Purchasing a home is stressful for most people, but it's not very confusing with some planning ahead of time. We like to provide buyers with an outline of the whole deal so they know exactly what they can expect. These are our nine steps to purchasing a home in Arizona.
Should you have any questions regarding this information or if you're ready to get started, you can contact us at any time.
Step 1 – Prepare to purchase a home
Before you begin your home search, there are plenty of things you should consider. When you start your search, you'll want to assemble a list of items you want, get an idea of what school districts and neighborhoods you want to live in, and start planning around your budget. Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Find a knowledgeable real estate agent
That's where we can help. We'd like to arrange a time to speak with you regarding why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in Arizona.
We can also help you start the loan process. The Neill Group partners with some of the best mortgage professionals in Arizona, so you can rest assured that you're in great hands. They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first conversation, we'll start looking for available homes on the market that best suit you. We'll get a sneak peek of most of the houses and reject the duds, and then we'll book appointments to tour the houses when it's convenient for you.
When we view the houses, your agent will call attention to good features, as well as bad ones. We'll even ask you to talk about things you like and dislike. For the most part, buyers change their must-have list as we view houses and some items become far more crucial than others. If that happens, we'll go back through the listings another time and narrow it down to the house of your dreams.
Step 4 – Know the market
Your agent's knowledge of the Arizona housing market is an imperative element in your home search. And we can assure you that all Neill Group agents are mindful of all the neighborhoods and schools, and we'll let you know what areas are "hot" and demand prompt action and some that are "cool" and allow for careful examination.
As we view houses, we'll let you know if the seller's list price has room for negotiation or if we believe the home is "priced to sell." Every REALTOR® in Arizona will convince you they truly know the home market, but take notice, and make sure you ask lots of questions. If things don't add up, just call us at 1-800-514-2313 ext 3078, and we'll be glad to answer any questions you have. The Neill Group sells more homes than 99% of the agents in Arizona. Our market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
We're confident we'll find your dream house in Arizona, whether it's a small condo or a large estate mansion. When we do, we'll meticulously develop your home purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon turning in your offer, most likely you'll want to present "earnest money." This is a cash deposit held by an escrow company to secure your offer to buy the property, and it's applied to the cost of closing. If the seller accepts the offer, we should close on the home 30 to 60 days after. This allows sufficient time for your mortgage financing to be completed.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer, and it's widely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your budget. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Secure financing
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this shouldn't be a long process at all, but you'll want to keep in close contact with your lender. And we'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your loan application. The estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. We'll examine the estimate and let you know if it all looks okay.
Then we'll close on your home. This will likely occur at a title company or escrow office and is often a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call us at 1-800-514-2313 ext 3078 or send us an e-mail.
