How To Buy a Home in Arizona From Start to Finish

(Information accurate as of September 22, 2023 )

How To Buy a Home in Arizona From Start to FinishPhoto byKelly Cook

Are you considering a move to Arizona or looking to purchase your first home in the state? Whether you're a first-time buyer or have already identified your dream house, understanding the process in Arizona is crucial. In this video, we break down common questions that homebuyers often have.

First and foremost, it's essential to determine how much you can afford. The financial strength is vital before you jump into the property market. In Arizona, you can either pay with cash or finance your purchase, and if you choose the latter, there are various loan options to explore, including VA loans for veterans, FHA loans with low down payments, and conventional loans.

The next step involves deciding on an offer for your desired property. The amount you offer depends on the market conditions, with strategies differing in a buyer's market compared to a seller's market. Having a knowledgeable agent can help you navigate these nuances.

Once you've found your ideal home and decided on an offer, the next question is about the logistics of making that offer. In Arizona, the contract process is governed by a set of contingencies. The due diligence period typically lasts for 10 calendar days, during which you can perform inspections and gather information about the property. If you discover any issues, you have the option to withdraw your offer without any penalties. The contract also includes an appraisal contingency, ensuring the house's value aligns with your purchase price. Lastly, the loan contingency allows buyers to withdraw within three days of closing if financing becomes a challenge.

Finally, when buying a house in Arizona, you should be aware of the fees involved. The good news is that as a buyer, you don't have to pay broker commissions; the seller covers these costs. You will need to cover expenses like escrow fees, title insurance, and some small fees related to endorsements, property taxes, and recording. Additionally, if you're financing your purchase, be prepared for potential lender fees, such as processing and underwriting fees.

Understanding these key elements of the home-buying process in Arizona will help you make informed decisions and navigate the market with confidence.

Kelly Cook has been a licensed Realtor in the Phoenix Valley for over 18 years and is the Team Lead of Cook & Associates Real Estate Advisors! Kelly Cook and his team of 25+ agents can be reached through email at info@cookandassociatesaz.com or by phone at (480)442-9868. Visit our website at www.myhomevaluecalculator.com to find out your home’s value.