Are you contemplating purchasing your home in Phoenix?
Purchasing a home is intimidating for many people. However, with some up-front planning, it isn't too confusing.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
Before you begin looking for a home, there are plenty of things you need to contemplate.
You'll most likely want to assemble a check list of must-have features, get a feel for what school districts and neighborhoods you want to live in, and begin working on your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent in Phoenix
That's where I come in.
I can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Phoenix area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
There are some very good mortgage professionals in Phoenix, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll begin searching for available homes on the market that best suit you.
I'll research many of the homes and remove the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.
When we view houses, I'll show you the positive features, as well as negative ones. And I'll ask you to tell me about things you like and dislike.
It's widely common for buyers to amend their must-have list as we view houses and some features become more important than others.
If such is the case, I'll search all the listings again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
My knowledge of the Phoenix housing market is an indispensable advantage in your home search. I am acquainted with all the schools and neighborhoods, and I'll let you know certain areas are "hot" and require prompt action and the ones that are "cool" and allow for more examination.
When we view houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions. Every REALTOR® in Phoenix will tell you they comprehend the market.
If things don't add up, contact me at 602-980-3446 or e-mail me at Scott@azdhr.com, and I'd be more than happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams in the Phoenix area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
Upon presenting your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is typically put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer. It's widely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain a loan
Upon finishing the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't be a long process at all, but you should to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will likely be a smooth and stress-free event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 602-980-3446 or send me an e-mail.