7-SMART-STEP PROPERTY BUYING PROCESS
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Step 1: Get a free consultation from local expert
Your want to work with the agent that is knowledgeable and honest. His or her opinion can help you save lot of times, money and effort.
Step 2: Get your loan pre-approved (if financing is needed)
If you plan on financing your real estate purchase, you should get your loan pre-approved from your lender prior to your serious shopping venture. It’s a wise decision because it helps and protects you in many ways.
Step 3: Shop for the right property
Kellson.com and KellsonRealEstate.com offer various way to search or view up-to-date MLS listings FASTER. Many special listings such as lake homes, golf homes, seller-carry homes, wraparound homes, fix-up homes, bank-owned homes, approved-short-sale homes…can be found within 1 or 2 clicks.
Step 4: Make an offer
If you’re working with a real estate broker, you can ask for a free Broker Price Opinion. It gives you the Broker’s Opinion about fair market price of the property.
It is wise to address these issues with your agent prior making any offer:
- Price, down payment, amount of earnest money, inspection period
- Appraisal, financing and inspection conditional clauses
- Close of Escrow date; offer expiration time and date
- Financial disclosures provided by seller
- Property disclosures provided by seller
- other items such as personal properties, seller-carry financing, seller concessions…
Step 5: Inspect property and verify seller’s disclosures
Inspecting property and verifying seller’s disclosures are two important tasks right after receipt of executed contract. We normally suggest our clients to use a professional inspection service to assist buyers with inspection.
Verifying seller’s property disclosures, financial disclosures, and other required disclosures are also important. Buyers may encounter many surprised findings during this process. An experienced agent is needed to help you resolve any unexpected problems.
Step 6: Clear required conditions (for financed transaction only)
If you apply for a purchase loan, your loan approval is normally subject to certain conditions. In order to get fully approved, all conditions need to be verified and found satisfactory to a lender. Your loan officer, real estate broker, escrow and you – the buyer – are normally working together to get this step done. An experienced agent is needed to protect your earnest money and keep you on the right track.
Step 7: Close the transaction
Once all real estate and loan conditions, if any, is found satisfactory, you’re now ready to go to “settlement” or “closing” table for singing final paperwork (normally take place at your escrow office for Arizona properties).
If you’re a cash buyer, you will need to bring or wire your money to Escrow and your Escrow is responsible for paying out to seller and other involved parties.
If you borrow a loan, signed loan paperwork from buyer is sending to your lender for review. If lender found satisfactory, it will fund the loan. After the loan get funded, Escrow or an assigned party will record your ownership document along with some other documents at an appropriate County Recorder’s Office.
A purchase transaction is considered to be closed once the money is funded appropriate parties and Warranty Deed is recorded at County Recorder’s Office where property locates.
