Being new to the home buying process is not thing new, many people do not know much about it unless they are active in the industry. So don't worry! When you hire a professional, they will walk you through every step of the process and explain what to expect before you even start!
So to give you the low down on how to do things the correct way and what to expect along the way here we go:
Step 1: Hire a Real Estate Professional- you want to make sure that you get along with this person, and enjoy their personality. It is important that you want to speak with this person as they will be the one to keep you on track through the entire process. Above all make sure that they are familiar with the area in which you are wanting to buy.
Step 2: Get prequalified! The lender that you choose to work with will take a look at your financial situation and let you what price range you are at and how you can best structure your financing to fit your needs and situation. Put some faith in them! Never be afraid of what they will see, even if you have a "credit problem" nothing is completely unworkable as long as you are willing to take the necessary simple steps it takes to complete the financial process! And after you have begun the process, do NOT go out and do any other pulls on your credit, or changes in finances such as buy a new car, take out a personal loan, apply for credit at the local Home Depot or Lowes to buy the washer and dryer you want, or move or transfer money without being directed by your lender. This could cost you your home as the underwriters who approve the loan do check your credit for changes right before closing! make any and all other purchases after CLOSING!
Step 3: Before meeting with your Realtor, you need to make a wish list. Make sure that you decide what is completely necessary, what is desired but not a necessity, and what is not acceptable. Remember, no matter how vast the selections can be, you need to be able to narrow down your search to the acceptable and the desired so that when you go out looking you can make sure that you will find a home that will make you and your family happy and fit your needs!
Step 4: Make an offer! When you find the home that you want to live in, you will be excited, and want to make an offer! Due to the excitement, I recommend that when you first meet with your realtor you go over the documents that are going to be used in your transaction. This will give you time to go over them on your own, get familiar with the terminology and ask questions! Your offer will reflect what you and the lender spoke about and the figures you were given. You offer also depends on what the listing (asking) price of the home is and what you think it is worth based on the comparables provided to you by your realtor.
Step 5: For your Protection! Get a HOME INSPECTION! After your offer is accepted you as the buyer in Arizona have a 10 day inspection period. It is at this time that you should be hiring a home inspector and an inspector for any other important issues that concern you, like for mold, air conditioners, roof or foundations, as there are many specialists that do these inspections based on what your primary concerns are. This is a cost you should be prepared to pay for out of pocket.
Step 6: An appraisal! The lender you chose to work with will help you order this task to be done. It is required for the funding of your loan, and may be a cost that you pay for up front depending on how your lender has structured the financing. But this is the giant step that needs to be done before the closing! Almost there!
Step 7: Go to CLOSING: The tile or escrow company that is chosen to help with the transaction is where you and the seller will go and sign your closing documents. What is a tile or escrow company? They are the third party handlers of the money that is involved in a real estate transaction. They are also responsible for making sure that the title of the home is clear with not one "cloud" or mistake on it, so that the title can be transferred to you the buyer in an clean and orderly fashion. The title or escrow officer in charge of your transaction will make sure that the lender sends the funds plus your down payment, and escrow deposit from your earnest money and in return will pay the lender, any liens against the home, such as taxes, create your own impound accounts for your taxes on the home, and any other accounts such as an HOA if applicable, or mortgage insurance if you should have any.
Step 8: Meet your Realtor for your KEYS! Once the title and escrow company are finished with the disbursements of the funds and everything is recorded with the country registrar, you are officially the new owner of the home! CONGRATULATIONS! Move into your new home!
For more information or to get started buying or selling your home, give me a call right away!
Have a wonderful day!
Sabrina
Sabrina Martin-Shamugia
Realtor (R)
Keller Williams Realty East Valley
sabrina.azre@gmail.com
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