| |
I am always amazed when it is time to sign the final documents. This is such an important step to the entire transaction and always seems to be done in haste. Think of it this way ….this is probably the biggest investment of your life, treat it as such. The following steps will better ensure a pleasant and accurate signing experience.
Items you need to refer to before final signatures:
- Purchase Contract – price, close of escrow date, who is paying for what
- Counters – possible change in the above documents
- Addendum – other changes to the contract, HOA, who pays for what
- Notes regarding lending, pre-qualification showing rates and cost
- Don’t forget your ID (drivers license) and any monies that you are expected to bring.
- Review the HUD paperwork prior to signing anything. Ensure the amounts are what was agreed upon in the above paperwork.
Taking a few extra minutes or even an hour will be well worth it in the future.
Posted in Advise, First Time Home Buyer series, Real Estate News
|
Tagged alternatives to foreclosure, arizona homes for sale, Best Time to Buy a Phoenix Home, Chandler Homes for sale, chandler real estate, Chandler realtor, employers in chandler, first time home buyer, foreclosures in gilbert, Foreclosures in Queen Creek, homes for sale in 85142, homes for sale in 85248, homes for sale in 85249, Power Ranch, Queen Creek Realtor, real estate agent in chandler, San Tan Heights, Short Sale in Chandler, Short Sales in Phoenix, Short Sales in Queen Creek, Sossaman Estates, Sun Groves
|
Welcome back to the First Time Home Buyer Series.
Everyone is excited about the moving process right? I agree, I absolutely hate moving and tend to put everything off until the last minute. Most think that the moving process is nothing more than just packing and loading into the truck…wrong! I have listed FIVE critical steps that will prevent headaches.
1. Notification - Have you notified everyone that you are going to move and given your new address? A special service that I offer my clients is sending out the “Moving Cards” for them. The only thing that I will need is a list of names and addresses and I take care of the rest. Be sure to also fill out a change of address card with your post office and give to your carrier of the current property for all other mail.
2. Utilities - Schedule turn on for your new home and turn off for your old home. It is miserable to try to move into a home in Arizona when the temperature is in the triple digits and someone forgot to place the call.
3. Pet’s - Make arrangements for your pets on moving day. Nothing worse than having moving day stop because the pet got underway and now someone has a broken leg. This happens a lot!
4. Truck Rental or Packing Service - Call the day before to verify that everything is in order and that the services you asked for are available to you on that day.
5. Keys - Do you have the keys? Have you made an extra set? If not do so NOW! What a mess when you can’t get in and you are paying by the hour.
Follow these 5 Easy Steps to Make your Moving Day just a bit brighter!
I welcome comments and questions.
Cynthia Knight
“Making Each Day Brighter”
Posted in First Time Home Buyer series, Real Estate News
|
Tagged alternatives to foreclosure, arizona homes for sale, Best Time to Buy a Phoenix Home, Chandler Homes for sale, chandler real estate, Chandler realtor, employers in chandler, first time home buyer, Foreclosures in Chandler, Foreclosures in Queen Creek, Fulton Ranch, golf communities, Home Depot, home inspections in phoenix, homes for sale in 85248, homes for sale in 85249, Riggs Ranch, Salt River Project, San Tan Heights, Short Sales in Chandler, Short Sales in Queen Creek, Sossaman Estates, USPS
|
Welcome Back to The First Time Home Buyer series.
Today I will be discussing the inspection and appraisal period during the transaction.
I continue to be amazed at the number of people who do not invest a few hundred dollars to pay for a professional inspection; and yet, pay a few hundred thousand dollars for the home. I have also had the client who has paid to have the home inspected only to find that there was nothing wrong with the home and were upset that there wasn’t anything wrong with it.
I do not write this to scare anyone but please use it as an educational tool to determine what is best for you and your family.
EVERYONE purchasing a home today should purchase a Home Inspection.
Why?
Not all home damage is visible like this example…
- Several people are losing their homes and not happy about losing their home. They want to get back at the bank for taking away their home.
- Things found during inspections.
- Homes completely stripped
- No cabinets
- Cement poured down toilets
- Electrical wiring fixed to cause fires or completely removed.
- AC units and/or parts stripped.
Clients today purchase quick fix and flips. Investors go in and clean the home, paint, add nice appliances and flooring. But they do not check the home for other needed repairs. It looks good and people will buy on sight alone.
One example: The inspector noticed a leak by the refrigerator and the investor stated that it was just the water from the fridge that leaked. We negotiated for them to remove the wall and there was actually a pipe leaking behind the wall. This could have caused a major issue with mold, had it been left untreated.
This question has also come up “I am purchasing a bank owned home and the bank already had an inspection”? My answer to this is SO? Get your own home inspection! You owe it to yourself and your family.
