Starting this process online is common, however it is easy to forget to factor in money you’ll need for a down payment, closing costs, fees (such as fees for the title agency, appraisal, inspection, etc.) or even furniture. You don’t necessarily need to put 20 percent down… There are loans available with little to no down payment. A good lender can help you understand all of this, so step 2 is often also good to combine with step 1.
An experienced home loan expert can help you understand all your loan options, closing costs and other fees. IN ARIZONA we cannot make an offer on a home without an Arizona Pre-Qualification Form so this step is extremely important. Working with the right lender, who has the best options is key to obtaining the right loan for your situation. Additionally we can connect you with a lender that has served many of our clients and even has free credit services to help put you in position to get the best terms on your loan. View trusted lenders
While we certainly want you to work with us at The Drew Team, it is very important to find an agent that you feel comfortable with. Additionally they should be able to prove experience and expertise, this is the largest financial investment you are likely to make! Do they know the area you are interested in? Are they experienced in negotiation & closing homes in a competitive market? Will they be responsive to YOUR wants, needs and goals?
A list is great, but consider HOW you will use the home. THEN list what you’ll need to have in the house, like bedrooms, bathrooms and how much space you require. Where do you spend the most time? What about neighborhood, do you need to be near anything specific, is the yard important? Are children, pets or hobbies a consideration? How long to you plan to be in this home? BE SURE your agent understands all of this!
When you find the right home it is time to make an offer! Recently if you find the right home and wait, it will likely sell. Locally the overall market has seen homes selling in less than 90 days and for about 98% of list price, but markets change over time… so this becomes the moment that the right agent makes a big difference, their expertise should be result in great advice in how to achieve the goal which is to actually get you the best terms possible while securing the right home!
Here in Arizona, when the seller agrees to terms it begins a common timeline that is outlined in the contract, here is a rough idea of what to expect in most cases:
Day 1–Agreement, YOU will be under contract for purchase and the home is no longer available to anyone else.
Day 2–Within 48 hours we must open escrow and you will need to deposit Earnest Money as good faith, typically this is $500 to $2000 (but is by agreement with the seller) and will apply to your down payment at the end of the process.
Day 10–The inspection notice is due–so within the first week of the contract is highly recommended that you have a home inspection performed by a licensed home inspector. The choice is yours or we can suggest some people who have served our past clients, most home inspectors will require payment at time of service.
Day 15–This is a time estimate only, however if you are financing, the appraisal is ordered and paid for shortly after the inspection period has ended.
Day 15 forward–loan processing, title and escrow processes that ensure a clean and clear deed are moving through their steps. Often the lender will need a few more items from you along the way.
Day 30-45 This is the typical time it takes to complete the process with a loan. So a few days prior there is usually a final walk thru of the property to ensure it is as expected. There will be a time scheduled to visit the title office to sign all the paperwork. Then when closing day arrives we are notified once the county records the deed, at that time you are given keys and become the owner of the home!