A Step By Step Look at Buying House in Phoenix AZ
The first thing you should do when deciding to Buy House in Phoenix AZ is figure out if you need help or not. You may have had some experience buying homes in the past, so you know the process. However, if you have never bought a home before, you may be a little lost. Luckily, you can get help from a local Phoenix AZ Real Estate Agent, who will be able to take you through the home buying process, making it more manageable to handle. An excellent real estate agent can guide you through the process and help get your foot in the door, literally! By the way, the seller generally pays the real estate agent’s commission, so as a buyer, using a real estate agent to represent you does not cost you any fees!
Buying house in Phoenix AZ is actually a simple process, and when you work together with real estate professionals, you will have fabulous results! The following is an overview of the home-buying process. Each step provides a basic overview can contact me to review the process and guide you step by step.
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Step 1 – Get Pre-Qualified
One of the First steps in finding a home is to speak to a reliable mortgage representative and determine what type of mortgage you can qualify for (FHA, Conventional, VA and so on. At the same time, you also want to found out how much you can qualify for with monthly mortgage payment and other fees (escrow account) such as HOA, home owner insurance, property tax etc. This is process is called “getting pre-qualified”. You may also take this step after speaking to a real estate agent.
Step 2 – Speak with a Real Estate Agent
You should choose a real estate agent that you feel comfortable working with. Don’t be afraid to interview the Agent. Discuss your situation with the agent and ask what he/she can offer you. Be sure to get a clear picture of what representation you will get such as buyer representation, seller representation and others. Each representation will have different role and responsibility in a real estate transaction.
Read: Responsibility and Parties Involved in Real Estate Transaction in Arizona
Step 3 – The Home Search Process
Your real estate agent will create a “search profile” / “Listing Alert” for you based on what you and your family want and need. This is a fabulous feature where you will receive all of the homes currently listed in the MLS (Multiple Listing Service) that match your needs. You choose the homes that are of interest. Many buyers also like to do “drive-bys” of the homes to determine if they like the neighborhood. From this list you will make arrangements with your Agent to view the homes.
Step 4 – Negotiating the Price and Terms and; Conditions
Once you have found a home you would like to buy, your real estate agent can help provide you with great information to help make a deal. A few important steps include determining what similar homes have sold for, structuring the deal with earnest money, terms and conditions, the right to do inspections, buying with a mortgage, etc. Your Realtor will facilitate negotiating “your” price utilizing many tools available, i.e., seller price, motivation, condition etc.
Step 5 – Getting your Dream Home “Under Contract”
After your offer is accepted, your real estate agent will prepare the contracts and walk you through the execution process. After all parties sign the contracts and all parties have an original copy in hand, the Escrow (neutral 3rd party) review and execution process will begin.
Step 6 – The Contract Process
There are a few “milestones” to follow
1. Getting out of escrow review – once we are out of escrow review, you are now under contract and your additional deposits will be due.
2. You will generally have 10 days to complete a home inspection after contract is accepted.
3. Once out of escrow review, you officially apply for your mortgage, and your mortgage commitment is due usually within 30 days.
Step 7 – Getting to the Closing Table!
Needless to say, getting to the closing table is the primary goal! Like a well-orchestrated symphony, your team should all work together to have a smooth and successful closing. Your Real Estate Agent, mortgage company, title agency, and you are all working together! There are many tasks to accomplish, and working with a great team will ensure your success.
Step 8 – Get Keys and Move In
After fund transfer is completed, Escrow Agent will record title with the County. After all the paper works are done, the house is officially yours! Get Keys and Move In!
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
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