1. Making the Decision to Buy. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits. Base your decision to buy on facts, not fears.
1. If you are paying rent, you very likely can afford to buy.
2. There is never a wrong time to buy the right home. All you need to do in the short run is find a good and make sure you have the financial ability to hold it for the long run.
3. The lack of a substantial down payment doesn’t prevent you from purchasing, nor does a less-than-perfect credit score.
4. Buying a home doesn’t have to be complicated – we will help you along the way!
2. Hiring Your Buyer’s Agent. The typical real estate transaction involves at least two dozen separate individuals. It is our responsibility to coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. As Your Buyer’s Real Estate Agent we will:
- Explain the principals of agency to you. Educate you about the market.
- Analyze your wants and needs. Guide you to homes that fit your criteria.
- Negotiate on your behalf.
- Solve any problems that may arise.
3. Securing Financing. Many buyers are confused about the process or nervous about making such a large financial commitment. We will assist you in understanding the process of securing the financing to purchase your home, including: Choosing a loan officer (or mortgage specialist). We can recommend some to you, or choose your own; Procuring a “Loan Status Report”, to be attached to the contract; Submitting to the lender an accepted purchase offer contract; Coordinating the appraisal, title commitment and closing.
4. Finding your home. Looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. Some questions to ask yourself are:
- What type of home do I want? Single-family, townhome, condo?
- What do I want my home to be close to? Which is more critical - location or size?
- How much space do I need and why? How many bedrooms/baths?
- Would I be interested in a fixer-upper? Would I be interested in new home construction?
- What features and amenities do I want? Which do I really need?
5. Making An Offer. Now that you’re writing an offer, you need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies.
- Price – the right price to offer must fairly reflect the true market value of the home you want to buy. We will provide you with current market comparisons to help you determine that.
- Terms – the other financial and timing factors that will be included in the offer. Some of the terms of an offer may include: Timelines, conveyances, who pays closing costs, home warranty, earnest money, and due diligence.
- Contingencies - does the buyer have a home to sell?
6. Close of Escrow. The final stage of the home buying process is the lender’s confirmation of the home’s value and legal status, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. You just have a few pre-closing responsibilities:
- Stay in control of your finances. Don't increase your spending dramatically (exa. buy a new car or furniture).
- Keep the lines of communication open. Return all phone calls and paperwork promptly.
- At least three days prior to close of escrow, you will have an appointment with your escrow agent to sign the closing documents. (including all mortgage documents and settlement documents).
- Conduct a final walk-through. This is your final chance to determine that the property is in the proper condition and that any inspection items requested have been completed.
In Arizona, "Close of Escrow" is defined as the time of recordation of the deed. Prior to recordation, the escrow agent will verify with the mortgage company that all paperwork and closing figures are correct, the monies have been received from the mortgage company and buyer, and all other documents and requirements are in order. The deed is then sent to the county recorder for recording. Once this is completed, you will be informed that escrow has closed and the home is yours!
Rebecca J. Bridgewater - Designated Broker