Protect your family; invest in a home inspection. This is the time to decide if the repairs are more than you care to invest in. If the seller will not negotiate repairs then it may be best to cancel the transaction.
What are your options if the home does not appraise for the purchase price?
- You may be able to negotiate the price with the seller.
- First and foremost your agent should have made sure that you do have the option of an appraisal contingency as some bank owned properties will not accept them.
- You do have the possibility of asking your lender to order another appraisal which you will have to pay for.
- Always make sure that you have checked the comps prior to making your offer so that this is less likely to happen.
- Cash buyers do not have to have an appraisal unless they want one.
I welcome comments and questions.
Cynthia Knight
“Making Each Day Brighter”
Posted in First Time Home Buyer series, Real Estate News
|
Tagged Appraisals for HUD homes, Chandler realtor, first time home buyer, Foreclosures in Chandler, Home Inspections on HUD Homes, New builds in Chandler, New Builds in Gilbert, New builds in Queen Creek, Power Ranch, Purchasing a Home in AZ with 0 down, Queen Creek Realtor, Riggs Ranch, San Tan Heights, Seville, Short Sales in Chandler
|
Welcome back to the First Time Home Buyer Series. Today I will be discussing Step 5 -MAKING THE OFFER!.
Many people do not understand how critical this part of the home buying process is. Do you really think that it is as simple as “I know how much I want to spend so just write the offer”? Think again! We are currently in a “Seller’s Market” this means there is more demand than supply which creates several offers on each listing.
Make your offer COUNT!
1. Know what type of market you are in.
2. What do you know about the owners? And, yes it does make a difference. Most people prefer to sell their home to a family who is going to enjoy the home the way that they did.
3. Ask questions
a) do they possibly want to rent back for a while
b) do they need a long or short close of escrow
c) was the original loan a VA? Are you doing a VA loan? Veterans love Veterans
d) are they unable to do repairs to the home to sell
Try to think of the best way to leverage your offer. DON’T include a contingency. Take care of whatever it is that needs to be taken care of before you write the offer, especially in a “Seller’s Market”. Many investors with cash offers are flooding the market. Banks will accept cash over a loan many times because it won’t fall out in the end.
Make Your Offer Count! You may not get a second chance.
Signatures Please / Know What you are Signing!
Welcome back to the First Time Home Buyer Series. Today I will be discussing step 4, Signatures Please. Contrary to popular belief you will be signing several documents prior to making an offer. It is critical to understand the documents. One of the documents that my clients find very useful is called the Buyers Advisory. This particular document is loaded with helpful web sites to answer questions regarding schools, crime, flood areas and many other things which may determine where you may want to look. Another document that you may be asked to sign is called the Buyer Broker Agreement. This agreement states the amount that your real estate agent’s broker will be paid for the successful close of the transaction. It is important to note that in the past most consumers did not concern themselves with signing this form as the buyer’s agent is usually paid by the seller. Today’s market is very different. The buyer’s agent is still paid by the seller but in many instances their commission has been drastically reduced. Some of the agent’s will agree to the reduced commission and some not. For those that won’t they may be coming to the buyer to pay the difference. This is why it is important to know what you are signing. It is also important to note that some agents are asking for a retainer which may or may not be credited back at closing. Don’t look at this as a negative as in the end it may actually benefit you. Read and ask questions and keep asking until the agent explains in terms that you understand.
Each brokerage has their own list of documents for clients to sign. Take your time and ask questions, protect yourself and your family!
Hope this proved interesting. I love comments and feedback.
Cynthia Knight
“Making Each Day Brighter”
Posted in Advise, First Time Home Buyer series, Real Estate News, Thoughts
|
Tagged arizona homes for sale, Best Time to Buy a Phoenix Home, Chandler Homes for sale, chandler real estate, Chandler realtor, Circle G in Gilbert, Circle G in Queen Creek, first time home buyer, Foreclosures in Chandler, foreclosures in gilbert, Foreclosures in Queen Creek, Gilbert Homes for sale, homes for sale in 85248, homes for sale in 85249, homes for sale in gilbert, Johnson Ranch, Queen Creek Realtor, Riggs Ranch, San Tan Heights, Short Sales in Chandler, Short Sales in Phoenix, Sossaman Estates, Sun Groves
|
Most people start out their home search thinking that they have found that perfect spot but then things change once they talk to a lender and find out that the perfect neighborhood is a little out of reach. There are many factors that may determine where to begin looking. A few of these may include one or all of the following
- Drive time to work
- Request to live near or far from family members
- Living in a specific school district
- Living close to shopping etc
- Taxes
- HOA or No HOA?
Rule of thumb….if the homes are less expensive in one area as opposed to another it’s best to find out why. Drive the area and check it out for yourself. Check out the school system, crime statistics, sex offenders and the list goes on. Your agent will provide you with a copy of the Buyers Advisory which is packed full with great web sites and useful information.
