BUYING YOUR HOME My services are FREE to Residential Buyers! It is simple, just "click here" and I will email homes for sale in your target area, directly to you! New to buying a home? Protect yourself and always use a licensed Realtor. I have over 20 years of business experience and I use all of my expertise to ensure that your home purchase moves along, smoothly. Here is what one client described: (letter on file) Bill, I want to thank you for your superb help in successfully closing on the property on xxxxx Way in Cave Creek. If it hadn't been for your absolute "can do" and "will do" approach, we would have never closed in time! To have found me a 1031 exchange property in 36 hours (including a fully executed contract and inspection), you truly merit the name "Lightning Bill." As you know, I was almost out of time on my 1031 exchange and am glad I ran into you. Without your expertise and knowledge of the market, I would have had to absorb a hefty tax bill.Again, Bill, thank you for everything. Brian
Residential Purchase Contract Explained - http://www.aaronline.com/News/ARDonline/RPC_ARD_Insert.pdf For more general information, click on the link below:  <<<click here, also.
I do not charge residential Buyer clients anything, to show and sell them property. In Arizona, the Seller pays all Realtor fees. Tips on buying a home. Foreclosures: How to Buy a Fannie Mae Owned Home As a prospective home buyer, you have many options in your search to find an affordable home. One of those options today is the purchase of a home that has been foreclosed and is currently owned by Fannie Mae. Avoiding the Pitfalls Unfortunately, even the best planning can fail to protect you from the many surprises and obstacles that can materialize in the course of the home buying process. These tips will help guide you to a more comfortable and painless purchase process. Are You Ready to Buy a Home?" Test What do you ask yourself when deciding if you are ready to buy a home? The four questions explored here are among the most important when determining if you should now consider a home purchase. Benefits of Homeownership Owning a home can bring financial rewards as well as a personal satisfaction that comes with knowing that you have a piece of the American dream. This article from explores the many benefits and rewards of owning your own home. How a REALTOR®
Can Help The enormity of the financial transaction aside, finding the right home to fit our particular needs and wants is no easy undertaking. Though some people may think of using the services of a REALTOR® only when selling their homes, a REALTOR® can be invaluable when buying one as well. Preparing the Offer You finally found the home of your dreams - now what? I have the answers to your questions about this exciting and often nerve- wracking experience. The Home Inspection and You <click here What is a home inspection? Why do you need one? How do you find a qualified inspector? These answers and more are addressed by The American Society of Home Inspectors®, the oldest and leading non-profit professional association for independent home inspectors. ************************************** 77% of all properties for sale are within the FHA price point ($356,000) Call me for more information!******************************************************************** Why use a Realtor? 76 Things that can go wrong in a real estate transaction and counting.. There is almost an endless list of problems that must be navigated in a real estate transaction. 1- The loan is denied
2- The appraisal is too low.
3- The Seller changes their mind to sell.
4- The Buyer changes their mind to buy.
5- The Buyer's employment changes.
6- The Buyer's credit changes.
7- Property cannot be conveyed by Seller.
8- There are mechanics liens on the property.
9- There are property encroachments.
10- New easements are discovered.
11- The CC& R's are not agreeable.
12- The Home Owner’s Association documents are not acceptable.
13- The Buyer’s renting history is not long enough to qualify for a loan.
14- The down payment amount cannot be reached.
15- The Seller cannot find a new property.
16- The Mortgage company “Underwriter” pulls the loan.
17- Final loan contingencies cannot be met.
18- The Seller dies.
19- The Buyer dies.
20- Probate has not cleared.
21- The money wire fails to arrive.
22- Social Security numbers don't match and clear.
23- 'Notice of Interest' found on the title.
24- Seller can't be found or the Buyer can not be found. It happens.
25- Home has sold once before, in past 90 days (FHA properties).
26- Property Tax ID is incorrect. Tax info is not correct.
27- Buyer cannot obtain insurance for the property.
28- RADON gas is found.
29- Toxins found on the property.
30- Corrections to the SPDS must be made.
31- Seller concession is disallowed.
32- Principal broker dies.
33- Seller has tenants.
34- Conflict in Buyer's current lease.
35- Loan program changes in mid-contract.
36- Water soluble soils found.
37- Spring found on property.
38- Property is below flood level.
39- Property description is not valid.
40- Unrecorded easement dispute.
41- Property line dispute.
42- Possession dispute.
43- The Buyer declared incompetent.
44- The Seller declared incompetent.
45- Buyer is not going to occupy the property and the loan fails.
46- Capital Gains tax changes sale contingencies.
47- Government condemns or seizes the property.
48- Buyers must sell their home before purchasing.
