Arizona Home Buying Major Do’s
- Select a REALTOR® to represent you exclusively for the purchase of your home, the highest priced item you own. Would you go to court without a lawyer?
- Communicate early and often with your agent.
- Get pre-qualified before you start looking. This is a major plus to a seller considering your offer, and could save time and frustration.
- For your purchase offer: (1) understand it before you sign it; (2) address all issues in first offer; and (3) list all personal property you expect to stay. If in doubt, list it.
- Get copies of and read the CC&R’s, plus HOA financials and newsletters. For new construction, the Public Report is a very important document.
- Do your final shopping for a loan commitment with your purchase agreement in-hand. Lenders tend to be more specific then. Get a GFE – Good Fait Estimate … the terms & commitment in writing from every lender you are considering.
New Home Purchase. Please note … In the purchase of a new home, it may be even more important that a Buyer be represented by a Realtor®. With few exceptions, the home builders servicing the metro area deal with buyer prospects in good faith, and make every effort to deliver the product promised. But there are certain facts that cannot be ignored:
- Every builder is there to make a profit – and generally the most profit possible.
- The cost and nature of the product delivered will directly impact the builders profit.
- The primary objective of most subcontractors, who actually produce the home, is to get the job done, get paid, move to the next. Some care about quality – but it is not primary.
- The builder and his/her employees naturally put the builders interests first.
- The builder’s sales agent actually has a legally binding fiduciary duty to the builder.
In the Contract documents a Buyer must sign to buy a new home, there is a form whereby the Buyer acknowledges and accepts that the builder’s sales agent represents the builder exclusively with fiduciary obligations to the builder that legally limit the advice that can be given to any Buyer.
And consider this – everyone on the builder’s side of the transaction is a “pro” who is involved with buying, selling, and/or constructing homes every day as a way of making a living -and- the product you are buying from the builder is likely your most valuable asset.
Your home is at the core of your happiness, way of life, and financial well-being. It simply is just NOT prudent to depend on nothing but the good faith of all of the parties involved with the builder to deliver the home as promised, or any anything less than the maximum price a buyer will pay.
You truly need a “pro” on your side of the transaction. Best of all – your “pro” , TNT, is available to you without even a penny charge to you.