From luxury homes in Scottsdale and sprawling mansion in Paradise Valley to private estates in Phoenix and even an urban loft or penthouse in Tempe. The process for buying luxury real estate or condos throughout the valley of the sun can make you feel like running around like a chicken without a head (when its 110 degrees outside there is no time to be running around). Don’t worry Top Selling Realtors at Lavish pAdZ have compiled a list including insider tips, expected timelines, and everything in between for buying luxury property in Arizona.
Before you meet with a real estate agent or broker
- Evaluate your budget – know what you want to spend for a down payment as well as monthly expenditures (i.e.; maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, etc.)
- Obtain mortgage pre-approval (. ** Insider Tip** before meeting with an agent or have the agent refer a lender – believe me agents know some of the best). Don’t wait till you find the home or condo of your dreams as you can lose out in multiple offer situations.
- If you are paying CASH, a bank approval letter, financial advisor letter, or account info will suffice.
- Prioritize your needs – Space, views, location, features, etc.
- Identify your timeline for moving. This is important because buying a home can take as little as 14 days upwards of 60+ days.
- Research different neighborhoods to identify your preferred needs.
- Research schools in the selected neighborhood(s)
- Evaluate access to freeways, proximity to work, etc., in the selected neighborhood(s)
Once you have met and chosen a Realtor/Broker
- Work closely with your Broker/Realtor and let him/her know your thoughts on properties, features, location, wants, etc. ** Insider Tip** Do not hold back, say exactly what you feel, and enjoy the process.
- Explore different neighborhoods to identify your preferred needs. . ** Insider Tip** If you ever want to know a true neighborhoods lifestyle and character tour them in the evening hours and Speak to the neighbors.
- After you have Research schools in the selected neighborhood(s). . It’s time to tour these schools, meet the principal, and teachers. . ** Insider Tip**
- Once a luxury home, mansion, estate, lavish pad, penthouse, or high rise has been selected, review building amenities, enhancement fees, inspection report, etc. with your broker/ attorney. This can be done during your inspection period or before.
- Seek Pre-Approval for a mortgage – typical timeframe 1-2 days
You must know how much you can spend before you spend it.
- Begin searching for a property – typical timeframe 1-3 months
- Find a Luxury Home, Mansion, Condo, or Property: Typical time frame: 1 week – 3 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 properties before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of homes viewed before buying by our internet buyers is 4-5.
- Sign a contract – typical timeframe 1 day – 1 week
Generally, in Real Estate sales transaction in Arizona, two Realtors or Brokers represents each party (buyer or seller). To initiate the negotiations or make an offer one must sign the Arizona Real Estate Purchase Contract and submit to the seller along with proof of funds or pre-approval loan letter. Negotiations begin at this point or if you are lucky they accept your first offer. Once both parties agree the buyer or seller sign the contract and forward the contract to the buyer’s agent who then forwards to Title Company and the buyer opens escrow with a 1-10% deposit; at this point the contract is executed.
** Insider Tip ** possible contingencies: financing, closing dates, closing costs, etc. The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.
- If your first offer is not accepted; Let the Negotiating begin – typically timeframe 1 day – 1 week+
** Insider Tip ** Everything is negotiable so inquire about fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, property disclosures, washer dryers, cars in the garage, even the pizza in the oven J
- Apply for a mortgage: Receive Commitment Letter from Lender. Typical time frame: 1 – 3 weeks
** Insider Tip ** Mortgage applications cannot be processed without an executed contract. If a home is being financed, per the contract a commitment letter from a lender is required a week before close of escrow. These letters are generally the last items to complete a real estate sales transaction.
- Inspections – typically time frame 10 days from signed executed contract
** Insider Tip ** You get 10 days to do any and all inspections: Home inspection, termite inspection, surveys, real estate taxes, enhancement fees, mold inspection, building inspection, title report, liens, etc.
- Schedule a Closing: Typical time frame: 1-2 weeks
** Insider Tip ** typical time frame from the time a home is found, to the time a home closes: 1 – 2 mos. If cash can be as quick as 15-30 days. This is all part of the negotiations on the initial contract.
- From accepted offer/opening escrow – closing can take as little as 10-14 days or upwards of 45 days.
- Condominiums are classified as “real property”. You, the buyer would get the deed, just as if you were to buy a house. As the owner, you may rent your apartment to anyone you wish.
- Real estate tax is charged separately from common charges that represent monthly maintenance fees.
CONTACT AGENT and begin you luxury home, private estate, mansion, penthouse, high-rise, or luxury condo buying process or hit Juan up direct at
- SELLING Luxury Real Estate & Condos in Arizona
- 7 Opp’s when selling a luxury home
- 8 mistakes to avoid when buying a luxury home
- Buy or Sell first
- Second Times a charm selling the house that didn’t sell
- Sell your home manual
- The best asking price for your home
- Getting your home ready to sell
- Penthouse, Condo, and Loft sellers guide
C: 480.458.8007 ~ E:LavishPadBoutique@gmail.com
This is a great article! Thanks for posting!
Thanks Kay Grant!