6 Steps to Buying A Home - #1 Offers & #2 Escrow
With some many new residents and first time home buyers coming to Arizona this week we are going begin our series the buying and selling process from Offer to Close.
This week in real estate we're going to talk about the 6 steps to home buying and selling and this week we're going to cover the first part which is negotiation and the second part which is working with a title company and what exactly a title company does for you
Step number one is your offer and making sure that your offer is one that the sellers will look at and say, "I want that one!". What we do when we work with our clients is make sure it's a win-win situation. We want to make your offer as attractive as possible so that the seller is going to pick their pick your offer over all the other offers. There are many times you're going to be in a multiple offer situation. Just the other day we were in a situation where the house came on the market; Day 1 there were 12 people looking at it and there was a multiple offer situation on day number 1. Our buyer was the one that was chosen and we were so excited. We made their offer look very attractive to the seller and that's what you need to make sure you're doing. Making it a win-win situation for both the buyer and seller is the key.
The second step is after your offer is accepted and opening escrow with a title company. In some states they do it differently; They may use lawyers or other means to close your transaction. In Arizona we use a title company which is a third party, neutral administrator for the whole buying process. They're going to collect all the money. They're going to collect all the paperwork. They're going to make sure that everything is done to the satisfaction of both parties. They'll provide you with a title search to make sure that the buyer gets a title that is clean and with no liens or encumbrances on it. They're going to work with the seller's mortgage company to pay off any loans that they have. They'll distribute money to all the parties that are involved.
I know it sounds really boring but it's really one of the most important things that you have happening in your transaction. You want to make sure that whoever you're using for a title company, they take a very detailed approach to making sure all those things are happening; That the title is clean and you know exactly what you're gonna be paying in your closing costs.
I'd say all title companies aren't the same. I'd certainly talk to your realtor. We have a preferred title company that we run all our business through and we're very comfortable that they're going to do a great job for you.
If you want a list of closing costs and who pays what; What the seller pays and What the buyer pays, just send us a message. We'll send you that list.
Next week we're going to cover steps 3 and 4 which are the inspection period and the appraisal period. A lot of people get those two confused but they're 2 distinct processes.
Are you ready to BUY or SELL in the Phoenix, Arizona area? Contact US: