Tag Archives: home buying tips

Let’s Talk Real Estate- Apps

Posted on March 11, 2013 | Leave a comment

Whether you are looking to buy or sell real estate, keeping your finger on the pulse of the market has never been easier. With technology ever evolving real estate consumers can have instant access to a plethora of real estate tools right on their smartphone. What tools do I speak of? Apps, of course.

Here is a sampling of real estate apps I have downloaded on my iPhone 5- Bankrate Mortgage App (daily interest rates), Mortgage Calculator, New Home Source, Behr Color Smart App, Realtor.com, Zillow (not a fan of Zillow, but hey, why not), Houzz (for great decorating ideas), ARMLS (Realtor MLS), Shea Homes, Redfin, to name a few. Having a Twitter app and following @myrealestatecop is not a bad idea either (wink, wink).

It amazes me how much information is right at my fingertips. If a client asks me about the daily interest rate I simply pull up the Bankrate app and tell them the overnight national average. If I am asked what a mortgage payment will look like on a 250K home with 20% down I go right to my mortgage calculator app (don’t forget to add insurance and taxes!). I can also search the MLS, coordinate colors and get design ideas on the spot.

These great real estate tools are available to everyone, so why not start using them? Make sure either you or your real estate agent is tech savy so you are not missing out on these great sources of information.

 

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Posted in Home Buying, Home Selling, Mortgages, Uncategorized

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Buyer Advisory- A Resource for Real Estate Consumers

Posted on September 28, 2012 | Leave a comment

In Arizona Realtors provide their buyers with a Buyer’s Advisory packet. This resource provides real estate buyers with valuable information on:

“(1) common documents a buyer should review; (2) physical conditions in the property the buyer should investigate; and (3) conditions affecting the surrounding area that the buyer should investigate. In addition, a buyer must communicate to the real estate agents in the transaction any special concerns the buyer may have about the property or surrounding area, whether or not those issues are addressed in this Advisory.”

It is important for buyers to remember Real Estate Agents are not experts in any field outside of the transaction. For example, an agent should not be giving the buyer advice on an issue concerning a roof leak or foundation crack. The agent should be referring the buyer to an expert who can assess the issue and provide sound advice. The Buyer Advisory packet will assist the buyer in determining what is important to them during the inspection period.

 

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What Happens After a Contract is Accepted?

Posted on September 22, 2012 | Leave a comment

As an Arizona Realtor I can only speak to the rules governing our state. When a home buyer receives notification thier offer has been accepted several cogs are sent into motion. First, a home inspection should be ordered because the inspection period in Arizona is 10 days following the acceptance of the contract.

Next, if the transaction is financed, the lender will order an appraisal to determine their opinion of what the property is worth. The buyer will immediately open escrow with the title company chosen in the purchase contract.

The buyer should also take this inspection period time to further investigate the property beyond the walls of the home. We use a buyers advisory packet which contains information on how to conduct due diligence in regards to issues buyers might find important to them.

During the escrow period, the title company will be hard at work checking the title to the property and ensuring the transfer of title will not be an issue. The loan will be in underwriting and often times lenders will require buyers provide updated financial information during this period.

There are approximately 57 people involved in every real estate transaction. Your agent is only one of them however, they will be overseeing the work of others involved. This is why it is important to choose an agent who will put forth the time and effort to see your transaction through until the keys are in your hand.

 

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Posted in Home Buying, Home Selling, Mortgages

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New Homes vs. Resale Homes

Posted on August 5, 2012 | Leave a comment

I’m currently in the market for a bigger home. I know this is one of the best times to sell  in the Phoenix area. It’s also one of the best times to buy, if you can get the right deal and the right interest rate. My dilema is buying new versus resale.

On one hand, new homes offer a variety of ways to customize and personalize your space. On the other, the build times are much longer- some 8 months. New homes can be had for pretty reasonable prices, at least for now. I was recently looking at a Pulte home. When I returned the following week I learned they had pulled their 5K incentive towards options and raised the base prices along with lot premiums. I decided against going with Pulte because I missed out on the incentives. I also thought they were being a bit greedy.

