Every decision in a real estate transaction could SAVE or COST home buyers tens of thousands of dollars in unnecessary expenses.
Smart Home Buying Strategy
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Market Intelligence
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Smart Home Buying Strategy
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Market Intelligence
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Trusted Lenders
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Decisions on Cost
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How much can you afford? Key factors to consider:
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Down payment requirements
LOAN TYPE | DOWN PAYMENT | DETAILS |
CONVENTIONAL | 5%+ | You can put as little as 5% down and as much as you want. If you put less than 20% down, you may have to pay mortgage insurance, but that drops off after you reach 80/20% value. |
FHA | 3.5% | The lowest traditional down payment program; there is additional mortgage insurance for the life of the loan. |
DOWN PAYMENT ASSISTANCE | $1,000+ | A program for people who qualify with credit and income but do not have enough savings for a down payment. |
VA | 0% | A special program for military buyers that allows them to put almost nothing down toward the purchase. |
USDA Rural Loan |
Traditional Sale
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New Construction Sale
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Bank Owned Sale
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Short Sale
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Making an offer
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Multiple Offer Strategy
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Closing Costs
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You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the closing, unless you are able to include them in your financing. Typically, total closing costs will range between 4-5% of your mortgage amount. In today’s market it is often common for the seller to pay some of your closing costs. This is called sellers contribution to your closing costs and is negotiable
Home Inspection
We highly recommend you have a Certified Home Inspector conduct a thorough inspection. The inspection is to eliminate potential surprises to the buyer. Your home cannot “pass or fail” an inspection. The inspector’s job is to report on major damage or serious problems that require repair and make you aware of repairs that are recommended or necessary. Home owners insurance must be done during the inspection period
The Inspection will include:
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We would also recommend that you get a separate Termite Inspection as this is not typically included in the Home Inspection.
The seller may be willing to negotiate completion of repairs or a credit for completion of repairs, or you may decide to cancel the offer.
Your inspection is a contingency to the purchase agreement and is usually a 10 day period.
Home Warranty
Previously-Owned Home Warranties:
When you purchase an existing home, you can purchase warranties that will protect you against most ordinary flaws and breakdowns in major mechanicals and appliances for at least the first year you own the home. The warranty may be offered by or negotiated with the seller, or you, as the buyer can choose to purchase the home warranty.
New Construction Home Warranties:
When you purchase a newly-built home in the state of Arizona, the builder offers a full home warranty on things such as the quality of design, materials, and workmanship.
Home Owner’s Insurance
Updating Information
The Final Details
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The Closing
Who will be there?
What will you need?
What is expected from you at the closing?