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At RealtyFelix we structure the Purchase Process to be as simple as possible without ever losing sight of the final goal: your Happiness and Financial Success!
Before anything else, we help you determine how much you can/want to spend. This assures your financial success.
To assure your Happiness many more parameters enter the equation such as the area where you want to live; what kind of property you like, a Big Ranch, a luxury home with views, or a condo close to shopping and work; is a pool desired; do you want a big backyard; etc. Based on these parameters RealtyFelix agents will put together a customized search for you and show you the properties you may like. Our experienced agents will make you aware also of more subtle characteristics such as the closeness of a property to a park; close trailheads for hiking; school districts, etc. and the impacts those characteristics may have on you.
Once you find your dream home, the agent will help you make an offer on the property and negotiate the detailed terms to your full advantage. Terms include the purchase price, the closing date, what appliances convey with the property and many more. The entire structure of the Purchase from here through close of escrow is determined by the commonly used Purchase Contract of the Arizona Association of REALTORS® (AAR).
When everybody agrees on the terms, in writing, the buyer's agent opens escrow, submitting the entire contract and depositing the buyer's earnest money check with the title/escrow company.
It is also at that time that the Inspection or Due Diligence Period starts. It is usually a ten day period in which the buyer is afforded access to the property with all the inspectors the buyer may choose. At RealtyFelix we strongly recommend using at least one professional home inspector. Some lenders require a termite inspection and many houses need a roof inspection by a licensed roofer. During the Inspection Period the buyer may back out of the contract for almost any reason without risking to lose the earnest money.
The inspection period ends with the submission of the Buyer's Inspection Notice and Seller's Response (BINSR) by the buyer to the seller. In this document the Repairs are negotiated. The repairs the buyer and seller agreed upon need to be done by the seller before close of escrow.
Assuming that the purchase is not a cash transaction, during the entire process the buyer is in touch with the lender to whom the buyer submits all the required documentation to obtain the loan. It is not until after the buyer and seller have agreed on the repairs and acceptability of the property however that the lender orders the appraisal of the dream home. Once the appraisal comes in, the loan goes to final underwriting and the money, if there are there are no more conditions from underwriting, will be tranferred to the title escrow company.
Before the final signing, it is strongly recommended that the buyer perform a final walkthrough. This is to assure that the property is in "substantially the same condition" as when the offer was submitted. Final signing will take place at the title/escrow company. Close of Escrow is when the transaction records at the Recorder's office. After recording keys and remote controls are provided to buyer and the title/escrow company distributes the money and any pertinent documentation.