The Process of Buying a Home in Surprise, AZ
Congratulations for considering Surprise, AZ for your next house. This city has plenty of hot summers and mild winters, making it the perfect place for those who want to enjoy the warm climate. For the family oriented, this is also a great place to start a family. Arizona is listed as one of the Best Places to Raise Kids in 2010, according to Business Week.
For those who are considering buying their house in Arizona, this article will guide you on the process of buying a home in Surprise. Your purchase might have slight variations not mentioned in this guide, but these steps will make an ideal baseline.
1. Find a Lender
Determine how much you are willing to invest on your home. The lender will provide your Realtor® a “prequalification form”. It is a good option to use the First-Time Buyer loan, the FHA loan. It is a 30-year fixed rate, Government loan. The First-Time Home Buyer assistance is another good option.
2. Find a Realtor®
This is one of the most important steps since your Realtor® will be your partner in helping you towards getting your ideal home. Put your trust in a professional real estate expert for an opportunity to save time, money and energy.
3. Find Your Home
Give as much information as possible to your agent about the home that you prefer. In turn, your Realtor® will help you find a home that matches your description and criteria. You can also search online for references.
4. Write the Offer
Make sure that your Realtor® has a detailed market analysis to determine the home’s value before making an offer. The role of the Realtor® is to review and explain the purchase contract to help you determine the offer details. Afterwards, your Realtor® will give the offer to the seller.
5. Open Escrow
The escrow will be opened by your Realtor®, wherein the earnest money check will be deposited. You will receive documents that need to be filled out and sent back as quickly as possible.
6. Do Your Inspections
These are usually coordinated through your Realtor®. Make sure that you read the seller’s disclosure and insurance history. After the inspection, you will be aided in drafting a “BINSR”, a document of you asking the seller to make some repairs. If the seller refuses, you can accept the response or cancel the contract.
7. Process the Loan
You will receive a loan contingency as well as an appraisal contingency. If the home does not appraise or if your lender refuses to give a loan, you can cancel the contract and receive your earnest money.
8. Read the Title Commitment and CC&Rs
The title commitment contains details about what might restrict your use of property, and cost you money. The CC&Rs are the rules that you will agree to follow once you become homeowner.
9. Start Calling
Call the movers and start packing. Call the utility companies to have the utilities transferred to your account as of the close day.
10. Sign the Closing Documents
You will be contacted to meet with the escrow officer to sign the paperwork.
11. Await the Call
On the day of close, the escrow officer will send the deed to the Yavapai County Recorder’s Office. Once the deed is recorded, this officer will call you or your Realtor®. Congratulations! You are now a member of the Surprise community.