| Arizona Home Buying
Information |
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Of
all the decisions you'll face when buying
a home, there's none more important than
the Realtor you choose to represent you.
We will support you in finding the right
home with the best possible terms, and to
aid you through the entire process. We will
explain the process of buying a home, and
familiarize you with the various activities,
documents and procedures that you will experience
throughout the transaction. One document
that we recommend all Arizona home buyers
to read is the Arizona Department of Real
Estate Buyers Advisory.
Download Here
Finding
and Choosing the Right Home
Based on criteria that you establish
with us, we will help you find the perfect
home. There are many factors to consider
in selecting a property, including location,
bedroom and bath count, schools and amenities.
We will apply our extensive community knowledge
and professional resources to research available
properties, and show you the homes that
best meet your needs. If you find a property
that interests you through the Internet
or your own research, let us know so that
a showing can be arranged.
As you view different properties, your criteria
may change. Open and direct communication
is a key element of a successful property
search.
Making
an Offer
Once you have found the home that
you wish to purchase, your we will do all
the necessary research to help you structure
an effective offer.
This is where our negotiation skills come
into play. When an offer is made, the seller
will have the option of accepting, rejecting
or counter-offering. We will negotiate the
best possible terms for you.
We will draft the purchase agreement, advising
you of protective contingencies, customary
practices, and local regulations. Home warranty,
title and escrow arrangements will be detailed
in the offer. Although we will give you
advice and information, it is your decision
as to the exact price and terms that you
wish to offer.
Download Sample Arizona Residential Purchase
Contract Here
Financing
Most real estate professionals and
mortgage lenders recommend pre-qualifying
for a loan before selecting a home to purchase.
This process will help you:
Determine
the price range you can afford.
Understand the types of loans you qualify
for.
Determine what your monthly payment will
be.
Estimate the down payment and closing costs.
The Loan
Process
We will help you to select a mortgage
lender. Once you have made your decision,
these are the steps of the process:
Application - All pertinent
documentation is obtained. Fees and down
payments are discussed, and the borrower
will receive a Good Faith Estimate (GFE)
and a Truth-in-lending statement (TIL),
itemizing the rates and associated costs
for the loan.
You will be asked to provide certain documents
to your lender in order that your loan can
be processed in a timely manner.
Loan
Submission - Once all the necessary
documentation is in, your completed file
is submitted to a lender for approval.
Loan Approval (Underwriting)
- Loan approval, or underwriting, generally
takes 24 to 72 hours. All parties are notified
of the approval and any loan conditions
that must be received before the loan can
close.
Closing - Once
all parties have signed the loan documents,
they are returned to the lender. If all
the forms have been properly executed, the
lender sends the loan funds by wire transfer.
At this point, the borrower finishes the
loan process and actually buys the house.
Managing
the Escrow
When the purchase agreement is accepted
and signed by all parties, we will open
escrow for you and your earnest money will
be deposited with a Title company. The Title
company is a neutral third party that will
receive, hold, and distribute all funds
associated with your transaction.
Removing Contingencies
Prior to closing escrow, all of the
contingencies of the Purchase Agreement
must be met. We will coordinate this process.
Typical contingencies include:
Approval
of the Seller’s Property Disclosure
Statement.
Approval of the preliminary title report.
Loan approval, including an appraisal of
the property.
Physical inspections of the property.
Pest inspection and certification.
Acquisition of homeowner's insurance.
Closing
Escrow and Moving In!
When all of the conditions of the
purchase agreement have been met, you will
sign your loan documents and closing papers.
You will deposit the balance of your down
payment and closing costs to escrow, and
your lender will deposit the balance of
the purchase price. The deed will then be
recorded at the County Recorder's office
and you will take ownership of your home. |
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