Purchasing a home is an intimidating event for many people, but it isn't too complicated with a little planning ahead of time.
I like to give buyers an overview of the entire deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
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Should you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at margie@lovingarizona.com.
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Step 1 – Prepare to purchase
There are plenty of things you need to consider prior to beginning your home search.
When you start your search, you'll want to assemble an index of items you need, get an idea of what school districts and neighborhoods you want to live in, and begin planning your budget.
A good guideline to follow is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Talk to a real estate agent in Scottsdale
This is where J and F Associates can help.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Scottsdale area.
I can also help you start the loan process.
J and F Associates works with some of the finest mortgage professionals in Scottsdale, so you can rest assured that you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
Following our first meeting, I'll start looking for available homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we tour homes, I'll call attention to positive features, as well as negative ones. I'll also ask you about things you like and don't like.
Generally, buyers amend their must-have list as we view homes and some things become far more necessary than others.
If that happens, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
An agent's awareness of the Scottsdale home market is an essential aspect in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I'll alert you to which districts are "hot" and demand prompt action and others that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I think the house is "priced to sell."
Any REALTOR® will claim to understand the market, but beware, and be sure to ask your agent a lot of questions.
If things don't add up, just call me at (480) 998-3602 or e-mail me at margie@lovingarizona.com, and I'd be happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
We'll find your dream home in the Scottsdale area, and when we do, I'll precisely develop your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property and is often put towards the closing costs. If the seller accepts the offer, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer. It's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Obtain a loan
After the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't take much time at all. But you'll want to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will most often be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at (480) 998-3602 or send me an e-mail.
