Home Buying in Arizona
READY TO HELP!
Thank you for visiting AZSmithProperties.com to learn more about Home Buying in Arizona! It’s a wonderful time to help buyer’s find the homes of their dreams! Sure, purchasing a home is a stressful event for many, however with prior preparation and choosing an experienced forward thinking REALTOR® the stress may be managed by preparing a plan to help make a clear road map to your home buying lifestyle success. Below is a list of some valuable guidance to help communicate to your REALTOR® to proactively make your time count and make serious progress in your home buying in Arizona mission.
1. Assemble a list of features in the home you will want to have. This list could vary in school districts, neighborhoods, a geographic perimeter grid (how far to the north, east, south-west). How will the home be used? Will the home serve as your primary residences, a part-time seasonal home, vacation home, a corporate accommodations?
2. Begin planning your comfort budget zone. The fundamental step to this, is to talk to a loan officer about loan and down payment options based on your unique financial situation. The principal guideline in mortgage payments is to remain close or below 1/3 of your net income. There are proven mortgage professionals in the valley that I refer for you to call, so you may rest assure you’re in great hands. The handful of select mortgage professional will assist you in figuring out which kind of loan is best for you and help you get qualified.
3. This is when your REALTOR® services will need to be fully established. Plan to meet together to learn about your upcoming plan to move and help prepare a time line. Once we listen to your feature specifications, neighborhoods, geographic grid, or homes available near the select schools of choice as well as any and all of your needs, we will then go over the current Real Estate market status. During this time, we show you the micro/macro economic data, review the properties eligible for your desired home loan, and go over any other negotiation measures and leverages that will affect your home buying decision today as well as in the future. As we become more mindful of the communities and specific areas of choice you prefer, we will keep you engaged and notified of the specific market condition for that very community, by providing data to help show you, which communities are in “high demand.” In which case negotiations and offers may warrant for a quicker immediate action versus the communities that are in “light demand” that typically allows a little more time for consideration.
4. After our initial meeting, we get to work in locating available homes best suited to your requests and lifestyle needs. We preview many of the homes and do what we can to eliminate bad home inventory to help save you time. After we have time to prepare for your showing appointment, we set up an appointment with you to tour the properties at your earliest convenience. Upon viewing homes, we like to help in identifying long-term resale value features and also help in protecting you by pointing out possible adversities that could potentially hinder your re-sale situation later on down the road. We also have statistics readily available to let you know if the list/ask price is within reason, also identify leverage methods of negotiations or let you know if the property is “priced to sell” by again providing your with concrete facts/data via a thorough “Comprehensive Market Analysis.” We also like to listen to your likes and dislikes to help update your wish list as buyers find some wants/needs become more essential. Upon our return to the office after the tour is completed we return back to researching more home inventory options to help narrow down quality inventory based on your modified list of wants/needs from the showing appointment.
5. We have found the home perfectly matched to your unique personality and lifestyle needs! We then prepare your real estate offer to submit on the home. The Arizona Association of REALTORS® Purchase Offer is drawn and prepared custom tailored to your needs; contingencies, financing, home inspection and title transfer via a dedicated escrow/title company/officer. During this time, earnest money is entered into the Purchase Offer. These are certified funds held by the dedicated Title Company (third-neutral party) to secure your offer. The earnest also goes towards either closing costs or your total certified funds down toward the purchase of the home. If the offer is accepted by the Seller, the home closes between 30 to 45 days if finance is involved. Please note: Depending on the micro/macro economic state of the individual community and real estate market, it’s quite common to receive a counter offer from the seller and it’s important not to be discouraged by this. In the event the seller submits a counter, the choice to accept or withdrawal and continue on to the next property is part of the negotiation process we help navigate through in negotiations. We are dedicated to finding the right home meeting your lifestyle and budget needs and will find the perfect home and negotiation package best suited for you.
6. After the final sales contract has been signed and accepted and escrow is open, you as the home buyer will begin working your lender to facilitate and secure your home mortgage loan. Some home buyer’s will go as far as getting pre-approved (as oppose to pre-qualified) to help leverage their negotiations and appeal as a stronger buying performer ready to commit to a home seller. A pre approval has far much more leverage over home buyers especially when a hot property ends up in a multiple offer situation. Home buyer’s can get pre-approved with their lender before looking at homes to help escalate their closing time which often times has a positive negotiation result for you. The seller does not have to wait as long to see if a buyer will be approved for a loan if the buyer is only pre-qualified. If the pre-approval process has not begun, it’s ok. After the contract has been accepted the process of getting pre-approved will begin. As a home buyer you will want to start working with you lender and remain in close contact with your mortgage lender to help assemble all requirements needed for your loan approval.
7. After the loan has been approved, a Good Faith Estimate (GFE) is prepared. This is used to identify closing costs from your lender, your total loan amount that is all regulated by the Real Estate Settlement Procedures Act (RESPA). This document is received by you the borrower within 3 days of accepting your application. Once this is reviewed and analyzed, the title/escrow company then prepares the Settlement Sheet that breaks down and prorates all costs between you as the buyer and the seller per the Purchase Offer Accepted Contract and any other valid addendum’s (if applicable) prepared throughout the escrow process. We review your Settlement Sheet of all charges and deductions to ensure the costs are compliant with the contract in place.
8. Signing at title/escrow company takes place, the deed is recorded with Maricopa County and success and closing has taken place on your new home!
“We have advocated real estate negotiations for local Phoenicians, domestic and international real estate clients since 2001. Our property real estate portfolios includes: single-family residential homes, luxury homes, home sites and land parcels, equestrian properties, new home developments (including representation for new home builders), investment properties, historic estates, and condominium transactions in the urban market infill city sector transactions. We work passionately to fulfill your real estate lifestyle needs! Providing our valued clients with the most current comparable market research to help you make the most informed decisions is a responsibility we take seriously and professionally. “ REALTOR®, Kathy Smith