11 Steps to Buying a Phoenix Home Series-Closing

Your almost ready to move into your Phoenix Home

Phoenix home closing
When do I get the keys?  A question that is commonly asked by anxious home buyers anticipating getting settled into their sometimes long awaited Phoenix home. The answer=As soon as it records.  In most cases Buyers can not take occupancy of their Phoenix home until the transaction closes and records. This is especially the case if you are buying a Phoenix foreclosure home.  However, this is a negotiable term and in some instances you may be able to occupy the property earlier than closing.

Review of the Phoenix home transaction from contract to close

Your Realtor should inform you on each phase and what to expect as you move along.   The key milestones leading up to this point from the time your Phoenix home contract was accepted (assuming you are financing your purchase with a loan) are outlined below;

  • Escrow
  • Loan application
  • Due diligence
  • Appraisal
  • Underwriting
  • Loan docs
  • Final walk-thru
  • Signing
  • Funding and recording
  • Occupancy/Keys :)

Prepare so your Phoenix home transaction is a smooth one!

With a positive attitude, a little education on the Phoenix real estate market and an experienced Realtor by your side, your Phoenix home transaction should go off without a hitch!  Upon this conclusion to our  11 Steps to Buying a Phoenix Home Series (and for a shameless plug :)) we would like to remind you to contact our team of experienced Buyers Agents today to get started with your Phoenix home search.

Our Phoenix home listings below are updated in real time so please take a moment to browse recent Phoenix foreclosures below:

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Using Real Estate To Diversify And Optimize Your Retirement.

Many of us have most or all of our retirements in a 401k at work. However, if you can access your 401k funds your can roll some of them over into a Self Directed IRA. This can give you more flexibility and allows you to take advantage of economic downturns instead of being taken advantage of.

If you have the money in your 401k to purchase some real estate, a Self Directed IRA LLC will allow you buy the property using the funds from your account. (Self Directed IRA LLC are more expensive in California and Illinois but there are other options for those states.)

It will take about $2000 plus a state filing fee to set up the account. That will include the set up of the IRA, the LLC and guidance on how to proceed. That cost also includes consulting after the plan is up and running.

If you purchase the property as a rental all rent is paid directly to the LLC and continues to grow your investment. Taxes, maintenance costs, etc. are paid by the LLC. So your personal income isn’t involved.

It’s important to remain diversified and do this with only part of your retirement. Opportunities exist for purchasing real estate at low prices, now is the time. Rental income plus the appreciation will have a huge impact on your retirement.

To maximize rent revenue, buy the best house in the worst neighborhood. To maximize appreciation, buy the worst house in the best neighborhood. But find the best deal you can.

Be sure of what your doing and don’t rush into anything. Find a good company to work with. Work with people you trust.

When you retire, you can keep your Self Directed IRA LLC. The LLC can pay you as you need money. If you prefer, you can take ownership of the LLC yourself. It’s just important to take ownership of your financial life and make something happen.

NAFEP (The National Association of Financial and Estate Planning) wants to put you in control of your finances with the following: self directed IRA and self directed 401k products, administrative and custodial services.