Whether you have bought before, here in Arizona or in another state, it's always nice to refresh yourself on the process and steps involved
in purchasing a home.
The first rule of thumb when buying a home is 'know before you go'. This means a visit to a lender who can prequalify you so you know
exactly how much you can afford before you begin your search. In Arizona, a Loan Status Report (LSR) accompanies the purchase offer.
This report shows the seller that you are a serious buyer who has seen a lender and it gives strength and bargaining power to your offer.
It's a good idea to select a licensed real estate professional either before or during the prequalification process. Having your own real
estate agent is your best bet for negotiating the terms of your offer, getting the best deal and most importantly representing and protecting
your interests. It is within the scope of your agents duties to work closely with you through all phases of the buying process.
Finding that perfect home, whether its a single family home, townhome, condo, vacation home, second home or investment property is the
next step in the process and for some buyers it's the most enjoyable part. Always have your agent send you listings to look at online
and personally take you through properties that peak your interest. Two sets of eyes are better than one and getting out there is
the best way to get a feel for what you need vs. what you want. Or better yet the chance to ask yourself, what is a necessity, what is a
desire and can I afford them both?
When you have selected a property your agent will provide you with comparables, or recent sales in the neighborhood. This helps
determine a clearer picture of the purchase amount you are willing to offer. Other things to consider are condition of the property, location,
and negotiable terms. Sometimes even the length of an escrow can cause a seller to favor one offer over another. No two transactions are
ever the same! When you are comfortable with your terms, an offer is drawn up and submitted.
Once the offer is accepted, escrow is opened. Many people do not understand what escrow is. In a nutshell, the title company, as the
escrow holder, works as a neutral third party to ensure the terms of the purchase contract and escrow instructions are fulfilled. They order,
collect, and hold a variety of documents and funds and work closely with the parties involved in the transaction.
There is a lot going on behind the scenes of an escrow. Here are just a few of the things that occur... a property appraisal will be ordered
by the lender. A professional home inspection will be strongly advised. Homeowner Association transfer fees will be calculated, home
owners insurance, hazard insurance and home warranties will be ordered. Additionally, title insurance policies will be ordered and your
lender will be asking for any supporting documentation they require. At the end of the process the property records at the county recorder
in the new owners name!
It sounds a bit overwhelming, but a good real estate agent is trained to be there every step of the way, assisting you with all of these things,
and answering any questions you might have. And the biggest reward at the end of the journey is owning your own home!
in purchasing a home.
The first rule of thumb when buying a home is 'know before you go'. This means a visit to a lender who can prequalify you so you know
exactly how much you can afford before you begin your search. In Arizona, a Loan Status Report (LSR) accompanies the purchase offer.
This report shows the seller that you are a serious buyer who has seen a lender and it gives strength and bargaining power to your offer.
It's a good idea to select a licensed real estate professional either before or during the prequalification process. Having your own real
estate agent is your best bet for negotiating the terms of your offer, getting the best deal and most importantly representing and protecting
your interests. It is within the scope of your agents duties to work closely with you through all phases of the buying process.
Finding that perfect home, whether its a single family home, townhome, condo, vacation home, second home or investment property is the
next step in the process and for some buyers it's the most enjoyable part. Always have your agent send you listings to look at online
and personally take you through properties that peak your interest. Two sets of eyes are better than one and getting out there is
the best way to get a feel for what you need vs. what you want. Or better yet the chance to ask yourself, what is a necessity, what is a
desire and can I afford them both?
When you have selected a property your agent will provide you with comparables, or recent sales in the neighborhood. This helps
determine a clearer picture of the purchase amount you are willing to offer. Other things to consider are condition of the property, location,
and negotiable terms. Sometimes even the length of an escrow can cause a seller to favor one offer over another. No two transactions are
ever the same! When you are comfortable with your terms, an offer is drawn up and submitted.
Once the offer is accepted, escrow is opened. Many people do not understand what escrow is. In a nutshell, the title company, as the
escrow holder, works as a neutral third party to ensure the terms of the purchase contract and escrow instructions are fulfilled. They order,
collect, and hold a variety of documents and funds and work closely with the parties involved in the transaction.
There is a lot going on behind the scenes of an escrow. Here are just a few of the things that occur... a property appraisal will be ordered
by the lender. A professional home inspection will be strongly advised. Homeowner Association transfer fees will be calculated, home
owners insurance, hazard insurance and home warranties will be ordered. Additionally, title insurance policies will be ordered and your
lender will be asking for any supporting documentation they require. At the end of the process the property records at the county recorder
in the new owners name!
It sounds a bit overwhelming, but a good real estate agent is trained to be there every step of the way, assisting you with all of these things,
and answering any questions you might have. And the biggest reward at the end of the journey is owning your own home!
| Congratulations on your decision to buy a home!!! |
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| Jennifer Schaefer REALTOR Direct: 480.286.7220 |
Valley King Properties 1831 E. Southern Ave., Tempe AZ 85282
| Office: 480-756-2330 |