Resale homes can be had for great prices, if your agent can negotiate. Immediate occupancy is another reason to go resale. Newer homes are generally built in subprime locations, resales can be found in the best locations. One of the major pitfalls with resale is projects. No resale home is going to be just the way you want it. Projects equal money.

When deciding what course of action is best for you consider this- don’t follow the flock. Do what is best for you and your family.

 

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Posted in Home Buying, Home Selling

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5 Signs of a Former Drug House

Posted on April 9, 2012 | Leave a comment

During your home search you may come across a house that makes the hair on the back of your neck stand up. Here are 5 tell tale signs of a former drug house:

1. Reinforced door jams. Drug dealers will often put extra nails in door jams to make it more difficult for police or rivals to kick in their door. Look at the front door frame. Does the frame have several extra nails or screws and is the wood splintered?

2. Surveillance cameras. Of course drug dealers want to see who is coming. I have cameras on my house too, so don’t think every house that has cameras is a drug house. Drug dealers never wire the cameras correctly either. They usually just run the wire across the front of the house.

3. Lots of traffic. Talk to the neighbors to find out if the house you are looking at had a lot of foot and vehicle traffic at various times. If you are at the house for a while see if anyone shows up looking for the homeowner.

4. Premise history. Go to your local police department and ask for a premise history on the house you are interested in. You will see all of the police calls for service at the house and determine if the house had any drug issues. You may be asked to fill out a public records request in order to get the premise history.

5. Go to the local County Assessors office (or website) and obtain the name of the person who currently owns the property. Search their name in Google and Facebook and take a peek into their background. I’ll post more on this topic at a later date.

These tips are not all inclusive. Trust your instincts when looking at homes and do your own due dilligence! Follow us on Twitter @myrealestatecop.

 

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Posted in Home Buying, Uncategorized

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5 Tips For Home Buyers

Posted on April 2, 2012 | Leave a comment

Here are a few tips for homebuyers to consider when looking at properties:

1. Curb appeal. I always talk about first impressions to sellers. As a buyer your first impression is made when you drive up to the property. If the homeowner does not take care of their front yard why would they take care of the rest of the house?

2. Layout and size of the home. Does the home meet your needs? Does it have enough bedrooms, bathrooms and living space? Does the layout of the home suit your lifestyle? Do not settle for anything less than what you need for you and your family, even if the price is right.

3. Condition. Every home will have issues. The question you will have to ask yourself is whether or not you want to deal with the issues. Overlook the bad paint job and holes in the walls. Focus on real problems like water damage and cracks. Cosmetic issues are not issues when buying a home, they are weekend projects.

4. Neighborhood. Do not get so caught up on that beautiful home you forget to look at what surrounds it. Do your due diligence and research crime stats, schools and sex offenders. Survey some of the neighbors to see if they have any issues with the neighborhood you are looking at.

5. Resale value. Ask yourself this question when looking at a home- Can I sell this property years from now for more than what I am paying. Nobody has a crystal ball, but if you choose a property that has some serious issues you might not even break even if you decide to move a few years down the road.

There are hundereds of items to consider when looking at properties. Remember to rely on your agent to provide you with their input on each property.

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Random Real Estate Tip of the Day

Posted on March 31, 2012 | Leave a comment

When financing a home purchase remember not to make any major purchases (cars, furniture, etc.) until AFTER you have closed escrow and moved in to your new abode.

Major purchases can effect your credit and therefore your ability to qualify for a home loan. Your credit is generally run when you initially qualify for a home loan and again just before closing.

I know you are excited to decorate and furnish your new home, but please make sure to purchase responsibly! After all, what good is all that pretty furniture without a home to put it in?

 

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Posted in Home Buying, Mortgages

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