Information for Home Buyers

10 steps to buying a home

  1. Hire a Local Realtor
    Buying a home with the assistance of a local buyer’s agent makes sense.  First, you will have an advocate that is focused solely on your interests.   A buyer’s agent can provide expert guidance in areas of pricing, determining property taxes, evaluating inspections and neighborhood value.  Moreover, a buyer’s agent has full access to the Arizona Multiple Listing Service, National Association of Realtor’s and the Cromford Report. A buyer’s agent provides you with valuable information not available to the public. Did I mention that you don’t pay a Buyer’s agent? The Seller pays commissions. If you think you will save money by making an offer on your own think again. All that happens in these types of situations is the listing agent (the Seller’s Realtor) makes more money. Neither you nor the Seller save any money.
  2. Read The Buyer Advisory
    Your agent should provide you with the Buyer Advisory prior to buying a home or as soon as you meet them.  If you sign a contract and then consider the neighborhood crime rate, schools, area demographics, etc. what benefit is it to you?  None. You are already under contract and can not use any of the aforementioned to your benefit when negotiating terms.  Be a savvy and knowledgeable Buyer by doing your research and knowing exactly what you are getting into.
  3. Assess Your Situation, Motivation and Limitations:
    If you are not ready, willing and able to buy then you probably shouldn’t begin your search just yet.  Ready means that you are emotionally able to invest in a home.  With homeownership comes a level of stress you are not accustomed to.  Willing means that you are eager to search for a home and willing to put forth the effort that the search will require. It is your Realtor’s job to assist you not to persuade you to buy. Able means that you qualify for the loan and you have the money for a down payment and closing costs.
  4. Write Down Your Wants & Needs:
    Wait, don’t start searching just yet. Evaluate what you want in home vs’ what you need in a home. What are you willing to compromise? Do you need 3500 square feet or do you want it? Needs are must haves. Wants are perks you could happily live without. If school districts are important make it a non-negotiable need. This will really help to narrow down your search.  You’d love to have a pool, but could happily live without one.
  5. The Difference Polishing Your Credit Makes:
    Running your credit before you apply for a loan is smart. Look for discrepancies and clear them up. You can dispute them with the credit bureau or the company. The three major credit bureaus are:
    • Trans Union 1- 888-503-0048
    • Equifax 1-800-977-2493
    • Experian 1-888-EXPERIAN (397-3742)

  6. Shop For A Mortgage Lender:
    Shopping for a good mortgage professional is extremely important. Do some research before contacting your lender. Find out what programs you may qualify for. Some companies do not have access to all programs, so you want to make sure the lender of your choice offers programs that you qualify for.
  7. Calculate the Numbers:
    A down payment is usually between 3.5% and 20% of the total cost of the home. Some lenders also have loan options that allow for no down payment for rural areas.  In addition to the down payment, many mortgages require two months of mortgage payments in savings.  This is called reserves.
  8. Let The Search Begin:
    Your search should; be easily accessible for you, keep track of declining prices, maintain your favorite listings and be interactive.  You do not want to track down homes for sale by searching a hundred different websites.  You need full access to search and interact with the Arizona Regional Multiple Listing Service.
  9. Make An Offer:
    I will assist you in purchasing a new build home, resale home, foreclosure, short sale or any for sale by owner property. I will negotiate the best possible terms for you!
  10. Get An Inspection:
    After your offer is accepted it is important that you get a home inspection. As your home buying liaison I will coordinate all necessary home inspections, including a termite, mold, environmental, septic, etc.

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Can I Afford It?

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Curt Baumgarth, Realtor, MBA
Century 21 All Star, Realtors
9414 E San Salvador Dr
Scottsdale, AZ 85258
(480) 266-9796

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