Park City Home Buyers Real Estate Agent
It’s more than an investment, it’s a lifestyle.
Buying a home can be a big decision so I am here to provide information to assist in your decision. Resort towns are glamorous and Park City is no exception. Park City has become a year-round destination town brimming with activities, which add value to your home, keep the local economy strong and make your time here irreplaceable. It’s one of the main ingredients for a wise real estate investment and the reason so many people love to call Park City home – or at least their home away from home. And, between the top-notch schools, strong sense of community and mountain scenery, you can bet that Park City will remain a desirable place to live for a long time to come. The question that often comes up is, “Which is the best area to buy in?” Fortunately for buyers Park City offers many great neighborhoods and options, depending on your wants and needs. This selection can be overwhelming but that’s where I come in as your local Park City Realtor. I will be there to guide you through every step from selecting a neighborhood to a home to guiding you through the entire sale process.
Let’s Get Started!
First let’s review some of the basics now that you’re considering buying a home, second home or investment property. It’s a good idea to visit Park City, not to just get a feel for the town but also to get a lay of the land. I’ll be happy to take you on a tour and will make sure your time is well spent. With the help of this guide it’s my goal that you leave fully informed about Park City and all it has to offer.
Who Represents Me?
As your Buyer’s Representative, I can make the process of house hunting much easier and more efficient than if you did it all yourself…and at no cost to you! I can help you get financing and help you determine your budget as well as prioritize a list of essential features that you need in your next home. I’ll save you valuable time by finding the properties that best suit your requirements, and will show you only the most promising ones.
Once you’ve found a place that catches your eye, we’ll look at comparable properties in the area to help determine a purchase offer. Then we’ll negotiate on your behalf with the seller to make sure you get the most favorable terms.
As a buyer with Engel & Völkers I will act as your sole representative (buyer’s agent) on properties listed with another brokerage.
When I represent you as a buyer’s agent the listing agent acts as the seller’s agent. If a property you like is listed with Engel & Völkers then it’s considered a dual agency. Often the seller will have a different agent but if I have the listing, then I can represent both of you although you need to keep in mind I have represented the seller first. This type of dual agency can be a little more complicated so we can discuss your options if this situation arises. Regardless I will be there for you to carefully guide you through the sale.
When Is The Best Time to Buy?
Although Spring and Fall are the traditional buying seasons, activity is strong throughout the year. Holidays are usually slower and some homes are even taken off the market during these times. It’s not uncommon for sellers to get more motivated after ski season knowing they are going into a quieter time of the year. The best time to buy can also depend on your intentions. If you are buying solely for an investment and need rental income, buying before ski season may be best.
What Happens When I’m Ready To Make An Offer?
I often get questions from out-of-state, or out-of-country buyers who want to know how the offer and sales process works here in Utah.
You can write an offer without delivering Earnest Money. We write the offer on 3 state approved forms: “Real Estate Purchase Contract”, “Buyers Due Diligence Checklist”, “Buyer-Broker Agreement & Agency Disclosure”. I will prepare the forms for you to sign, based on your instructions. Once all is properly signed (can easily sign digitally) I then submit the offer to the Seller.
Once your offer is accepted by the Seller (or once you accept the Seller’s counteroffer) you are then officially “Under Contract” (same as In-Escrow). Once under contract, you must deliver your Earnest Money Deposit within 4 calendar days (usually by wire). The Earnest Money is normally held at our brokerage trust account or at the title company. If you cancel the contract during your Due Diligence time period you get your full earnest money back. You can cancel for any reason or no reason at all, pretty simple – but written cancellation must be before the due diligence time period ends. If you cancel after the Due Diligence deadline date, you most likely will not get your Earnest Money back, unless you are dealing with a very, very nice Seller who generously allows you to have it back.
Although under contract for sale, we still have much work to do to ensure a successful closing. Many of these steps will have strict deadline dates applied, and if not completed properly and on time, could cause forfeiture of your earnest money and loss of the sale. Below is an outline for the steps to expect, and I will be your guide through the entire process. It’s my job to keep you updated, informed, protect your Earnest Money and make the process as easy and smooth as possible.
Remember, I am your Buyer’s Agent. I represent YOU. I am here to work for you, and look out for your best interests.
This is the date that the seller or the buyer accepts the offer, or last counter-offer, hereby placing the property under contract. Many dates throughout the transaction process may be based on the “Acceptance Date”.
