| The Buying Process: Defining Goals and Objectives The first step in finding your next property is to begin planning. This should be a team effort with your Realtor® and you. In conducting an objective outlook where you craft and clarify your intents and desires, you should begin to mold these thoughts into a true plan of action and start on the road to home ownership. Once you have a concrete plan, be sure to talk to a lender if you aren't planning on paying cash, and get a head start on finding the best rate and lowest payment. Once you find a home you like and write a contract, there is typically only a 5 day window to search for your lender. However, because of the nature of our current market, we require all clients to have an up to date LSR (loan status report) from a lender prior to presenting the offer. If at any point of the home-buying process you change intentions and objectives please let us know. Sometimes you may think that you would like a ranch style house in a certain area, only to find that you favor a Spanish two-story in another neighborhood. In a decision this big, it is common and perfectly normal to redefine your goals in midstream. Our goal at Gold Realty is to help you find the property you want in the least amount of time, with as little headaches as possible, and negotiate the best price for you. Achieving Your Goals Once we have a grasp on what you want, the next step is to start looking. We review the market daily to make sure we don't miss any of the latest listings or information. The market in the Prescott area tends to move so quickly that you must have a Realtor® willing to go the extra mile and have your needs at the forefront. You can count on our team for this service. We will also set up a program designed especially for you so that when a property that meets your criteria becomes available, you know immediately via email. We will also gladly preview homes for you. If you are an out of area buyer, we can take pictures and email them to you. Most all of our listings have a virtual tour included in the online service listing (See Our Listings in this website). What to expect: When you find a home that you are interested in we will review the comparable sales in that area. This one feature plus our thorough understanding of the area combined with our strong negotiation skills can save you thousands of dollars. An offer will then be written and structured in a way so as to help ensure your offer gets accepted. Note: there is much more to getting an offer accepted other then the highest price. At this point, you must be ready to write a check for earnest money to accompany the contract. Set aside at least an hour and a half to put together the contract with our team so that you will have time to get familiar with the contract, understand the process, and ask any questions you want. Once the contract is completed, your Realtor® will submit it to the cooperating Realtor®. Once the contract is submitted, there is a period of time which you had specified in the contract, for the seller to review the documents and decide what action they would like to take. Sometimes there may be a Counter Offer or questions the Seller will have for you. Once you have an offer that both you and the Seller are comfortable with, escrow will be opened and we will move on to the “Inspection Period.” Loan This is a crucial part of the home buying process. When a loan goes through without any surprises, the home buying experience is a very pleasant one. It is great when deadlines are met, paperwork is correct, and appraisals accurate. When you are buying a home, the last thing you want to do is get lost in the maze of unfulfilled promises. Our expert agents at Gold Realty have established relationships with local and statewide lenders to help you get the best service at the best price. Inspections & Appraisals After the contract is signed and delivered to all parties, the “behind the scenes” work begins. This work is crucial to making sure the property you are buying is one that you will be satisfied with. During the inspection period, which ranges from 10 days to however long the parties agree upon, the buyer is responsible for getting any inspections done that need to be completed. Inspections Our team will help you through this process and recommend proven professionals to assist you. The most basic inspection that should be done is by a home inspector. This person will spend about 3 hours in the home testing everything and give you a full report (usually 20-30 pages) on the results of each item. This home report can be a spring board for additional specialists you may want to bring in to investigate specific items. Termite Inspection The termite inspection should be ordered as soon as the home has an approved and accepted contract. Our team will help you decide on the best company for you. The termite inspection is a state regulated process, and a company must be certified for it. The termite inspection will be on a standard form and submitted to the title company upon completion. In Arizona, the buyer traditionally pays for the termite inspection unless otherwise specified in the contract. Appraisals Appraisals are typically ordered by your lender from an approved list of appraisers. Septic Inspection A septic inspection is ordered during the regular inspection period. The seller is obligated to pay up to 1% of the purchase price if anything is wrong with the septic system, as per the contract. Closing In Arizona, “closing” is simply when the Title Company sends the file to the county and the county recorder's office records the new ownership. Unlike many states, there is no “formal” closing procedure in which clients sit around the table with their entourage of Realtors® and lawyers. Usually, the agent will receive a phone call that the property has closed and that the Buyers are now entitled to take possession. |
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