Even though your Realtor® will be by your side throughout the entire purchase, it is important to us at Desert North Realty to educate our clients about the buying process. Below is a general outline to the buying process:
Hire an Agent
Your Realtor® will be a highly knowledgeable professional who is an expert in market conditions.
They will help you setup search criteria so the homes you see are exactly what you want.
Through your agent, you will be able to gain access to all of the homes listed for sale.
They will negotiate all contracts on your behalf.
Your agent will organize all of the other professionals needed throughout a transaction.
Find an experienced Loan Officer, see our affiliates page for recommendation.
Have the Loan Officer take an application and pull your credit.
Determine what YOU are comfortable paying and select a loan program.
Once you have your loan program and purchase price, you are ready to go shopping.
At this point, your Loan Officer should handle all of the “in’s and out’s” of the loan process.
Find a Home
Now that you have your pre-qualification in hand, it is time to starting shopping for a home.
Your agent will set up a search criteria for you that meets all of your needs.
When determining your search criteria, here are few items to consider:
Location – are there boundaries that you want to stay within?
Type of Dwelling – is a Condo or Townhome an option?
Your agent has a lot of flexibility when setting up your search criteria, so be specific and make sure it is what YOU want.
Your agent will then send you copies of listings for your review.
When you identify a listing you may be interested in, notify your agent and they will set up an appointment for you to see the home. Repeat this until you find the home you love!
Make an Offer
Your agent will find comparable properties in the area to give you a baseline on the value of the home.
Together, with your agent, you will determine the best possible offer depending on the market conditions.
When writing an offer there are two major factors involved, price and terms:
Price – This is simply the amount you are willing to pay.
Terms – These are the tangibles to the contract and usually include things like:
Time to close
Closing costs assistance
Contingencies in the contract (ways for a buyer to back out of the deal)
Amount of earnest money
How you intend to purchase (i.e. using a loan, paying cash, etc.)
Length of inspection period
In normal market conditions, Desert North Realty agents operate under the philosophy of “If your first offer was accepted, you offered too much.”
Offer is Accepted
You will need to deposit your earnest money with the selected title company at this time.
After the seller has accepted your contract it is time to do your due diligence.
Your Realtor® will help coordinate your home and pest inspection.
It is always a good idea to make yourself available for the last hour of the inspection so the home inspector can go over his findings with you.
The pest inspection is not necessary to attend, unless you would like to be there.
After the inspection, if items are in need of repair, your agent will negotiate the repairs with the seller.
A couple of days before your new home is set to close, you will do a final walk-thru of the property to ensure the requested repairs were completed and that the home is in similar condition as when you first looked at the home.
Contact the utility companies to prepare to have the services switched over to your name. Usually you will need the escrow number provided by the title company. Check out our Resources page for phone numbers and websites of the utility companies.
Get a cashiers check for the amount of the down payment and closing costs that will be due.
Obtain homeowners insurance to protect your investment.
Most lenders will require this but in the case someone does not, it is still highly recommended.
Call a couple of insurance companies as pricing varies greatly between agencies for the same coverage. Check out the Affiliates page for Desert North Realty’s recommendation.
Now you are off to the title company to sign all of your final paperwork.