They Accepted my Offer to Buy a Home, Now What?
Looking to Buy a Home in Arizona? Now you have an accepted purchase contract! Hurray! So what's next? In Arizona, it's all spelled out in the contract but the following is a summary.
Opening escrow needs to be done within the first three business days of contract acceptance. The title company is selected during the contract negotiations, so that's where a check is either delivered or funds are wired. The amount you elected to offer as earnest money is listed on page one of your contract.
Once escrow is open, the title company will issue a Title Commitment report. That report will reflect liens on the property, if there are any judgements, or any "clouds" on title that might need to be managed before this sale can close. The title company will answer any questions you have and if there are liens, will work to eliminate them to help the sale close.
They Accepted my Offer to Buy a home, Now What? Arizona contracts allow for a 10 day inspection period, unless that number of days was adjusted during contract negotiations. The ten day inspection period starts the next day after contract acceptance.
Completing all inspections needs to be done prior to the end of the 10th day (midnight.) Any repairs to be requested must be submitted to the listing agent on the "Buyer Inspection Notice and Seller Response" form, including a copy of the inspection report for the seller's review. The seller has 5 more days to respond. Once the seller responds, then you the buyer have another 5 days to either accept or reject their response.
During the remainder of the contract period, the seller will make the requested repairs (if any were requested). Receipts and information will be provided to the buyer for review.
Three days prior to close of escrow, the buyer and buyer's agent will perform a walk through. Repairs must be completed and receipts received so that the buyer can review them and the home to make sure the home is in substantially the same condition.
If there are any issues not corrected and discovered during the Walk Through or there is a change in the home's condition, a "Cure Period Notice" is provided to the seller for an opportunity to correct those items.
During the remainder of the waiting period, is critical that the buyer does NOT PURCHASE ANYTHING major for their new home. A credit "pull" will most likely uncover those purchases just prior to closing. When that occurs, the debt to income ratio could change and the buyer may no longer quality to purchase the home.
Signing loan documents is typically done about two days prior to the closing date at the title office you selected, two days prior to closing. The lender orders the wire to fund the loan and the deed is then sent for recordation.
When all of these items have been completed, keys may be issued to the buyer the day of closing. We never know what time of day this takes place, so it's best to not plan a moving truck to arrive until after 5 pm to make sure not to waste time, costing more per hour for your movers.
It's always a great satisfaction delivering a set of keys with a big congratulations! If you're looking to make a move, please give me a call. I promise excellent service and a complimentary energy audit for every buyer client.
They Accepted my Offer to Buy A Home, Now What? Work with a REALTOR®!