Taking the Stress Out of Home Buying in Arizona
We have created the Arizona Real Estate Home Buyer Guide to help you understand the home buying process all the way to receiving the keys to your new home. Many of our clients are confused about the process as we differ from the East Coast and other states that utilize an attorney for the closing.
Finding a REALTOR® is a critical step in the process.
Great realtors who are serious about their business can be found online where over 95% of the general public begin their search.
The Kolb Team specializes in active adult retirement communities in Sun Lakes, Arizona and other Chandler neighborhoods. Do a search for “Realtors” in the area you are considering. For example, google “Realtor in Sun Lakes AZ,” or some variation, and you will see those who invest in online strategies.
Arizona Real Estate Home Buyer Guide
Buying a home is not for the faint of heart. You will encounter many steps along the way, and this guide is intended to help you prepare beforehand, during and through the entire experience.
Here are some important steps to consider:
- Select a REALTOR®;
- Know that pre-qualification from a lender is required in Arizona if you are financing your home;
- Note that proof-of-funds is required if you will be paying cash for your home;
- Work with your REALTOR to establish a search and select homes that you will be viewing;
- Wear comfortable clothes and shoes, and be prepared to rate the homes so you can narrow down your top choices;
- Select a home and make an offer;
- Have your agent submit the offer to the seller’s agent, and both will negotiate until you have an accepted offer; and
- Be aware that earnest money is typically 1% of the purchase price, but can vary and be negotiated through a counter.
Now your offer has been accepted and the fun begins and the Arizona real estate home buyer guide will be helpful in the following steps.
- Once the offer is accepted, escrow will be opened at a title company;
- Title will conduct a title search to ensure clear title and order any homeowner association documents for your review;
- You will conduct a home inspection of at least a home and termite report. Others may be ordered and your REALTOR can help you decide;
- Review all reports with your REALTOR and determine what repairs you may ask the seller to make and receive receipts to verify completion;
- If you are financing, you will be working with your lender throughout the process toward final, underwriting approval;
- Purchase homeowner insurance;
- Order a home warranty policy if that was agreed upon in the purchase contract;
- Final lender underwriting and approval will be done with closing documents sent to title at least 3 days prior to closing;
- Title will then prepare all documents for signature and schedule a time for buyer and seller to sign – almost always separately;
- Funds will be wired to title ahead of closing day; and
- Closing day in Arizona is just recording of the documents. Once Title reviews and releases all documents to the County, they will record and the home is yours.
You can see why the Arizona Real Estate Home Buyer Guide is necessary!
Some complete this process in 30 to 60 days. Others, begin their search, and it may take some time before they decide on a home. Once an offer is made, closing typically occurs between 30 and 60 days.
Don’t worry! Although there are many balls to juggle, The Kolb Team will make the process stress for you! It’s our job and our passion.