Find Your Perfect Home in Phoenix

If you can, take a drive around the neighborhoods and communities that interest you to get a feel for the area. You can look online at listings as well. If you've found a property you like, contact your agent and they can schedule a time to visit the home.

When looking at properties, ask your agent about the long-term resale value of the properties being considered.

Talk with your agent about your desired property and establish criteria together. How many bedrooms and baths would you like? Do you want a yard? Is there a specific school district you'd like the property to be zoned in?

There are many factors to consider, so communicating them will help your real estate agent focus on the right potential properties.

Your real estate agent's negotiating skills will be important for handling the offer process. Once you've found the property you want to purchase, it's time to make an offer. Your real estate professional will do all the necessary analysis to help you create an advantageous offer.

A good agent will examine the potential costs and expenses associated with the property. During the negotiation process, your agent will draft the purchase agreement. Home warranty, escrow arrangements, and title will be included in the offer.

Your agent will advise you of all protective contingencies, local regulations, and customary practices as well. Remember, your real estate professional will advise and notify you of important information, but it is ultimately your decision as to the terms and exact price you wish to offer.

Initial Agreement and Deposit

An effective agreement is a legal arrangement between a potential purchaser and the property's seller. Some important tips to keep in mind to streamline the process:

The Closing Agent

Once both parties have agreed upon a contract and signed all documents, either a title company or an attorney will act as the escrow, or closing agent, and you will put down your deposit.

The escrow is a neutral third party that will hold, receive, and distribute all funds associated with your transaction until the closing date of the property. They will research the complete history of the property to ensure that the title is clear of encumbrances by the date of closing and that new encumbrances are added correctly to the title.

Before escrow can be closed and you can officially purchase the property, all contingencies agreed upon in the Purchase Agreement must be met.

How to Hold Title

There are several types of ways to hold title, or ownership, of a property. Each title method has different implications on ownership transfer, collateralization, financing, and taxation.

We recommend speaking with an attorney or tax advisor about the pros and cons of each method, so you can determine the best option for your property. We would be happy to connect you with trusted attorneys and tax advisors in the area.

Inspections

As part of the contingencies outlined in the Purchase Agreement, you will schedule a licensed property inspector to come to the home within the time frame agreed upon by both parties. Inspectors will determine the condition of the property and alert you of any problems.

You may wish to have multiple inspectors look at the property who specialize in certain areas (ie. roof or plumbing inspectors). If you are purchasing a commercial property, you might be required to complete an environmental audit or soil test on site for the lending institute.

If the inspections reveal issues to the property not specified in the purchase agreement, you may request a renegotiation of the terms of contract (usually the price). Once you are satisfied with the inspections and terms of the purchase agreement, the contingencies will be removed.

Appraisals and Lending

Keep in contact with your lender so you are notified when new documents are required to approve your loan. If the Purchase Agreement is conditional upon financing, the lending institute will require a home appraisal by a third party licensed appraiser.

The appraiser will confirm the investment in your property is accurate. Appraisers are experts in determining the value of property based on a variety of factors including building costs, square footage, operating income, and more.

Double check with your lender two weeks prior to closing to confirm the loan will be approved on time.

Association Approval

Some properties might require an association's certificate of approval prior to purchase. If so, make sure to request all rules, regulations, and necessary documents from the seller.

In the Purchase Agreement, you and the seller will agree on a time frame for you to submit paperwork or set up any appointments required for the association's approval. Once accepted, your closing agent will request the original copy of the approval letter, so it can be recorded with the deed in the county record books during the property closing.

Property Insurance

Basic property insurance plans will protect you from damages to your property including fire, theft, and certain weather events like wind or hail. While most states do not require a property owner to have coverage, most mortgage lenders will.

Depending on your intentions for the property, you will be required to either purchase homeowners insurance if you plan to live in the home, or landlord insurance if you wish to rent out the property as an investment initiative.