How to buy house without Realtor in Arizona?
Buying a house most probably will be your biggest financial business decision you ever made. It is always not recommended to buy a house without Realtor to represent you. Buying a home is not as easy as it looks. The process is complicated and many people don’t know where to begin. You will benefit from professional assistance, and it’s a free service for you.
If you decided to buy a house with an agent for whatever reason, you will have handle the whole home buying process on your own. If you are up to the challenge, here are the steps for your reference.
Getting mortgage pre-approval
Unless you’re planning to buy a property in cash, you need to secure financing before shopping for a house. A mortgage pre-approval will show the amount of loan you qualify for, which tells you the price of the house that you can buy. It will also come in handy when you’re negotiating with the seller.
Find for houses for sale
When working with a realtor, it is their job to find the homes that you might be interested in. Because you forego working with Realtor, you will have to do this job on your own. Some sources include real estate magazines, online classifieds like Craigslist, local newspapers, real estate websites and others. You can also drive by the areas where you are interested to buy in and look for FSBO sign.
Phoenix MLS Search Homes for Sale
Contact the owners of properties you are interested
Ask the homeowner as many questions as you can about the house for sale. If you like the property, schedule a viewing.
Determine that house is worth what the sellers asking
Once you decide that you are interested in making an offer on a property, you need to decide how much to offer. There are ways of evaluating a house value without the help of a realtor. You can hire an appraiser for a fee, use internet home valuation tools or get do your own comparative market analysis (CMA) based on information found online.
What is Comparative Market Analysis (CMA)?
Write up purchase contract
Now that you have found the house that you want to make an offer on, hire a real estate attorney who can draft all the necessary legal paperwork for you. If you decided to write up your own, be sure to include contingencies into your offer. You need a way to cancel the contract if everything is not to your satisfaction without risking your earnest money deposit.
What is earnest money when buying home in Phoenix AZ?
Make and negotiate an offer
Once you or your real estate attorney write the offer, present your offer to the sellers. Negotiate the offer as necessary, until both you and the seller reach acceptable terms. Be sure to put everthing in writting and signed by both parties
Making offer when buying a home in Arizona
Submit the contract to the lender and escrow
After both you and seller agreeed with the terms and conditions, submit the contract to your lender. The mortgage will then be the one to process your mortgage. At this time, you need an escrow company to oversee the whole process til closing. You can ask your lender escrow company recommendation.
What Escrow means when buying home?
Deal with inspections and appraisals
After your offer is accepted, you will need to deal with several tasks. Two of the most important are the home inspection and the appraisal. Usually the buyer’s agent handles this, since you don’t have a buyer’s agent, you have work with seller to get this done.
Why you should get an inspection?
Remove contingency
If there is any contingency, you will need to remove all the contingencies prior of closing. Again, you will have work this out with the seller and your lender.
What is a contingency when buying a home?
Close the Deal
Closing the purchase involves lots of paperwork. This is where your attorney come in work if you hired one. If not, make sure the escrow officer get them done. Make sure he or she reviewed all contracts and forms. Both you and seller need to sign all the paper work. Once everything is signed, seller receive the fund and sale is being recorded with the county, the home is yours!
What is the Timeline when Buying a Home in Phoenix AZ?
Conclusion
As you can see, buying a house involves lots of step and processes. Buying a house with the assistance of a real estate agent can make the whole process easier and more convenient for you. If you decide to hire one, get help from Swee Ng. Contact or call/txt Swee Ng at 480.721.6253 for a complimentary consultation.
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