Here is a comprehensive guide for the homebuying process in Arizona.
1. Examine your financial circumstances.
You’ll need to know how much you can afford and how much money you have set aside for a down payment, closing cost and final house sale price.
2. Getting a Pre-approval for a mortgage is a good idea
There are homesellers who will not show you their property until you have a letter from a lender stating that you are pre-approved for a mortgage. They would not want to waste their time with purchasers who aren’t serious about making an offer or who aren’t financially prepared to do so.Pre-approval for a mortgage gives you and the seller peace of mind that if they accept your offer, you’ll be able to secure financing and complete the transaction.
3. Make your home-buying group
In the home-buying process, a real estate agent, title company, insurance agent, lender, and potentially an attorney are involved. They all have a vital jobs in the process.
Keep in mind that no one buys a house on themselves alone. It’s a team effort because there are so many duties, records, and small things to remember that all require special attention.
4. Select a great neighborhood
The location of a home is equally as significant as its design and features. Looking at a neighborhood’s typical home values can help you figure out if you can afford to live there. You may also see if buying in the neighborhood now will pay off in the future by looking at the lifestyle and historical trends in property appreciation.
5. Negotiate/Make an Offer
It’s time to make an offer and persuade the seller to sell to you the property you want. The seller may not accept your offer if you don’t know when to make it or how to make your offer appealing. You can include other requests, such as no contingencies, to construct a transaction that benefits both you and the seller.
Homes in Arizona are now on the market for an average of 39 days before receiving an offer. If your desired home has been on the market for so long, you should make an offer right now.
6. Make inspections
Your lender will employ an appraiser to inspect the property and assess its value. If something unexpected comes up after the inspections and evaluations, you’ll have an opportunity to return to the negotiation table.
Closing is the last step in your home buying process in Arizona. It’s when all of the involved parties meet at the same time to ensure that all of the documents and numbers are accurate… so that you can finally purchase your dream house!
It’s time to sign the contracts, double-check the contingencies, and pay your share of the closing costs.
The following are the closing costs in Sta Cruz County, AZ.
1. Title Fees
These costs include title search, title insurance, and legal fees. In Santa Cruz, these charges are customarily split 50/50 by the buyer and seller. When you buy a house, you’ll need to change the name on the title and the insurance policy to yours.
2. Recording Fees
To record the change in ownership of the Santa Cruz property, the government imposes a fee. Usually, the home seller is responsible for this.
The lender must verify that the property’s valuation is equal to the loan’s worth to ensure that it matches the property description.
4. Mortgage Application Fee
They are sometimes included in closing expenses, but the buyer generally pays them prior to closing.
Unless the buyer has a VA (Veterans Loan), the lender does not need an inspection fee. However, buyers should inspect to ensure that there are no underlying issues that can be subtracted from the sale price.
One percent of the loan’s principal. The buyer pays these discount points to the lender to lower the loan’s ultimate interest rate.
7. Commission on Brokerage
The seller pays this fee to the real estate agent for listing and displaying the property and handling contract negotiations.
8. Underwriting Fees
The buyer pays the lender underwriting fees to cover the costs of determining whether or not the buyer qualifies for the mortgage loan.
9. Property Tax
Typically, county taxes must be paid six months in advance at closing. These charges are the buyer’s responsibility.
It is important for potential Sta Ana County homebuyers to check the home-buying process in Arizona in the place. This will help them (or you) analyze your budget and estimate fees.
Please do not hesitate to contact us if you have any additional questions about the housing market or if you are intending to buy a home and need the assistance of a local realtor. We’ll be happy to answer any questions you may have and locate a home that meets your specific requirements.