Buyer'sGUIDE
BAGLEY
Contents
MY BIOGRAPHY
Choosing a career in real estate was a natural choice for Kristen. She developed her passion for real estate as a young child, as her parents would educate the kids on the history of local communities, view recently renovated historical buildings and tour homes with the Utah Heritage Foundation. From this, she developed an appreciation for quality craftsmanship and architecture.
Kristen has been practicing real estate since 2013, prior to this she volunteered with two HOAs and managed the renovation of a historical home near the University of Utah.
As a native Utahn raised in Cottonwood Heights, and a current resident of Lehi, Kristen is knowledgeable about the communities along the Wasatch Front. She understands the uniqueness of Utah’s economy, growth and housing market.
She is dedicated to assisting her clients through each step of the real estate transaction. Kristen finds the keys to keeping her clients delighted with her work are impeccable organization and fluid communication.
Kristen lives in Lehi, heart of the Silicone Slopes, with her husband and children that haven’t left the nest. Kristen enjoys traveling the world to experience other cultures, reading, learning how to quilt and spending time with her family.
KRISTEN BAGLEY Sales Associate
801.554.3911
kristen.bagley@sothebysrealty.com summitsothebysrealty.com
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WhatMY CLIENTS HAVE TO SAY
I didn't know you can have a REALTOR® help with a new build. I can't even imagine doing our recent home build without Kristen. Things have changed so much and her knowledge helped us IMMENSELY! She's not only knowledgeable in her field but she actually listens to you and cares. I'm so thankful that we had Kristen guide us through our very rough 2+yr build. She has also helped us with a previous home sale, an investment home purchase and a lease to own home sale. I cannot recommend Kristen enough!
Marie N.
Kristen was great from start to finish. The first house we looked at she was pretty clear in pointing out where it was falling short of what would be expected for a house with that asking price, instead of just trying to sell us on it. She was always available when needed for a showing. She gave excellent feedback during the process and kept us on target for all of the necessary deadlines for paperwork. If we were in the market for another house, or selling the house we just bought, I would not hesitate to contact her and cannot recommend her enough.
Randy R.
Fantastic REALTOR®. She is on top of things and will guide you through the whole process, making it seem like buying a home is a piece of cake. If someone is hard to get a hold of, you won’t know because she’ll be the one that finally gets a hold of them.
She has eagle eyes that will spot issues with the house that you’re looking at before you have time to blink. Her ex perience lets her know what’s good and bad about any house during a walkthrough. She tailors her comments and suggestions to what you’re looking for in a house.
She will still come with you to look at a house that she knows you won’t like (after politely letting you know that you probably won’t like it and the reasons why), just so that you feel like you’ve really done your research.
She made buying a house look easy, taking care of every detail, including reminding you of certain deadlines and following up with both parties.
I highly recommend.
Etienne B.
Kristen was so great as she helped my parents make a difficult move. Her knowledge and attention to detail helped the home buying process run so smoothly. It’s been a year and they still talk about how much she helped them!
Kathryn E.
Kristen helped me with buying a condo and she was with me every step of the way. She listened and gave advice, was very professional, caring and helpful. I was very happy to have an agent like her! I'd recommend her to anyone who is looking for the best in real estate.
Elena T.
Kristen was always responsive and ready to help whenever we asked. I had a friend visiting from out of the area and Kristen was willing to come to the condo so that I could show it to my friend, even though it was a 30 minute drive.
Nancy K.
Kristen has a great deal of skill and knowledge in many areas and we also knew she had the integrity, intelligence, and business acumen to deal with the other parties involved in the very best way possible and would represent our interests and needs. We needed someone we trusted to take us through this process well and someone who would be accessible to us.
Kristen kept us informed consistently and almost daily about the progress of the purchase and details of the closing and financing and also connected us to the best and kindest financial resource.
I really felt like we could rely on Kristen and spend minimal time worrying about the status and details of this purchase; and that freed me up to concentrate on daily needs and work demands - absolutely invaluable.
Cyndie F.
Kristen is very responsive. She was very helpful during the process (constantly keeping me on task). I would recommend working with Kristen to anyone seeking a professional agent to help you with your property needs.
Josh S.
We are extremely pleased on the overall home purchase experience. The most pain free purchase ever. We owe it all to Kristen. I would use Kristen again and would of course recommend her to anyone needing a professional REALTOR®.
David P.
HomeBUYING PROCESS
WHERE TO BEGIN
Select a real estate agent
Obtain financial pre-approval
Analyze your real estate needs in a buyer consultation
View properties
Write an offer to purchase
Negotiate terms with agent
Contract accepted
UNDER CONTRACT
Deposit Earnest Money within four calendar days
Remove contingencies before deadlines
Conduct Inspections
Inspection Fee / Radon / Meth (these costs are final)
Negotiate repairs
FINANCIAL & APPRAISAL
Appraisal Fee
Obtain mortage financing
Credit check – underwriting
Appraisal – survey – insurance
TITLE
Conduct Title Search
Remove any encumbrances
Obtain title insurance
Send needed information that lender requests and patiently wait
SETTLEMENT AND CLOSING
Attend settlement/signing with agent
Wire funds for closing
Change utilities and update mailing address
Property recorded with the county
Take possession of the home
I highly recommend Kristen as a trusted partner in either the sale or purchase of a home. Her attentiveness to her clients, attention to detail and experience have helped us to navigate roadblocks on both sides of a real estate transaction. Her work ethic is second to none and Kristen always responds to questions and concerns in a very timely manner. I would gladly partner with her in future should I need a real estate professional!!
