First Time AZ Homebuyer
The first time homebuyer in AZ may be a little surprised when first bidding on
a property in Arizona. The market is a true sellers market right now. There are
a lot of pitfalls and small print details as well as hard trading in these high
flying home selling times. First time buyer be aware that your first offer
should be a high one, used to stake out a position of strength amongst the
other bidders vying for a certain property. In some markets, for instance in
Ahwatukee a few months ago, there was a shortage of available property, making
the competition hot and heavy. After a high bid to stake out a strong position
for a certain piece of property the buyer will be able to go into negotiation
on the terms of the sale.
Formal AZ Appraisal
These terms will begin to be negotiated at the time of the formal appraisal
ordered by the buyer's mortgage company. This appraisal can often drop the
price that the seller is asking. If the seller is in a hurry or not savvy to
the ins and outs of the process this can save the first time buyer money on
this transaction. This appraisal is not to be confused with the Market
appraisal that the agents do since this is a MLS comparison of houses sold in
the area recently. Also, a home inspection will be ordered and then performed
by a contractor schooled and licensed to check problems in the home's systems
and structure. These can range from dry rot and termites in the wood to up-to
date air conditioning and heating controls and properly grounded outlets in the
walls. Problems here can lead to repairs paid for by the seller before closing
to possible thousands off the top of the house price at closing.
Arizona Homebuyer Position
Finally, keep in mind that as the buyer you can make proposals in writing
pertaining to cost savings in repairs, length of time in closing to taking
possession of the property, to renting the property back to the seller if they
need more time to vacate. Give some thought to what you want here, as these
things are all negotiable.
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