If you’ve been looking for a new home in Chandler, Arizona you’ve probably found some great homes in very nice neighborhoods. Maybe you’ve narrowed your search down to the perfect property and have made an offer on the home. You are probably wondering what’s the next step and what you can expect?
The time between making the offer and closing on the loan sometimes feels like a mysterious process. What exactly is happening and why do you have to wait before you are able to move into your new home in Chandler, Arizona?
Behind the scenes, there is a great deal of activity and a lot of people working on making sure that everything is right for you and your family to move into your new home. There are real estate agents, mortgage company brokers, home inspectors, appraisers, title company personnel, and insurance agents – all busy coordinating the necessary paperwork for the sale of your home.
First, your real estate agent will make sure that your offer on the home is appropriate for the property. They’ll pull the real estate transactions from comparable properties to determine the sales price and make sure your offer is in line with the others.
Next, the property will be inspected. A home inspector checks out the property carefully to determine if there are any problems or issues with the home that will require renovation or repair, or could potentially result in the property losing value. If there are issues, this inspection could give you negotiating power for a reduced price.
An appraiser comes out and looks over the property. The appraiser is primarily concerned that you are paying a fair price for the property. They want to make sure that the bank is covering their investment and not lending more money than is a fair value for the property.
Your realtor will be the person responsible for keeping the process moving along. He or she will coordinate with the mortgage agent any necessary documents or other information required, as well as keep track of how the loan is proceeding through the pipeline.
Finally, after lots of waiting and behind the scenes activity, you’ll actually arrive at the day of closing. This is that magic day when you hand over the money and receive the keys. Usually, the actual closing event is very anti-climatic – just signing lots of paperwork. It can be a little overwhelming, but is well worth it in the end. Bring a cashier’s check for the closing costs, and you’ll walk out the owner of a new home in Chandler, Arizona.
Gary Ogami has over 13 years experience working in the financial services industry. He has worked with hundreds of individuals and families to find mortgage options that work for them.
He prides himself on making the mortgage process as easy as possible for his clients and is very passionate about helping them save money and develop a strong financial foundation.
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