When you’re thinking about buying a home for sale in Scottsdale
, it’s a process – there are several things that need to happen to make your transaction a successful one.
Some of the most important things you’ll do during this process include:
- Figure out how much house you can afford
- Get mortgage preapproval
- Find a buyer’s agent
- Look at homes
- Make an offer
So what’s involved in each step? Here’s what you need to know.
#1: Figure Out How Much House You Can Afford
Before you begin your home search, it’s a good idea to figure out how much house you can afford – you don’t want to waste time looking at the wrong houses. Your total housing payment shouldn’t exceed 35 percent of your pre-tax (gross) income. (In fact, you should keep that percentage as low as you can.)
#2: Get Mortgage Preapproval
Shop around with different lenders so you can find out what terms and interest rates you qualify for. Different lenders have different loan products, so talk to several to find something that meets your needs. Once you find a good lender, ask for a mortgage preapproval; that way, you can shop for homes in the right price range – and, when you find one you like, you can make an offer quickly.
#3: Find a Buyer’s Agent
It doesn’t cost you anything to work with a real estate agent when you’re buying a home. The person who’s selling the home you’ll eventually buy will pay your Realtor®. Your agent will help you find homes that meet your needs, schedule private tours of those homes, and walk you through the entire transaction when you decide to buy.
#4: Look at Homes
You’ll most likely find the homes you want to see on the internet (you can check out our Scottsdale real estate listings
now, if you’d like) or through your Realtor. When it’s time to see the homes in person, your agent will schedule showing times that work with your schedule.
#5: Make an Offer
When you find a home you love, your agent will talk to you about putting in an offer. This is the part where you offer the seller a certain amount of money and he or she accepts, rejects or negotiates with you. Your real estate agent will help you negotiate and reach a deal that both you and the seller can live with – and once that’s done, you’re well on your way to owning the home.
The closing process usually takes between 30 and 45 days, but that can vary a lot. Your agent will be with you every step of the way, though, and you’ll always know exactly where you stand. This is the time for inspections, financial paperwork and a whole flurry of other activity. Once the inspections are done and all the ducks are in a row, you’ll sit down at the closing table with your agent, the seller, the seller’s agent, possibly an attorney, a broker and whomever else has an interest in the deal. You’ll sign the paperwork that makes the seller’s home your home. You might get the keys that day, or maybe the next day (your agent will know what’s happening in your situation) – and then you can move in when you’re ready.