The Home Buying Process in Arizona

If you’re planning a move to Arizona, or grew up in another state, you might have expectations of the home buying process that differ from the way things are done here. In many states, an attorney is required, and realtors cannot write contracts. In Arizona, the main players in a home sale or purchase are the buyer, the seller, the realtor, the lender (when financing) and the escrow officer. Let’s look at the steps in a typical home purchase:

  1. Buyer selects a realtor that they trust. That realtor should conduct a consultation in order to fully understand the needs of the buyer, and provide essential information to the buyer that will make the process go smoothly.
  2. Loan qualification: Discuss financial resources and obtain pre qualification letter.
  3. Home viewing: Realtor sets up a strategic search based on your needs that allows you to find the most ideal home and location.
  4. Offer submission:  The realtor makes and negotiates the best offer price and terms based on market conditions.  
  5. Offer is accepted!
  6. Escrow is opened: A title company and escrow officer are selected to ensure that there are no glitches in transferring title to the home, and there is a neutral third party managing any monies or documents necessary to close the transaction. Many additional steps of the escrow process are facilitated by the escrow officer to be discussed in a later post.
  7. Loan application is submitted: the formal loan approval process is now under way and you will be asked for detailed documents.
  8. A home inspection is scheduled as soon as possible, allowing you to find out everything possible about the condition of the home.
  9. Home appraisal: Lender ordered to insure that the value of the home is equal to or greater than the amount of the home loan.
  10. Lender required home owners insurance is secured.
  11. Loan approval: Loan documents are sent to the title company and a signing date is arranged.
  12. Pre-closing walk through to insure that the home is in similar to condition to date of offer, with all agreed upon repairs made.
  13. Loan funding: lender sends loan funds to the title company.
  14. Transfer/recording of deed.
  15. Close of Escrow: You now have keys in hand and can begin your lives in your new home!

    unlocking a door

    A Realtor can open doors to your future happiness