House Buying/Selling Process

ERA Joy Richards

ERA Premier Agent

Joy Richards
ERA Young Realty & Investment
424 South Beeline Hwy
Payson, AZ 85541
Office: (800)-678-3850 | Mobile: (928)-978-2373

Home Buying Process

A typical time frame from the time the home is selected to the time of the closing is approximately 30-60 days.

1. Seek pre-approval for your mortgage.

You must know how much you can afford before you begin your home search. Typical down payments range from 0% to 20% but may vary depending on credit rating and other conditions. Check out ERA Mortgage for the best program and competitive rates for you. Most sellers will look more favorably on a buyer who already is pre-approved for a mortgage.

2. Learn about your destination city.

I can assist you with gathering information on the area you are moving to. Receiving information on the public and private schools, churches, recreational activities, shopping, taxes or other information you might be interested in finding is just a mouse click or phone call away. Receiving a relocation package with the basic information on the community will assist in acquainting you with the city and available services and amenities. Do your homework before beginning the home search to acquaint yourself with your destination area. This site provides you with a lot of the information you need to make your move.

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$569,900
4 bedrooms, 3 baths
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3. Search for Your Home

Depending on what you are looking for and the state of the real estate market at the time, the length of time of your search can vary. Being internet-savvy will save time. Viewing homes over the web to decide what you like will be beneficial to viewing home with me, your real estate agent. The number of homes viewed varies based upon the state of the current real estate market at the time of the search and your wishes and needs.

4. Negotiate Purchase and Sign a Contract

Once the home is located, I will advise you on the best way to approach an offer on your chosen home. Offers which are close to the listed price of the home will take less time to negotiate than when the offer and listing price are further apart. Having a pre-approval letter from a lender will make your offer to purchase a home more attractive. Upon acceptance of the final offer, buyer and seller will execute a purchase agreement.

5. Apply for Your Mortgage

Once the purchase agreement has been executed by both the buyer and the seller, it is time to apply for your mortgage. Having a pre-approval letter from your chosen lender will shorten this time frame. Your lender will go through several steps in approving your mortgage, including securing an appraisal for the property.

6. Schedule a Closing

Many factors can effect how soon after signing of the purchase agreement, the parties will close. Those include the availability of funds to complete transaction, inspection of the property and deficiencies which must be corrected prior to closing, seller’s time frame in vacating the property.

7. Possession and Move-In

Keys typically change hands from the seller to the buyer at the closing. This could be affected by funds not immediately available to seller from buyer's lender, or a prior arrangement made between the parties allowing the seller to remain on the property for a period of time after closing. © 2004 Santa Fe Properties, Inc.