Happy Wednesday! This week we are going to talk about the important dates to remember when buying a home in Arizona. Buying a home can be a very confusing process, especially with all the deadlines and timelines involved. We hope that this list will help you during this process. So lets dive in!
Day 1 Congratulations, your offer has been accepted!
Once you have an accepted offer and are now under contract, you will need to deposit your earnest money to the Escrow Company. The AAR Purchase Contract says that the earnest money needs to be deposited Upon Acceptance of the offer.
Day 1-10 Inspection Period
Now that your offer has been accepted and escrow has been open, the clock starts. The first stage of the contract is the buyer’s Due Diligence. You have ten days from contract acceptance to conduct all the inspections you desire. The seller has 3 days to deliver the Seller Property Disclosure Statement (SPDS) and 5 days to deliver the Insurance Loss History to the buyer. Once the buyer feels that they have learned all they want about the property, they will deliver the Buyer Inspection Notice and Seller’s Response (BINSR) within the 10 days.
Day 11 Appraisal Ordered
Once the inspection period is over, the buyer and lender will order the appraisal. The appraisal makes sure that the property is valued at the purchase price, it can be above. If the property appraises below the purchase price, the buyer has 5 days to cancel the contract or decide to continue.
Days 11-28 Loan Approval
During this time frame, the loan is finalized and the buyer will need to provide any additional documents to the lender. Once the loan documents are finalized and all contingencies have been removed, the lender sends them to title for review and signatures. The buyer will receive a closing disclosure, this lists all costs the buyer needs to pay at closing.
Days 28-30 Funding
Signed loan documents are returned to the lender for review and title makes sure all terms and conditions have been met. Once that is complete, the lender will send the funds to Escrow.
Day 30 Closing Day!
Congratulations, the home has been transferred into your name and you are the homeowner! After title confirms recording and the home has been transferred, the keys are yours!
If you are thinking about buying a home and have questions, give us a call at 602-354-5404! Be sure to check back every Wednesday for a new blog update!