Home Buying Process
My Mission
Lewis is committed to helping you buy a home for the lowest possible price and with the fewest amount of inconveniences. To accomplish this, he will listen to you, learn your needs and figure out the best way to meet them. Lewis will work with you throughout the entire home buying process; shopping for loans, searching for the right home, writing offers, negotiating in your behalf and guiding you to a successful close. It is his job to know the market and help you make good decisions. His reputation and livelihood depend on your satisfaction.
Buying a Home
- Designate Lewis as your exclusive Real Estate agent.
- Obtain Loan Pre-approval.
- Search the market and compile possibilities according to your criteria.
- Set appointments and tour homes together.
- Make an educated decision by doing a Market analysis on the properties you like.
- Write and present the Real Estate Purchase Contract
(1% Earnest Money Deposit recommended.) - Negotiate the lowest possible sales price and most favorable terms for you.
- Review Seller’s Disclosures, coordinate the home inspection and appraisal.
- Work with your loan officer to verify that all loan conditions are met.
- Attend settlement together at the title company to assure that the contract is upheld.
- Deliver the keys to you as the new proud home owner.
- Get pre-qualified for a loan and work with your loan officer to meet all loan conditions.
- Inform other agents that you are working with me so that they do not violate our agency agreement
- Schedule appointments 24 hours in advanve
- Keep me informed as to any homes you’ve found when visiting an open house, reading newspaper ads, driving through a new home development or seeing a “For Sale” sign (Whether listed with a real estate company or by owner).
- If you are interested in building a new home, schedule an appointment with me before you visit the builders model home. If you go by yourself the first time they will not allow you to have your own representation.
- Be honest with yourself about what you like, or don’t like, about any house you are shown.
- Explain the home buying process and set realistic expectations.
- Search all available properties, including those for sale from ANY Real Estate Company or Builder.
- Show you all homes from Builders and For Sale By Owners.
- Preview Homes to eliminate properties which do not suite your needs.
- Schedule appointments with Sellers for showings.
- Point out the homes strengths and weaknesses which will affect resale value.
- Educate you on current market conditions and trends to help you make wise decisions.
- Prepare the offer, negotiate the lowest purchase price and most favorable terms for you.
- Manage all the legal documents and paperwork.
- Coordinate with the Seller, Inspector, Appraiser, Lender and Title Company.
- Represent you through the entire transaction to ensure the contract is upheld- through negotiations, escrow, and closing.
- Eight Reasons for Home Ownership
- Preparing for your Home Purchase
- Mistakes Home Buyers Make
- Buyer Service Plan
- First Time Home Buyers
- PRE-PURCHASE CONSULTATION. We will determine your needs and wishes and consult you on financial considerations.
- RESEARCH THE BEST PROPERTIES. We will research and share with you property information from:
- All real estate companies using the Multiple Listing Service (MLS)
- All the developer & builder new products
- For Sale By Owner properties
- Other inside sources we may have
You don’t need to work with any other REALTOR. This will save you time & money. We will save you time by not showing you inappropriate properties. We will save you money by representing your interests & offering an objective opinion on all the options. We want to make your Real Estate purchase fun, efficient, and successful for you. Our goal is to help you accomplish your goals.
- MAKE APPOINTMENTS. We will schedule appointments for you to see all the properties appropriate to your needs and take you on a guided tour of the area.
- FULL DISCLOSURE. We will provide you with factual information regarding real estate values, property specifications, locations, amenities, etc. to help you make a sound buying decision.
- COST REPORT. We will gather information for you on real estate taxes, utilities, insurance, and other ownership costs and services along with local area information.
- INCREASE YOUR EQUITY. We will consult with you and suggest ways to make properties you select a better investment for future resale.
- PROCESS EDUCATION. We will thoroughly review with you the Real Estate Purchase Contract, appropriate addendums, disclosure forms, and all details including buyer contingencies, obligations, and closing costs.
- OFFER PREPARATION. We will prepare the offer at your direction for presentation to the Seller, negotiate on your behalf, and help bring the transaction to a successful closing. We will explain all paperwork and procedures to you and coordinate with the Seller for you.
- MANAGE TRANSACTION DETAILS. We will monitor, coordinate & advise you on critical closing details including inspections, contract deadlines, contingencies, approvals, the mortgage process, insurance requirements, final walk through, etc.
- ATTEND SETTLEMENT. We will accompany you to the Settlement, review the documents for accuracy and answer any final questions you may have.
- COORDINATE CLOSING. We will assist in coordinating your move with the Seller; insure you have keys and remotes, etc.
- CUSTOMER SATISFACTION. We want to be your “Realtors for Life” and we will always be available to serve your and your family’s real estate needs.
