Maricopa Arizona Property – Home Buying Process
Considering buying Maricopa Arizona property or homes? Now is a great time to buy. Not only is Maricopa growing faster than just about any other town in Arizona but the amazing deals on homes and phenomenal community involvement is something not to be missed.
Whether you are buying for the first time or the tenth time, knowing the process and what’s going to happen can really put things into perspective and give you a better sense of peace throughout the ordeal. Buying doesn’t have to be stressful but knowledge is power and knowing ahead of time the bumps and negotiation process can make it a much smoother path.
Before you even begin your home buying process you should having your financing in order.
- Are you selling a home to buy a new one?
- Is this a cash offer?
- Do you have money to offer down and some in reserve?
- How is your credit?
All these things are serious topics you should consider before looking at Maricopa Arizona property. If you will be financing, you should sit down with a lender and discuss all your options such as rates, fees, points, and money down.
Once you know how much you can afford, you can better assess your home buying power. If you are buying cash out, you will need to know the price range before you look. If you are financing, the lender will offer you a letter of pre-approval to present to sellers when submitting an offer. This will show the sellers you are a serious buyer and have done your financial homework ahead of time. Either way, by informing the seller of your financial position can greatly increase your chances of obtaining the Maricopa Arizona Property.
After you have found your Maricopa Arizona property, presented an offer, and given proof of financing, you will want to wait for mutual acceptance or a counter-offer. If you receive a counter-offer, I can help decipher the contract and come up with an alternative. You are welcome to renegotiate or terminate the deal altogether. Once there is mutual acceptance on the home, earnest money will be deposited and the transaction will proceed to pending.
Inspection and satisfaction of contingencies.
Depending on the transaction there can be a number of contingencies associated with the contract. These can include but are not limited to financing, sale of current home, neighborhood inspection, home inspection, feasibility clause and a number of others; typically, the less contingencies the better. Financing and inspection are the most typical and then we will proceed with inspection.
Although an inspection is not required it is highly recommended. This is not just simply a home you are buying but a solid investment. Maricopa Arizona property can gain equity quickly and not having a proper inspection can cost you money and time in the future if you’re not aware of issues now.
Once the inspection is completed you have a choice to either accept the inspection as-is, ask for repairs, ask for money back at closing, reduce the price, or cancel the transaction altogether. Whatever you decide must again be negotiated and agreed upon before the transaction can proceed.
Pending
Once the inspection contingency is satisfied we will move on to any other contingencies. If there are none that need to be satisfied the Maricopa Arizona property will be in “pending” status and headed for closing.
This tends to be a quiet time in the life of the seller and buyer as agents, escrow and lenders all work together to get the deal closed on time. Make sure you answer any questions escrow or lenders have and start to prepare for moving. You will also want to contact your homeowners insurance to transfer ownership or obtain a new policy.
Once the documents are in order, escrow or title will call you for final signing. At this time, you need to make sure you understand everything you’re signing. If you are unsure, feel free to ask. They have heard it all and will be happy to explain anything to you. Once both parties have signed the documents will be processed and deeds will be recorded. After recording the keys can then be dispersed. Welcome to your new Maricopa Arizona Property!
Your Maricopa Arizona Property Specialist
Knowing Maricopa Arizona property is my passion and specialty. As your dedicated agent I can help with all your real estate related needs including investing, first time buying, short sales, foreclosures, seller financing, staging, vacant listings, and marketing. There are many great communities and neighborhoods around Maricopa and I would love to help you buy or sell any of these lots or homes. Contact me anytime at: Ron@theoutbackgroup.com (480) 766-8873.