The Home Buying Process

Steps in a Real Estate Transaction

When buying a Sedona home there are several steps involved and usually they need to happen in a certain way. Below is a checklist for various steps needed to be taken in a Sedona real estate transaction.

1. Get pre-approved for a loan
This is very simple but having a pre-approval letter in hand when presenting an offer lets the seller know you are a serious buyer and have done your financial homework ahead of time.

2. Find  a home you like in your price range.
Start your search online or visit some open houses in your area of choice. Its also a great idea to obtain the help of a buyers agent in your search. Buyers agents have your best interest at heart and work to help you find the right home and facilitate the transaction. Using a buyers agent costs nothing to you the buyer.

3. Submit an offer
Your buyers agent will help you write up a solid contract stating how much you are going to offer on the home and details such as closing date, finance options and contingencies.

4. Once the offer is mutually accepted have an inspection
If there are negotiations on the contract, these will need to be fully agreed upon before earnest money can be deposited and inspections can take place. It is highly recommended though not required to have an inspection. Remember, this is probably your biggest investment and you will want to know as much about it as possible. Costs for this will typically be out of pocket.

5. Finalize financing and set up homeowners insurance
Once the inspection is cleared, either by the buyers stating no further issues need to happen or seller has agreed to fix or resolve found issues, then lenders go to work locking in rates and finalizing documents to be sent to escrow. You will also need to set up homeowners insurance. They will need information about your new home in order to close with escrow.

6. Start packing and do a final walkthrough
This is vital to the satisfaction of the home. If problems were resolved in an inspection, you will need to do a walk through the home to be sure and that you are satisfied with the current state of the home. Once the home is yours there is very little recourse you can take against the sellers.

7. Closing and Key exchange
Escrow will call you to come in and sign documents for the final paperwork on the home. This may take a while and you are free to ask questions on every piece of paper you sign. A good escrow agent will help you through this process. Closing of the home will happen a day or two later as closing actually occurs when all monies have been disbursed and the deed is properly filed with the county. Keys can also not be given to the buyer until this happens. Be patient, the home will soon be yours.