There is no doubt that the market for houses in Tucson, AZ has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms. With so many people entering the Tucson Real Estate market, it is inevitable that questions will arise.
There are many things to consider when buying a home in Tucson. Some of the most important steps to buying a house are:
Step 1: Learn the home buying process
Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. If you are a first time home buyer, check out the many books in your local library that offer hints to first
time home buyers. Rita & Heather of Tucson Home Finders Online are experts in the Tucson home market and can work with you, step by step to simplify the entire process.
Step 2: Find out the pre-qualified price range
It is important to find out how much you can borrow before you start looking for a home. Mortgage professionals can get you pre-qualified for a particular price range. They will be able to help
you determine how much you can borrow based on your annual income. If necessary, Rita & Heather of Tucson Home Finders Online can help you find a mortgage professional to get this process started.
Step 3: Get Pre-approved for mortgage loan
The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. Mortgage professionals
can help you get pre-approved. You will need to supply proof of your income for the pre-approval process to move forward. Most real estate agents in Tucson prefer potential home buyers to be pre-approved before searching for a home. This process can even be started over the telephone. They will also help you determine which mortgage loan products will be most beneficial for you.
Step 4: House hunting in Tucson
After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with Tucson Home Finders Online. Rita & Heather can help you search for the criteria and price range that you are interested in, until you find the home of your dreams. Tucson Home Finders Online welcomes the opportunity to assist you thorough your entire home buying adventure.
Step 5: Make an offer
Rita
& Heather of Tucson Home Finders Online will help you determine the fair market value for the home you've selected. Once you've decided on the amount of the offer, we will assist you to make the offer, and your mortgage professional will supply a loan status report which will be included. In Arizona, you are required to include the loan status report with your offer. You will also be expected to include a check for "earnest money" - the amount will depend on the price of the home you
are buying. Usually, in Tucson, the minimum amount for the "earnest money" is approximately $1,000. This amount will show that you are serious about buying the home, and will be applied toward your down payment at the close of escrow. Of course, your Tucson Home Finders Online real estate agent will guide you through the negotiation and offer process.
Step 6: Negotiation process
If the seller accepts your first offer, congratulations. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the Tucson real estate market, and a host of other factors. Rita & Heather of Tucson Home Finders Online will help you through this negotiation, and make it less stressful.
After all, we have been through this process many times before.
Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker
After your offer has been accepted, Tucson Home Finders Online will present your mortgage broker with a copy of the Purchase and Sale Agreement for the home.
Step 8: Work to close the mortgage loan
After presenting the Purchase Agreement, you will need to work with
the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan.
Step 9: Home inspection prior closing
In the first ten days after acceptance of your offer,, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues. There are many good
home inspectors in the Tucson area. If any problems are found, there is a provision in the contract to either withdraw the offer or request repairs. Again, Tucson Home Finders Online are your experts in the negotiations that may be part of this process.
Step 10: Close of Escrow
After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), the process will forward to the close
of escrow. In Arizona, the close of escrow is pre-determined when the offer is made, the typical time is usually approximately 30 days following acceptance of the offer. Officially, the "closing" is when the deed is recorded, so you will be signing final documents, making the down payment and the mortgage loan funded prior to this. If you are from out of the area, all of this can be accomplished through the mail.
Step 11: Collect the house key
Now
that the deed is recorded, and the loan has closed, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home in lovely Tucson, Arizona.
Step 12: Make it your own
Prior to moving in, or soon thereafter, you will want to do some things to the house to make it your own. It may be as simple as painting a room, or adding wallpaper. Or, major remodeling might be your plan. Rita & Heather of Tucson Home Finders Online can recommend many repuable contractors and services in the Tucson area.
