Buying a home can be a stressful event. Well, that is an understatement. Buying a television can be a stressful event. Regardless it is wise to have your eggs in a row when buying a home.
Before you buy a home it is important to get your financing in order. Your first call should be to a loan officer. Find a good loan officer that maybe a friend or Realtor can recommend. Make sure they are a mortgage broker so they have thousands of options to choose from. You don’t want to limit yourself to a bank that only does “in-house” loans. Be honest with your loan officer and tell them your monthly debt and income. Talk openly about your credit, they are there to assist you.
Once you work out how much you can afford it is wise to contact a realtor. A realtor will help guide you if you tell him or her your needs. There are a vast array of real estate companies, but it is important to remember that real estate agents are self employed. Every brokerage will have it’s good and not so good agents. The number one quality to seek for in an agent is honesty. I can not emphasize that enough. Find an agent who is looking out for your needs. It is an agents fiduciary obligations to protect you as a buyer. Make sure he is going to by finding out more about the agent’s character.
There are many websites you can look up homes on to familiarize yourself with the areas you are considering. The major websites take a few days to post the newest listings. Look for a website the updates as soon as homes are placed on the market. The best deals are snatched up right away. Your real estate agent will have access to the homes that come on the market right away. Your agent will be your best resource. Make sure and ask your Realtor what his or her recommendations are.
Once you find a home, your real estate agent will take your pre-approval from when you first spoke with your loan officer and the agent will submit the offer to the listing agent. Upon acceptance escrow will be opened and you will need to turn in your earnest money. Every state is different on the the amount of earnest money usually is. Arizona is typically around 1 percent. No more money will be due until the close of escrow as far as payment to the house is concerned. You will still have inspections and an appraisal fee. Usually inspectors charge a few hundred dollars and the appraisal is usually a few hundred dollars itself.
In most cases after your inspection period and after you are qualified for the loan, your earnest money goes "hard" and is non-refundable. During this escrow period your loan officer will be putting together the docs necessary to close escrow. The title company or lawyer you are working with will be doing a title search to make sure there are no recorded liens or clouds on the title. Your job is just to turn in the necessary paper work when asked by your loan officer or real estate agent.
Once it comes time to close on your home your title company, lawyer, or realtor will schedule an appointment with you to sign docs. When you sign docs make sure and review them, sometimes there is an added addendum to the contract that the other party may have added. It is wise to have your realtor accompany you to a closing. You will bring the check for the down payment and to cover closing costs fees at that time. Usually within 48 hours the title company will record the documents and the house will be yours. Collect the keys and move in.
This is just the basics to get you started. Make sure and consult a realtor who will fill you in on the details. There is a lot of paper work and processes that your agent will know about specific to your state.
From chandler real estate
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