Are you looking to purchase a home in the South East Valley: Queen Creek, SanTan, Chandler, Gilbert, Mesa, Tempe or Scottsdale?
In this video I will go over the five stages of buying a home.
1. How do I start? One of the most important parts and a great place to start is with the question, “How are you paying for your new home?” In real estate, cash is king, but not everyone has the ability to purchase using all cash.
-If you are using a loan, before looking at homes you need to speak to a mortgage lender. They will provide you with a pre-qualification letter, provide an idea of down payment options, outline if you are able to use gift funds towards your downpayment, and what your overall payment will be after principal, interest, taxes, insurance, and possibly mortgage insurance and HOA fees. If you already own a home they will also discuss your purchase options and if you need to sell your current home prior to buying a new one.
Speaking to a lender prior to starting will give you peace of mind and I work with some truly fantastic lenders if you need a referral. The mortgage market changes daily so it is important to speak to a lender for accurate information.
2. How do I find homes? As a Realtor I obviously advocate the use of a qualified local expert. What you might not know is that when I represent you as the buyers agent, my commission is typically paid by the seller! This sounds crazy, but the seller will actually pay me to negotiate price and terms that are in YOUR best interest.
I will discuss your home wish list and narrow down a search area with your specific criteria that can be emailed to you daily .
3. I found a home that I love, now what? We will schedule a showing with the seller that works best for you. After we view the home we will discuss the asking price vs. market value, calculate payment, discuss offer strategies including possibly asking the seller to help pay your closing costs, home improvements that add value, and possible repairs needed to the home. We then can write an offer that you feel comfortable with and has your best interests in mind.
4. We got an offer accepted, Now what!?!? Now on to escrow! Luckily for your, we negotiated to use a fantastic title company that will research the title history for any possible issues that will prevent the seller from conveying the property to you.
While they are doing that, we will schedule the home inspection and I work with some really fantastic inspectors, and do any other pertinent inspections like a sewer scope, roof or ac inspection. Typically we have 10 days to do all of our inspections and neighborhood research including verifying schools, neighborhood demographics, crime stats, etc.
I will request you take a look at the local Buyers Advisory well before this point but this is a great time to go back through it to make sure you have considered all material matters that could affect your desire to purchase this home. Also during this time your lender will begin to generate your loan package and lock in an interest rate.
5. Close of escrow. After we have come to what we call a “mutual meeting of the minds” or the buyer and seller agree on any repairs needed to the property, the lender will order the home appraisal.
During this time you will also be providing the lender with any final documents. Once the home appraisal comes in, your file is sent to underwriting and with final loan approval your loan documents are sent to title for you to sign. In Arizona, we are a trustee sate meaning we typically sign all of your documents 3 days prior to recording the sale of the home (and taking possession) and you will likely never meet the seller. We will also do a final walkthrough prior to signing to make sure the home repairs are completed and the home is in significantly the same condition as we you originally saw it. This escrowprocess can take anywhere from 23 days to 45 days from start to finish, depending on what we negotiated or longer if the home is a short sale.
Thank you for watching my video. For more information about buying a home in Arizona, please call me at 480-703-5480 or fill out the form below. I look forward to working with you to make your dream home a reality. Thank you.