Buying a home in Arizona is a very straight-forward experience. Thomas Jambor Realty Solutions has represented hundreds of Phoenix area home buyers, first time buyers, Arizona property investors, retirees, and others. We not only have a command of each market’s buying criteria, but we can custom-tailor realty solutions for any type of Arizona home buyer. There are 7 basic steps to simplify the process. So as a Buyer, or Investor, if your interest happens to be in new builds in Phoenix or a resale, Thomas Jambor Realty Solutions can help you in find a home that meets your criteria. We also offer unique specialty in short sale and foreclosures of the Phoenix area. Helping buyers save money and get a very healthy return on their real estate investment.
1. Finding the Right Realtor
Generally you want to work with a knowledgeable realtor that you feel you can trust and has your interest foremost. Someone you feel comfortable with and has a personality you would like to work with. Someone who is also available and easy to reach. Someone who can be flexible to work within your time frame and respects your criteria and budget. Never let an Agent push you into a purchase that does not fit your criteria. An Agent should let YOU make the final decision after bringing you the information needed to make such an important decision. Thomas Jambor Realty Solutions is the go-to realtor for buyers because of the tools we bring to the process.
- Our realtors have access to the Multiple Listing Service (MLS) which keeps track of the huge majority of homes in the Phoenix and surrounding Valley markets.
- We are experienced and trained to write offers, provide real estate advice, negotiate offers, and solve problems.
- We are knowledgeable about, and have the analytical tools to determine, the market values so we can obtain the best price and terms for you.
- Realtors are customarily paid a commission from the SELLER. So there is usually NO CHARGE for a buyer to be represented by an agent.
- The buying process is complex. We can smooth these areas out to help it be a simple process even when unexpected problems occur. We have experience and are trained to handle issues that might otherwise end a transaction.
2. Getting ready to start home shopping
Once you have selected the right realtor, you may be asked to enter into an agency relationship for a specific time frame. Your Thomas Jambor Realty Solutions realtor then has a responsibility to work in your best interest only, known as a fiduciary relationship. It allows your realtor to formally represent you and your interests. This also creates loyalty and responsibility from both parties to work toward the common goal of finding and securing the purchase of your home. At Thomas Jambor Realty Solutions, we will not hold a client to an agency agreement for the duration of that agreement if the client becomes no longer comfortable working with that agent. However any introduction to a buyer or seller during the time of the agency relationship that leads to an actual transaction (usually the time frame limit is stipulated in the original Agency agreement), will most likely require you having to compensate that prior agent.
You then want to quickly determine and establish your prospects for mortgage financing, and/or determine your cash reserves documents, that can convey to a seller you have the ability to purchase the home. For mortgage financing, you can use your own existing lending institution, or shop your mortgage needs to various lenders and brokers to look what you feel is the best rate and terms . These mortgage brokers and lenders will also determine your lending qualifications and review the various programs that might best fit your needs. Whichever lender and program you decide to use, one very important item to obtain from your lender is a loan Pre-Qualification Form. This form is simply a brief statement (usually one page) from your lender that states you will most likely qualify for a mortgage loan, and approximately how much, so you can use this form to justify your offer. Think of it as a preliminary “OK” letter from your lender. Most purchase contracts (offers) with buyer financing involved now require a loan Pre-Qualification Form of some type to be included as part of the offer documents for Seller consideration of acceptance.
At Thomas Jambor Realty Solutions, we often get asked from our buyers if we can recommend mortgage brokers or lenders who will evaluate their qualification for a mortgage loan. We have many lender relationships based on good experiences from out past clients. We are happy to help you find one ideal for your situation.
Thomas Jambor Realty Solutions and our Associates do not receive any compensation, or residual fees of any kind, from using any professional person or entity we refer.
