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Pre-qualify for a Loan

This is a very important step to determine how much home you can afford. Our lender is an expert in mortgages and will provide you with a pre-qualification form that tells sellers you are capable and serious about your ability to purchase. Ultimately, you will leave our site and go to HomeQuestLoan.com for the best information. For now, you can start HERE.

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Click to view: MORTGAGE CALCULATORS

Finding Your Home

You have 2 choices: 1.) Search like the pros yourself with our personal MLS portal or 2.) Give us your dream home criteria and we'll set up automatic delivery of homes to your email. Use our Contact Page to send us an email with your choices.

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We'll make all the arrangements for you to visit the homes of your choice. Some homes are occupied and require appointments while others will be vacant and available to see at most anytime. 

 

There is no pressure to buy a home when you work with us. We understand you'll want to see a number of homes before you know which one is best for you. Take your time and enjoy the process. You'll know when you've found the right home. We can provide you with a "home scoring card" that will help you remember and rank the homes you see.

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The Buyer's Agreement

This requires a little reading, but it's worth understanding.

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WHAT HAPPENED?

Buyer's agreements became mandatory beginning August 17, 2024 after the National Association of Realtors (NAR) reached a settlement in a lawsuit alleging price fixing of commissions. Why price fixing? The plaintiffs alleged that because the MLS had a data field showing how much a buyer broker will earn from a sale it was easy for all Realtors to say "that's the normal buyer's broker compensation." It was also alleged that some buyer's brokers could sort through listings and only promote those with higher compensation to their clients while ignoring those with lower compensation. Lower commission listings could sit on the MLS longer. That kind of action, while only practiced by a few unscrupulous people, clearly does not support the idea of finding the best home for a client. 

 

WRONGDOING?

The settlement makes clear that NAR continues to deny any wrongdoing in connection with the MLS cooperative compensation model rule. However, it wants to protect it's members from further litigation and bring this action to a close. What does this mean to clients?

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WORKING WITH?

The “working with” language is intended to distinguish MLS Participants who provide brokerage services to a buyer—such as identifying potential properties, arranging for the buyer to tour a property, performing or facilitating negotiations on behalf of the buyer, presenting offers by the buyer, or other services for the buyer—from MLS Participants who simply market their services or just talk to a buyer—like at an open house or by providing an unrepresented buyer access to a house they have listed.

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EFFECT ON COMMISSIONS?

Commissions are entirely negotiable, and a buyer's broker's compensation will no longer be a data field in the MLS.  A seller must determine what they will pay to sell their home. The seller and listing broker must also decide how the commissions will be allocated between the listing and selling broker. A selling broker who wants to keep most of the commission must have the sellers permission to do so. Most will probably agree to an equitable split. However, the buyer's broker will never know what he/she will earn until they enter into negotiations to purchase a home. Enter the Buyer's Agreement. The buyer's broker will need to submit a request for compensation at the time of an offer. The amount will most likely be determined as part of the process, but the buyer must be made aware of the terms of compensation.

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TERMS?

The Buyer's Agreement will detail what services the buyer's broker will perform and how much they will earn. The buyer's broker cannot receive more money than the agreement states. It will also confirm in writing if the buyer is to pay a retainer fee for the buyer broker's services, especially in the event that the seller prefers not to pay, or to pay very little to a buyer's broker. It will also stipulate if the buyer will be reimbursed once the buyer's broker is compensated by the seller. 

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NEED FOR A BUYER'S BROKER?

Does this new arrangement discourage buyers from seeking the help of a Realtor? No. Although most listings have been made available to 3rd party websites, and it's easier than ever to find a home on the internet, a buyer must realize that a listing agent has their first duty to the seller. The Realtor ethical code says that a listing agent must be honest with any buyer, but that duty stops short of negotiating only with the best interests of the buyer in mind. It was the seller who hired the listing agent, not the buyer. A buyer's agent is focused on getting the best deal for the buyer.​​​​

The Offer

Making an offer to purchase a home requires a combination of experience in finding properties that specifically meet the buyer's need, determining home values, negotiation, contract forms, legal commitments, the ability to spot red flags (areas of concern), and follow-up. Let us guide you through the process. We've been doing this since 1999, and experience counts!

