Buying Your New Home
Your REALTOR® can help you determine your buying power. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can determine your financial reserves plus your borrowing capacity and refer you to lenders best qualified to help you. Most lenders—banks and mortgage companies—offer limited choices.

Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market. It will take some investigation by your agent to find all available properties.

Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning and schools. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs, furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to what is recommended or required.

Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified, responsible professionals to do most of these investigations and provide you with written reports. You also will want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your real estate agent’s title company or attorney can help you resolve issues that might cause problems at a later date.

Your REALTOR® can help you understand different financing options. There are many different financing options to understand, and the REALTOR® can identify qualified lenders.

Your REALTOR® can guide you through the closing process. The process is very involved. The REALTOR® can make sure everything flows smoothly.

Your REALTOR® can give you up-to-date selling information. REALTORS® know what is happening in the marketplace as well as the price, financing, terms and condition of competing properties.

Your REALTOR® will be helpful to you if you’re new to buying real estate in Phoenix. He or she can provide more information on many topics as they arise.

VIEWING HOMES
Now you’re ready to look for your dream home. You know your budget and have identified the general location for your home. Without leaving your home or office, you can view details about almost every home for sale via the Internet by going to www.realtor.com, which is one of the most popular home-search sites.

Once you have selected homes you want to visit, the real estate agent will schedule viewings, typically three to four showings at one time in one area. This allows the buyer to see different neighborhoods and their proximity to work, schools, parks and any other places you consider important.

NEGOTIATING TIPS
You are in a strong bargaining position and will look particularly welcome to a seller if you’re an all-cash buyer, you are already preapproved for a mortgage and you don’t have a present house that has to be sold before you can afford to buy.

In those circumstances, you may be able to negotiate some discount from the listed price. On the other hand, in a “hot” seller’s market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers. It’s very helpful to find out why the house is being sold and whether the seller is under pressure. Keep in mind that every month a vacant house remains unsold represents a considerable extra expense for the seller. Some sellers are motivated to get out quickly, such as if the sellers are divorcing. Also, estate sales often yield a bargain in return for a prompt deal.

   
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