Buying a Utah Home “As-Is”

Buying a Utah Home “As-Is”

A lot of people get nervous when they see a Utah Home marketed “as-is”.  However, the Utah Real Estate Contract, the contract we use to buy and sell real estate in Utah says the home is being purchased “as-is”.

Section 10.2 of the Utah Real Estate Contract says “Buyer acknowledges and agrees that in reference to the physical condition of the Property: (a) Buyer is purchasing the Property in its “As-Is” condition without expressed or implied warranties of any kind”.

The weight of the purchase is placed on the Utah Home Buyer doing their Due Diligence before they purchase the property.  This is why it is important to have the home inspected by a trusted person.  Fact is, there is no “perfect home”, but major issues can be avoided by doing a good inspection.

It may also be a good idea to have a Home Warranty purchased for the house.  This could be negotiated so as the seller would pay for it.  However, home warranties are insurance products and have limits and excluded coverage.  But if the dishwasher broke, most would come and fix or replace it.  It is a nice peace of mind to have and they last for a year, but they do not cover everything.

Searching for Utah homes is fun and finding something you really like is exciting, but make sure the house checks out.  Major issues could mean major fixes and cost.  There will always be maintenance to keep up a home and little things always happens.  Just check the major issues are sound and that it is a good home.

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New Listings

Higman Real Estate Team
Paula Higman - Lead Agent
Mobile: 1-435-602-8228
FAX: 1-435-214-7091
paula@higmanluxuryrealestate.com
HigmanRealEstateTeam.com
"See what my clients are saying about me online"
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Member of the Park City Board of REALTOR®
Member of the National Board of REALTOR®

ENGEL & VÖLKERS 

Real Estate Terminology

Appraisal: An estimation of a home’s market value by a licensed appraiser based on comparable recent sales of nearby homes.

Backup offer: An offer on a home under contract that becomes active if the primary contract falls through.

Contingent offer: An offer that is accepted by the seller, but certain conditions must be met before the sale is final.

Down payment: The percentage of the home purchased price (usually between 5% and 20%) paid upfront in cash.

Escrow: A neutral third party that holds funds from the buyer and distributes them when all conditions have been met.

Federal Housing Administration (FHA): The government agency that insures loans designed for low- to moderate-income borrowers.

Good Faith Estimate (GFE): A form used by lenders to give to borrowers with an estimate of fees due at closing. This form was replaced by the Loan Estimate in 2015.

Homeowners Association: A management organization within a community, subdivision or neighborhood that creates and enforces rules for properties within its jurisdiction.

Inspection: An examination of a property and its systems performed by a qualified professional, usually before the sale of a home.

Jumbo mortgage: A mortgage that exceeds the conforming-loan limit, commonly used for luxury home purchases.

Key rate: An interest rate set by the federal government that determines the cost to borrow money—in this case, a mortgage to buy a new home.

Loan-to-value (LTV): The risk assessment ratio used by lenders. To calculate the LTV, divide the mortgage by the appraised value.

Multiple Listing Service (MLS): A database for real estate agents to list and market for-sale homes.

Net proceed: The amount received by the seller at closing after all other costs have been deducted.

Open house: An event hosted by a listing agent to showcase a home to potential buyers.

Pre-approval letter: A letter indicating that a lender is willing to loan a specific amount of money for a home purchase; pre-approval does not guarantee a loan.

Quitclaim deed: A deed that transfers property rights without any validation of ownership; typically used between spouses and family members.

Real estate owned (REO) property: A repossessed property owned by a lender after an unsuccessful sale at auction.

Seller disclosure: A document completed by the seller disclosing the property’s history and defects.

Title: The right to ownership of real property recognized and protected by the law.

Under contract: A buyer has submitted an offer and the seller has accepted, but the closing is not final.

VA loan: A mortgage loan for veterans and their spouses, made by private lenders and guaranteed by the U. S. Government.

Walkthrough: The final inspection conducted before a home sale is final.

