Archive for the 'For Buyers' Category
It’s a Secert- Phoenix Real Estate
October 19th, 2008 categories: For Buyers, Real Estate News, Selling a Home, phoenix real estate
Definition: fiduciary- person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
So after 10 plus calls to listing agents in the City of Maricopa and Laveen with clients wanting to see homes listed on the ARMLS system listed for sale- with alarm codes, lock box codes not disclosed in the “Realtor Remarks” with the”message” Call Lister for codes. So I did, and so it goes, no return calls and no showing for their client. So again the definition:
fiduciary: person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
Listing Agent FAIL- but a big shout out to those that did call back- I may be sending you an offer.
Rant over.
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FHA Repair Guidelines
October 2nd, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
If you are buying a home in Phoenix and plan to use FHA financing, there are some important things to consider regarding inspection findings.
FHA has shifted from the emphasis on repair of minor items and now only requires for conditions above and beyond minor cosmetic repairs or minor defects.
This is an important consideration, especially with the increasing number of Phoenix Foreclosures which are usually sold “As-is”. It is important that the buyer is aware of repairs that will be required by FHA, and if the seller refuses to make the repair, the cost may be passed on to the buyer, if they choose to proceed in purchasing the property.
Minor Property Repairs that will NOT require automatic repair:
- Missing handrails
- Cracked or damaged exit doors that are otherwise operable
- Cracked window glass
- Defective paint surfaces in homes constructed post 1978
- Minor plumbing leaks (leaky faucets)
- Defective floor finish or covering
- Evidence of previous (non-active) Wood Destroying Insects (Termites) where there is no evidence of structural damage
- Rotten or worn out counter tops
- Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978
- Poor workmanship
- Trip hazards
- Crawl space with debris and trash
- Lack of an all weather driveway surface
Repairs that WILL require automatic repair for existing properties (list is not all inclusive):
- Inadequate access/egress from bedrooms to exterior of home
- Leaking or worn out roofs (if 3 or more layers of singles on leaking or worn out roof, all exsisting shingles must be removed before re-roofing)
- Evidence of structural problems (such as foundation damage caused by excessive settlement)
- Defective paint surfaces in homes constructed pre-1978
- Defective exterior paint surfaces in homes constructed post -1978 where the finish is otherwise unprotected
- Standing water against the foundation and/or excessively damp basements
- Hazardous materials on the site or within the improvements
- Faulty or defective mechanical systems (electrical, plumbing, or heating)
- Evidence of possible structural failure (e.g. settlement or bulging foundation wall)
Additionally, FHA no longer mandates inspections for the following items:
- Wood Destroying Insects (Termites)- in my opinion, all buyers should have this inspection.
- Well- however this inspection may be required per state or local jurisdiction
- Septic: again-may be required by state or local jurisdiction or if there is evidence of failure.
- Flat and or/unobservable roof.
For more information on FHA requirements visit www.hud.gov
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777-Jackpot!!??
September 29th, 2008 categories: Economics, For Buyers, phoenix real estate
Well if I was in Vegas, sitting at a slot machine- I would love to see triple 7’s.
But today, the stock market fell 777 points on the news that the “Bail Out Bill” failed to be approved by the House of Representatives- I was not so happy to see those triple 7’s
So what does this mean for Phoenix home buyers?
As I don’t and never will have a crystal ball- you need to go back and ask yourself the following questions:
- Can you afford to buy a house?
- How safe is your job?
- How long do you plan to live in the house?
- Do you have a “rainy day” fund, in the event you lose your job.
- Can you emotionally deal with the fact that if you purchase a home today, the value may decrease in coming months?
- Is is better for YOU to rent or buy? Would the tax benefits of home ownership benefit you?
As it is said-real estate is local- so do your homework, ask questions and do your homework.
FHA and VA financing is still available for qualified buyers, so yes there are home loans available.
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Help for Phoenix Home Owners Facing Foreclosure
September 10th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
The Govener, Janet Napolitano, annouced today, a $13.6 million initiative designed to strengthen state efforts to meet the needs of Arizona families and communities hard hit by the economy
Housing Arizona, will expand services to homeowners and neighborhoods affected by mounting foreclosures, and for families and individuals facing homelessness. 
From the press release:
“Housing Arizona is supported with funds from the State Housing Trust Fund and includes $6.1 million to expand existing programs and $7.5 million in new resources to tackle the growing dilemma of homelessness and mortgage foreclosure. The Housing Trust Fund was created by the state legislature in 1988 to address the growing need for affordable housing across Arizona, and is the only source of flexible funding available for housing and community development, especially in rural Arizona.
