MyRealtorTim

So Your Offer has Been Accepted: Action Steps Following Accepted Offer

Order your home inspection immediately. Per the contract there is a specific number of day inspection period which begins on the date the purchase offer is accepted. You and your agent will have pre-determined the inspection period and listed it in the purchase offer. I can give you the name of two different inspections companies that I have dealt with in the past.

HouseMaster 480-345-8570

Ecospec Home Inspections 602-332-7132

Home inspection companies will generally do an overview of the home. Making sure things work such as appliances, toilets, hot water heaters, fixtures, HVAC units etc. They are not specialty contractors.If you wish to have specialty inspections performed such as roofing, pool, lead based paint, radon gas etc. you will need to contact a specialty inspection company and/or a specialty contractor to have these types of inspections performed. Again remember to make arrangements for these inspections immediately following your offer being accepted and that they have been completed within your inspection period. I have an additional list of contractors and inspectors that I can provide you with if you wish, feel free to contact me anytime.

Contact your lender if the transaction is being financed and let them know that you have an accepted offer. Your agent will be sending them a copy of the executed contract. Also provide your lender with your homeowners insurance agents contact info. ( I have included several numbers below of agents I have used in the past.)  Make sure your lender has all the documentation they need to complete your loan such as paystubs, tax returns, financial statements etc.

Contact your homeowner’s insurance agent and inform them that you have an accepted offer and that you will be in need of a homeowner’s insurance policy to be effective by the close of escrow date.

Ken Stephens Allstate 480-948-8817

Toni Allen Farmers 602.324.4668

Be on the look out for information from the title company. They will be sending you a packet to get some information from you. It will also determine how you will take title to the property. Additionally they will include wiring instructions for any funds that need to be brought in at close of escrow. Certified funds are also acceptable.

You will also want to contact the local utility companies about ten days to two weeks prior to close of escrow and make arrangements for the utilities to be turned on and/or transferred into your name.

Salt River Project Electric       602-236-1889

Arizona Public Service            https://www.aps.com/customer/ratewizard/start.asp

Southwest Gas                        877-862-6020

City of Phoenix Water            602-262-6251

Please contact me with any questions or comments:

Tim Broderick

602-741-0862

MyRealtorTim

Hang Your Christmas Lights in Arizona

As I was driving along the other day I wondered where the idea of Christmas lights came from. Each year thousands of people spend countless hours preparing their homes with strands of lights and extensive decorations to ring in the holiday season. So I went on a quest to share the origins of Christmas lights with our EXP Realty travelers and home buyers, and share some of the excellent displays of holiday cheer in my neighborhood.

Originally the custom was to decorate a Christmas tree with lights, but it wasn’t until the 1960s in the U.S. when tract housing become increasing popular that lining the eaves of homes with lights grew in popularity. Back in the 17^th century a tradition of using small candles to light up the tree started. It took a couple of centuries before the practice grew in popularity and spread to Germany and Eastern Europe. Initially the candles were melted against the tree or attached with pins. Later in the 19^th and 20^th century candle holders were used and later lanterns which held the candles.

With the advent of electricity Christmas tree decoration was ready to take a big leap. Towards the end of the 19^th century; 1882 to be exact, Edward Johnson an assistant to the famous inventor Thomas Edison, lit up a Christmas tree in New York City with 80 small electric light bulbs. By 1900 shop keepers and merchants alike were using the strings of electric lights that Johnson eventually developed to decorate their store fronts and displays. It wasn’t until the 1950s that average households adopted the use of decorative lights during he holiday seasons. One of the events that helped make the use of the electric lights more popular started in 1927. One of the oldest light festivals in the United States began. “The Festival of Lights and Christmas Festival” in Natchitoches, Texas was a joint effort of neighbors to decorate their homes. The festival still exists today and is known as “Holiday Trail of Lights”

So the next time you are in Arizona during the holidays looking for your dream home to decorate, stop at the Phoenix Zoo for Zoo Lights; another long standing tradition. And remember, when you find that dream home, you too can decorate it with the holiday lights of your choice. You are only limited by your imagination.