3. Shopping for your home
Thomas Jambor Realty Solutions, Your realtor will utilize advanced tools to allow you, along with your Agent, to directly seek out and review the homes that best fits your unique requirements. We start off by giving you access to a Thomas Jambor Realty Solutions MLS Direct Account. This is set up as an email link that provides you with automatic updates on homes within the MLS (Multiple Listing Service) matching your ideal criteria. This gives you internet and mobile access to allow you to see what is available in real time! It also allows you to notate which homes that you have the highest interest in actually seeing. You can even save your best liked homes, with any notes, and share them with family and friends, while your realtor will be updated automatically.
Once you have found a few homes that fit what you’re looking for, we will arrange a time to get you in to personally look at these homes. Usually you will look at a number of close matches during your showings, so it’s important you note what you like and do not like at each. Your Thomas Jambor Realty Solutions realtor will provide cutting-edge showing techniques to keep track of what you like most, did not like, or other features that were of interest on each house. This is important to help you remember more detail of each house and to help you select the best one. If needed, we may even go back and see a few of the top houses again and get a second look to confirm which home is “The One!”
4. Making an Offer
Now an offer must be made to the Seller. An offer is a purchase contract that outlines your price, terms and conditions, and contingencies included in the purchasing process known as escrow. We will discuss and work with you to determine the best offer. Sometimes it might be less than the list price. Other times when the home type is rare or buyer is high you may want to offer the full asking price or even a bit more. Your Thomas Jambor Realty Solutions realtor’s research on the home will be extremely valuable in the offer decision process. You will also want to make sure that any terms and conditions that you require, or that we suggest you consider, be included in the offer. As your realtor, we will write the offer with the required supporting addenda and documents, and present it to the seller’s agent. The offer and counteroffer stage typically takes 24-72 hours. If the home is a short sale or bank owned (REO) property, the offer documentation and review process can vary and responses can take significantly longer. These are special cases, and you will be informed and guided accordingly before submitting your offer by your Thomas Jambor Realty Solutions realtor to give you the best chances of success at the right price.
6. Opening Escrow
Your offer could be declined, countered, or hopefully accepted. Once you have an accepted offer between you and the seller, you will most likely be required to place a deposit of earnest money to demonstrate your sincerity to proceed. This actually begins the escrow process. The size of the earnest amount depends on a number of factors but is usually not significantly large, and it is typically determined upfront as part of your offer so you understand your commitment. The earnest deposit is held for eventual use as part of the of the closing costs and is even refundable if certain expected conditions do not materialize during the escrow process. The earnest deposit can also be forfeited if you do not proceed in good faith within the terms of the accepted offer, which is now the purchase contract. Thomas Jambor Realty Solutions agents are experts at protecting your interest and ensuring you understand your requirements so that such consequences are avoided.
Escrow is neutral, independent third party using an account for funds, that manages the completion and disposition of the purchasing process. It is created to process the sales transaction in accordance to the instructions contained within the purchase contract. It protects ALL parties involved and favors neither buyer nor seller by acting as the depository for all monies, instructions, and documents pertaining to the transaction so that a smooth transaction can occur. The escrow period also allows time to complete final financing qualification, appraisals, and structural and pest inspections, as well as check into insurance, secure a home warranty, and other activities specified in the purchase contract or as desired.
7. Closing Escrow
The close of escrow (COE) and transfer of ownership occurs when the transaction has been recorded at the County Recorder’s office, as noted by law.The close of escrow date in the purchase contract is usually noted as the date that the transaction was given to be concluded, in terms of all contractual and other items to be considered as was agreed between the buyer and seller, such that on this date the final exchange of funds and document signing between the buyer and seller will occur with sufficient time to close. It is also known as a settlement date. You must bring a valid photo ID and any funds not already sent to escrow that might be required. These funds should be in the form of a Cashier’s Check, or wired previously, so there is no delay in funding “clearing” a bank.
Once actual recording of your purchase takes place, and is confirmed (usually electronically the same day or next day), you may have the keys to your new home!