Paul J.
GLOSSARY
1031 EXCHANGE - A means of deferring capital gains taxes on real estate exchanges for like-kind properties. This is allowed under the U.S. Internal Revenue Code, Section 1031.
ADJUSTABLE RATE MORTGAGE (ARM) - A mortgage with an interest rate that changes over time inline with movements in a financial index. ARM’s can also be referred to as adjustable mortgage loans (ALM’s) or variable rate mortgages (VRM’s).
AGENT - The agent, generally applied to both the salesperson and the brokerage, represents the interests of the client.
ADDENDUM - A document attached to and made a part of the original agreement.
AMORTIZATION - The repayment of a loan over time. With each payment, there is a reduction of both principal (the original amount borrowed), plus the interest.
APPRAISAL - A professional determination of value. Mortgage companies usually require an appraisal of the property by a licensed, disinterested party before agreeing to loan money on the property. Methods of determining value may be based on many things, such as comparable sales in the area, the cost approach, the income approach, or the highest and best use of the property.
BALLOON PAYMENT - A lump sum principal payment due at the end of some mortgages or other long-term loans.
BUYER’S AGENT - Represents the interests of the buyer. A buyer’s agent has fiduciary duties to the buyer that include loyalty, obedience, full disclosure, confidentiality, reasonable care and any other duties required by law.
CLOSING - Sometimes used to refer to the day both buyers and sellers sign all of the closing documents (Settlement). The official “closing” is when the proceeds of any new loan have been delivered to the title company, all monies have been disbursed as instructed and the applicable closing documents have been recorded in the office of the county recorder.
CLOSING COSTS - The expenses incurred in obtaining the property and transferring title to the new opener. This may include but is not limited to attorney’s fees, points, title charges, credit report fee, document preparation fee, mortgage insurance premium, inspections, survey, appraisals, prepayments for property taxes, deed recording fee and homeowner’s insurance.
COVENANTS, CONDITIONS AND RESTRICTIONS (CC&R) - A recorded document that controls the requirements and restrictions of a property.
COMMISSION - The amount a seller would contract with a real estate brokerage to have their property listed for a set price or percentage of the selling price.
COMPARABLES (COMPS) - Similar homes to the subject property used in order to determine a fair market value. Some aspects used when searching for comparable homes are age, size, location, features, and condition.
CONCESSIONS - A benefit or discount offered by the buyer or seller to help sell a home and close a deal. Concessions are usually specified during negotiations and included in closing costs.
CONDOMINIUM - A form of real estate ownership in which the owner receives exclusive title to a particular unit and shares ownership in certain common areas with other unit owners. The unit itself is generally a separately owned space whose interior surface (walls, floor, and ceiling) serve as its boundaries.
CONTINGENCY - A condition that must be satisfied before a contract is binding. For example, a sales
agreement or offer may be contingent upon the buyers having a period to do their due diligence, obtain financing, or to sell their current home first. The contingency provides an out as an escape from performing if the condition is not met.
CONVENTIONAL LOAN - A real estate loan, which is not insured by the government agency, FHA, nor guaranteed by the VA. Typically subject to the terms of the particular institution, the conditions may be more flexible, as the lender is not required to follow federal guidelines. The lender looks to the credit of the borrower and the security of the property to insure payment of the debt.
DEBT-TO-INCOME RATIO (DTI) - The comparison of a buyer’s total long-term debt to his or her gross or net effective income.
DEED - A document which, when properly executed and delivered, conveys title of real property,
DISCLOSURE - To make known or public. By law, a seller of real property must disclose facts which affect the value or desirability of the property.
DUE DILIGENCE CONDITION/INSPECTIONS - Consists of buyer’s review and approval of the contents of the seller disclosures and any other rests, evaluations and inspections of the property deemed necessary or appropriate by the buyer.
DUE-ON-SALE CLAUSE - A clause that requires a full payment of a mortgage or deed of trust when the secured property changes ownership.
EARNEST MONEY - Funds given by the buyer and held in an escrow account until the real estate closing. In some cases, these funds are refundable if the loan fails to close, but if the loan does close, the purchaser is given credit at closing for the earnest money.
EASEMENT - A right to use all or part of the land owned by another for a specific purpose. For example, an easement may entitle the holder to install and maintain utility lines.
ENCUMBRANCE - Anything that affects or limits the ownership of real property, such as mortgages, liens, easements or restriction of any kind.
EQUITY - The difference between what is owed and the amount for which the property could be sold.
ESCROW - A procedure in which a third party acts as stakeholder for both the buyer and the seller, carrying out the both parties’ instructions and assuming responsibility for handling all of the paperwork and distribution of funds. An escrow fee is charged by the title company to service the transaction and to escrow money and documents.