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An offer to purchase contains the specific and written terms sought by the buyer and discloses the compensation to be paid to the Realtors. The offer gives the seller a specified period of time to respond before it expires and is null and void. That time can be extended if agreed upon by both the buyer and seller.

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A seller can accept the offer, reject it, or submit a counter offer changing one or more terms of the offer. A counter offer essentially replaces the terms of the original offer with terms put forth by the seller. It also allows the buyer the same options the seller was granted at the time of the original offer (accept, reject, or another counter offer).

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The offer will contain specific details on:

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  • the offer price

  • the legal names of the buyers

  • the type of financing, amount and location of the earnest deposit, requested closing date, and any concessions to be granted by the seller

  • if necessary for you to complete the sale, a possible request for the seller to pay some of your closing costs

  • the length of the inspection period (normally 10-days) in which the buyer determines the condition and suitability of the home with the right to cancel the contract and get a refund of their earnest deposit

  • which costs are paid by each party

  • the rights and obligations of both parties, including the disposition of the earnest deposit in the event of a breach by either party

  • arbitration in the event of a dispute

10-Day Inspection Period

You'll have 10-days from an accepted contract to fully investigate the condition of the home and any factors that affect it's suitability to your needs. You can rescind your offer if the house is found to be unsatisfactory. However, you can also ask the seller to make repairs and avoid cancellation of the contract. This can be another time of negotiation.

 

The seller will help you by providing 2 things: 1.) a Seller Property Disclosure Statement (SPDS) in which the seller is legally obligated to disclose any known defects with the home and, 2.) an Insurance Claims History detailing any events that caused an insurance company to pay a claim on the property in the last 5-years. The latter will aid you in determining the insurability of the home.

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There is a buyer's guide provided by the AZ Association of Realtors that provides an entire list of items you can investigate. This is usually accomplished by hiring a home inspector. A home inspection varies in price depending on the size and features of a home. You can also include your own due diligence. A very brief sample of these items include (but are not limited to):
 

  • heating/cooling

  • foundation

  • roof

  • plumbing, sewer, and electrical

  • lead-based paint in homes older than 1978

  • pests

  • schools

  • crime

  • restrictions by a home owners associations

  • radon gas or flood zones

  • and many more​

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The Appraisal

An appraisal is required on any purchase that requires a mortgage. The appraisal assures you and your lender that the home is worth the agreed upon price. Appraisals can cost between $450 and $850. Because the cost is non-refundable, we recommend you not authorize your lender to order the appraisal until you have finished your 10-day inspection period and are sure you want to complete the purchase. The appraisal is an important step and one of the last major conditions required by your lender. You're on your way to the final closing when the house appraises.

 

There will be a few options if the house does not appraise: 1.) you can cancel the contract and receive a refund of your earnest deposit, 2.) the seller can reduce the price to match the appraisal amount or, 3.) you can meet the seller somewhere in between the contract price and appraised value. However, doing this assures you will need to bring extra cash to the deal because your lender won't increase the loan size to meet a higher price.

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Appraisal Factors
The best comparable sales are those that are:

  • sold in the last 3 months but within a maximum of 6 months

  • within 1 mile

  • within +/- 10 years build time

  • within +/- 15% square feet (20% is permissible)

  • the same number of levels

  • similar lot size

  • same/similar parking and pool arrangement

  • similar features and upgrades

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Adjustments in value are based on differences between the property you're evaluating and 3+ comparable sales.

Escrow & Title

​Escrow companies and title companies are both neutral third parties that play important roles in real estate transactions, but they each have different functions. The escrow company can be the same as the title company, but they can also be different depending on a companies specialty.

