PURCHASING A PROPERTY: A STEP-BY-STEP GUIDE

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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!

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Step 1: Defining your purchase parameters​

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Before anything else, we help you determine how much you can and want to spend. Many first-time homebuyers aren't aware of the many fees involved in the home buying process, such as:
 

• Inspection fees

• Appraisal fees

• Utilities and property taxes

• Title insurance

• Home insurance

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We make sure all of our buyers are looking at the purchase of their home holistically so there are no surprises down the line.

 

Once we've agreed on a budget, many more factors enter the equation such as the area where you want to live and what kind of property you would like. May be you've always dreamt of owning a big ranch with plenty of land, or a luxury home with views of the desert sunset. Perhaps your ideal home is a condo in a bustling neighborhood, close to shopping and work.

 

We take all of your specifications into consideration and based on your parameters RealtyFelix agents will put together a customized search for you and show you the properties you like. Our experienced agents will also make you aware of more subtle characteristics such as the closeness of a property to a park or trailhead for hiking, school districts, and the impacts the additional factors may have on you.

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Step 2: You found your dream home, what's next?

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Once you find your dream home, your 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).

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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.  

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Step 3: The inspection period begins

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Once you have submitted your earnest money check to the title company, the inspection or due diligence period begins. The inspection period usually lasts ten-days and is a 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 their earnest money.

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Depending on the age and condition of the property, we will guide you in choosing additional inspections. Some additional inspections you might consider are the following:

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• Sewer scope

• Mold inspection

• A/C inspection​

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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 the close of escrow.

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Step 4: Closing the deal

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Assuming that the purchase is not a cash transaction, the buyer will be in touch with their lender during the entire process. The buyer is responsible for submitting all the required documentation to obtain a loan. However, it is not until after the buyer and seller have agreed on the repairs and acceptability of the property that the lender orders the appraisal of the dream home. Once the appraisal comes in, the loan goes to final underwriting and if there are no more conditions from underwriting, the money will be transferred to the title escrow company.

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Before the final signing, it is strongly recommended that the buyer perform a final walkthrough. This is to ensure 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 is recorded at the Recorder's office. After recording, keys and remote controls are provided to the buyer and the title/escrow company distributes the money and any pertinent documentation.

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