I would like to take some time with you so I can better serve your real estate buying needs and really get a sense of what you are looking for. As a client of mine you will receive professional service, quick responses, and aggressive pursuit to get you the best possible price accepted for your next purchase. There are many properties and options in your price range and I would love to discuss these findings with you further.
Steps to Buying a Property:
- Evaluate your budget – know what you want to spend for a down payment as well as monthly expenditures (i.e.; maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, etc)
- Obtain mortgage pre-approval
- If paying cash bank approval letter or account info will suffice.
- Prioritize your needs – space, views, location, features, etc.
- Identify your timeline for moving
- Explore different neighborhoods to identify your preferred needs
- Research schools in the selected neighborhood(s)
- Evaluate access to freeways, proximity to work, etc, in the selected neighborhood(s)
- If looking for a Condo, Penthouse, loft, or high-rise – Evaluate building amenities and house rules in terms of your needs (i.e.; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
- Work closely with your broker and let him/her know your thoughts on properties, features, location, wants, etc
- Once home, condo, or high rise has been selected, review building amenities, enhancement fees, inspection report, etc with your broker/ attorney
1. Seek Pre-Approval for a mortgage – typical timeframe 1-2 days
You must know how much you can spend before you spend it.
2. Begin searching for a property – typical timeframe 1-3 months
3. Find a Home, Condo, or Property: Typical time frame: 1 week – 3 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 properties before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of homes viewed before buying by our internet buyers is 4-5.
4. Negotiate the deal – typically timeframe 1 day – 1 week
Everything is negotiable so inquire about fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, property disclosures, washer dryers, etc…
5. Sign a contract – typical timeframe 1 day – 1 week
Generally, in Real Estate sales transaction in Arizona, two Realtors or Brokers represents each buyer and seller. Once agreed the buyer or seller sign the contract and forward the contract to the buyer’s agent who then forwards to Title Company and the buyer opens escrow with a 1-10% deposit; at this point the contract is executed.
Possible contingencies: financing, closing dates, closing costs, etc. The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.
6. Apply for a mortgage: Receive Commitment Letter from Lender. Typical time frame: 1 – 3 weeks
Mortgage applications cannot be processed without an executed contract. If a home is being financed, per the contract a commitment letter from a lender is required a week before close of escrow. These letters are generally the last items to complete a real estate sales transaction.
7. Inspections – typically time frame 10 days from signed executed contract
You will get 10 days to do any and all inspections: Home inspection, termite inspection, surveys, real estate taxes, enhancement fees, mold inspection, building inspection, title report, liens, etc.
8. Schedule a Closing: Typical time frame: 1-2 weeks
Typical time frame from the time a home is found, to the time a home closes: 1 – 2 mos. If cash can be as quick as 15-30 days. This is all part of the negotiations on the initial contract.
- Condominiums are classified as “real property”. You, the buyer would get the deed, just as if you were to buy a house. As the owner, you may rent your apartment to anyone you wish.
- Real estate tax is charged separately from common charges that represent monthly maintenance fees.
Want to speak to an agent right away to ask questions or discuss your real estate search? Fill out the form below and we’ll be in touch shortly or call 480.458.8007.