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Get the money (this is the hard part) Get a loan
• Find a lender.
• Do the paperwork to get pre-approved for a loan.
• Have enough money in the bank for down payment and closing costs.Or,
Get the cash
In metro Phoenix, over 15% of homebuyers pay 100% cash without borrowing any money at all.
Find a home (this part is fun) You can start your home search before getting pre-approved.
• Check out Scottsdale homes for sale online, for example here at Fast Arizona Homes.
• Get email updates of the latest Scottsdale area MLS home listings. FastArizonaHomes.com is one good way to get email updates of new MLS listings.
• Follow prices paid for Arizona homes - not just asking prices. You can subscribe to receive weekly emails of homes sold in your zip code at HomeSaleNews.com or go to ArizonaRealEstateNotebook.com.
After getting pre-approved for a loan, you're ready to find and buy a home.
• The fastest way to find a home is to have a real estate agent do the work for you. Just tell your agent what you're looking for and the agent will put together a tour for you of homes for sale that meet your criteria. If you don't already have an agent, I would be honored to help you. Call me at 480-463-4475.
• Another way is to ask your real estate agent to prepare a custom-made list of Arizona homes for sale that meet your criteria. (You can request a list from me at 480-463-4475.) Then tell your agent which homes you would like to see.
• Another option is to wait until you see a great home online before you call your agent to schedule a showing of the home.
Reach an agreement (this part is not fun) Reach an agreement with the home seller
• Work out a written purchase contract with the seller. This is easier said than done and is an area where your real estate agent can be invaluable.
Shepherd transaction to successful completion Open escrow
• An escrow company is a neutral third party who the buyer and seller jointly hire to make sure the terms of their contract are carried out as agreed in the written purchase contract.
Tell your lender
• You are already pre-approved for a loan so this part is now easy.
Order inspections
• Purchase contracts usually include an inspection period during which the buyer can cancel the contract if hidden defects in the property are discovered. (CRITICAL: Do NOT mess up on this. Your real estate agent can advise you.)
Close of escrow
• If everything works out, on this day you'll end up being the proud owner of a home... and a mortgage.
Congratulations
on your new home!
Happy House Hunting!
John Wake
Associate Broker, M.S.
HomeSmart Real Estate
10601 N. Hayden Rd. Suite I-100
Scottsdale, Arizona 85260
(480) 463-4475
John@FastArizonaHomes.com
The procedures outlined above are just that, an outline. They show one common scenario but there are many other paths to buying a home. For example, many home buyers find a home first before getting a home loan. In addition, the outline above does not include all the necessary steps to buying a home or any of the problems that can pop up. It's just an outline to help you understand some of the basic steps to buying a home.