Home ownership is a dream come true. However, there are many legalities, documents and required procedures. Count on Lewis to be with you every step of the way. He knows the Utah Valley market very well. Lewis has the tools, knowledge and experience to assist you through the home buying process.
Buyer Responsibilities
My Responsibilities
Lewis does all this and more to make your home buying experience easy and exciting.
To buy a wonderful home contact Lewis today. You’ll be glad you did!
To view or print the 5 must have Buyer Reports, click or scroll below
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For many Americans, the ability to own a home is one of the most important advantages of living in our country. Just consider some of the benefits of home ownership.
SECURITY- Your home is your “castle,” giving you the comfort of having your own little corner of the world. Your home is a stronghold against inflation, because if prices go up, so does the value of your home.
INVESTMENT- As each monthly payment is made, you own more and more of your home. Each improvement you make not only enhances the livability of your home but adds to its investment value.
TAX ADVANTAGES – Real estate taxes and the interest on your mortgage loan or loan contract are deductible from your income tax.
CASH EQUITY – Your home mortgage dollars are actually invested in a way that will keep pace with inflation and help to keep you in a favorable economic position.
FINANCIAL INDEPENDENCE- Home ownership can be a good foundation around which to build a personal financial program.
CREDIT- Owning a home can help you establish financial credibility and the equity can be a source of investment funds too.
A LIFESTYLE STATEMENT – Your home and your community reflect your lifestyle and provide a sense of belonging. When you own a home, you sink roots in a community.
PRIDE AND SATISFACTION – Your home is a source of pride, offering you privacy, freedom and independence.
Print Eight Reasons for Home Ownership
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Plan Ahead…
If you are planning to purchase a home in the near future, begin now to make certain you’ll be ready. In addition to locating and saving the documents listed in the Mortgage Application Document Checklist, you can prepare for the home purchase process by doing the following:
Start Saving!
If you’re serious about purchasing a home in the near future, accelerate your savings plan. Demonstrating your ability to save and having extra funds on hand will help you enormously in the approval process.
Pay all of your bills on time
Let’s face it, some of us are just poor bookkeepers! However, the ability to demonstrate that you are diligent about paying your bills on or before the due date is important. Paying late charges on your bills does not redeem you!
Save your pay stubs
Begin saving all the stubs from your pay checks from your employers. If these pay stubs are computer-generated, they can, in many instances be used to verify your income, without having to obtain documentation from your employer.
Pay your rent by check
Don’t pay by cash, because cancelled checks will be an important way to demonstrate that you meet your housing demands on time.
Save cancelled checks
If your credit history needs bolstering, the ability to demonstrate on-time payments to utility companies, the telephone company, etc. will be important.
Save bank statements
Bank statements showing deposits and withdrawals will be needed to demonstrate funds for the down payment and funds to close. If you can provide lenders with original statements, they may not have to wait for your bank to verify the information when you apply for your mortgage, a process that takes time.
Order a copy of your credit report
Your mortgage loan officer can help you with this process. By ordering your credit report in advance of your purchase, you will have the opportunity to correct errors on the report or close down/satisfy accounts that may present a problem when you are ready to apply for a loan. To many open accounts can be a detriment, even if you have a zero balance!
Find a real estate agent you are at ease with
Even if you are still in the exploratory stages, you can ask a real estate agent to provide information on the town in which you are interested. He or she can usually give you information about the schools, taxes, price ranges and town services. If your real estate agent understands that you are working with a mortgage lender, he or she will know that you are a serious buyer and will be happy to invest time in your home search process. This is particularly true if you have been pre-qualified or if you have a pre-approval loan commitment. Once you’ve found an agent you like, stick with them! Through the multiple listing service, they have access to almost every home listed for sale.
Print Preparing for your Home Purchase
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1: Finding a house before seeing a mortgage lender
“In the majority of cases, people first find the property and then try to smash the loan into the property,” says Julie Garton, Author of “All About Mortgages: Insider Tips to Finance the Home,” a book by Dearborn Financial Publishing.
All too often, homebuyers commit to the purchase of a property before they’ve been to a mortgage lender to calculate exactly what they can afford. And failing to become “pre-qualified” can lead to disappointment, Garton says.
Unless you get your ‘reality therapy’ before you select a home,” she says, “you could have to fall out of love with the property you’ve found.”
2: Seeking to buy another home without first selling your current property
The temptation to stalk the right trade-up property before you find a buyer for your old place can be overwhelming. After all, you reason, you want to be certain the grass on the far side of the hill is truly greener.
But unless you sell your current place before trying to grab a new house, you could find yourself in a bad bargaining position, says Helfant. Timing could force you to sell your old home at a discount, thus giving up your chance at the move-up property you’ve selected.
