The Process for Purchasing a Home in Maricopa
Being a first time homebuyer in Maricopa can be intimidating but the reward is second to none. Owning a Maricopa home is something to be proud of. The city of Maricopa is a great place to settle down. It is expanding at a fast rate and still maintains that home town feel.
You may be wondering as a first time homebuyer what is involved with purchasing a home. Let’s break it down step by step and clear things up a bit.
Get pre-qualified for a mortgage
The first thing you should do is see how much house you can afford. Speaking with a mortgage lender will be your first step to getting into the home of your dreams. They will go over your income, debt and fine financial details of your life and determine how much you can afford. Once you obtain a prequalification you are set to make offers on a house. If you need a recommendation for a lender, let me know.
There are some things you will need to pay for out of pocket. If you make an offer on a home you will need to put down an earnest deposit which is typically 1% of your offer price. This shows your commitment to the offer, gives the seller security, and it will be held at the title company for safe keeping. Also, within 10 days of an accepted offer you have the chance to complete a home inspection so you can know the condition of the house. Also think about your closing costs (which are normally 3%) and your down payment if required by your lender. If you don’t have cash on hand to pay your closing costs you can try to make offers where the seller will cover these for you. That gets more into contract negotiating though, and your Maricopa real estate agent can help out with that.
Find a Maricopa Real Estate Agent
It’s a good idea to go with a realtor who knows the area you want to buy in. The choice is always yours but The Maricopa Home Team specializes in Maricopa and can take you from start to finish on your real estate purchase. Contact me at the information below to get started.
Set Up a Home Search
You’ll want to write down what you want in a home. What do you NEED and what do you WANT? Your real estate agent can put together a personalized search straight from the MLS so you can keep up on all of the houses that hit the market. When you find some you like your realtor can take you to go see them.
Make an Offer
Once you pick a home you can submit an offer. This is a nail biting time! The offer can either be accepted, rejected, or countered. Once you get an accepted offer you will be under contact, aka in escrow. This is the time period from accepted contract to closing where you get your keys.
The escrow period, when financing, can take typically 30-45 days, or could be as long as 60 days. Once you are under contract you can get your inspections performed. If there are any things wrong with the home you can ask the seller to correct them. There will most likely be an appraisal performed if you are financing. If the house “appraises” you’re good to go. If the appraisal comes in lower than the offer price it could get messy. Either the seller will have to drop their price or you would need to come up with the extra cash to cover the gap. That’s why a Maricopa specialist is important because they can make sure the price is in the ballpark when you are sculpting your offer.
3 days prior to closing you are able to walk through the home once again to make sure it is in the same condition it was when you first saw it. You can also make sure all inspection items have been completed.
This is when all the papers are signed and the deed is recorded in your name with Pinal County. Once it records the house is yours and you can get your keys!
Let’s work together and get you a house!