For more information on Arizona homes please contact me at:

Tim Broderick

Realtor, EXP Realty

602-741-0862

Toll free: 1-888-897-7821 ext 126

Email: tim@phoenixpowersearch.com

MyRealtorTim

Cooper Commons 4bed/2bath Entertainers Dream Home $219,999

An adorable 4 bedroom, 2 bath home, single level home in popular Cooper Commons. This home features a split floor plan and separate office/den, or it can be used as a playroom. The master bedroom is spacious with a sitting area and lots of room to move around. The master bath has double sinks and a separate shower and garden tub. There is a formal dining room and a beautiful entryway. The spacious floor plan sits on a large Cul-de-sac lot with 2 car garage. This home is an entertainers dream, with high ceilings and lots of space. It has a fabulous kitchen with a breakfast area and lots of room for the cook of the home.

For more details and photos of this home please visit this Flex-MLS link:

http://www.flexmls.com/link.html?oy7itvmxatc,12

About the Community:

Cooper Commons is an established master planned community located in Southeast Chandler, Arizona. There are over 1600 homes built by eight different builders. The homes range in size from 1100 square feet to over 5000 square feet. There are numerous playgrounds throughout the community and highly rated schools to choose from.

Golfing in Chandler:

Crown Plaza San Marcos Golf Resort http://www.sanmarcosresort.com

Lone Tree Golf Club http://www.lonetreegolf18.com

Ocotillo Golf Resort http://www.ocotillogolf.com/index.php

Whirlwind Golf Club http://www.whirlwindgolf.com/index.php

Bear Creek Golf Club http://www.bearcreekaz.com

Cross Woods Indoor Golf Center http://www.crosswoodsgolf.com/sites/courses/layout9.asp?id=481&page=23863

This home located in the Cooper Commons master planned community in the city of Chandler, Arizona is a jewel. It has been well taken care of and is move in ready.

For a tour of this home or any other home in Cooper Commons please give me a call.

Tim Broderick

602-741-0862

Toll free 1-888-897-7821 ext 126

tim@phoenixpowersearch.com

MyRealtorTim

Villa Antigua Scottsdale Condo $179,000

This Villa Antigua Scottsdale condo is an absolutely gorgeous home, it looks like a model. This is luxury living at its best! It is very open and bright and is next to walking and running paths. It is nestled in a gated community with a fabulous clubhouse, two heated swimming pools, and a great tennis court. Also for your enjoyment there are barbecue and picnic areas, an exercise and fitness room and a business center.

Numerous upgrades have been completed throughout the home. Updated AC unit in 2004, laminated wood floors, ceiling fans, faux wood blinds throughout custom Venetian plaster, wireless alarmsystem, and energy efficient window treatments in front of home.

For more info and photos of this home please visit the Flex MLS link http://www.flexmls.com/link.html?oy7io9rcx4h,12

This Villa Antigua home is located in the heart of Scottsdale. If your looking for golf your new home is located just minutes from numerous golf courses. Here are a list of just a few, and links (no pun intended) to the different clubs so you can arrange a tee time.

Continental Golf Course

http://www.continentalgc.com/layout9.asp?id=172&page=3239

Talking Stick Golf Club

http://www.talkingstickgolfclub.com/index.php

Camelback Country Club Golf Course http://www.camelbackinn.com/

The Orange Tree Golf Resort http://www.shellhospitality.com/hotels/orange_resort/?chebs=gl_otgr

McCormick Ranch Golf Club http://www.mccormichranchgolf.com

You say you prefer activities other than golf then check out the art galleries and art walk in Old Town Scottsdale. Villa Antigua is just minutes from fabulous art galleries along Marshall and 5th Ave.  Here are just a couple to preview, there are many more in the area.

