Best Home Buying Strategies
Home Buying in a Seller's Market
An extreme seller’s market due to a very low inventory of homes for sale means that buyers search for ways to get creative when offering on a home. Here are some of the strategies home buyers have considered...
- Should you write a cover letter with your offer?
- Should you add an escalation clause?
- Should you waive the appraisal?
- Should you waive the home inspection?
- How does a home sale contingency work?
- What are some offer mistakes to avoid?
Click here to see details and discussion on the above topics.
HOME BUYING STEPS
This is your checklist outlining the functions to be performed by your real estate team - your real estate agent, loan officer and title company - for a smooth and successful home purchase.
The steps indicate the role each team member of your "team" will take and the order in which each task is typically performed.
They are numbered for your convenience, however, some of these steps occur simultaneously.
All Team Members
Title / Closing Professional
Real Estate Agent
Loan Officer / Lender
1. Pre-qualification issued and loan programs discussed. (L)
2. Property viewed and selected. (A)
3. Offer prepared, signed by buyer then presented to seller's agent. (A)
4. Purchase Contract negotiated and ratified. (A)
5. Escrow opened. (T)
6. Full loan application taken. (L) Who Typically Pays Closing Costs?
7. Credit report ordered. (L)
8. Contract reviewed and contingency dates noted. (ALL)
9. Buyer delivers Earnest Money to title company via check or wired funds. (T)
10. Preliminary title report ordered. (T)
11. Home inspection ordered. (A)
12. Home appraisal ordered. (L)
13. Preliminary title report reviewed. (T)
14. Inspection reports reviewed and Buyer Inspection Notice (BINSR) prepared. (A)
15. Final loan documents accumulated for to submit for loan approval. (L)
16. Loan package submitted to loan underwriter. (L)
17. Loan approved. (L)
18. Appropriate title report items cleared. (T)
19. Preliminary settlement statement prepared and delivered. (T)
20. Signing appointment scheduled. (T)
21. Closing documents signed. (T)
22. Balance of funds needed to close are deposited by buyer. (T)
23. Signed loan documents sent to lender for approval. (T)
24. Funding package reviewed by loan underwriter. (L)
25. Loan funds wired to title company. (L)
26. New DEED recorded at the county courthouse. (T)
27. Closing is finalized and final closing statements issued. (T)
28. Parties are notified the closing is finalized. (A)
29. House keys are released to the new owner. (A)
30. Celebration! (ALL)
To have a smooth and successful home purchase, it's vitally important to have experienced professionals on your team. Seek out the BEST!
Strategies for Winning a Bidding War
In a seller’s market, multiple offers can quickly stack up on desirable homes. Use these strategies (and others) to gain an edge. Let my experience and advice guide you through the process.
Utilities for the Phoenix East Valley
APS (west side): https://www.aps.com/en/residential/home
SRP (east side): https://www.srpnet.com
Southwest Gas: https://myaccount.swgas.com/start
Internet & TV Service:
Cox Communications: https://www.cox.com/residential/home.html
Orbitel (Sun Lakes & Maricopa): https://www.orbitelcom.com
Water, Sewer & Garbage:
Queen Creek: www.queencreek.org/departments/utilities/water/
Sun Lakes: https://pima-utility.hub.biz
Information and links are provided as a courtesy and are not guaranteed. Utilities info is always subject to change. If you notice an incorrect link, please shoot me an email so I can make the correction. Thanks.
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Ward Stone PLLC
Real Estate Professional since 1984
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Over 35 years experience / Over 1,000 homes sold
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