It goes without saying that buying a home is a huge investment decision, perhaps the biggest you’ll make during your lifetime. For first-time buyers, the process can feel overwhelming, and that’s understandable – you want to make sure you do everything right.
One of the ways you can prepare is to simply take time to know more about the home buying process. Here’s an overview of some of the steps involved when you’re buying a home in Arizona:
Prequalification
One of the first things you need to do before searching for a home is to look for a reputable mortgage representative and find out what type of mortgage you may qualify for (VA, Conventional, FHA, etc.). You also need to determine how much monthly mortgage payments you can qualify for, along with other fees such has homeowner’s insurance, HOA, property tax, and so on.
Work with a Real Estate Agent
The best real estate agent is one who you feel comfortable working with. Be sure to interview the agent and find out what he or she can bring to the table. It’s also important that you get a clear concept of what type of representation you will get, as this will have a key role in the buying process.
Look for a Home
Your agent will then create a search profile based on your real estate goals and requirements. He or she will give you a selection of potential homes that match your needs. Once you find properties you’re interested in, your agent will make arrangements so you can see the home in person.
Negotiation
After you’ve found a home you’re interested in buying, your agent will then give you the needed information to make a deal. Some of the steps involved during this part of the process include getting info on how much comparable homes have sold for, terms and conditions, home inspections, purchasing with a mortgage, and others. Your agent will be in charge of negotiating an ideal price by using resources and taking into account factors such as condition, seller price, and motivation.
Preparing the Contact
Once your offer is successfully accepted, your agent will prepare the contracts and guide you through the execution process. After all, parties involved sign the contracts and everyone has an original copy, the escrow review process will start.
Escrow Review
After the escrow review is done, you are now officially under contract. Additional deposits will be due, and you typically will have ten days to schedule a home inspection. You can also now officially apply for your mortgage.
Closing
Closing is the final stage of the buying process. You, your agent, the title agency, and the mortgage company will all need to work together, as there are many things you need to accomplish during this stage. Effective communication is a key factor in the closing process – you need to work well with everyone involved to ensure success.
If you’re looking to buy or sell a home in the Phoenix Metro Area, get in touch with us at Aeris House Properties anytime by calling (602) 466-9771 or sending an email to info(at)aerishouse(dotted)com