Straightforward answers to your Phoenix & Scottsdale real estate questions.
Typically, a financed transaction takes 30-45 days from contract acceptance. Cash deals can close much faster, often in 10-14 days.
Arizona is a "title company state," so attorneys are generally not required for residential sales. Title companies handle the escrow and recording, though I always recommend legal counsel for complex situations.
By custom in Maricopa County, the Seller usually pays for the Owner's Title Policy, while the Buyer pays for their Lender's Policy. However, everything is negotiable!
Pre-Qualification is an estimate based on what you say. Pre-Approval is a verified commitment from a lender after checking your docs. In this competitive market, a Pre-Approval is essential to having your offer accepted.
If the bank values the home lower than our offer, we have options: negotiate the price down, cover the gap, or cancel. My "Appraisal Prospectus" strategy is designed to prevent this headache before it starts.
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