Home Buying Process
Prequalification - The Loan status Report
A very important first step is to talk with a lender and go through the prequalification process. This will help determine the amount that the lender is willing to finance.
In addition to the LSR, you should also ask your lender for a Good Faith Estimate. The Good Faith Estimate will itemize all the fees that are being charged by the lender. You may be getting a good rate, but are you paying for it in additional expenses? Ask for a Good Faith Estimate!
The Residential Resale Purchase Contract
The main document that will dictate the terms and conditions of the purchase of an existing home is the the 9 page contract. It will specify the purchase price, close of escrow date, title/escrow company to be used, amount of earnest money, etc. Whether you are purchasing Scottsdale luxury real estate or a searching for a rural home in Casa Grande, may sure your real estate agent reviews the contract with you in detail.
Due Diligence/Inspection Period
A critical time in the homebuying process is inspection period which begins when escrow is opened. During this time the buyer has the responsibility to perform the due diligence regarding the property and the surrounding area.
A significant component of the due diligence period is conducting home inspection. While you can do it yourself, it is best to hire a home inspector that is ASHI certified. For more information, click here.