Purchasing a home may be the single most important investment of your life, and possibly the largest purchase you will ever make. When you are dealing with hundreds of thousands of dollars, it may be a good idea to use a Realtor with experience, a fine knowledge of the area, education, and aggressiveness. An aggressive Realtor that knows how to negotiate the price of the home with you effectively may be the single most important factor when getting a good price on a home.
The first thing you want to do when purchasing a home in Arizona is to get pre-qualified for a home loan. This step does not take long, but is extremely necessary. In Arizona, you can not get into a contract with out getting pre-qualified for a loan. When you get pre-qualified for a loan, the lender the pre-qualifies you will produce a document called an LSR. Once you have a loan status report, you are able to write an offer on a home.
When purchasing a home, it is usually a good idea to see what has sold recently in the area. When you find the home that you want to purchase, a good Realtor will give you a comparative market analysis. This report will show you recently sold properties in your neighborhood. This will give you an indication of the market conditions in the area you are planning on buying in. You will be able to see if prices have been falling, rising, or remaining steady. This may or may not be an issue, but I do not believe anyone wants to over pay for a home.
Once your have made on offer on your home with your Realtor and the contract has been accepted by the seller, you move in to the inspection period. Generally, you have ten days to conduct inspections. It is a very good idea to have the home inspected by a professional home inspector. If you do not know one your Realtor should be able to recommend one. A home inspection will cost anywhere between three hundred dollars and five hundred dollars depending on the size of the home. This is money well spent because you will know exactly what is wrong with the home.
The inspectors will inspect the electric system, plumbing, roof, flooring, pool equipment, appliances, doors, showers, and several other items. After the inspections have been completed you then ask the seller to make repairs with a document called the Buyers Inspection Notice and Sellers Response. It is a contract within the contract. The buyer and the seller negotiate the terms of what is going to be fixed and what is not. The Realtors will quarterback the process, but again, it is imperative you have a Realtor that is aggressive so that you get more items fixed during the inspection period.
After the terms of the Buyers Inspection Notice and Sellers Response have been negotiated and agreed upon, it is usually smooth sailing until you go into the title company to sign your final loan documents. After the inspection period, you will want to obtain home owners insurance, and make sure all your utilities will be turned on in your name upon move in. Make sure you work with your lender so that there are no hiccups at the end of the escrow. The lenders job at the end of escrow is to deliver the loan documents to the title company so you can sign the documents. Once the documents have been signed the, title company will deliver the signed documents back to the lender so that they can fund your loan. Once the loan has been funded and recorded, you may now move in to your new home.
Again, it is of paramount importance to use a Realtor that knows what they are doing, that has ample experience, and makes sure you best interests are priority. Please visit the link below to get in contact with a professional, experienced, educated, and aggressive Realtor. You will get the quality representation you deserve.
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Frequently Asked Questions
House prices- best UK website?
By: malc | 08-07-2008
Which is the best site for UK sold house prices? Do any sites offer current property values like Zillow in the US?
Joint mortgage, tenants
By: BigRedEd | 29-06-2008
I just bought a house with my fiancee. The mortgage is in both our names. Should we file as tenants in common or individually?Should we have gotten married before Dec. 2007?
Do we need an Agent when buying a house?
By: Adier | 24-06-2008
Do we need an Agent when buying a house?
Question about PMI insurance. I did a refi last ...
By: snoopy52 | 19-06-2008
Question about PMI insurance. I did a refi last year and now I am going through a divorce. Neither of us can afford payments on the home by ourselves and renting or getting roomates is out of the question. When we did the refi, we did the typical american thing of max out the equity and then blow it on a big vacation. Problem is the loan is for 275k and with the housing market the way it is, the home is currently only worth 250k and if we are lucky, we might get 260k out of it. When we did the refi, we got a loan with PMI built into the rate. From what I have heard, if we just let it go to foreclosure, the house will go to auction eventually and we will be responsible for the difference between the loan amount and the amount the home sold for. My question is, doesn't the PMI take care of this?
I'm looking to buy a house and I need to know what ...
By: REman7 | 19-06-2008
I'm looking to buy a house and I need to know what things I should look out for when shopping around. Does anyone have any tips?
I'm looking to buy a house in San Diego. Does ...
By: REman7 | 19-06-2008
I'm looking to buy a house in San Diego. Does anyone know of a good real estate agent in San Diego?
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