X marks the spot: Where you sign for your dream home!

Yield-spread premium (YSP): The amount a lender pays a mortgage officer for selling a loan with a higher interest rate than the par rate.

Zero lot lines: A residence build very close to—or directly on—the property line.

Mayflower Parcel Closes - Deer Valley Expansion Imminent

The Extell Development Company out of New York City has closed on the 23-hundred acre mountain parcel of Mayflower – paving the way for an expansion of the Deer Valley Resort.

Mayflower Development Company is exercising the development potential for the Mayflower Village & Resort at Deer Valley near Park City, Utah. The Mayflower Village & Resort's 2,200 acres is under consideration to be a part of the One Wasatch ski area, which connects the seven central Wasatch ski areas using chairlifts and a network of ski runs. One Wasatch would create North America's largest ski circuit, offering over 18,000 acres of terrain and over 100 lifts all on one lift ticket.

The Mayflower property supports a substantial new four-season village including condominiums, single-family lots, hotels, and commercial/retail lots. Mayflower Village & Resort at Deer Valley will include five lifts adding over 23 new runs to Deer Valley's skiing operation and creating four distinct ski-in and ski-out residential subdivisions.

The area was recently featured in USATODAY's story Bigger and better: Park City expands into USA's largest ski resort. Larry Olmsted wrote in the piece, "Now Park City is enjoying yet another renaissance, one that may well make it the top ski destination in the country."

The primary components of the Mayflower Village & Resort development will be completed over three phases over 25 years with parcels for vertical developers, pads for homebuilders, and finished single-family lots. The Mayflower property is located at the off-ramp of four-lane divided highway U.S. 40, providing a 35 minute, unobstructed freeway access to the resort from Salt Lake City International Airport.

This project is centered on the creation of a 2,350 unit high-end ski-in/ski-out village that will be integrated into the Mayflower Resort so that the guest experience at the village will be seamless with the resort.

In addition to a premier skiing experience, Deer Valley has established itself as a community providing a quality lifestyle for year-round residents. The Deer Valley Music Festival and summer concert series hosted on the mountain at the Snow Park Amphitheater draws and hosts some of the biggest names in music such as Bob Dylan, Jewel, and Willy Nelson.

Join your fellow Summit County community members in supporting Live PC Give PC on Friday, November 10! It’s a powerful 24-hour day of giving and an extraordinary opportunity to support the local nonprofit organizations that help to make Park City a special place to live and work. Every donation made – big or small – gives your favorite organizations the chance to win in more ways than one, from generating awareness to securing matching grants and additional contributions. Together, we can make a real impact. Sponsor, donate, support, and spread awareness! Learn more at LivePCGivePC.org.

Bitcoin as a consideration for buying Real Estate

Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to Manhattan condos to single-family homes in the heart of Sundance, Utah.

One of our sellers and now buyer have evolved, they have moved from mom and pops to young people who want to pay with  Cryptocurrency this is something that has been asked of us at Engel & Völkers —

Can you take cryptocurrency? 

Can we pay that way?

and of course when someone wants to pay me with a different form of payment, I am going to try to work with them and give them what they want, especially in this very busy real estate market.

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Pillows

How configuring pillows on a bed can change the look of the center piece of your bedroom...

Lunch and Learn

What is the Ski Utah 5th and 6th Grade Passport Program?

"Passports" is a Ski Utah program that provides free skiing and snowboarding to fifth and sixth grade students. The Passport affords participants the opportunity to experience each one of Utah's uniquely different resorts.

Why fifth and sixth graders?

Fifth graders (10 & 11 years old) are at a crucial age in their development where they are choosing (or not choosing) healthy lifestyle activities over more sedentary activities. Choosing activities that help children keep active in the winter is a high priority to Ski Utah and its members. We believe that a healthy child is a happy child and happy, active children grow up to be happy, active adults. This benefits everyone.