Earnest Money to be Deposited
You as the Buyer may turn in Earnest Money with your offer, but more often the Earnest Money will be due within “4 calendar days upon acceptance” as stated in the Real Estate Purchase Contract (REPC). As mentioned above, the Earnest Money is normally deposited with the Buyer’s real estate brokerage or the title company, to be held in a real estate trust account until closing.
Receive the Seller’s Disclosures
This is the process where the Seller is required to provide you the Buyer information relating to the property. The Seller will be providing the following information. This is usually completed within 1 week from the Contract Acceptance Date.
- Seller’s Property Condition Disclosure – filled out form, signed and dated from Seller.
- Commitment for the policy of Title Insurance, showing any easements, encroachments and liens.
- HOA information, budget, minutes, assessments, CC&R’s, and survey, water rights if applicable.
- Copy of any leases, rental, and property management affecting the property not expiring prior to closing.
- Notice of any claims and/or conditions relating to environmental problems & building or zoning code violations.
- Inventory of Included Personal Property, if any.
Your Buyer’s Due Diligence (Evaluations and Inspections)
This is the time period provided to you as the Buyer to learn, review, and inspect the property and decide if its condition is acceptable. This is usually completed within 2-3 weeks from the Contract Acceptance Date.
- Carefully review all items provided in the Seller’s Disclosures.
- Schedule any physical condition inspections, tests and evaluations deemed necessary.
- Verify the ability to do nightly rentals if important.
- Review the costs, terms, and availability of homeowner’s insurance for the property.
Your Right to Cancel or Resolve Objections
This must be completed within your Buyer Due Diligence time period!
(If you want to get your Earnest Money back)
If you determine from your Evaluations and Inspections that the physical, title, or legal conditions of the property are unacceptable, you may:
- No later than the Due Diligence Deadline, cancel the contract by written notice to Seller.
- Or no later than the Due Diligence Deadline, resolve in writing any objections.
Financing, Appraisal, and Any Remaining Contingencies
In the final steps of the transaction, we will coordinate and complete any remaining details. This is the last date where you can still cancel the contract (based only on financing/appraisal issues) and still get your earnest money back. This is usually completed within 3-4 weeks from the Contract Acceptance Date.
- Is the sale and/or mortgage contingent upon an appraisal?
- At what amount did the property appraise?
- How is your financing going? Is the new loan fully approved and ready to pull docs?
- Are there any last minute issues for securing your mortgage?
- Is the sale contingent upon you selling your previous home? How is that sale going?
- Schedule a final pre-settlement walk-through inspection.
At this point, if everything is looking good and we are on track to go to closing, it’s now time to get the utilities transferred to your name. The Title Company usually will transfer water and sewer, but you will need to set up electric, gas, phone, cable/satellite, internet (unless these items are provided by your HOA. I have contact information for all utility companies on the Utilities Page.
You can complete your side of Settlement from your home state, or overseas. The documents can be FedExed or Emailed to you, and usually must be FedExed back as you will need to deliver original notarized copies. I help coordinate these details with the title company. In Utah, all closings are performed by title companies. Settlement, and then Closing shall take place only when all of the following occur:
- Buyer and Seller have signed all documents required by REPC, Title, Lender, etc.
- Any monies required to be paid have been delivered by Buyer and/or Seller.
- The proceeds of the new loan have been “funded”
- Then all closing docs are “recorded” at the County Recorders office.
- Receive keys, garage door openers, manuals, warranties.
Do I Need A Local Attorney To Close?
In many states it is customary to use an attorney but not in Utah. Whether an attorney is involved on your behalf is entirely your decision. However, I strongly recommend using a local lender. As a resort town, Park City has many different type of homes and many out of state lenders are not aware that the property sometimes has to quality as well as you, the borrower.
The property is now yours, so move on in and enjoy, Congrats!
When buying a home in Park City or Deer Valley — whether it’s your first purchase, second home, a getaway vacation condo, or investment property — you’re bound to have many questions. www.enjoyparkcity.com offers a wealth of information about the home finding and buying process. Feel free to give me a call anytime, I am always around and look forward to hearing from you!
While You’re Away
Being many miles from your second or income home may be of a concern to you but proper winterization, a nearly crime-free community, a diligent police department and occasional off-season visits minimize problems. There are many management companies in Park City and they offer many services to suite your needs. Emerging ‘Smart House’ technology may provide additional protection. And if course I’m here to assist with any recommendations you may need.