signing your name a ton, but I would expect it to take 30 to 45 minutes. Once all the paperwork is signed it usually takes about 24 hours to have it official and recorded with the county.

STEP 7 MOVE IN!!!    Once it is offical you will be given the keys to your knew home. Now it is your time to move in and make it your own!!!!

WHAT IS MY HOME WORTH????

Many people ask themselves "WHAT IS MY HOME WORTH?" There are actually a few ways to determine this. The two main ways to figure out the value of your home is to 1) order an appraisal or 2) have a real estate agent do a comparative market analysis (CMA).

Whether you have a home in Murray, a home in West Jordan, or a home anywhere in Utah you can always order an appraisal. An appraisal will cost you several hundred of dollars, but is a very accurate way to find out what your home is worth. When you are going to buy a home you will required to have an appraisal done. If you do pay cash for your home you are not required to order an appraisal.

Another great way to find out the value of your home is to have a real estate agent do a comparative market analysis, otherwise known as a CMA. The good part about this is that it is usually free!!! Real estate agents are able to pull up homes that have sold in your neighborhood and use computer software to figure out what your home is worth.

If you are looking to get your home sold or just looking to see what your home is worth I would be more than happy to help you with that. It is typically an easy process and yes it is absolutely free. For a more accurate market analysis I would prefer to come take a look at your home, but I am also able to pull up the information I need on my computer from county records.

HOW TO BEAT SUMMER ENERGY BILLS

So it is the middle of summer and the temperature is heating up! It can be nice at times, but I am sure your utility bill is getting expensive.  Watch Dog Home Inspectors reports that the average household spends $1,900 annually on energy.  It is unfortunate because it doesn't have to be that high.  In Watch Dog Home Inspectors Newsletter they have a list of things that can help you cut down the cost of your utilities.  Below are these good ideas that can hopefully save you a little cash.

BE A SPEEDY CHEF
Using your microwave used two-thirds less energy than using a stove.
USE YOUR DISHWASHER TO WASH YOUR DISHES
Rather than washing by hand, using your dishwasher will save water.  Also air drying your dishes can cut down on costs. 
FILL UP THE FRIDGE
Keeping your fridge full keeps it from warming up too fast when the door is open.
PROGRAM YOUR THERMOSTAT
Program your thermostat to keep the house cooler when you are home and slightly warmer when no one is home.  Questar Gas reports that 78 degrees is the ideal temperature in the summer and helps cut costs.  Programmable thermostats can save you up to $180 a year.
SEAL YOUR DUCTS
As much as 20% of the air moving through your home's duct system is lost due to leaks and poor connections.
INSTALL EFFICIENT TOILETS
Installing new and efficient toilets can help conserve water.