How to Buy a Home In Arizona

How To Purchase A Home In Arizona

New Picture (2)1.  The very first thing you should do is contact a real estate agent. Better known as a Trusted Advisor

Why-  Many people ask this question.  “Why should I use a realtor to help me find a home?  I can use the internet.” This is true the internet is a great tool for helping find properties.  But guess what, most realtors also use the internet and their tools far exceed the abilities of those other websites.  I am sure if you have ever tried to look at homes online you have discovered when you contact someone about a home,  that  home is no longer available.  That is because those sites are delayed.  Technological agents have resources that are up to date and to the minute with accuracy.  Best of all most real estate agents are FREE to use when you purchase.   A realtor will walk you through every process step by step.  Think of it like starting a new job.  When you arrive to work would you want to be thrown in your position and told “good luck”?  Probably not, you would want training on the systems, and processes before you started to be responsible for major tasks and your new employers money.  That is what a realtor provides, think about it.  You are about to sign a legal binding contract for HUNDREDS of THOUSANDS of DOLLARS!!!  Don’t you want to be protected and guided through the process step by step?

2. Get Pre Approved for a loan

Getting pre approved for a loan will help you determine how much of a home you can afford.  This will help you plan out your budget, ensuring that you are protected from future disaster or loses.  Getting pre approved also helps to strengthen your offer in the eyes of a home seller.  When a home seller sees that you have taken the necessary steps to get a pre qualification letter from a home loan establishment “bank or mortgage company” it helps them feel more comfortable when accepting your offer on their home.

3. Start Looking for homes

New Picture (15)    You and your agent will sit down and develop your buyer profile.  This is where you determine what you need and want in your new home.  Once your profile is developed a search will be set up.   This search will keep you informed when  homes come to the market that meet your search criteria, or when a home has a price reduction.  You will be able to track your favorites and watch them on your own time, with 24 hour unlimited access.  When you are ready to go view a home or homes you let your trusted advisor aka realtor know you are ready.  Your agent should be able to show you homes that same day or at least the following day.  NOTE:  The best homes sell very fast, it is important to be first.

4. You found a home, Now it’s time to make the offer.

Phoenix Area HomesThis is where the expertise of your Trusted Advisor becomes very important. You have found a home that fits your needs, wants and desires.  You are excited.  It’s time to head into the office and do some research.  Your Trusted Advisor will pull the property up to check a few things. 1st and most important does the home owner have any excessive mortgage balances that would not allow the sale and 2nd what is the home currently worth.  Your agent will pull up comparable homes that are listed for sale and comparable homes that have recently sold.  This will help your decision in making a good solid offer on the home.  Once you have established a price, your Trusted Advisor will provide you with the proper legal documents to protect your best interest and  secure the property into a legal binding contract.

5. Congratulations, the seller accepted your offer!

You did it, you listened to the advice of your trusted advisor and you successfully entered into contract on your future home.  Now you are  half way done.  Escrow will be opened up with a neutral 3rd party or TITLE COMPANY and a deposit will be put down by you the buyer.  This shows monetary commitment by you in order to secure the offer on the home.  This deposit will be applied towards the purchase of the home when you close.  We recommend Security Title off of Baseline and Stapley.  After the contract is accepted and escrow is opened you need to get the home professionally inspected. Some people skip this step because it costs $400 – $500 dollars.  If you use our team of Trusted Advisor’s we will credit you back at closing for the inspection fee, because we know how important it is.  Home inspections are the number 1 reason contracts are cancelled.  Think of it like an insurance policy.  You spend $400 now and find out the roof is bad and the AC system is about to go out.  We you can either cancel the contract or you can now request the seller fix those items before you purchase the home.  You just saved yourself about $15,000 dollars.  That was a pretty good investment.

6. Completing your Home Loan Process

This is where your lender will provide you with a list of items thatNew Picture (9) they will need to get your loan fully approved for purchase.  This list includes items such as bank statements, pay stubs, current lease agreements, tax returns and a credit report.  A good lender will ensure you have all this done very early so you do not run into potential delays later.  We have a great lender that we recommend as your Trusted Advisor.

7. Getting the Keys

Congratulations, you are almost done.  It is signing day.  Your Trusted Advisor has walked you through everything step by step.  Your mortgage expert has completed your loan early.  It is Friday morning and it is time for the final walk through before you go in to sign your home loan documents at Security Title at 10am.  Your Trusted Advisor will take you through the home one more time before you become the home owner to make sure everything is the same as it was or better when you wrote the offer.  The final walk through looks good, you head to Security Title to meet with Kerry Evans your escrow officer.  Your documents are signed and sent back to the lender.  Then lender then send the funds over to the title company and sets the home up to record the new owner of the home “YOU”.  Its 5pm and you meet your Trusted Advisor to get the keys to your new home!

Thank You!

Thank you for taking the time to read this article about purchasing a home.  We are hear to provide you free quality service as a Trusted Advisor in one of the biggest transactions of your life.  We hope to hear from you, when you are ready to make the move.

Provided courtesy of the Bradley Potter, PLLC Home Selling Team
Homesmart Realty
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