|
|
GENERAL PROCURING STEPS FOR ARIZONA RESIDENTIAL PROPERTY
#1. Obtain from a lending institution or mortgage broker a letter of qualification or (Pre-Qualification Form) which is a one page letter indicating what price range your are qualified to buy. Once the lender has all of your information this should not take any more than a few days. This is very important because once a contract is written then the Seller will know that you are qualified to procure the home. Even if you are a cash buyer this is still preferred and the contract process will move along much smoother. Pre-Qualification Form provided upon request.
#2. Try to decide where you might want to live. If you are moving from out of state you will rely on your Realtor to show you properties that meet your needs. Also you will be sent Multiple Listings which will show you property descriptions, photos, maps, etc. etc., prior to looking at properties. Also zip codes maps are very helpful.
#3. Make a 10 point list of what your looking for in a home. For example the number of bedrooms, garage stalls, bath rooms, pool, schools, airports, freeway access etc. etc. If you can locate a home that has seven items on your wish list then you have done very well. Fill out the form under buyers wish list tab above.
#4. You will receive a MLS sheet from myself that will show the details of the property, maps, photos etc. etc. A sample of the MLS sheet can be provided upon request. Normal showings should be limited to 6-10 properties because the homes will start to run together and become confusing. It will usually take 5-6 outings to find the right property.
#5. Once you have picked out a property that you would like to purchase we will submit an Arizona Purchase Contract which consists of nine pages. A sample of the Arizona Purchase Contract can be provided upon request.
#6. Seller may respond with a counter offer which you can counter back should you choose.
#7. Once Buyer and Seller agree on the terms of the Contract, Buyer will choose a Title Company to handle all funds and disbursements at closing,Title Insurance and Tax disbursements etc. The Buyer will obtain the normal inspections from licensed inspectors. Inspections include mechanical,roof and termite inspections. Some inspectors will do all three inspections a the same time and a full written report will be given to both Buyer and Seller. Buyer has ten calendar days to accomplish these inspections. If there is a Home Owners Association (HOA) you will receive a copy of HOA within the inspection time and you will have the option to cancel the contract if you find something material you don't agree with. For example leaking roof or AC not working, or HOA refusing to allow motorcycles.
#8. If the inspections turns up something that the Buyer would like repaired then a request is made to repair the problem. Seller has five days to respond and Seller may agree to repair or not. Buyer can accept sellers response or reject and cancel contract. All security funds should be refunded to Buyer.
#9. After all contingencies are satisfied the Title Company will collect and disburse all funds, provide Title Insurance, provide clear title to the property and record deeds etc. at the county court house.
#10. Title Companies and License Inspectors provided upon request
|