FHA LOAN - A loan insured by the Federal Housing Administration this loan is insured by paying Private Mortgage Insurance (PMI) which must be paid for the lige of the loan regardless of the loan-to-value of the property.
FINAL WALK-THROUGH - Buyer may walk through the property at a reasonable time before the settlement to determine that any repairs negotiated have been completed and that the house is in the same general condition as originally presented.
FIXTURES - Personal property that is attached to real property is legally treated as real property while it is attached - such as light fixtures, TV mounts, projectors, and solar panels.
FORECLOSURE - A legal process used by a lender in an attempt to recover the balance owed from a borrower who has stopped making payments by forcing the sale of the asset that was used as collateral for the loan.
HOMEOWNER ASSOCIATION (HOA) - An organization in a subdivision that makes and enforces the rules for the properties and their residents. Usually there is a monthly fee associated with a subdivision that has an active HOA. Some benefits that an HOA might offer include: yard maintenance, paid water and sewer, clubhouse, etc.
GLOSSARY CONTINUED
INTEREST RATE - The amount a lender charges for the use of the lender’s capital. This amount is typically noted on an annual basis known as the APR (annual percentage rate) and paid monthly.
JOINT TENANCY - A legal arrangement in which two or more people own a property together, each with equal rights and obligations. When one of the owners in a joint tenancy dies, that owner’s interest in the property passes to the survivors without the property having to go through the courts.
LIMITED AGENCY - An agent that represents both parties. A Limited Agent has fiduciary duties to both the buyer and the seller as required by law. However, some of those duties are ‘limited’ because the agent cannot provide to both parties undivided loyalty, confidentiality and disclosure. For this reason the Limited Agent is bound by a further duty of neutrality.
LISTING AGENT - Represents the interest of the seller. A seller’s agent has fiduciary duties to the seller that include loyalty, obedience, full disclosure, confidentiality, reasonable care and any other duties required by law.
LOAN UNDERWRITER - The underwriter determines the creditworthiness of a potential borrower, verifies the truthfulness of the loan application and evaluates the risk of lending to a potential borrower.
MULTIPLE LISTING SERVICE (MLS) - Used to foster cooperation among real estate professionals in order to create a legal framework for the compensation being offered and to maximize the exposure of properties to potential buyers.
ORIGINATION FEE - A fee or charge for work involved in evaluation, preparing and submitting a proposed mortgage loan.
PITI - The term for a mortgage payment that includes principal, interest, taxes, and insurance.
PLANNED UNIT DEVELOPMENT (PUD) - A zone designation for property developed at the same or slightly greater overall density than a conventional development, often with improvements clustered between open or common areas.
PLAT MAP - A document drawn to scale, showing the divisions of a piece of land along with the legal description of the parcel.
POINT - An amount equal to 1% of the principal amount of the investment note. Sometimes discount points can be used to buy down the interest rate on a loan.
PRE-APPROVAL - When a borrower has completed a loan application and proved debt, income and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about the interest rate will actually be at the time the loan is made, as well as estimates for the amount that will be paid for property taxes, insurance and others.
PRIVATE MORTGAGE INSURANCE (PMI) - Insurance written by private companies to protect the lender against loss if the borrower defaults on the mortgage. PMI is often required on mortgage loans in which less than 20% has been put forth for the down payment. Depending on the conditions of a mortgage, the borrower may request cancellation of PMI when the equity in the property reaches 20%.
RATE LOCK - When the lender issues a written commitment to a borrower as to a specific interest rate for a specific period of time.
REAL ESTATE PURCHASE CONTRACT (REPC) - The legally binding agreement, usually between two parties, for the transfer of real property. Both parties must have the legal capacity to sign the contract for the property in question.
REALTOR ® - A real estate broker or sales associate active in a local real estate board affiliated with the National Association of REALTORS.
REFINANCE - a new loan with new term, interest rates and monthly payments that completely replaces your current mortgage.
REINVESTMENT FEE/TRANSFER FEE - A fee paid to the HOA upon the sale of a property that is used as additional reserve account funding and/or to cover unexpected association expenses.
SELLER DISCLOSURES - A set of documents completed by the seller disclosing any known issues with the property that cannot be discovered by a reasonable inspection by an ordinary prudent buyer. Other documents may be required to be submitted by the seller to the buyer as defined in the purchase agreement.
SETTLEMENT - Primarily known as the day buyers and sellers sign all the closing documents at the title company. The down payment, instructions to the title company and the complete contract shall be delivered to the title company no later than this date.
SHORT SALE - The sale of a home for less than the balance remaining on the homeowner’s mortgage.
TENANCY IN COMMON - A type of joint ownership of property by two or more persons with no right of survivorship.
TITLE - The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of real estate.
TITLE INSURANCE - An insurance policy that may be purchased to protect the new owners from any liens or clouds against the title. In order to issue title insurance, the issuer will perform a title search in the county records. A seller traditionally will purchase a policy protecting the buyer, and the buyer will purchase a policy protecting the lender.
kristen.bagley@sothebysrealty.com summitsothebysrealty.com