Understanding the Arizona home buying process demystifies the journey from finding your dream home to getting the keys. Once your offer is accepted, the process officially begins with the opening of escrow. You will submit your earnest money deposit, which is held in a neutral third-party account.
Next is the inspection period, typically 10 days in Arizona, where you'll conduct all desired inspections (general, termite, pool, etc.). Based on the findings, you can negotiate repairs with the seller or, if necessary, cancel the contract.
Simultaneously, your lender will order an appraisal to ensure the home's value supports the loan amount. You'll work closely with your loan officer to submit all required financial documents for final underwriting.
Once your loan is approved and all contract contingencies are met, you'll do a final walk-through of the property. The final step is signing your closing documents at the title company. Once the deed is recorded with the county, the home is officially yours!