So you’re looking to buy a home and not sure what to expect? Whether it’s your first time buying a home you’ve bought a home/property before it can be a little overwhelming going through the process. Plus, the real estate market is not what it was 10 years ago. Knowing what to expect can help ease any fears you may have about the home buying process in Arizona. 

Step 1: preapproval/prequalification 

Getting pre-approved is the first step in the home buying process. In order to get pre-approved a lender will take a look at your credit and verify the documentation to approve a specific loan amount. When going through this process the lender ma look at some things like Debt-to-income (DTI) ratio, Loan-to-value (LTV) ratio, Credit history,FICO score, Income, and Employment history.

We all want to avoid the disappointment of looking at homes and falling in love with something outside of our financial means. Going through the preapproval/prequalification process will allow you to look at properties that are realistic for you to purchase. Please keep in mind there are different methods of ownership, talk to a specialist to determine the best method of ownership that makes the most sense for you.

Step 2: The Search 

You’ve been through the preapproval/prequalification step and you are ready to start looking! You’ll want to have a list of must-haves/non-negotiables. The list could include areas you absolutely want to stay away from, things you want near you etc. Maybe you want to be walking distance from a playground or maybe you absolutely want to stay away from busy freeways. If you want a 3 bed. Try to Keep your feet on the ground and not get too high in the clouds because the chance of you finding a home with everything you want and need may not happen. Now, it is not required for you to have a real estate agent but it is highly recommended. An agent may have more insight on the area’s and even properties you are looking at to get you in the place of your dreams. 

Looking for an agent? Talk to our team of agents to see if one of us may be a fit for you and your home buying/ selling process. 

Step 3: Offers, Negotiations & Acceptance 

You’ve found the home you want and you’re ready to buy, now it’s time to submit your offer. During this step there may be some back and forth of negotiation and renegotiation. Once the seller accepts your offer you’ll have one final step before closing. 

Step 4: Inspection 

You’ve found the home, made your offer, the offer has now been accepted and it’s time for the inspection. The purpose of the inspection is to uncover any issues with the home so the buyer can make an informed decision about going through the sale. The inspection period is 10 days  and should uncover any known problems with the home that would/should have been shared with the home buyer. Sometimes the inspection can reveal other things that the home owner or agent may not have known or could not have known without an inspection being done on the home. An inspection is not always required but some lenders will not offer financing without an inspection. 

Step 5: IT’S CLOSING DAY!

You’ve almost made it to the end and it is all coming together and the keys are almost in hand! Before the home is officially yours, ownership of the home will now transfer from the seller to the buyer, funds get transferred, mortgage and title fees are provided and the deed of the house is updated to be in your, the buyer’s name.

Step 6: What Comes After Closing 

Closing day came and went, you’ve signed all papers and secured your mortgage… Now what do you do? Well, First you’ll receive your keys and be able to enter your property as the official homeowners! Make sure to file your closing documents in a safe place and don’t forget to make yourself at home. 

Are you ready to buy a home in AZ? Connect with an agent Today!