9 Steps To Home Ownership
Americans still place a high value in home ownership. Ninety-two percent of buyers start by searching for homes on the internet. I understand in the beginning, as a potential buyer you may not be ready to talk with a Realtor and that is OK. Just know I am here to guide you and provide you with best resources that can help with your home search. When you are ready to take the next step, contact me and I will be happy to sit down with you, explain the home buying process here in Arizona and work out a strategy to finding you the right home.
Below I have highlighted the 9 keys factors in buying a home in Arizona. Also please download the “Arizona Buyers Advisory” which explains home conditions that should be investigated and will direct you, the buyer, to sources of additional information on the Internet.
1. What is your Motivation?
This is a biggie, without motivation there is no urgency to buy. You need to ask yourself why are you looking to purchase? Are you downsizing? Do you need a larger home? Are you relocating because of a job transfer? Are you looking for a winter home? What is your timeline? Is this property an investment property, second home or primary residence?
2. What is your Lifestyle?
Buying a home is more than just the number of bedrooms and baths. Do you like the hustle and bustle of the city or do you like a place that’s a bit more quiet? Would you like to be close to shopping and restaurants or close to where you can hike and golf ? How far do you want to commute for those conveniences? “Different strokes for different folks”
3. Are you Financially Prepared?
Are you paying cash or financing? If you are paying cash we will need proof of funds in a form of a bank statement. I can’t stress enough the importance of talking with a lender to get a pre-approval before you start looking at homes in person. The lending standards are very tight today and getting a loan is not as easy as it once was. Your purchasing power is determined by your credit score, monthly income, debt ratio, down-payment and savings. Nothing is worse than finding that perfect home to later find out you can’t qualify to buy it! If you are buying with cash you will need proof of funds, either a letter from your bank or a copy of your bank statement showing you have the cash available.
4. Search for Homes on RealEstateFountainHills.com
My website provides a detailed home search that you can use without registering. That’s right, no registration to view pictures and property details. You can search by specific subdivisions, schools, amenities and even city or mountain views. When you find a home you like, just save it and all status updates on that home will be sent right to your inbox.
5. Now the Fun Begins..Show Me the Homes!
Review your favorite homes along with a few of my recommendation and I will schedule appointments for showings. Initially we will see 6-8 homes the first time out, anymore than that can be a little overwhelming. Take good notes so you can remember what you liked and dislike about each house. Rating them on a scale from 1-5 works well.
6. The Perfect Home, Now What?
You knew the moment you walked in this was the right home, so now what? I will help you determine a fair price for your offer based on comparable homes which have sold in the last 3-6 months. I will prepare the paperwork and explain all the details, present the offer to the selling agent who in turn will present to the sellers. There may be some back and forth negotiations before we get an accepted contract signed by the sellers.
7. Getting your Inspections Done in a Timely Manner.
You have 10 days from contract acceptance to have your home, pool, termite and any other inspections completed, this is called the due diligence period. Anything you feel is important regarding the purchase of a home, you need to find that out within the 10 day period. If the inspections turns up any unexpected repairs, this is something we can negotiate with the sellers to fix prior to closing. If buying a home in an HOA, you also will receive the HOA documents and financial statements during this time.
8. The Waiting Game.
Now we are just basically waiting for the appraisal, loan approval and other various documentation to be finalized before moving forward to the final step. I make sure that I receive current loan status reports weekly from your lender so we know things are getting done in a timely manner.
9. Closing Day, Yipee!!
Depending on the lender and type of loan, the typical time frame to close escrow is 30-45 days. Close of Escrow can happen as quickly as 2 weeks when paying with cash but the process is the same. You won’t find yourself sitting around a closing table here in Arizona like you do in some states. The buyers and sellers rarely meet and sign all their paperwork separately. Usually 2-3 days prior to your closing date, the title company will arrange for you to sign your paperwork. If you are out-of-state the paperwork will be sent to you via FedX. On the close of escrow date your loan will be funded or if paying cash, funds will be disbursed and the deed will be recorded with the county. Since recording happens electronically on a first comes first serve basis, we don’t know if it will occur in the morning or afternoon, but it will be completed that day. After I get the word from the title company that the property has been recorded, I will present you with the keys to your new home! Congratulations and welcome to home ownership!
Have more questions about buying a home in Arizona, Call me at 480 888 6708 or email me for more information.