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Information for Arizona Homebuyers
This section is designed to provide most of the information and forms common in to buyers in purchasing a typical residential home in Arizona. It should address most of the questions homebuyers may have. However, every purchase is different and so each transaction may require some specific expertise. Useful information can be found in the Buyer's Advisory published by the Arizona Association of Realtors. If you have any questions please call Tucson Realty Advisors at 800-901-4547 or e-mail your question to info@ClickTucsonMLS.com
The Major and Typical Steps in Buying a Home in Arizona
- Overview of SW Arizona and the Tucson Real Estate Market
- Loan Status Report (LSR) or Preliminary Financial Qualification (10-15 minute conversation with lender)
- Selection of neighborhood and home criteria important to each buyer
- Each Home Buyer should prioritize there own list as to needs and wants
- Selection of an appealing area to live (ex. NW Tucson)
- A narrowing of the area into perhaps 2 or 3 communities or subdivisions
- Preliminary site visits and/or on-line reviews of neighborhoods and homes meeting buyers criteria
- Zeroing in process selecting the best home in the best neighborhood of choice
- Review of the purchase contract and documents and contingencies in Arizona
- Two major Seller Contingencies 1- Inspection process 2- Financial Approval
- Discuss and develop negotiating strategy and initial offer
- Submit offer and negotiate counter offers are typical and there is no deal until both buyer and seller agree to all terms (Time is of the essence)
- Work with Lender to get mortgage commitment
- Inspect the home thoroughly, read the Sellers Property Disclosure Statement (SPDS), inspect until you are satisfied
- A 10-day inspection period is typical but you can ask for more time (must be agreed upon by both parties during contract negotiation.)
- Close of escrow (COE) signings in Arizona are normally done separately (by buyers and sellers) 3 days before recordation and occupancy (receipt of keys)
*Disclaimer; The list above is not designed to be all encompassing but rather an overview of the Arizona Home Buying process. There may in fact be many more items that must be attended to by buyers and their REALTOR ® . For more detailed information on the home buying process click here.
Please Print, Read, and Review the 3 Major Purchase Documents below and highlight any questions so that you can get them resolved before signing any documents.
3 Major Documents common to the initial Purchase Offer
1) Standard Arizona Purchase Agreement (sample)
2) Loan Status Report (LSR) (sample)
3) HOA Request for Information (sample)
This site provided courtesy of:
Tucson Realty Advisors
Email Questions: info@ClickTucsonMLS.com
Toll Free: 1-800-901-4547
Fax: 1-800-887-2197
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