Buying home Prescott Arizona

 

If you are thinking of moving to “Everybody’s Hometown”. . . then welcome!  You will love Prescott!  In Prescott, Arizona, you will find countless activities to do including horseback riding, golfing, kayaking, fishing, hiking, camping, mountain biking, local breweries, restaurants, and shopping.  All of this plus a hometown feel that keep Prescott visitors, young and old, coming back year after year.

Located in the mountains of north central Arizona in Yavapai County, surrounded by National Forest, and sitting at a mile-high elevation,  Prescott has a perfect climate with four distinct but gentle seasons. These are a few of the many reasons people love living in Prescott!

Smooth Home Purchase

Buying a Prescott, Arizona, home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

1. Check your credit.

Before you apply for a home loan, regardless of your credit, it's a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it's easier to address them before you have found a house, than after you have found a house and are trying to close your loan.

If you know that there are a few blemishes on your credit, let your lender know what they are, why they are there, and why you are a still good credit risk. Lenders look at your credit to determine how likely you will pay back the loan. If you had extenuating circumstances - like a loss of a job or medical bills - let them know so that they understand that it is not likely to happen again in the future.

2. Get approved before you buy.

An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close.

Getting approved to finance a Prescott home also gives you an advantage over other buyers. Your firm approval makes it easier for you to negotiate on the price of a home, than a person who is not approved or is pre-qualified.

While getting pre-qualified may sound official, it is really just getting an idea of what you can afford. It is having a person plug in a few numbers that you give them - your monthly income and your monthly debt - and getting an approximate payment calculated. From the payment, the calculator can approximate the house price range that you can afford. No information is verified. Because your assets, income or credit is not verified, a pre-qualification has little value when purchasing a home.

3. Find a great buyer's agent.

Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you.

A buyer's agent's job and fiduciary responsibility (meaning legal duty) is to you, the buyer. Before working with an agent, establish if they are a buyer's agent or a seller's agent. After spending a lot of time with a Realtor, it's natural to feel like you're a team. But if they are not negotiating for you, then they are not on your team.

Hopefully these tips will help you as you begin the process of buying a home.  We would love to help you take the next step, give me a call at (928) 308-9595, and we can help ensure a smooth home buying experience.

Tim & Charlie Anderson

(928) 308-9595