You will find we have provided you with the tools to search but home buying in Arizona is much more extensive than just finding a home. Most potential home buyers can do most of the leg work themselves when it comes to the search but the real work comes after you find your dream home.
Once you find your dream home, what’s next?
Ideally you will be pre-approved before you go home shopping. Submitting a pre-qualification (PQF) with your offer shows the buyer you are prepared to buy their home. You want to make sure you have a lender that is knowledgeable on all the aspects of your unique financial situation. Be prepared to supply a lot of documentation to your loan officer. This is normal.
Finding and Selecting a REALTOR®
Selecting a REALTOR® to support you through the process is a smart thing to do. Interview agents until you find one you feel has your best interest at heart. Your REALTOR® is the key person in this process that will keep everything moving forward. They are responsible for following up with the lender, listing agent, and you as well as home inspectors, termite inspectors. Your REALTOR® negotiates the best price for you, negotiates and navigates through the inspection process and sees you though to closing. Going through an escrow can be a daunting task even with a REALTOR®, you do not want to buy a home on your own. There really is no reason to work without representation. Your agent gets paid by the listing agent and the seller. This means you can have the very best REALTOR® represent you and you do not pay a dime to do so.
Earnest money is given with your offer. There is no set amount for earnest money but you want the seller to know you are serious about buying their home. We recommend 1% of the total sales price. If this is not possible, discuss your unique needs with us and we can offer guidance and solutions. Your earnest money is deposited with a title company and the title company is a neutral third party who disburses funds. If there is a cancellation and any dispute between you and the seller regarding earnest money, the title company will decide if the earnest money is released to the seller or released back to you. A solid agent will do everything they can to protect your earnest money. The best thing is to have a smart and experienced agent who knows the contract.
The Offer and the Contract
When you write an offer with us, you will be walked through the offer line by line and it will be explained to you. An offer doesn’t become a contract until it is presented to the seller and the seller agrees to the terms offered. Once they agree they sign it and deliver it back to your buyers agent, you now have a contract.
The sellers are obligated to disclose anything they know about the house. There are Seller Property Disclosures that the seller will fill out and provide to you within the first five days after contract acceptance. A great agent will explain and guide you through this process and answer your questions on the disclosure process.
Depending on what your agent negotiates for you, your inspection will most like be a ten day window. During this ten days you will be allowed access to the house to do any and all inspections you may desire. Inspections are at the buyer’s cost. Most buyers hire a general home inspector to go through their new home with a fine tooth comb. The inspector will check all the major items such as the roof, appliances, electrical, heating and cooling and mechanical items. Inspections can take between two and a half hours to eight hours depending on the size of the home you are buying and the inspector. If you do not know a qualified inspector, we can certainly recommend one for you.
Loan processing during your escrow is very important. You will want to stay close to your lender and follow his or her guidance on the documentation needed to keep your loan progressing. You will be required to have a cashiers check at the end for your down payment and closing costs. The title company will call you once the lender has your loan documents to title. Once the loan documents are there they will call and set an appointment with you to come in and sign your loan documents. You will not close upon signing. Your loan must fund and then be recorded with the county recorder before you can take possession of your new home.
For more information on the process of buying a home, please call us at480-626-0312. Buying a home is an extensive process and this touches on just a few of the situations you will face. Please make sure you get an agent who will support, educate and communicate highly with you throughout the entire escrow.