49- Seller owes more than purchase price and a very lengthy “short sale” process ensues.
50- Buyer's down payment is garnished.
51- The property inspection uncovers problems.
52- Seller takes out bankruptcy during the contract.
53- Compactable soils found. Contamination found.
54- Loan is late.
55- Appraisal is late.
56- Money for down payment is outside the country.
57- The Lender demands repairs to the property.
58- Buyer's 'proof of funds' do not clear.
59- Buyer's employment verification does not clear.
60- Tax lien encumbers the title.
61- Water rights are in dispute.
62- Seller removes 'real property' from the site.
63- Seller's employment transfer to another state, reverses.
64- FHA requires repairs (FHA only).
65- Underwriter leaves on vacation. Mortgage person quits or leaves.
66- The home is damaged, while under contract.
67- Buyer changes employers and affects the “qualification”.
68- Buyer increases debt while under contract and is disqualified.
69- Buyer's cash funds are not 'seasoned'.
70- Sale fails on 'chain reaction' of sales.
71- A person or family member on title cannot be found.
72- Title must reflect divorce decree.
73- Buyer 'credit lines' are too short.
74- Adverse possession rights are found.
75- Subsurface fissures are found.
76- No agent on other side. JUST TO NAME A FEW THINGS THAT CAN GO WRONG! *********************** GET A CLUE REPORT or an INSURANCE STATEMENT CLUE, an acronym for Comprehensive Loss Underwriting Exchange, is a national database that tracks insurance claims on properties. By looking at a home's CLUE report, you can see claims on the property for the past five years, which may reveal hidden problems such as mold or water damage that a buyer would want to know about.
RESPA - Real Estate
Settlement Procedures Act  <click here Your Rights as a Consumer
Under the law, every consumer has the right to equal access to credit and the right to full disclosure of all costs associated with obtaining a mortgage. The Equal Credit Opportunity Act (ECOA) provides for equal access to credit regardless of race, religion, age, color, national origin, sex, marital status, income from public assistance programs or exercising of rights under the Consumer Protection Act. There are additional protections if you have a physical or mental disability. For more information on your housing rights, contact the U.S. Department of Housing and Urban Development (HUD) and request the Fair Housing - It’s Your Right brochure. Web site: www.hud.gov
In addition, ECOA requires that you be notified as to whether your application has been approved as requested, modified or rejected within 30 days of the completed application.
Specific reasons for rejection must be given to you, in writing, at the time of rejection or upon within a specified period of time following your written request for the specific reasons. An application is considered complete once the lender has received all the information necessary to make a loan decision. This may include such information as:
- Credit reports
- Employment/income verifications
- Appraisals- Approvals
- Proof of coverage by insurance companies
- Additional information, as required
Additional consumer protection laws included the Real Estate Settlement Procedures Act (RESPA) and the Federal Truth-in-Lending Act. RESPA requires lenders to give you advance notice of estimated closing costs in purchase and refinance transactions. The Federal Truth-in-Lending Act requires all lenders to fully disclose, in writing, the terms and conditions of a loan including the annual percentage rate (APR), which reflects the cost of obtaining credit.
Types of Loans
There are many different types of mortgage loans. Most borrowers choose a 30-year term, but loans are also available in 15-, 20- and 25-year terms. 40 loans are now available from some lenders.
Fixed-Rate Mortgage
A fixed-rate mortgage is stable because the interest rate is set for the term of the loan and you make the same monthly payment of principal and interest for the life of the loan. This stability makes it easy to plan a budget and manage your finances.
Adjustable-Rate Mortgage (ARM)
An ARM usually starts with a lower interest rate than a fixed-rate loan. After the initial period, which ranges from 6 months to 10 years, the rate will adjust up or down annually (or semiannually) for the life of the loan based on a specified index. Your monthly payment changes as the index changes. The ARM features a lifetime cap, which is determined at the time you lock in your interest rate. You know from the start the maximum rate on your loan.
Combination Mortgage
You receive a first mortgage combined with a second, smaller mortgage (home equity loan or home equity line of credit) at the same time for a total combined mortgage of up to 95% of the house price. With this option, you avoid the cost of private mortgage insurance while still being able to make a small down payment. And you can get a larger mortgage without paying the higher interest rate of a jumbo loan. The most popular combinations are 80-10-10 (80% first, 10% second, 10% down payment) and 80-15-5 (80% first, 15% second, 5% down payment). For borrowers looking to make lower monthly payments up front, most Banks offer initial, interest-only ARMS. These let you make fixed, interest-only payments during the first three, five, seven or ten years of the loan. And for borrowers looking for maximum payment flexibility, most Banks offer an adjustable rate mortgage with a very low initial rate and three payment options each month. ******************************************** Most common home types listed for sale in the Phoenix area 83.8% Single family residences
5.8% Condominiums
5.4% Townhouses or townhomes
2.5% Manufactured homes
1.4% Patio homes
0.6% Twin homes or gemini homes
0.3% Lofts
0.1% Modular homes Before you go on to see the definitions, examples, and photos, there are three things you must know: The Arizona Regional Multiple Listing Service does not have definitions for townhouses, patio homes, twin homes or for any other home type, and there are really no legal definitions for different types of houses in Arizona.
