11 Steps to Buying a Phoenix Home Series-Accepted Offer!

This is a very happy day in the Phoenix home buying process

Buying a Phoenix home process in escrow
Each buyers experience leading up to an acceptance on their Phoenix Home is unique. The acceptance of terms by both parties is a very delightful milestone when rejections, multiple offers and multiple counters are the norm.

Next up: Open escrow on your Phoenix home

The amount of earnest money is obviously negotiated before you get to this point.  Typically you will have up to 24 hours to open escrow unless of course this term has been changed during negotiations, such as the case with many bank addenda that allow up to 48 hours to open escrow.  Arizona is a title state (versus attorney state) which means you will be opening escrow on your Phoenix home with a title/escrow company which is a third party that holds the funds according to the contractual terms negotiated. Typically, unless otherwise negotiated, your earnest money remains refundable through the inspection period as well through various other contingencies that must be removed such as qualifying for your loan if applicable and the Phoenix home appraising at value.

Know your obligations as a Buyer upon acceptance of your Phoenix home negotiations

Opening escrow is your first order or business once your Phoenix home offer is accepted but that’s just the start. Once you are under contract there are several things you must do as a Buyer that requires your timely attention as you may hear and read in your contract that ‘time is of the essence. If you do not already have a full loan application in with your lender you will be required to do so within 5 days if not negotiated sooner such as in a bank addenda for a Phoenix foreclosure home.  Your inspection will start so it will be time to conduct your due diligence on the property typically within 10 days.  You will want to have your loan paperwork complete as soon as possible so once your Phoenix home appraisal comes in your file can go to underwriting ASAP to ensure you meet your close of escrow (COE).

Understand your Phoenix home transaction is very time sensitive

Time is of the essence when buying your Phoenix home and with this in mind all parties are required to proceed in a timely fashion to complete their obligations to avoid complications from nonperformance.  Your Realtor will help guide your through each phase of the transaction. A great resource that you will be given when you write your initial Phoenix home offer is the Arizona Dept. of Real Estate Buyer Advisory.  This serves as a great reference tool throughout your Phoenix home transaction and you can click on the link above to bookmark it for future use.

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