Steps to Buying a Home in Arizona

1) Determine you are ready.

• If you are paying rent, you are probably financially able to buy.
• The landscape of financing has changed – no more 20% down and no less than stellar credit score exclusions.
• It does not have to be complicated – the right Realtor will find you the right house at the right time.

2) Finding a Realtor.

• The right Realtor will educate you on the current market conditions.
• They will listen to your needs and wants.
• They will advocate and negotiate on your behalf once you find the home that fits your needs. 

3) Obtaining financing.

• Select a Loan Officer or Mortgage Specialist.
• Submit a loan application and receive a pre-qualification form or pre-approval letter.
• Start hunting for your new home.

4) Deciding how much you want to spend.

• The lender determines how much you can borrow, but only you know what you can afford based on your spending habits.
• Make sure to leave room for the “what ifs” in life – repairs, maintenance, and the unexpected.
• Be proud of this financial investment as you build equity, value appreciation, and reap the tax benefits. 

5) Find the perfect home.

• Things to consider are location, size, commute, and amenities.
• Are you interested in a new build or a fixer upper?
• Is there a particular neighborhood you are looking at? 

6) Making an offer?

• Your Realtor will prepare the contractual documents to submit an offer on your behalf.
• Submit your offer amount based on the value of the property, which can be determined by running a comparative market analysis of other homes in the area that are similar to the one you want to buy.
• Be prepared for negotiating back and forth.

7) Entering into escrow.

• Once your offer is accepted, the purchase contract will be submitted to the Title Company and your earnest money will be deposited so escrow is opened.
• Your Realtor will walk you through each step of the process.
• This is the time period for performing inspections and ordering an appraisal.  

8) Closing on your new home.

• Make sure to refrain from making large purchases before your closing date.
• Meet at the Title Company to sign all required paperwork.
• Get the keys to your new home!