The initiative funding, administered by the Arizona Department of Housing, will continue the eviction and foreclosure prevention programs across the state, match federal foreclosure counseling funds, support continued outreach to troubled homeowners, and provide state support to ensure the successful deployment of new federal dollars targeted to assisting neighborhoods severely impacted by foreclosures. “
Foreclosures in the Phoenix Real Estate market continue to rise, recent data suggests that more than 16,000 households faced foreclosure in the first six months of 2008.
If you are facing foreclosure, there is a state-funded foreclosure toll-free hotline (1-877-488-1211), where homeowners are matched with foreclosure counselors who guide them through the complexities of negotiating positive outcomes with lenders and servicers. These services are provided at no charge to the homeowner.
Help for Phoenix First Time Home Buyers
In addition to helping people facing foreclosure, the plan will also allocate $2 million for first-time homebuyers’ down payment assistance to help families take advantage of the affordable housing.
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Spotlight Neighborhood- The Pecans | Phoenix Real Estate
August 27th, 2008 categories: For Buyers, New Construction, Phoenix Luxury Homes, Phoenix Neighborhoods
My son asked my last week “if you could live anywhere, where would it be?” At the time I told him I was very happy where we live now, except I would like to remodel my kitchen. Then yesterday we drove by “The Pecans” the neighborhood my oldest son loves to drive through, and I changed my answer. If I were a millionaire- this is were I would build my dream house.
Located in Queen Creek, on the SW corner of Chandler Heights and Ellsworth,
the Pecans features the ultimate in luxury living, in a gated 260 acre pecan orchard.
Featuring 3/4 acre homesites and uniquely designed luxury homes with a European flair. 
All homes are held to a specific design guide to ensure only the finest homes will be built in this very exclusive community.
As we drove thourgh the neighborhood, there was such a sense of peace and privacy by the beauty of the pecan trees.
If you have a young family Queen Creek Elementry School is located just west of the Pecans and the community has some playgrounds for the kids.
If you are looking for a luxury home in Phoenix, in a gated private community- check out the Pecans.
Homes and lots available in the Pecans
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Phoenix Real Estate- New Home Builders
August 18th, 2008 categories: For Buyers, New Construction, Real Estate News
The real estate market in Phoenix and around the country has been and will continue to be challenging for home buyers and sellers.
New home builders are having their share of challenges. If you are planning to buy a new home in Phoenix- it is important that you know the financial health of your home builder, such that you are not left with a partially completed home and your earnest money possibly lost.
The Arizona Dept of Real Estate has provided a resources for Phoenix Home Buyers- here is a list of Phoenix home builders that are experiencing financial diffuculties or are in bankruptcy.
The department also has issued Commissioner’s Advisory No. 2 for home buyers that may have been impacted by home builders that are having financial problems.
If you are considering purchasing a new home, you should also check the the builders financial performance.
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Phoenix Foreclosures-Deal or No Deal | Phoenix Real Estate
August 11th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
Many home buyers in the Phoenix area are looking for a “good deal” as prices 
continue to decline and foreclosures soar. Many buyers, think that buying a Phoenix Foreclosure may be the way to get a “great deal” and they may or may not be right.
CNN posted an article “How to buy a foreclosed home“ that is worth reading if you are looking to buy a foreclosed home.
Here are some key points to remember if you are considering buying a foreclosure:
- “As-is” - you will in most cases be required to purchase the home in it’s current condition. The bank most likely will not make any repairs. **Note: if the house is very bad condition and you are seeking financing using an FHA loan- you can read more about FHA’s Repair Conditions
- Property Inspection: This is a must when purchasing a foreclosure by a qualified home inspector. At first view, the home may appear to be in acceptable condition, however a good inspector will be able to find any issues with electrical wiring, plumbing etc. Two of the most expensive items to repair/replace in Arizona, that most buyers always ask about- the roof and the air conditioner. While a home inspector looks at all system’s- if the inspector recommends further inspection by a qualified HVAC technician or Licensed Roofer- it is worth spending a few more dollars to ensure you are not faced with expensive repairs.
- Cost of Repairs- If several repairs are needed- make sure you investigate the cost of the repairs- Yes the home may seem to be a “deal”- but if you are faced with expensive repairs- your savings on the purchase price of the home may be eaten up with costly repairs.
- Title- ensure the the property has a clear title-free of tax liens, mechanic liens, HOA assessments, etc.
image courtesy of Downtown Blue
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