Purchasing Your New Home in Prescott
Should you have any questions about any of this information or if you're ready to get started, just contact me: (928) 308-5086 or by email.
Step 1 – Get Ready to Purchase a Home
Before you begin looking for a home, there are many things you should consider. It's likely that you'll want to form a checklist of items you need, get a feel for what neighborhoods and school districts you want to live in and start planning your budget. Ensuring your mortgage payment is less than or around 1/3 of your monthly income is a good rule of thumb.
Step 2 – Contact a Prescott Realtor®
That's where I can help. I'll book a time to get together so we can talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Prescott area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process. There are some very good mortgage professionals in Prescott that I am happy to recommend, so you'll be in great hands. They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin House-Hunting
After our first meeting, I'll start finding available homes on the market that suit your needs. I'll take a sneak peek of many of the houses and reject those that aren’t the right fit, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we tour, I'll identify good features and bad ones. And I'll ask you to tell me about things you like and dislike. It's pretty common for buyers to amend their wish list as we view homes, and some items become more important than others. If that happens, I'll go back through the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a Feel for the Market
My knowledge of the Prescott area housing market is an indispensable advantage in your search. I'm conscious of all the neighborhoods and school districts, and I will communicate what districts are “hot” and demand immediate action and the ones that are “cool” and allow for thoughtful analysis. As we view homes, I'll let you know if the asking price has room for negotiation, or if I believe the home is “priced to sell.”
Be on guard and make sure you ask your agent lots of questions, as any real estate agent will tell you they know the housing market. If the results don’t match the claims, call me at (928) 308-5086 or e-mail me, and I'd be happy to answer your questions. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the Ideal Home
I'm certain we'll find the home you’ve been waiting for in Prescott. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as obtaining financing, finishing the home inspection, and a clean title.
Upon submitting your offer, you will need to submit “earnest money.” This is a cash deposit given to a home seller to secure an offer to purchase the property, and it's most often put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's very common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Obtain Your Loan
Once the deal is finished, you'll begin working with your mortgage lender to close the loan. It won't take long at all if you're already pre-approved, but you'll need to stay in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the Deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application. The estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your house. This should occur at a title company or escrow office and is most often a smooth and relaxing affair.
Step 9 – Move In
You made it! It's time to move into your new home and enjoy. And if you need anything, just contact me at (928) 308-5086 or send me an e-mail.
140 N. Montezuma Street
Prescott, AZ 86301
Cell: (928) 308-5086
Why Choose HomeSmart?
To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year. However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac).