HOW TO BUY A HOME
1. Contact St.John Realty Group
Choosing St.John Realty Group provides you with many advantages. Please contact the St.John Realty Group prior to viewing any homes or properties for sale since this may eliminate your opportunity to be represented by a St.John Realty Group Representative.
2. Mortgage Pre-Approval Process or if you are paying Cash, "Proof of Funds"
3. Mortgage Approval Information (skip this step if paying cash)
Tax returns and W2s for the last two years.
If self-employed, a current Profit & Loss and the year-end statement for the last two years.
Employer's name and address covering the last two years.
Previous three months' checking, savings and money market account statements.
Last three consecutive pay stubs.
Names, addresses and balances of all loans, accounts, assets and credit cards.
Copies of divorce decree and/or bankruptcy papers if applicable.
4. We Find Your Arizona Dream Home or Property
5. Prepare, Submit and Negotiate Purchase Agreement
6. Receive Seller Property Disclosure Statement
Your agent will provide this disclosure within five days of contract acceptance. Direct all questions and concerns to your St.John Realty Group agent who will handle necessary resolutions.
7. We'll Arrange Home and Termite Inspections
Inspections should occur within 10 days of contract acceptance unless the contract states otherwise. Once these inspections are complete, you and your agent will prepare a list of any repairs that the seller will be asked to make. If the seller elects not to make those repairs, the contract may be renegotiated or canceled.
8. Loan Officer Provides Conditional Loan Approval (skip this step if paying cash)
Once your lender has verified your employment, deposit and all other information, the lender may conditionally approve the loan. This is called conditional loan approval because they still need to review the appraisal, termite inspection and title report before giving final approval.
9. Mortgage Company Orders Appraisal (if you are paying cash no appraisal is necessary)
Ordered within five days from contract acceptance unless stated otherwise in the purchase contract. The listing agent will meet the appraiser at the property and the appraiser will conduct an inspection of the property to assess its market value. In most cases, the property must appraise at or above the purchase price. If it does not, the seller may reduce the price to meet the appraised value or may cancel the contract.
10. You Secure Homeowners Insurance
This insurance protects you and your home against theft, liability and fire. Once you select a desirable policy, have your insurance agent contact the title company.
11. Final Loan Documents
Loan documents are issued to the title company by the mortgage company once the above steps are completed and your loan has been approved. At this time, you will be contacted by the title officer to sign the loan documents and deliver the funds necessary to complete the transaction. At the same time, the seller will be called in to sign the deed and other required documents.
12. Final Walk-Through Inspection with Your Agent
Done before the deed is recorded in the names of the entities defined in the contract. When we have completed this final inspection of the property and you are satisfied with its condition, the title company will be given the approval to complete the transaction.
13. Funding (skip this step if paying cash)
If there is a mortgage, the entire loan package is referred to the lender. Upon its review, the funding check is delivered to the title company.
14. Documents are Legally Recorded
Now that the title company has the funds and all necessary title documents, the transaction can be recorded. The home is now legally yours.
15. We Deliver the Keys to Your New Home!
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