You should have your present home in market condition, listed with a realtor, and under contract with a qualified buyer before you go shopping for new home.
3: Trying to obtain an impractical lifestyle
Real Estate Experts emphasize that trying to acquire a fantasy lifestyle through a home purchase is often folly.
“You can try to buy the dream, but you have to live with the reality,” says Dorcas Helfant, former president of the National Association of Realtors.
If you don’t have the money or the ability to maintain a pool or a house in the mountain, don’t buy it.
4: Refusing to consider purchasing a home with dated decor
“Sometimes people can’t see past the decorating” says Rhyne, a Prudential agent.
The fact is many people can’t see the potential of some fine properties because of old paint, tired carpeting or dated appliances.
“People like all-white kitchens. So they walk into the kitchen of a house with harvest gold appliances and then walk right out,” she says.
Looking beyond the obvious, you could see that the house with the gold appliances may also have spacious bedrooms and fine hardwood floors underneath threadbare carpets.
And smart homebuyers know that since so few can see the potential of a house with dated decor, such a diamond in the rough can be a very good deal.
5: Bringing in an amateur home inspector
Buying a home can be costly so some try to cut corners on the expense of home inspection.
“People say, ‘We’ll get cousin Fred or Uncle Jake to do the home inspection,’” says Helfant. A well-meaning amateur may be skilled in understanding one or two home systems. But it’s unlikely that he will have the breadth of knowledge necessary to evaluate all the systems in a property—as could a high-quality professional inspector.
“Uncle Jake may know about the heating but not the electrical system,” Helfant says.
Disclosure laws designed to protect homebuyers are becoming more stringent in most parts of the United States. A homebuyer stands a better chance of being told about a leaky roof now than you would have in previous decades.
Still, it’s far better to invest in a thorough home inspection from an independent source than to rely on the candor of the seller or his agent. And discovering hidden problems early can allow you to renegotiate the terms of your deal or back out if the problems are serious, Helfant points out. “Trying to save money on a home inspection is false economy.”
Print Mistakes Home Buyers Make
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Print Buyer Service Plan
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WHY RENT WHEN YOU CAN OWN? BUYING A HOME IS EASIER THAN YOU THINK!
Approximately two-thirds of all Americans own their own home. The other one-third rent, and that number has steadily decreased over the past few years. Let’s face it, be it ever so humble, there’s no place like your own home!
With planning, the dream of home ownership is within reach of every motivated individual. By getting off the rental cycle you will make an investment for the future, put money into your pocket instead of your landlord’s, gain a valuable tax deduction, and most importantly, have a home of your own. First-time home buyers John and Cynthia Bates are a good example to follow as they prepare for their first home purchase.
Ever since John and Cynthia got married, they have dreamed of owning a gracious, white, center-hall colonial with French doors and a fireplace.
John and Cynthia’s Story:
“I can really picture it in my mind,” says Cynthia. “I can even imagine the kind of lawn there will be around it. I just know that we’re going to find exactly what we want when the time is right.”
Together John and Cynthia’s income is $60,000 a year, with Cynthia working part-time. “We’ve managed to save $7,000 towards a down payment”, says John “but with only a small savings and our cr edit card debt, we’re not sure how much mortgage we will be able to qualify for.”
IS BUYING THE RIGHT DECISION?
There are two very powerful incentives for owning a home: tax savings and equity build-up. In the United States, homeowners are allowed to deduct their mortgage interest and property tax payments from their taxable income. This can result in a considerable saving.
Secondly, payments applied toward your mortgage principal help build equity in your home. And it is also likely that your house will appreciate in value over the years you own it.
PREPARING FOR THE HOME PURCHASE
When John and Cynthia start investigating a home purchase, they will find that as a very general rule of thumb, they will qualify to buy a home that costs as much as three times their combined annual income, or $180,000.
John and Cynthia have taken the first step of preparing for homeownership by starting to save for their down payment. Demonstrating the ability to save and having extra funds on hand helps enormously in the approval process.
STARTING YOUR HOME SEARCH
Home buyers should contact a mortgage loan officer to be pre-qualified after they have begun working with a real estate agent to find the home they want to purchase. This prequalification determines the amount of mortgage home buyers may be approved for, based on monthly income and the purchase price of the finest home they can afford. Low-cash, easy qualify loan products can make your dream home a reality. The amount of cash needed for down payment and closing costs have always been the primary barriers to homeownership. However, an expanded line of loan products are available that require very little money for the down payment, and as little money as possible for closing costs.
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Contact Information
I make it a high priority to be available to my clients, feel free to contact me anytime.
Lewis Barton, Associate Broker
Cell: 801-427-1333
Fax: 801-437-2100
Address: 1815 North 1120 West, Provo Utah 84604
Email: email@LewisBarton.com
