Purchasing a Home: How Fast Can I Close?

After a few weeks to a few months of preparation, searching the internet for Phoenix Homes for Sale, writing contracts and coming to terms on that new home purchase, our buyers always find a special home. Then, the next inevitable questions arise: “When is the Big Day? How fast can I close escrow and move in?” Well, here are a few items to consider that will help guide you to that big day if buying in Arizona.

• Disclosures – In Arizona, the real estate contract calls for the seller to make seller property disclosures, insurance claims disclosures and to delivery a copy of the title report for review. Each should be delivered within five days of contract and each allows for a review period of five days.
• Lead-Based Paint Disclosure – If the buyer is purchasing a home built prior to 1978, the Arizona contract allows for a 10 day risk assessment or inspection period. The risk assessment period begins upon delivery from the seller of the Lead-Based Paint Disclosure which may happen as late as 5 days after contract acceptance or requiring a full 15 days to determine Lead-Based Paint risk at a property.
• Home Inspections – Most buyers prefer to have a general home inspection and a termite inspection of a potential home purchase to uncover unseen problems. While most home inspections don’t turn up deal-breakers, some issues can arise such as termites, roof replacements or mold. When these larger repair issues arise, the buyer and seller generally will have a second negotiation as to who will cover which repair costs. When selling Phoenix Arizona Homes, the Arizona contract calls for this 2^nd negotiation to begin no later than 10 days after acceptance and to end at 20 days after contract acceptance.
• Home Owner Association (HOA) Disclosures – While the Arizona contract calls for delivery of all HOA information to the buyer, state law allows HOAs 14 calendar days from the time of the request to delivery to provide all necessary information. Normally, the title agency involved will make the request for HOA documents at 5 days after contract acceptance, so delivery of these documents may not happen for 19 days.
• Cash or Financing? – The good news here is that if a buyer is paying cash and does not need financing, close of escrow can happen as soon as all above items are complete and the buyer feels comfortable. In Arizona, some buyers may close within 10-15 days if all vendors are on top of their game. However, if a buyer requires financing, closing may happen as soon as 23 days for conventional loans and 30 days for FHA loans. Situations do vary, so be sure to consult your Arizona mortgage consultant to determine how long of a close of escrow will be needed.

So… are you:

• Tired of just reading and talking about a new home purchase?
• Itching to get started finding that special home?
• Ready to find out how to get a great deal?

…then the Thompson Group is ready to help!

Our Phoenix AZ Realtors are specialists in combing the Phoenix MLS and knowing the Phoenix Real Estate market to find the perfect home for you. Don’t wait! Give us a call today at 480-776-5214 or www.ThompsonGroupAZ.com to get going and find your new home.