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STEP 1 - LAY THE GROUNDWORK - We will have to determine how much you want to spend on your new home and your lender will need Pay Stubs, W2s, Beneficiary, and Bank Statements, and Tax Returns to get preliminary loan approval for the desired loan amount and issue an Arizona Buyer Prequalification Form (PQF) required to be part of your purchase offer for the seller to confirm your ability to close on the sale when your offer is accepted.
Additional financial documentation required for final loan approval will depend upon whether you are paid a salary or a commission. You will need to provide the most recent pay stubs, bank statements, documentation for other sources of income, etc until loan documents are approved and sent to escrow.
STEP 2 - WORK WITH YOUR AGENT - In addition to your down payment, plan 3% of the purchase price as your closing costs you will need to close escrow. Out of pocket expenses early in the escrow are the appraisal and inspections (combined ~ $1000) which are part of your closing costs you will pay within the first 5-10 days of opening escrow. A word of caution, do not make expensive purchases or put anything on layaway or order window coverings, appliances, buying a new car, going on an expensive vacation or anything else before we close escrow or discussing it with your lender before doing so!
STEP 3 - STRONG COMMUNICATIONS - We need to keep in constant contact finding suitable homes and viewing the best, making offers, and be available to me, your lender and escrow. There's a lot to be done to be able to close on time and it requires all of us working closely together to avoid delays to get you moved on schedule.
STEP 4 - BE PATIENT, PERSISTENT and DECISIVE - The pace really picks up once your offer is accepted. Escrow will be opened and you will need to deposit your earnest money into escrow by check, bank draft or wiring. The seller's disclosures will be coming in 3 to 5 days and by then only 5 days remain to have inspections performed, evaluated and a determination made about what needs to be repaired and by whom, and sign and submit the BINSR repair request asking for repairs. Once approved, start arranging your move and notify the Post Office about your change of address.
STEP 5 - FLEXIBILITY - As close of escrow draws closer, you need to review the Homeowners Association Disclosures and Financials. If they have a rule you can't live with, you have 5 days from receipt of the disclosures to cancel escrow and get your earnest money back. Read the CC&R's, review HOA financial statements, understand the rules like no overnight on-street parking, current HOA violations the seller has incurred you may have to cure if the seller fails to do so. Make sure your insurance company has provided your lender proof of homeowner's insurance. Escrow won't close without it. Arrange utilities to be turned on at the new house and off where you are living now.
Together, we make an indomitable TEAM!!!