Home Buying Process

Buying a Laveen home has a process, and simple explanation can go a long way to make your purchase easier.  So for first time home buyers, and maybe folks who need a little bit of an explanation of the home buying process in Laveen, here goes.

First step in buying a home in Laveen, is getting qualified for a loan.  Some people would argue that finding the home is the first step in the process, but why waste your time?  Would you being a trip to a new destination without a map or knowledge of how you will arrive at your destination?  In order to purchase a home, you’ll need to have cash or financing to purchase the home.  Lender will need to review your income, debt and credit to determine if you are qualified for a home mortgage.  Also very important is knowing your montly payments at different loan amounts, which will help when you decide how much of your budget you’d like to have go toward a home.  If you have a lender, great, if not most agent have lenders they have worked with that they’d be happy to refer you to.  If you’d like to speak to one of the lender I work with, give me a call, I’ll be happy to have you discuss possible financing with lenders I’ve worked with for years.

Second step in the purchase process is looking for a home.  This is the fun part, where you get to decide which homes you’d like to see.  This website has several pre-made searches you can use, or you can make your own custom search here.  Once you have reviewed homes you like, get in touch with me either via phone, text or e-mail and let me know which homes are of interest.  At that point we set a time to meet and go look at homes.

Once you’ve found the home you like, the third step in the home buying process is making an offer.  As your agent I would show you similar homes that have sold in the area so you can make a informed decision on what to offer for the home.  If all goes well, sellers accept your offer and you begin the rest of the process.

What is the rest of the process as far as a home buyer is concerned?  Well first home buyer will need to open escrow with a earnest check.  The earnest check is a good faith dollar amount showing seller of your intent to move forward with the purchase of the home.  Kind of like going to a garage sale, not having all the money for purchase and indicating to seller here is some money to hold the item, I’ll go to ATM and be right back with the rest.  The concept is similar, yet this time your going to the bank for a loan and not the ATM for pocket change. 

Home Inspection – You have 10 days to conduct inspection on the home to make sure the condition of the home meets your needs.  You can hire a professional, or do the inspection yourself if you so choose.  Depending on results of inspection you can consult with realtor and ask for repairs on the home, to which seller can choose to accept, reject or maybe an alternative be offered. 

Home appraisal – If your getting a loan your lender will require an appraisal of value on the home.  Nothing your have to do specifically, other than pay the lender so the appraisal will be done.  This will allow for lender to make sure offer is indeed in line with value of the home.

Beyond the above process, there really is not much else for the buyer to do during the purchase.  At this point the other parties involved in the sale such as title company, lender and agents have a lot of back office work they do to make sure the transaction moves smoothly.

Hope this short description of the home purchase process in Laveen helps.  While the home buying process is pretty simple, there are many steps but the steps outlined above are the big ones.  Getting qualified for a loan, finding a home, getting a offer accepted, inspection, appraisal and then once lender is done with their work you go in and sign for ownership.