Hello Oclarke. That is a great question! I applaud you on your choice to purchase a condo in Phoenix!
First of all, after finding the 'perfect' condo for you and your family, you're going to submit an offer on an AAR Purchase Contract. If the unit you want to purchase is listed on the Multiple Listing Service (MLS), then it likely has a real estate agent that you would need to submit the offer to.
Your agent, called the 'buyer's agent', can sit down with you and put together the offer on a standard purchase contract. It will include things such as purchase price, earnest money, closing date, title company information, etc.
If the seller accepts your offer, you will begin your 'escrow' period. Any 'earnest money' that you stated on the contract must be deposited at the title company at that time. (US funds only)
If you're paying cash for the condo, then your 'escrow' period might only need to be 15-20 days.
Immediately after contract acceptance, you'll have 10 calendar days to inspect the property and determine if there are any deficiencies. You can then ask the seller to make some repairs based on the results of the inspection or you may choose to accept the property 'as-is' with no repairs requested.
After the inspection period, there's a bit of time needed for the title company to work up the closing paperwork that both you as the buyer and the seller must complete.
This only takes a couple of days, and once both parties have signed and your closing funds have been transferred to the title company, they will record the sale and you'll be the new owner!
Of course, this is a simplified description of the process. There are a few more details that your agent can explain to you. If you'd like help purchasing a condo here in Phoenix and you haven't chosen an agent to work with, feel free to give me a call or send me an email. I've helped many Canadian's purchase homes and condos here in the Valley for over nine years!
Thanks for the question!
Realty ONE Group
Lenders who do VA loans typically require a 640 credit score. If I am not mistaken, his credit score will be used not yours. But I may be mistaken as I haven't brokered a loan in a while. If you would like free help to boost his credit please visit my blog here on Trulia, or go to our website.
Best of Luck & Have a great day;
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