If the home is located further from work than what you would like, but you want the larger home for less money then test it out. Plan to drive from the prospective home to your place of employment at the time that you would normally drive it and then again drive home. Will you be able to handle this day in and day out? Don’t settle, make sure this is something that you want to do.
It’s best to be prepared before you get in the car to start previewing homes.
Cynthia Knight PLLC
“Making Each day Brighter”
Posted in Advise, First Time Home Buyer series, Real Estate News, Thoughts
|
Tagged alternatives to foreclosure, arizona homes for sale, Best Time to Buy a Phoenix Home, Chandler Homes for sale, chandler real estate, Chandler realtor, Cortina, employers in chandler, first time home buyer, Foreclosures in Chandler, Foreclosures in Queen Creek, gated communities, homes for sale in 85142, homes for sale in 85248, homes for sale in 85249, Power Ranch, Queen Creek homes for sale, San Tan Heights, Short Sales in Chandler, Sossaman Estates, Sun Groves
|
Arizona real estate has officially hit the pricing bottom for the overall Arizona Regional Multiple Listing for all types of properties and all areas on January 22,2011. The avg price per square foot $80.74. We had experienced another bottom on April 6, 2009 followed by a rebound that lasted over a year. Even the homes sold at the court steps are going for .90 on the dollar. The current inventory in Arizona stands at only 3.5 months. Buy NOW! Don’t be left out in the cold.
It is time to get off the fence and purchase NOW! What are you waiting for? Interest rates are low, prices are still low and plenty of homes to choose from. WHAT is holding you back? Are you a First Time Home Buyer Arizona? Do you have questions about the market? Great contact me. Whatever you do …..DON’T sit on the fence and lose the best deal of a lifetime.
Mr. and Mrs. Brad Doerneman took the leap……Listen in.
Hope this proved interesting. I love comments and feedback.
Cynthia Knight
“Making Each Day Brighter”
Posted in Advise, Real Estate News
|
Tagged alternatives to foreclosure, arizona homes for sale, Best Time to Buy a Phoenix Home, Chandler Homes for sale, chandler real estate, Chandler realtor, employers in chandler, first time home buyer, Foreclosures in Queen Creek, gated communities, golf communities, homes for sale in 85248, Homes for sale in Chandler Arizona, homes for sale in gilbert, Queen Creek homes for sale, Queen Creek Realtor, Short Sales in Chandler, Sossaman Estates, Sun Groves
|
I have talked to a lender and she told me that I can qualify for a $200,000 home. I am not sure that I can really afford that. Does this sound familiar to you?
First things First!
1. Choose a GREAT lender. How well do you know your lender? Have you met your lender?
Have you actually talked to her or has everything been handled through the internet with no personal connection what so ever? This could be the most important step ever. Ask your REALTOR® as most have a preference as to who they work with. Often times at the end of the transaction the unexpected happens and if your lender does not fund on the agreed upon close of escrow date it could cost you more money. Interview your lender as you would a REALTOR®. Are they available to you when you need them?
If they don’t want to take the time to meet with you and answer your questions move on to someone who will.
2. Has your lender pre-approved you OR pre-qualified you?
There is a difference. You always want to get pre-qualified, if time permits. The fewer surprises at the end of the transaction the better. This will also make a difference as to whether your offer is accepted. The stronger your offer the better.
3. Are YOU comfortable with your estimated payments and do you know what is included in the payment?
Has the lender given you a Good Faith Estimate and actually explained it to you so that you understand what is included? Does this home have HOA ( home owners association ) fees? If so, have you added it into the house payment? Do you have monthly bills that are not normally counted in when qualifying such as assisting a family member or music or dance lessons for the children, perhaps tutoring. Only you know what payment you can truly be comfortable with. Be true to yourself. This should be a happy time not one that you are going to stress over every month.
4. Has the lender explained the various loans available to you along with their requirements? How much money do I have to come up with at the close of escrow? What is the interest rate? What are the terms?
When I purchased my very first home I blindly relied on the lender to do everything that was in my best interest. Don’t do that! Understand what you are signing and again what might work best for you. Discuss all the the various possibilities with your lender.
Conventional, FHA, VA, USDA, fixed, arms, interest rates. It varies for each scenario so ASK the lender to explain why one may be better than the other. This alone can make a huge impact on your payments.
5. Has your lender given you an estimate as to the tax benefits that a home owner has over a renter?
See the site for tax benefits.
Keep in mind that there are huge benefits in owning a home right now vs renting. Actually as of this writing you can save an average of 20% of your rent payment per month by owning the home instead.
How Much Can You Really Afford? Let’s talk!
