Whether you are a first-time buyer or just buying for the first time in AZ there are a few steps to help you
1. PRE-QUALIFY WITH A LENDER- You need to know not only what you qualify for but what you feel comfortable with.- AZ requires a specific prequalification form. Some big banks don’t want to provide them but the AZ form has information on it that confirms how you qualify to a seller.I highly recommend Lisa Shepard PrimeLending
2. WHERE DO YOU WANT TO LIVE?- How many miles from work?- A specific school District (note in AZ we have open enrollment check with the school you are interested in whether they are taking new students)- Do you want to be within a certain distance of the freeway or the airport?3. WHAT IS YOUR WISH LIST?- Must haves? Number of bedrooms? Single level? Number of garages? Private or community pool? Do you want to live in a HOA Etc- What is on your wish list but you could live without? (I always try to find properties with my clients wish list requirements but sometimes the house is not out there when they want it.4. WHAT IS YOUR TIME FRAME TO CLOSE AND MOVE INTO YOUR NEW HOME?
- Do you have a property to sell?
- Is the sale of this property where the down payment is coming from? Is your closing cost and down payment funds readily available?
- Most of our closings happen in 30 days.
5. BE PREPARED TO RECEIVE YOUR KEYS LATE on the day of closing (in AZ that is when it actually records at the county recorders office)
6. UNLESS NEGOTIATED DIFFERENTLY, INSPECTIONS ARE 10 CALENDAR DAYS STARTING THE DAY AFTER THE CONTRACT IS SIGNED BY ALL PARTIES.
7. WHEN IT COMES TIME TO SIGN your loan documents (unless you are out of state and want to pay my plane ticket). I will be at the signing appointment incase you have any questions.
8. YOU WILL CALL UTILITY COMPANIES BEFORE CLOSING
- You will call utility companies a couple days before the closing to insure they are transferred into your name by the closing date. Some require deposits and or credit checks. These are soft credit pulls and shouldn’t be an issue. If you have any concerns call your lender before you call the utility companies.
No matter what happens during the time you have speak with the lender and close on the house DO NOT buy anything or lease anything unless the lender says it is ok. The lender will pull your credit prior to closing and you don’t want to find out your score dropped and now you don’t qualify for the loan or the break in interest rate. Pick out the furniture but do not buy it until we have closed on your new home.