Why buy with us
Setting Your Strategy
Every decision in a real estate transaction could SAVE or COST home buyers tens of thousands of dollars in unnecessary expenses.
Smart Home Buying Strategy
Funding Your Home
Decisions on Cost
How much can you afford? Key factors to consider:
Down payment requirements
|LOAN TYPE||DOWN PAYMENT||DETAILS|
|CONVENTIONAL||5%+||You can put as little as 5% down and as much as you want. If you put less than 20% down, you may have to pay mortgage insurance, but that drops off after you reach 80/20% value.|
|FHA||3.5%||The lowest traditional down payment program; there is additional mortgage insurance for the life of the loan.|
|DOWN PAYMENT ASSISTANCE||$1,000+||A program for people who qualify with credit and income but do not have enough savings for a down payment.|
|VA||0%||A special program for military buyers that allows them to put almost nothing down toward the purchase.|
|USDA Rural Loan|
Your Home Options
New Construction Sale
Bank Owned Sale
Negotiating Your Terms
Once we’ve found the home you wish to purchase, you’ll need to determine what offer you are willing to make on the home. After all, you are the one making the payments!
Making an offer
Multiple Offer Strategy
You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the closing, unless you are able to include them in your financing. Typically, total closing costs will range between 4-5% of your mortgage amount. In today’s market it is often common for the seller to pay some of your closing costs. This is called sellers contribution to your closing costs and is negotiable
Protecting Your Home
We highly recommend you have a Certified Home Inspector conduct a thorough inspection. The inspection is to eliminate potential surprises to the buyer. Your home cannot “pass or fail” an inspection. The inspector’s job is to report on major damage or serious problems that require repair and make you aware of repairs that are recommended or necessary. Home owners insurance must be done during the inspection period
The Inspection will include:
We would also recommend that you get a separate Termite Inspection as this is not typically included in the Home Inspection. The seller may be willing to negotiate completion of repairs or a credit for completion of repairs, or you may decide to cancel the offer. Your inspection is a contingency to the purchase agreement and is usually a 10 day period.
Previously-Owned Home Warranties: When you purchase an existing home, you can purchase warranties that will protect you against most ordinary flaws and breakdowns in major mechanicals and appliances for at least the first year you own the home. The warranty may be offered by or negotiated with the seller, or you, as the buyer can choose to purchase the home warranty. New Construction Home Warranties: When you purchase a newly-built home in the state of Arizona, the builder offers a full home warranty on things such as the quality of design, materials, and workmanship.
- 1 year on defects caused by faulty workmanship and defective materials
- 2 years on defects caused by faulty installation of plumbing, electrical, heating and cooling systems
- 10 years free from construction defects due to noncompliance with building standards
Closing Your Home
Home Owner’s Insurance
- Impacts your monthly payment
- Obtain several estimates and choose at least a week before closing
- Transfer of utilities
- Forward mail with USPS
- Update accounts and subscriptions
The Final Details
Who will be there?
- You, the Buyer(s)
- Closer, the party representing the title company
What will you need?
- Bring valid government-issued photo ID
- Bring a cashier’s check for your cash to close (your mortgage officer will tell you the amount prior to closing)
What is expected from you at the closing?
- If financing the property, your lender will require you to sign a document, called a promissory note, as evidence that you are personally responsible for repaying the loan. An escrow account will be set up for you at this time to pay any expenses incurred on the property (taxes, assessments, insurance, etc.).
- You will also sign all title and deed documents putting you as the official homeowner!