FIRST STEPS IN PURCHASING A HOME IN ARIZONA

FIRST STEPS TO PURCHASING A HOME IN ARIZONA (edit/delete)
Perhaps you have been thinking of taking the first steps to purchasing a home in Arizona, after all you have been renting apartments for several years. Most people are perplexed as to how to get started and of course the unknown is always daunting. Here is a step by step guide to becoming a successful home buyer:

1. Get counseling from a housing agency: They will teach you how to read your credit report and the importance of your credit score. You will also learn how to avoid predatory lenders, loan delinquency and foreclosure. You will be able to meet one on one with a counselor who will guide you through your first steps in purchasing a home in Arizona from the beginning to the end so when you do meet with your real estate professional and the Lender of your choice, you will be well prepared.

2. Get pre-qualified with a mortgage specialist: It is important to know what your budget will allow in terms of buying power. Your housing counselor will set the foundation for your budget, but your lender will be able to put pen to paper and show you how much you will be paying per month based upon your incoming and outgoing expenses as well as other factors relating to the type of loan you will be receiving. Your Lender will also advise you as to how much money you will need as down payment and closing cost.

3. Choose a city where you would like to live: If you live in a metropolitan city like Phoenix, Arizona, you will have 21 cities to choose from. Your selections may be based upon the proximity to your job, social setting, or school for the children. When selecting the city, you would want to ask your Lender if there are any special city based programs or grants available to help you defray some, or all of your closing cost.

4. Select your REALTOR: There is a difference between working with a REALTOR opposed to working with a real estate agent. REALTORS belong to a national organization that requires a certain standard, and code of ethics to abide by. You will find that nearly all REALTORS have additional training over and above of what is required by the Arizona Department of Real Estate. The additional education is indicated by designations (letters that follows the REALTOR's name in print) such as ABR, GRI, DB, CRS, etc. You will find comfort in knowing your REALTOR is up to date on the rules and regulations that protect your interest. Each REALTOR, as a condition to keeping their license in good standing are encouraged to take education classes each month, however they required to attend a certain amount of classroom hours to renew their license prior to its expiration.

You would want to look for a real estate professional who has experience working with buyers, and will listen to what you want, and not what they want you to have. Purchasing a house is a huge investment, therefore you want to get exactly what you desire, if at all possible. Your real estate professional is trained to guide you through the In's and outs of real estate, she will work closely with your mortgage lender and help you stay within the parameters set by you and the mortgage lender.

5. View homes: With the Internet being readily accessible, you can look for houses in the comfort house before you and your REALTOR actually visiting a house in person. Do not visit homes, or home builders without your REALTOR; and definitely do not sign any documents without your REALTOR being present. Your REALTOR has been trained and approved by the National Association of REALTORS (NAR) and the Arizona Department of Real Estate to practice real estate law as it applies in Arizona. Therefore your REALTOR knows how to point out various items that may be material to your decision making process.

6. Select a home, and submit a contract to purchase. In Arizona the contract is nine (9) pages in length, and contains items that are designed to protect your interest, and to treat the Seller fairly. Of course your Agent would be considered a Buyer's Agent, and will negotiate with the Seller's Agent on your behalf to get you the best deal possible.

7. Upon acceptance of your contract, good faith money, better known as earnest deposit is submitted along with the contract to the title company. The title company will start the process of searching whether or not the home can be transferred from the Seller to the Buyer with a marketable title.

8. Order a home inspection: Your REALTOR will strongly suggest that you hire a good home inspector who will inspect every inch of the home you have selected, and will tell you of the pros an cons of the home. Based upon that inspection, you will decide whether or not you will continue with the purchase, or allow the Seller to correct major issues. Additionally your REALTOR will advise you as to the time lines you are to respond to the Seller for those repairs.

9. Lender Approves the Loan - Your close of escrow is near, the title company has given you a satisfactory report, the Lender has approved the loan and you are scheduled to sign your documents; your pledge to pay, etc.

10. The Loan Funds, you are handed the keys and you have had an easy, wonderful experience.

Now I know you have probably heard war stories about how hard or horrible the home buying process may be. There are many factors that can cause the steps outlined above to deviate. Credit issues uncovered at the last minute, or the Seller not agreeing to repairing the home which may cause you to re-negotiate the offered price on the home. However a seasoned REALTOR is prepared to help you through any hurdles you may encounter.

In a normal real estate market (which is not today's market) it would take approximately 45 days to complete the process of purchasing a home. However in today's market, with so many short sales, and foreclosures, it may take any where from 60-120 days to close on a home purchase.

For more information on the First Steps to Purchasing a Home in Arizona or how to contact a housing ccounselor Call 602 697-4487
Cynthia Smitherman, ABR, GRI, DB, VP, AAREB

Emage` Fine Properties, LLC
http://www.homes4saleaz.com/
cynthia@emagehomes.com
WE CARE ABOUT YOU, AND ARE NOT AFRAID TO SHOW IT!