looking to buy a home?
working with me
The Phoenix, Scottsdale and surrounding area Real Estate market is hot. You want an advisor that can act fast, in your best interest, and win in a competitive situation. My goal is to ensure you understand the process of buying a home, don’t miss an opportunity, and keep you well informed on your home search. My high-touch, high service approach makes working with me an enjoyable and successful experience from start to finish. I’m a savvy and quick full time real estate agent, which is absolutely paramount in this industry. My step-by-step process makes home ownership possible. Whether you’re thinking about listing your house, beginning your search for a new home, or simply just have a question, I would love to hear from you.
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Your Home Buying Guide
The Buying Process
deciding to buy
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
Picking an agent
Here are some factors to consider when choosing your real estate professional:
- Look for a full-time agent – one who has knowledge in the market.
- Are they familiar with the area in which you are interested?
- Ask how much time the agent will have for you, and if they are available at night and on weekends.
- Does the agent return your calls promptly? Time is money when attempting to buy a property.
- Choose an agent who listens attentively to your needs and concerns. Pick an agent, with whom you feel comfortable.
Make 2 lists. The first should include items you must have, the second list is your wishes. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
Take a drive. Get to know the neighborhoods which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the closing in the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.
preparing to buy
Before you start shopping for your property, it is a good idea to make some preparations.
Check your FICO score. Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that they can determine what you can afford. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Be careful with your finances. Now is not a good time to make sudden career changes or large purchases.
Pre-Qual & Pre-Approval
Meet with a mortgage broker to get pre-qualified and find out how much you can afford to pay for a home.
Next step is getting pre-approved. With pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. The seller knows immediately that you are a serious buyer for that property.
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If you are purchasing a commercial property, then you will need to have an environmental audit done on the site for the lending institution. I can recommend several different inspectors.
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
Final Walk-Through & Home Utilities
More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
Home services and utilities. I will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.