Purchasing Your New Home in AZ
- Be smart! Find a licensed REALTOR to work with, someone
familiar with the area and dedicated to understanding your needs.
2. Financing – Speak to a
lender to know what type of loan you qualify for.
Lender will provide your REALTOR
with an LSR (Loan Status Report) necessary in AZ to submit with any offer.
*If paying cash – Obtain verification letter of “Proof of Funds”
from your bank to be included with offer.
- Find your home - Be prepared with a list of “must haves” and “wants” for your REALTOR; be prepared to include Earnest Money deposit at this time. The amount will be different on each home, approx $1000.00 to 10% of purchase price.
4. Offer submitted by
REALTOR, counter negotiating may be necessary.
- Once offer is accepted by both parties you are now under contract, there will be a home inspection period. (normal time period for inspections is 10 days) Inspection prices will differ be prepared to spend about $400 at this time out of pocket for basic home and termite inspections.
- Open Escrow with a title company. Your REALTOR will open escrow. Escrow is a third party process that will handle all monies through a title company that will search for clear title the property. (Escrow average is 30-60 days)
- After Inspection – Both parties agree to improvements needed, unless a foreclosure, most banks will not fix anything. AS-IS on foreclosures. More negotiating by your REALTOR may be necessary.
- Escrow period – This time period may seem quiet to you, but lender/underwriters, REALTOR, the title company and contractors are working on your behalf.
- Closing – The title company will
make arrangements for you to sign all documents necessary for closing,
either by mail or in person. This
is when you will transfer funds necessary to purchase. Title will now disperse all funds and
send docs to
- Possession – Once docs are recorded your REALTOR will make arrangements for you to pick up keys and move into your new home!
Ceil Mills
623-308-7291
Working hard to “CEIL the DEAL”