The Legacy Gallery  http://www.legacygallery.com/index.html

Art One Gallery   http://www.artonegalleryinc.com/

Scottsdale is also rich with annual events such as the Barrett Jackson Classic Car Auction, The Annual Arabian Horse Show, the historic Parada Del Sol, and the Scottsdale Culinary Arts Festival. This Villa Antigua home puts you in the heart of luxury and culture. You can go for an energizing run or go out on the town in the evening for a fine meal.

For a tour of this home please give me a call.

Tim Broderick 602-741-0862 or email me at tim@phoenixpowersearch.com.

MyRealtorTim

Avoid Hibernation. Arizona Your Fall and Winter Paradise!

If you are tired of the sleet and snow and driving rain, if you are tired of gray skies and blistering winds then it is time to make your way to Arizona. The Phoenix/Scottsdale metro area is your home for some of the best weather around this time of year and more activities than you can shake a stick at.

Month	High Fahrenheit	High Celsius	Low Fahrenheit	Low Celsius
October	87.7	30.9	59.1	15.0
November	74.3	23.5	46.9	8.3
December	66.4	19.1	40.2	4.5
January	65.2	18.4	39.4	4.1
February	69.7	20.9	42.5	5.8
March	74.5	23.6	46.7	8.2
April	83.1	28.4	53.0	11.6

Information courtesy of PHX Shine On, the Official Travel Resource for Greater Phoenix

Just take a look at the temperatures that we average over the course of the next few months. The sunshine sets the stage to take part in all of the great activities here in the Valley of the Sun. Weather you are an avid golfer, tennis player, or just love to hike or bicycle; this is the place for you. The sunrises about 6 to 7ish in the morning depending on the month with plenty of day light to take in a winter league baseball game, a Arizona Cardinal football game, a Phoenix Coyote hockey game, or a Phoenix Suns basketball game.

Numerous hiking trails are available throughout the community for hikers. Check out all the hiking trails at this website: http://www.visitphoenix.com/visitor/index.cfm?action=trails

It is a great time to check out the lakes for the boating and fishing enthusiast. Following is a list of the different lakes in the area.

Bartlett Lake: http://www.bartlettlake.com/lakeInfo/about.php

Saguaro Lake:  http://www.saguarolakemarina.com/maps.html

Canyon Lake: http://www.canyonlakemarina.com/

Lake Pleasant: http://www.go-arizona.com/Lake-Pleasant-Arizona

Roosevelt Lake: http://www.americansouthwest.net/arizona/roosevelt_lake/index.html

Apache Lake: http://www.apachelake.com/

So if you are considering a move away from the cold and into the sunshine consider the Phoenix/Scottsdale area. I will be happy to assist you with a temporary housing rental and ultimately your new home purchase. Arizona is definitely the place to be. Please give me a call if I can be of service.

Tim Broderick 602-741-0862 or toll free: 888-481-4447 ext 126 or by email at tim@phoenixpowersearch.com

MyRealtorTim

Arizona is Your Home for Baseball! Welcome Home!

What a Labor Day weekend it has been so far. My son just became a member of The Outlaws Baseball Club here locally and is playing in his first tournament at The Peoria Sports Complex.

There are teams from all over the valley playing. If you love baseball then Arizona is the place for you.

In addition to the Arizona Diamondbacks of the National League playing here during the regular season, we (the Phoenix Metro Area, Arizona) are host to Cactus League Spring Training for the Arizona Diamondbacks, Chicago Cubs, Chicago White Sox, Cincinnati Reds, Cleveland Indians, Colorado Rockies, Kansas City Royals, Los Angeles Angels of Anaheim, Los Angeles Dodgers, Milwaukee Brewers, Oakland Athletics, San Diego Padres, San Francisco Giants, Seattle Mariners, and the Texas Rangers.

