Scottsdale, Arizona Coldwell Banker Real Estate

By: Nick McConnell

When buying a home in Arizona, the buyer usually has several commonly asked questions about the process and most importantly, about the monies involved. Every single Real Estate transaction is like a finger print, no two are alike. This article is designed to help people that may have questions about purchasing Real Estate in Arizona.

What is the first step when thinking about purchasing a home in Arizona? The first step is to get pre-qualified for a loan, unless you are planning on paying full price cash for the home. Very rarely will someone pay full price cash for a home, so they most obtain a loan. When you obtain a loan, you will have a monthly payment, much like purchasing a car. Depending on how much you are putting down, and how much you can afford towards a monthly mortgage payment will determine how much house you can buy. The purpose of getting pre-qualified for a home loan is to determine your price range, and also to make sure all documentation the lender requires to finance your loan is obtainable by the buyer. If you do not know a lender, a qualified Real Estate professional should be able to recommend one to you.

What is the next step after getting pre-qualified? After you are pre-qualified for a loan, it is now time to go with your Real Estate agent to look for a home in your desired area in your price range. Once you find a home in your price range that is available, you simply write an offer to purchase the home with your Real Estate agent.

How long after you write an offer to purchase a home can you move into the property? That is completely up to the buyer. However, a good Real Estate agent will recommend that at least thirty days from the time you write the offer, to the time you move in. This gives the lender, the Real Estate agents, and all other parties involved to complete the paper work needed to finalize the transaction between the seller and the buyer. The reason this process takes a minimum of thirty days is because an inspection needs to be completed, an agreement between the parties on what is to be fixed between the parties, an appraisal, documentation from each party, loan document preparation, and many other factors. Thirty days is the sort of the industry informal standard, however, the buyer and the seller can negotiate a close of escrow date that fits both of their schedules. In Real Estate, most everything is negotiable.

After we have made an offer, and the contract has been accepted by the seller, what is the next step? The next step is to begin the inspection period. Generally, the inspection period is ten days but can be negotiated shorter or longer if a modification in the contract is made in writing. The inspection period is designed to give the buyer time to get the home inspected to make sure that there are no major issues with the home. The buyer has the right to do an inspection on a home and is very highly recommended. Generally, home inspections cost any where between two hundred and fifty dollars and four hundred dollars depending on the size of the home. The buyer pays for this inspection up front. The buyer may waive their right to do a home inspection and not spend this money, however, that is not a very good idea.

When purchasing a home, who are all the people involved? There should be the buyers agent, the buyer, the seller, the selling agent, a title company, an inspector, an appraiser, and a lender. It is the Real Estate agent's job to make sure all of these people are on the same page. If just one of these people drop the ball, there may be delays regarding closing escrow on time.

Why is it so important to use an experienced Realtor? The difference between a good Realtor and a bad Realtor could cost you a lot of money. Would you rather have an agent that has lived in Arizona their whole life, has done countless transactions in the area, and has a college degree, or would you rather use a Realtor that is a high school drop out and has only completed one transaction? When you are dealing with hundreds of thousands of dollars, it might be a good idea to select an agent that has the experience and the education. If you need a good, experienced, qualified Real Estate professional in Arizona to help you buy or sell property, please click on the link below.

America Properties
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