The Maricopa County Assessor, for example, lumps several these home types into the same category. It is not uncommon to see the identical home marketed as a townhouse by one person and as a patio home by another, or as a patio home by one person and as a twin by another. The definitions of home types in Arizona may be completely different in other parts of the country!
****************************************************** Town Homes and Patio Homes The term “townhouse” has become a bit of a catch-all term in Arizona to refer to any home that shares a building with other units, particularly if there are no other units above or below. Most townhouses or townhomes in the Phoenix area are multiple story dwellings. Townhome/Townhouse - Pros- Less expensive than single family homes
- No neighbors above or below.
- Often has a small fenced yard
- Low maintenance lifestyle – HOA may cover roof repair and replacement, exterior maintenance, common area maintenance, and other expenses
- Often includes amenities such as a community pool
Townhome/Townhouse - Cons- Noise from neighbors through shared walls
- Homeowners’ association fees and politics, and CC&R restrictions
- A townhome or townhouse will typically have a small yard or no yard
- Might have common stairwells
People who research homes for sale online may find that they come across confusing terms to describe a house. Patio homes in Arizona were traditionally 1-story homes that shared at least one side wall and had a back patio but not necessarily a backyard. Patio homes are usually built with 2, 3 or 4 homes in each building instead of the continuous row of homes common with townhouses. Today in Arizona, about 85 percent of homes listed as patio homes are single level homes. Patio Homes - Pros- A patio home is usually less expensive than a single family home
- Not as crowded (dense) as townhomes or condominiums
- No neighbors above or below
- Often only one shared wall
- A patio home affords an easy lifestyle – HOA often covers roof replacement, exterior maintenance, landscape maintenance, common area maintenance, and other expenses
- Ideal for “lock and leave” vacation homes
- No stairs and low maintenance make patio homes popular with seniors
- Commonly includes amenities such as a community pool
Patio Homes - Cons- Noise from neighbors through the shared wall or walls
- Homeowners’ association fees and politics, and CC&R restrictions
- Less common than townhouses or condominiums, so the selection of patio homes may be small
- No yard, just a patio overlooking a common area.
What are the differences between townhouses and patio homes? What is a gemini? And why aren't duplexes on this list. There are three things you must know: - The Arizona Regional Multiple Listing Service does not have definitions for townhouses, patio homes, twin homes or for any other home type, and there are really no legal definitions for different types of houses in Arizona. The Maricopa County Assessor, for example, lumps several these home types into the same category.
- It is not uncommon to see the identical home marketed as a townhouse by one person and as a patio home by another or as a patio home by one person and as a “twin” by another.
- The definitions of home types in Arizona may be completely different from other parts of the country!