This weekend, local youth teams 18 years and younger have converged on Peoria Sports Complex to battle it out for top honors. The Peoria Sports Complex is the Spring Training home to the San Diego Padres and the Seattle Mariners. The kids are thrilled to be playing on the same fields that the big leaguers play on. Baseball Club Teams from as far away as Queen Creek, Chandler, and Ahwatukee made the trip across town to play in this Labor Day tournament. The since of community and family fun was at an all time high. You could just about here the lyrics to “Take Me Out to the Ballpark” resonating in the air. The kids had access to major league batting cages, bull pens and practice fields.

Please use the link below for more information on the Cactus League Spring Training. There are also links for individual ball parks around town. So chose your neighborhood based on your favorite team and after I have helped you close on your new home I’ll see you at the ballpark. By the way The Outlaws are in first place in this weekend’s 16 and under tournament bracket and will be playing for the championship on Monday. Shoot me an email and I will let you know how it turned out.

http://www.springtrainingonline.com/ includes both Cactus and Grapefruit League info.

Peoria Sports Complex http://www.peoriaaz.gov/sportscomplex/sportscomplex_main.asp

The Cubs play at Hohokam Stadium located in Mesa, Az http://hohokamstadium.com/Home.aspx

http://camelbackranchbaseball.com/ Home of the LA Dodgers located in Glendale, AZ

Brewers play at Maryvale Baseball park in Phoenix http://www.mlb.com/spring_training/ballpark.jsp?c_id=mil

The Oakland As play in Phoenix at the Phoenix Municipal Stadium http://mlb.mlb.com/spring_training/ballpark.jsp?c_id=oak

http://www.tempe.gov/diablo/ Tempe Diablo Stadium home to the Los Angeles Angels of Anaheim

http://www.scottsdaleaz.gov/stadium/springtraining.asp Scottsdale Stadium home to the San Francisco Giants

If you have any additional questions please give me a call. For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:

Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.

You can also reach me by email: tim@phoenixpowersearch.com.

MyRealtorTim

Canadian Buyers: Considerations and Preparation

Canadians love Arizona. As time goes on I have had the opportunity to be of service to more and more Canadians buying homes in the Valley. This is the first in a short series of blogs that will cover important information for Canadian Buyers to keep in mind. There are items for both cash buyers and those choosing to finance a property. A future blog will go into more detail regarding financed properties. The following information was graciously supplied by Penny Esparza of Great American Title.

First of all, when sending a wire transfer, even if in US Dollars, the wire will often times come in about $15 to $50 LESS than what you wired!  This is because both reserves may apply a fee when transferring the money, unbeknownst to you.  It is always a good idea to send a little more, just in case.  Title companies will refund whatever is left over, we promise!

Also, when depositing a Canadian check…if the check does not reference directly on the face of the check a US Bank, the check may be returned by the bank.  As well, if the check does not state the words “US Dollars” on the face of the check, it may deposit as Canadian funds, making your escrow short somewhere between $400 and $600!!  It is always best, in my opinion, to wire, even if those fees are withdrawn by the reserves.  That way you know immediately what the deposit is.  Whereas, a check may take sometimes several weeks to physically deposit.  This could cause a delay if the title company is unable to verify whether or not it will deposit as US dollars or Canadian dollars.

When delivering items over-night to Canada, plan on the delivery taking a minimum of two deliver days.  There are many “rural” areas in Canada where that delivery may take even longer.  Particularly if there is a loan, it is very important to ensure that the documents are sent out in plenty of time.  For Example:

Loan documents come in at 3pm, making it TOO LATE for the title company to prepare a HUD, have the lender approve it, and get a package out FedEx.  Now the package leaves the next day…Friday.  It doesn’t arrive until Tuesday because of the weekend.  The buyer signs very timely, but the package does not leave Canada until Wednesday and is delivered back to the title company on Friday.  Documents arrived at title Thursday a WEEK AGO!  AND, now the documents have to be sent over-night to a lender, arriving there on Monday.  The lender then takes 48 hours to review documents and funding takes place Wednesday, 9 business days from the day the documents arrived at escrow…Wow!  It is VERY important to communicate both with your escrow officer and your loan officer from the very beginning.

