Jake Peterson Real Estate | Home Buying FAQS
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Have questions? We’re here to help.

Even if you don’t use one of our agents, feel free to reach out to get a second opinion. We’re happy to assist in any way we can.

What does it mean to be pre-qualified?

Getting pre-qualified is the first step in the mortgage and home buying process. A bank or lender reviews your debt, income and assets. After evaluating this information, the lender can give you an idea of the mortgage amount for which you qualify. Knowing how much you qualify for allows you to understand what you can afford.

What is earnest money?

The earnest money deposit is an important part of the home buying process. It tells the seller you’re a committed buyer. Sellers rarely accept offers without an earnest money deposit. Assuming that all goes well and your offer is accepted by the seller, the earnest money will go toward the down payment and closing costs.

What if I filed bankruptcy, can I still purchase a home?

Lending laws and regulations change often and we don’t claim to be lending pros. However, in many instances, you can purchase a home even though you’ve filed bankruptcy.

What are closing costs?

Closing costs are fees paid and vary widely based on where you live, the property you buy, and the type of loan you choose. Closing costs are usually 2 – 5 percent of the purchase price and can be paid by the buyer or the seller. A few examples of closing cost fees: home inspection, appraisal, property tax, underwriting, etc.

What if my offer is rejected?

When a purchase offer is submitted for a Utah home, to the seller, there are generally four possible responses. The first is an accepted offer, the second is a counter offer, the third is a rejected offer, and the final is an offer that is not responded to. If your offer is rejected, you can place another offer.

What is a Utah short sale home?

The sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the home owner cannot afford to pay the liens in full. Short sale purchases take a long time because the home could still foreclose. You must be patient with a short sale purchase and not have any immediate rush to move.

What is a foreclosure?

Foreclosures can actually be a smoother transaction than a short sale and is usually a property that is owned by a lender. Most Utah home foreclosures are sold “as-is.” Foreclosures are often purchased by investors, fixed up and “flipped.”