 

Escrow companies manage funds and assets for the transaction:

  • Escrow accounts: Protect earnest money and other funds throughout the closing process

  • Contract enforcement: Ensure that the contract is followed and that money goes to the correct places when the contract terms are met

  • Deed transfer: Manage the transfer of the deed for the money paid

 

Title companies protect the property's title and ownership history:

  • Title searches: Ensure the seller legally owns the property and that the title is clear of liens, encumbrances, or other legal issues

  • Title insurance: Protect the buyer and lender from legal claims about ownership of the property

  • Litigation: Help settle liens and judgments on the property​

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Dos & Don'ts

Here are some considerations during the escrow process:

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Don'ts

  • Don't apply for credit or run up a balance

  • Don’t be late on any payments

  • Don't change jobs or employers

  • Don't change banks

  • Don't make large deposits into your bank accounts unless told to so by your lender (e.g. receiving gift funds from a family member)

  • Don’t co-sign a loan for anyone

  • Don’t spend money you’ll need for closing costs

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Do's

  • stay in touch with your lender, escrow company, and realtor to insure you submit necessary documents and complete any required tasks

  • be aware of times lines

  • plan to turn on/shut off utilities at the proper times

  • give enough time to pack and move your belongings

Home Warranty

A home warranty will pay for covered repairs within a specified time period, usually 12-months. Multi-year plans are available. It's important to learn the extent of covered repairs. Some warranties start with basic plans around $450 and have upcharges to cover a pool, roof, or additional appliances.

 

There will be a per-trade deductible for each service request that will range from $65 - $100. That means you will pay 2 deductibles if you call a plumber and an electrician. Conversely, you will pay one deductible if you have multiple issues that are all plumbing related. A comparable unit will generally be provided if an item cannot be repaired (possibly to a maximum dollar amount)

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A home warranty may have value to you. What should you consider when making a decision?

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  • Age of the home

  • Age of specific components in the home (e.g., the AC unit)

  • Overall condition of the home and how it was maintained

  • Ability of yourself or a member of your family to fix a variety of things

  • Availability of funds to pay for unexpected breakdowns

  • Peace of mind offered by a warranty

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WHO PAYS?

You can buy your own warranty or you could ask the seller to provide one, depending on the situation and negotiations. In other words, if you're already asking the seller for a number of concessions, asking for them to pay for your home warranty might be a bit too much.​

Final Document Signing

The purchase contract states that all lender documents should be at the escrow company 3-days before your closing date. Work with your lender to make sure this deadline is met.

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The first step in final document signing is the closing disclosure. A real estate closing disclosure, also known as a CD, is a legally required document that provides a detailed breakdown of the costs associated with a real estate transaction. It's typically given to the buyer a minimum of three business days before the scheduled closing date. The purpose of the closing disclosure is to ensure transparency and accuracy in real estate transactions, and to help both buyers and sellers understand the financial aspects of the deal.

 

After signing the CD:

 

  • the escrow company will review the CD and prepare the final closing documents per the lender's instructions

  • a preliminary settlement statement will be submitted to your Realtor who will ensure it's accuracy and share it with you

  • you will schedule a signing appointment with the escrow company

  • you will either wire your funds to the escrow company or get a bank check to present at your signing appointment

  • remember to bring a minimum of one state or federal ID issued ID; 2 forms of ID may be required in some cases


 

Final Walkthrough

It's important to do a final walkthrough just before the sale is completed. Why? There are 2 main reasons:

 

1.) You probably asked the seller to make a few repairs. It's important to verify the repairs were completed, and a physical inspection is the best way to do that. The seller is also obligated to provide receipts for any repairs, which is especially helpful for areas that are not easily accessible, such as roofs and attics.

2.) The seller has no further obligation to make repairs once you are the owner. For example, let's say the air conditioner stops working 2 days before the sale closes. If you discover the issue during a pre-closing walkthrough, a repair request can be made and the seller must remedy the problem. You can even delay the closing until the problem is fixed. But you have no legal right if you skip the walkthrough and find the problem after the home is yours. The same can be said for any issue that develops between the completion of your 10-day inspection period and the closing of the sale. ​

Closing & Keys

You will receive the keys from your realtors once the sale is recorded with the county. This is what needs to happen:

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  • both the buyers and sellers have signed all sale documents with the escrow company and the buyer has delivered their closing funds

  • the buyer's lender has received and reviewed the signed documents from the escrow company

  • the lender has funded the loan with the escrow company

  • the escrow company has released the recording of the sale to the county

  • the county has verified the recording

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This process has become more efficient with today's technology.

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