One last thing…I have learned that Canadian Credit Reports are not as readily available as credit reports are here in the US.  They can sometimes take two or three weeks to obtain.  This will have Quite an Affect on your loan approval time.  If your lender needs a Canadian credit report,  ask that they order it even if you don’t have an offer on a house yet.  That way if they need an update, they can order it at the time the offer is put in, and have it in time to draw docs.

When there is a loan involved, you may want to plan on that minimum 45 day escrow.

When there is no loan, allow the full 10 business days for the HOA (Home Owners Association) to respond to title, and from there docs go out…two days there…one day out…two days back.  So about 2 ½ weeks, maybe less, if the HOA is timely.

This has been a limited over view of items to take into consideration when planning on buying a home in Arizona. If you have any additional questions please give me a call. For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:

Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.

You can also reach me by email: tim@phoenixpowersearch.com.

MyRealtorTim

22% Forgivable Seconds! Your Way Home AZ Grant Program

The “Your Way Home AZ Grant Program” is a program set up for purchase assistance of foreclosed homes. The borrower must qualify for a 75% 1^st mortgage as they would with a standard purchase transaction. The state will provide a 22% 2^nd mortgage with no interest (silent 2^nd). A 3% down payment is required.

75% 1^st + 22% 2^nd + 3% Down Payment = 100%

This program is for buyers of foreclosed properties only.

$20M available for purchase assistance.

The program does not limit closing cost paid by seller.

Must have 3% down, regardless of what mortgage product is used for the financing of the 1^st 75% (VA, USDA, Conventional, FHA, etc).

Income cannot be greater than 120% of median for household by county.

www.yourwayhomeaz.com Click on: Am I Eligible, to find out if you can qualify based on household income ( income is for ALL people over 18, regardless of them being on the loan application).

The purchase price of the home MUST be 1% less than appraised value.

Subsidy by the state is 22% of the purchase price.

The program only applies for a primary residence.

Consumers must complete 8 hours of homebuyer education program.

There are specific debt to income rations that apply for the program. All income from all household members over 18 are used in the calculations even if they are not on the 1^st mortgage loan application.

A 2 month Principal, Interest, Taxes, and Insurance reserve is required.

Single family residence, Condos, Townhomes, and Manufactured homes qualify.

Property must be vacant at the time it was listed.

The 2^nd is forgiven ( don’t have to ever pay it back) if the2nd mortgage loan amount is:

$15K or less and you live in the property for five plus years.

If more than $15K but less than $40K if you live in the property for ten plus years.

And if more than $40K if you live in the property for fifteen plus years.

The maximum qualification is based on FHA loan limits for the county the property is being purchase in.

The 1^st mortgage has to be 75% of the purchase price.

Three things will trigger repayment of 2^nd mortgage ( grant money)

Transfer of Ownership

Vacating the property

Refinancing the property (even if it is a rate and term refinance)

Can close with FHA 1^st mortgage with a 3% down payment not 3.5%, because that half percent would come from this grant program.

FHA 203K loans cannot be used with this program.

The minimum down payment is 3%, 1% must come from the borrower’s own funds, 2% can come from any approved source such as non-profit- if that works for the 1^st mortgage lender it should work for this program.

This information was graciously supplied by 1^st Rate Home Mortgage, Inc.

For more information on this program go to www.yourwayhomeaz.com

For additional information on homes available in the Phoenix and Scottsdale Metro Area please call:

Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.

You can also reach me by email: tim@phoenixpowersearch.com.

MyRealtorTim

Common Ways of Holding Title to Real Property in Arizona

Many people ask me what is the best way to take title to the property they are about to purchase. I don’t have the answer as the answer truly varies from case to case. The best person to ask about how you should take title to a property is your attorney, your estate planner and your accountant. Below I have listed the common ways that title is held in the state of Arizona. This information has been provided by Great American Title Agency. My thanks go out to Great American title for their assistance in providing this information.

