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Buyer's Information

Steps for Purchasing a Home:

Buying a home is a big step for most people so approaching the process with some degree of knowledge is recommended. A buyer's agent can help you navigate the real estate market and assist you in finding the best home at the best price.

  1. Personal Finances
    The largest factors that will determine what type of real estate you can buy are your personal finances. You need to ask yourself how much you can afford to spend on a home and maintain a comfortable lifestyle. Typically, you should locate and consult with a mortgage broker or loan officer to determine this. Approaching the home buying process with a letter of pre-approval from a bank will greatly increase your ability to negotiate with sellers.
  2. Contract with a Buyer's Agent
    Buying a home with the assistance of a buyer's agent makes sense because you will have an advocate that is focused solely on your interests. Negotiations in the home buying process can be tricky and it is highly advisable to use a professional Realtor to help you. A buyer's agent can provide expert guidance in areas of pricing, determining property taxes, evaluating inspections and neighborhood value; they can tell you about the schools and required permits. Best of all, a buyer's agent doesn't cost you a penny. Compensation comes from the seller of the home you decide to buy. A buyer's agent also has full access to the MLS and may have valuable information on properties that is not available to the public.
  3. Finding the Right Home
    The most important service a Realtor can provide is the assistance in finding the house that fits your unique needs. Identifying the features that you would like to have in a home is the first step. This website is designed to make your home search easy. You can search by feature and also see the latest listings and recent price reductions. You can also search using specific parameters on the Advanced Search Page. If you find a particular home you would like to see or if you would like immediate assistance, simply call or fill out the Request More Information page and you will be contacted promptly.

Once the above has been completed, these are the steps needed to purchase a AZ HUD Home Store Home and the information you need to know about how the process works, from start to finish:

Prior to listing:
1. Lender deeds property to HUD
2. Property is inspected and secured by MCB
3. Property is prepared for market
4. Property is appraised
5. The price is determined
6. Property is listed on the MLS and on the internet


After property is listed:
7. Real estate agent may show property to prospective purchasers
8. Real estate agent completes sales package with purchasers
9. Real estate agent submits a bid electronically
10. Bids are reviewed to determine best net offer to HUD
11. Bid acceptance posted on internet

After an accepted offer:
12. Earnest money held by Real Estate Broker
13. Sales Package is sent via overnight mail
14. If sales package is complete and correct, sales contract is signed
forwarded to HUD’s designated closing agent with a copy to the Real
Estate Agent.


After a ratified sales contract:
15. Earnest money delivered to HUD’s Closing Agent
16. Open escrow with HUD’s closing agent
17. Buyer secures financing
18. Purchaser(s) perform a home inspection
19. Sale closes at Closing Agent’s office
20. Purchasers re-key the locks after close of escrow.

Contact me Today to get started in the Home Buying Process: 602-321-6188 or email me at AZHudHomeStore@Yahoo.com

Thanks

Chris Dunham ~ The Real Estate Guy!