****************************** Condominiums, or condos These are essentially apartments that are individually owned. Condominiums - Pros- Condominiums are generally less expensive than single family homes
- You may be able to afford to live in a more expensive neighborhood
- Easy lifestyle – the condominium homeowners association often covers roof replacement, exterior maintenance, common area maintenance, and other expenses
- Good “lock and leave” vacation homes
- Condominiums often include amenities such as a community pool
Condominiums - Cons- Noise from neighbors, including those above and below your unit
- Homeowners’ association fees and politics, and CC&R restrictions
- Parking at condominiums is often in a common area not attached to the home
- No yard
- Some condo buildings may have stairs
Duplex, Gemini or Twin Home For the Arizona real estate industry and the Maricopa County Assessor, a duplex is a building with 2 units in it. If you own a duplex, you own an entire building that has 2 units in it. Similarly, if you own a 4-plex, you own an entire building that has 4 units in it. The real estate industry in Arizona calls a single unit within a duplex a “gemini” or “twin” home. Nevertheless, most people who are not real estate professionals call both the single unit and the entire building a duplex. Duplex, Gemini or Twin Home - Pros- Less expensive than single family homes
- Only one shared wall
Duplex, Gemini or Twin Home - Cons- Noise from your neighbor
- Owners of twin homes need to coordinate exterior and roof maintenance, if home is not part of a larger HOA that covers those expenses
- Duplexes have small yards or no yard
- Less common than townhouses or condominiums so the selection of “Gemini” homes may be small
LOFTS Lofts are a type of condominium that originated when warehouses back East were converted into apartments and condominiums. Here are some characteristics you might see in lofts; located near downtown, very high ceilings (sometimes 20-foot tall), exposed pipes and ducts in the ceiling, a great room floor plan, floor to ceiling windows, exposed interior brick, stained cement floors even in luxury homes, metal stairs and handrails, stainless steel kitchen appliances, and modern/contemporary furnishings. Lofts - Pros- Often located near downtown
- High ceilings, open and airy
- Modern design
Lofts - Cons- Lofts tend to be more expensive than condos
- Homeowners’ association fees and politics, and CC&R restrictions
- No yard
Notes for Condominiums, Lofts and Cooperative Apartments They share common walls and common areas with neighbors. Do your research, before you buy a condominium. Research the project by yourself or with a real estate attorney. There are several documents you'll want to review carefully before you sign any kind of purchase contract. These papers should be available from the condominium board of directors or its representative and include the Master Deed. This key document establishes the project as a condominium project. It gives residents the authority to form an operating association and includes the legal descriptions of all individual units and common areas. Also carefully examine the Bylaws. They are the operating rules for the condo association. Among other things, they authorize the board of directors to create a budget, assess fees, hire professional management staff and perform other operating duties. Carefully read the CC&R’s (covenents, conditions and restrictions as they lay out the ground rules and restrictions on the use of project property; usually created by the developer. If you are confused by the legal statements, ask a lawyer who specializes in cooperatives. Be very careful, especially if more than 50 percent of the units are rentals. Upkeep may be poor and some lenders will not make a loan on a unit in the complex, which may reduce your investment's long-term value. If the condo association doesn't have a healthy reserve fund, watch out! Members may have to pay a special assessment to cover the cost of major repairs. Sometimes members of the board of directors don't get along with each other. If they can't agree, they will make poor decisions for everyone else. If the project is heavily involved in litigation, some lenders will not finance your potential purchase, or re-sale and your property values may be severely affected. Manufactured Homes or Mobile Homes Manufactured homes are built in a factory and installed on the home site. They must meet U.S. Department of Housing and Urban Development (HUD) construction requirements. If built before the 1976 HUD Code, they are commonly called mobile homes. Manufactured Homes or Mobile Homes - Pros- Manufactured or mobile homes are less expensive than single family homes
- Quick construction
Manufactured Homes or Mobile Homes - Cons- Some communities do not allow manufactured or mobile homes
So what's a modular home? Modular homes are factory-built and installed on-site, like manufactured homes. Modular homes meet local building codes while manufactured homes meet federal HUD design and construction requirements. Extremely few homes are marketed as modular homes in the Phoenix area, and many of those are in fact manufactured homes. Who is in the neighborhood? Find out if any sexual offenders are living in your new area: http://www.familywatchdog.us/ <click here If you see a red box - that is where a sex offender lives. If you click on it, a photo and address will display along with the name. **************************************** Daily Real Estate News | January 9, 2007 What's Hot and What's Not in Home Design
A nationwide survey of 923 real estate professionals by Mark Nash, real estate author of 1,001 Tips for Buying and Selling a Home (Thomson/South-Western, 2004), includes a list of home features that are popular among buyers and those that are so 2006.
For example, practitioners surveyed reported that the inability to keep stainless steel appliances, glass-front cabinets, and vessel-style sinks clean has caused them to fall out of favor with buyers. Also, spiral staircases have become less popular, particularly among buyers with young children.
According to the survey, here are what home buyers want in 2007: - Glass tile. When retooling the bathroom or the kitchen, trendy remodelers choose glass tile over ceramic because of its reflective qualities.
- Engineered stone compounds. Engineered stone compound is this year’s kitchen must-have and best of all it’s less expensive than granite.
- Wrought iron. Make the back yard look classy with a wrought-iron fence.
- Colorful trim. When repainting trim around shutters, doors, and window frames, go for bright and bold.
- His-and-her home offices. Complete with fiber-optic cables for Internet connectivity.
- Extra storage space. This extra space buyers prefer in the form of linen closets, pantries, and luggage rooms.
Home trends that were strictly 2006: - Bowl-shaped, above-the-counter sinks. Nobody can keep them clean.
- Glass kitchen cabinet doors. They look great in magazines, but lousy in real life.
- Bamboo wood. It dents and scratches easily and warps in humid weather.
Source: MarketWatch, Marshall Loeb (1/14/07) and Washington Post, Kirstin Downey (01/06/07)
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