[S1004]Stimulus Package Home Buying

If you have been thinking about buying or selling property in Paradise Valley, Arizona you will definitely want to read this article. The single most important factor when thinking about buying or selling a home in Paradise Valley, Arizona is to obtain a Realtor that knows the area, knows the contracts, and knows how to service your needs. At any time you may click on the link below this article to contact a professional Realtor that will answer all of your questions in person, on the phone, or via email. After reading this article, you will know what to do and what not to do when buying property in Paradise Valley.

When purchasing a home, your first step is to get pre-qualified for a loan. To get pre-qualified for a loan you need to speak with a lender. If you already have a lender, great! If not, then your Realtor should be able to recommend one to you. Your lender is going to ask you a series of questions. How much money are you putting down? How much money do you make a year? How much debt do you have? What your lender is trying to find out is how much you can afford towards a monthly mortgage payment. They are going to ask you for pay check stubs, bank statements, and possibly other documentation depending on your situation. After you are pre-qualified for a loan you will know how much money you are putting down if any, how much your payments are going to be, and what type of loan program you are going to be in. There are several to chose from so it is important that you communicate with your lender about your financial needs. Do not pick the first lender you meet. Shop your lenders because each lender has different programs, different rates, and different company policies. This alone can save you thousands of dollars.

After you are pre-qualified for your loan, it is now time to start shopping for the home of your dreams. You need to tell your Realtor what is important to you. Do you want a pool? Is square footage important? How many bedrooms and bathrooms are you looking for? Is school district important? Is the city you live in important? How far from work are you going to want to be? After you have told your Realtor exactly what you are looking for, a search will be conducted on your behalf to find the home you are looking for. Once you see the results of the search, your Realtor will drive you around to all the homes you want to view in person.

Finally, you found the home of your dreams. It is now time to write an offer to the seller with your Realtor. Your Realtor will quarter back the entire process for you. Once you write the offer, the Realtor will deliver it to the selling agent. The selling agent will review the offer with the seller. They will either accept the offer, reject the offer, or counter offer. After the seller and the buyer have come to an agreement and all the contracts have been signed by both parties, escrow is now opened.

The length of the contract will be decided by the buyer and the seller in the initial offer. A standard contract lasts about thirty days, but some contracts last up to ninety days depending on the needs of the buyer and seller. The very first thing that happens after escrow is opened is the inspection period for the buyer. The buyer is allotted a certain amount of time to conduct a thorough inspection of the property. It is a very good idea to hire a professional inspector when buying a home. Your Realtor should be able to recommend a good home inspector to you. Your inspector will check the plumbing, the electric, the roof, the over all quality of the property, and then hand you a report.

After the buyer obtains the home inspection report, the buyer will ask the seller to fix certain items that were found in unacceptable condition. The buying Realtor will deliver this list of items to the selling Realtor for the seller to review. It is another little contract within a the main contract. The seller and the buyer need to come up with another agreement on what is to be fixed and what is not to be fixed. If they can not come up with an agreement the buyer has the right to back out of the contract unless that right was waived for some particular reason.

The buyer and the seller have now agreed on what is to be fixed and what is not to be fixed. During escrow, the seller will be fixing the items that the buyer wanted, and will also be packing up to move. The buyer will be packing their home to move in to the home they are buying, and making sure that their lender has all the documentation they need to fund the loan. Make sure that you communicate with your lender, there is nothing worse than having to pull up six months worth of bank statements the day before you are moving in to your new home. In order for the loan to go through the lender needs certain documentation that will be communicated to the buyer frequently.

The loan has funded now. The buyer and the seller will now have to sign the closing documents at the title company. The lender will deliver the funds to the title company for the buyer, and from those funds the seller will get the proceeds from their sale. The title company will then transfer the deed of the home from the seller to the buyer through the county recorders office. After this step is complete, the buyer legally owns this property and can start moving in.

It is of paramount importance to use an educated, aggressive, and experienced Realtor when dealing millions of dollars. A bad Realtor could cost you literally tens of thousands of dollars. You need your Realtor to negotiate the price for you, and negotiate the terms of the contract for you so that your best interests are represented. If you find a home for two million dollars, the seller may accept two hundred thousand dollars less than the asking price. You never offer the list price, offer way below as a starting point. During the inspection period, you want your Realtor to get everything they can out of the seller. You do not want to be making repairs on your move in day.

Do your homework when selecting your Realtor. Ask questions. Does my realtor have an education? Does my Realtor know the area? Does my Realtor have experience? Does my Realtor have credentials? You do not want a high school drop out representing you when making the biggest investment of your life. Click the link below to get in touch with a fantastic Realtor in Paradise Valley, Arizona.

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