Steps to Buying a Home
Initial Preparation to Home BuyingThere are certain considerations that any home buyer should take into account before starting to look for a home. No matter what your home buying experience is, financing is usually the most important. Your Real Estate Homes, LLC Buyer’s Agent is ready to advise you in this area and many others; providing you with an unprecedented home buying experience every step of the way.
Financing the HomeSince the vast majority of buyers require a loan, financing is usually the most important part of preparing to buy a home. The factors a lender considers as to how much home you can afford are income, debt, credit history, and savings. Prior to looking for and previewing homes, it is important that you become pre-approved or at least pre-qualified.
Pre-ApprovalAt Real Estate Homes, LLC we highly recommend becoming pre-approved for a loan. Your Buyer’s Agent is ready to help you do so. Getting pre-approved provides the advantage of knowing exactly how much home you can afford. You will be discouraged if you view homes based on what you think you can afford and then find out from a lender that you are approved at a lower price range. This saves you time and makes the entire process easier and less stressful. Pre-approval also makes you a highly sought-after cash buyer and lets sellers know you are serious about purchasing a home.
Pre-QualificationA pre-qualification is more of an estimate of how much money a lender might consider loaning for the purchase of a home. The formula used to determine how much home a buyer can afford takes into consideration income, debt, credit history, and savings. The difference from the pre-approval is the buyer has not actually applied for a loan and the pre-qualification is based solely on a conversation between the buyer and the lender. The only item the lender tries to verify is credit history. Remember that your Real Estate Homes, LLC Buyer’s Agent is an expert ready to help you through every phase of your home purchase, including financing. When you speak to your Buyer’s Agent for the first time, be sure to ask about the pre-approval and pre-qualification process.
Finding Your Perfect Dream HomeAfter you get pre-approved or pre-qualified for a loan, the next step is to decide exactly what your needs and wants are in a home. More than likely you have been discussing this with your Buyer’s Agent. Knowing exactly where the buyer’s price point is, the Buyer’s Agent will provide you with a more thorough and comprehensive list of homes in the Metro Phoenix area.
Writing the OfferUp to this point, you and your Exclusive Buyer Representative have done a lot of work. Most of your concerns and questions have been answered and now you are ready to make an offer. Your Buyer’s Agent will explain in detail each page of a purchase contract and the process involved. You are excited, your agent has submitted the offer, negotiated in your best interests, and now the offer has been accepted by the seller. As soon as the offer is accepted, escrow is opened with a Title Company, who acts as a neutral or third party to the transaction.
The Contingency and Inspection PeriodOnce the offer is accepted by the seller there is a home inspection period, as stated in the contract. In most cases, you will have 7 to 10 days to perform all the necessary inspections. Don’t worry, for your real estate agent is right there guiding you. The 7 to 10 day inspection period is the most important time frame, when all due diligence should be accomplished. Any other concerns about schools, neighborhoods, crime, etc should be researched thoroughly. Once you are comfortable with all your research, homeownership will be just within reach.
The Closing of Escrow – The Final Step
Your loan should be approved approximately 1 week prior the close of escrow. Loan documents will be delivered to the Title Company. Once all the documents are in order, you and your Buyer’s Agent will schedule a time with the escrow officer to sign them. After all documents are signed by the buyers and sellers, the Title Company will deliver the documents back to the lender for final approval. The County Recorder’s office will be notified by the Title Company and will record the deed. You will then be an excited new home owner.
Looking Out for YouRemember your Buyer’s Agent will always be at your side. Every Real Estate Homes, LLC Buyer’s Agent understands how intimidating the home buying process can be. Their goal is to make your home buying experience as enjoyable and stress-free as possible. Your Buyer’s Agent will work for you, safeguarding your interests, negotiating price and terms, assist in arranging financing, provide you with pertinent material facts, and make sure you stay on the path to a successful closing. Real Estate Homes, LLC has always stayed true to the vision upon which we were founded and the unique blend of services that our clients require. Every member of our team understands the importance of our unprecedented customer service values, and their own role in making it reality.