Until my next blog, this is Cynthia Knight “Making Each Day Brighter”
Posted in Advise, Real Estate News, Thoughts
|
Tagged arizona realtor, Chandler realtor, First Time Home Buyer in Arizona, foreclosures, gilbert realtor, Home Loans, homes for sale in chandler, homes for sale in gilbert, Homes for sale in Mesa, Homes for sale in Queen Creek, Lending, maricopa realtor, mesa realtor, Mortgage, phoenix realtor, Power Ranch, Queen Creek Realtor, Relocating to Arizona, Short Sales, Sossaman Estates, Sun Groves, Trilogy
|
I am amused at the number of people who call me up to say they want to start looking at homes however they haven’t talked to a lender, have no idea how much they can afford or know whether they have enough money for the down payment much less the earnest money. They haven’t decided where to look or even what type of a home they want or need. My hope is that this series of blogs will help make it easier for the First Time Home Buyer as well as help other individuals who may not have received this information and need to know for future purchases.
In this blog I will mention each of the steps in the process and then go into detail on Step 1. Each blog will then cover the next step in the process.
There will be quite a bit of information so feel free to call, email or Facebook me for further explanation if needed.
Step 1 The Discovery Period
Step 2 How Much Can You Really Afford?
Step 3 I Know Where I want to Live, I Think?
Step 4 Signatures Please / Know What You are Signing
Step 5 Making the Offer
Step 6 Inspections / Appraisal
Step 7 Ready to Move
Step 8 Ready to Sign
Step 9 Moving Day
Step 10 A Successful Transaction is Team Work!
Let’s Begin
(Step 1) The Discovery Period
Questions, questions and more questions. Why do you want a home? What are your future plans? Seem like silly questions? As your REALTOR I can best serve you if I know the who, what, where, when and why’s behind the purchase. If you are currently in a position at work where you may have to move within the year would you be willing to rent the home if unable to sell? Do you want to live in a sub division with an HOA? Do you want to wait for a short sale? Are you willing to accept a foreclosure? There is a difference in looking at a home through an investor’s eye’s versus a person looking to raise a family in the home. It makes a huge difference in what you may be looking at and how much you should spend. This is the time to write exactly what you must have in the home versus what you would like to have in the home. Your wants versus needs, there is a difference.
This is also the time to visit with a lender to find out exactly the amount that you can qualify for. Once the parameters have been set on the dollar amount, HOA (home owners association), no HOA as well as the type of the transaction short sale, foreclosure or traditional you are ready to begin your search. I can send you an automated search which meets your criteria or you may search the MLS like we do, your preference. You will select the homes that interest you and then we will set a day and time to view them.
During this time I will also send you what I consider to be of the utmost importance to every buyer a form called The Buyers Advisory click here and then click Buyer advisory to the left of the page once you get there. Take time to review this as it points out many important web sites to review important things such as crime statistics in the area, schools, floods. This time period should be used for due diligence. Gather all of the information to make an educated decision.
Stay Tuned for (Step 2) How Much Can You Really Afford?
Until then Happy Home Hunting, Cynthia L. Knight ” Making Each Day Brighter”
Posted in Advise, Real Estate News
|
Tagged arizona homes for sale, Chandler Homes for sale, chandler real estate, Chandler realtor, first time home buyer, Foreclosures in Chandler, Foreclosures in Queen Creek, Fulton Ranch, Gilbert Homes for sale, gilbert realtor, home inspections in phoenix, Homes for sale in Chandler Arizona, Queen Creek Realtor, San Tan Heights, Short Sale in Chandler, Sossaman Estates, Sun Groves, wells fargo
|
Chandler Arizona is Hot Hot Hot! Do you wonder what is currently going on in the Chandler Real Estate market? Well I am here to tell you that times they are a changing with a little help from Bob Dylan.
Bob Dylan-Times They are a-Changin
Last year the number of active listings were hovering over 1600. Today the current active listings in Chandler are at 1186. Traditional Sales make up the largest percentage in Chandler at 534 next are the short sales with 385 and then foreclosures with 267. Although Chandler prices decreased from 2009 to 2010, Sun Lakes and zip 85248 showed an increase of 10%. The median price went from $253,000 to $279,000.
TIME TO BUY IS NOW!
Chandler is hot right now especially with Intel ready to begin construction this summer on it’s new Fab 42 factory. You can read more about that here. Adding more positions is a plus for any city.
Intel Fab 42 Factory
Intel is one of the largest employers in Chandler. For a list of the largest employers click below.
Top Chandler Employers
Chandler also offers The Art Walk on every third Friday of the month and the well known Ostrich Festival. We have the Chandler Mall and many fine restaurants. I look forward to comments and questions.
Posted in Real Estate News
|
Tagged Chandler realtor, employers in chandler, first time home buyer, Foreclosures in Chandler, home, homes for sale in 85248, Homes for sale in Chandler Arizona, intel, phoenix realtor, Short Sales in Chandler, wells fargo
|
|
|
