BUYING A HOME IN ARIZONA
When purchasing a home in the Phoenix Metro area, there are procedures to follow that will make the transaction run smoothly. They are as follows:
1) Pre-Qualify
Pre-qualifying is your road map to use when looking for your new home. Call your local mortgage banker and ask to pre-qualified for a home loan. He will take vital information regarding your income, both incoming and outgoing, and will run a credit check to see what the bureaus are reporting regarding your paying habits. Once that information has been complied he will tell you how much you can afford to purchase and at what interest rate.
2) Select a REALTOR
Look for a REALTOR who has experience, and has the credentials to show it. Most REALTORs have designations which are displayed by acronyms following their names in print such as ABR, MRE, CRS, GRI which means they take their business seriously enough to seek higher education in real estate procedures and practices. Additionally REALTORs opposed to real estate agents are held to a higher standard of practice as mandated by the National Association of REALTORs.
3) Select a Home
Your Real Estate Professional will help you select the home that meets your needs and wants, and will help you stay within the financial guidelines set by your mortgage banker.
4) Contracts
Upon selection of your home, your REALTOR will help you submit a contract to purchase the property. Your REALTOR will go over the contract word by word to make sure you fully understand the process. If the contract is countered, your REALTOR will be there to help you negotiate your best interest.
4) Inspection
Upon acceptance of your offer to purchase the home, your REALTOR will suggegst you order a home inspection, and will attend that inspection with you. The inspection is done by a professional inspection company who will tell you all the items both right and wrong with the property. Based upon that inspection, you will make a determination as to whether or not you want to continue with the process.
5) Close of Escrow
If your inspection goes well, and you are continuing with the purchase of the property, you will proceed to the closing of the escrow. Closing of escrow is where you will sign documents, money is exchanged, and the home is deeded into your name.
Now the above five steps are a quick guide to the procedures, however, there are many parts to each piece, which can be extensive and confusing without proper guidance. Additonally the purchasing of a home has many time sensitive items that have to be addressed within those time frames to keep you from breaching the contract.
6) Commissions
Here's the nice part - the Seller's REALTOR splits his commission with the Buyer's REALTOR, for bringing the buyer to the property. So therefore you don't have to worry as to how you are going to pay your REALTOR.
7) Be Loyal to Your REALTOR
Your REALOR will work hard for you from the beginning to the end of your home purchase. They put in many hours to help you purchase your home, and are not paid for the work they do until you close on the home. So if you select a REALTOR, allow him/her to finish the job from the start to the finish.
For information on Buying a Home in Arizona , specifically in Mesa, Tempe, Chandler, Gilbert, Ahwatukee and Scottsdale. Call:
Cynthia Smitherman, DB, CDPE,ABR,GRI, AHWD,C-REO, VP. AAREB, REALTOR, REALTIST
Emage` Fine Properties, LLC
602 697-4487
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