Annemarie Mahoney,
GRI, CRS, REALTOR ®

602-373-9890

West USA Realty

16150 N. Arrowhead Fountain Center Drive, #100
Peoria, AZ 85382
cell# 602-373-9890
office# 623-487-5096

West USA Realty

REAL ESTATE, REAL SERVICE, REAL RESULTS!

Detailed Buying Steps:

Congratulations on your decision to purchase a home! I want to let you know that I am going to guide and assist you throughout the entire process.

Step 1 - Define Needs for Your New Home
Your Dream
Your first step toward buying your new home is to make two lists: one is a list describing your dream property and the other should state the features of the property that are an absolute must in order to buy it. I can help you put together these lists which will help you get clearer about what you want.

Step 2 - Mortgage Approval
How Much House Can You Afford & How Much House Do You Want?
The next step is to know what price range will work for you. Although lots of people think this will be a painful process, the GOOD news is that it really isn't and it can be done rather quickly!

There are two ways to go about getting mortgage approval: the first is pre-qualification; the second is pre-approval for a mortgage. Either way, you will need to contact a lender/mortgage company. Of course, you are free to choose any lender you wish, as long as they are licensed in the state of Arizona. If you need them, I will be happy to make several recommendations for local lenders.

There are some key differences between pre-qualification and pre-approval for a loan. Loan pre-qualification is a simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify. Generally, this can be done strictly on a verbal level, is based solely on the information you provide and is usually not thoroughly investigated. While a pre-approved buyer is actually approved for a loan of a certain amount, a pre-qualified buyer is only told that they might be approved for a certain amount.

Pre-approval is a much more involved process, including an extensive check on your current financial status, and will ultimately give you the exact amount you will be eligible for. Being pre-approved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home. You can see how being pre-approved would be more attractive to a seller than just being pre-qualified.

Step 3 - Search for Properties
Searching and Deciding
You're ready to embark on your property search.

By listening to your needs and understanding what is most important to you, I will customize a list of search criteria that fit your qualifications. I will keep you up-to-date on all available properties that meet your criteria. Then, when you see a property that interests you, I can arrange for us to tour the property together.

Step 4 - Make an Offer
"Pins and Needles" Time! (just kidding...)
We've found your Dream Home and are ready to make an offer. Now is the time when my work for you really escalates - and, it's the part that I like best - really going to bat for you! Utilizing my skills and experience, I investigate recent sales and estimate current values for properties in the area, as well as how to create an offer that will have the best chance of being accepted. I will ensure your financial position as the buyer by including any necessary contingencies to protect you.

Step 5 - Negotiate the Offer
Back and forth we go...
We may now need to enter into negotiations with the seller in order to reach an agreement. Almost everything is negotiable when buying a home. I have the market knowledge and negotiating expertise necessary to make sure that your offer is accepted at the best price and terms possible for you.

Step 6 - Opening Escrow and Pre-Closing Preparations
Details, Details, Details
After your offer has been accepted, I will open escrow with a title company and supervise the coordination of all necessary vendors and other activities on your behalf. I will make sure the vendors have access to the property to perform their procedures and oversee the execution of those procedures for you.

The property examination is a key, time-sensitive part of this process. Your lender will require you to have a formal appraisal and possibly a survey done of the property for the loan. In most instances, you will also want to have a property inspection and a termite inspection done. In addition, you may wish to have some specialized inspections done, such as a foundation inspection, septic inspection, and/or an environmental inspection to make sure that the property is up to the standards set forth in your written contract. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies specified in the contract.

I will also guide you through other steps, including obtaining the preliminary title report, home owners insurance, transferring utilities, securing a home warranty, and various activities with the title company, and help ensure everything is done in a timely and professional manner, so that you have a quick, easy closing.

Step 7 - Closing
It's for REAL now!
"Closing" refers to the signing of documents (usually at a formal meeting) resulting in the legal transfer of ownership of the property to the buyer. Generally, this signing of documents is done at the title company's office, however it can often be done via mail if the Buyer is out of town at the time of the closing. Your closing officer coordinates the document signing and the collection and disbursement of funds. I will be present at your closing in case there are any last minute or unexpected details to be resolved.

Closing costs will generally total an amount equal to 2 to 3 percent of the total loan value, not including down payment. Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract, and the seller's cash and timing considerations. For the closing to go smoothly, you will need to bring the necessary documentation and be prepared to pay any related fees (closing costs) and down payment.

Step 8 - Recording Title
Translation - You get the KEYS.
After signing the documents, the title company will send all the documents back to the lender for final approval and funding. Once the title company receives the funding, they will disburse the funds and instruct the county recorder's office to record the title in your name. I am then authorized to release the keys to you. Congratulations on the purchase of your new home!