Common Ways of Holding Title to Real Property in Arizona

COMMUNITY PROPERTY:

Arizona is a community property state. This is statutory presumption that all property acquired by husband and wife is community property. Community property is a method of co-ownership for married persons only. Upon death of either spouse, the interest of the deceased spouse will pass by either a will or in testate succession.

COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP:

A version of holding title between married persons that vest title to real property in the surviving spouse when it is expressly declared in the Deed. This vesting has the tax benefits of holding title as “community property” and the probate avoidance features of “survivorship rights”.

JOINT TENANTS WITH RIGHT OF SURVIVORHIP:

Joint Tenancy with Right of Survivorship is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals either married or unmarried. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.

TENANTS IN COMMON:

A method of co-ownership where parties do not have “survivorship rights” and each owns a specific interest in the entire title.

SOLE AND SEPARATE:

Real property owned by a spouse before marriage or any acquired after marriage by gift, descent or specific intent. If a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed.

CORPORATION:

Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.

GENERAL PARTNERSHIP:

Title may be taken in the name of a general partnership duly formed under the laws of the state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a profit business for profit.

LIMITED PARTNERSHIP:

A partnership formed by two or more persons under the laws of Arizona or another state having one or more general partners and one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State, a certified copy of which must be recorded.

For additional information on homes available in the Phoenix and Scottsdale Metro area please call:

Tim Broderick @ 602-741-0862 or toll free @ 888-481-4447 ext. 126.

You can also reach me by email: tim@phoenixpowersearch.com.

MyRealtorTim

Ahwatukee Foothills; Bank Owned and Short Sale Properties

“I want to find a repo or a foreclosure”

“I want to find a good deal”

“Now is the time to buy with all the REOs on the market”

How many times have you heard these statements made around the water cooler at work, or during the weekend barbeque? Have you been thinking or saying these things to yourself or others. Well if you want a great neighborhood at some of the best price points in years then look towards Ahwatukee Foothills.

The three zip codes; 85044, 85045, and 85048, which comprise the Ahwatukee Foothills area is one of the most desirable places to live in the Phoenix metro area. Nestled away on the south side of South Mountain, it offers award winning school districts, mountain hiking trails, views that greeting cards are made of, family values with lots of activities for the kids, and golf that most people only dream about. The only thing that makes it better is finding a home at a terrific price point.

While many of the Metro Phoenix area cities have an enormous amount of foreclosures and short sales on the market, Ahwatukee as of 8/18/09 had only 32 lender owned properties listed on the MLS and 119 short sales available. With such little inventory you would think that the pricing would be higher, but you can find a beautiful home in a great neighborhood for historically affordable pricing.

If you are planning on placing an offer on a bank owned property or short sale listing, weather it be in Ahwatukee or elsewhere in the valley keep in mind a few things. Short sales can be a lengthy process. Not only does the owner of record have to accept your offer, but the lender and/or the servicing agent has to approve the offer as well. Many times this process can take 90 to 120 days and more. As for lender owned properties they are a quicker by far. The response time to an offer can still be a bit longer than if mom and pop were selling their own home. Response times can vary from 3 calendar days to 5 or 10 business days. Then once the offer is accepted response times to inspection notices, HOA disclosures, and title work can be a little longer than normal.

In conclusion, lender owned properties and short sales offer a better price point for the purchase of your next home or real estate investment. You will however have a little longer wait, or a much longer wait to close the transaction.

Be on the look out for more blogs regarding an in depth look at short sales, lender owned and REO properties. If you have questions or would like to view a property in Ahwatukee Foothills or any other valley location please give me a call. For a free list of bank owned properties and short sales available, please call or email me.

Tim Broderick can be reached at tim@phoenixpowersearch.com.

By phone toll free at 888-481-4447 ext. 126 or locally at 602-741-0862

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