Utah fifth graders may have been introduced to skiing or snowboarding through Ski Utah's fourth grade learn to ski and ride program and are ready to participate on a more frequent basis. Fifth graders are also physically strong enough to participate in skiing and snowboarding at new levels making the sports an easy choice for lifetime participation.

Sixth graders (11 & 12 years old) are able to experience each of Utah's resorts one time to continue honing their skills and help them make future decisions on where to purchase season passes.

PC MARC

Lunchtime Learning

It is estimated that 1 in 5 people are dyslexic, with dyslexia being the number 1 reason people struggle to read, write and spell.  Studies show that up to 85% of teens in trouble have literacy problems.

Join the PC MARC each month for discussion on a topic related to you and your families health and wellness. Lunchtime learning lectures are FREE, and offered the second Wednesday of each month. November month's is Dyslexia.

Park City Library

COMPUTER CLUB

Keep Calm and Embrace Technology!  Ongoing classes for beginning computer users, learn how to use a computer intuitively, from the ground up. We teach you all of the little tips and tricks that make learning any program easy.

MUSIC & MOVEMENT

Music and Movement is a lively and noisy hour aimed at toddlers, preschoolers, and their caregivers to explore a variety of musical instruments, dances, songs, and fantastic books. This program is designed to engage children and get them excited about music, improve their fine and gross motor skills through movement, and spark their creativity; while supporting their early literacy development. 

CRAFTERNOONS

An afternoon solely devoted to the joys of crafting. Make, then take, your artsy and fun project every week! 

BABY & ME

Delight and stimulate your baby's senses with short books, music, and more! Join us weekly for our interactive baby lap sit, which is designed for children from birth to 18 months to encourage early literacy development. Older siblings and children are always welcome.

It's time to for daylight savings time to fall back forever!

Does Daylight Savings Time help conserve energy?    No!
Show me where this is a savings and I will show you why you are wrong......

I was raised a farmer and I don’t like the later sunrise created by Daylight Savings Time and dairy cows adjust poorly to moooving the clock.  LOL!

I was raised in Indiana and I believe that lighting demand may have dropped, but the warmer hour of extra daylight tacked onto each evening led to more air-conditioning use, which canceled out the gains from reduced lighting and then some. As a result, electric bills increased slightly under Daylight Savings Time. NO SAVINGS!

So I say, let’s have Congress – which hasn’t been able to agree on almost anything this year – pass a bill eliminating daylight saving time.  Just sayin'

Benefits:
1.You won’t have to struggle to figure out what time it is in Arizona or Hawaii, which NEVER change their clocks.
2.Amtrak won’t have to pull its trains over to side in the fall, wouldn't want to be early!
3.Childhood obesity will diminish, because kids will have an hour less to trick-or-treat
4.Workplace injuries and suicide rates will go down
5. No more body rhythms being throws off
6. While we are at it lets realign time zones in the United States so they actually make sense.

Whom in the world said time zones have to be vertical?

Ski Utah Passport For 5th & 6th Graders

Passports" is a Ski Utah program that provides free skiing and snowboarding to fifth and sixth grade students. The Passport affords participants the opportunity to experience each one of Utah's uniquely different resorts.

Fifth graders (10 & 11 years old) are at a crucial age in their development where they are choosing (or not choosing) healthy lifestyle activities over more sedentary activities. Choosing activities that help children keep active in the winter is a high priority to Ski Utah and its members. We believe that a healthy child is a happy child and happy, active children grow up to be happy, active adults. This benefits everyone.

Utah fifth graders may have been introduced to skiing or snowboarding through Ski Utah's fourth grade learn to ski and ride program and are ready to participate on a more frequent basis. Fifth graders are also physically strong enough to participate in skiing and snowboarding at new levels making the sports an easy choice for lifetime participation.

Sixth graders (11 & 12 years old) are able to experience each of Utah's resorts one time to continue honing their skills and help them make future decisions on where to purchase season passes.