Real Estate Agents
So Your Offer has Been Accepted: Action Steps Following Accepted Offer
January 12, 2010 by Tim Broderick · Comments
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
Real Estate Agents
Villa Antigua Scottsdale Condo $169,900
December 22, 2009 by Tim Broderick · Comments
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?rfq06yeiexi,12,1
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.
Real Estate Agents
Are you an FHA buyer but still “on the fence” about buying?
There have been many rumors flying around regarding the expected adjustments to the FHA loans provided. Do you want to use FHA financing due to the lower down payment requirements, experiencing some credit issues and or wanting to ask the seller to contribute up to 6% concession? If you are and are counting on utilizing FHA loan products for the purchase of your new home, but aren’t quite ready to get off the fence…You may want to re-think your current position.
Per a recent article in the Chicago Tribune –
FHA-insured mortgages have become the loan of choice — realistically, the only option available since the private mortgage industry’s problems arose — for consumers who are eager to purchase a home but don’t have a significant down payment or stellar credit history. Currently, borrowers have to make at least a 3.5 percent down payment and have a minimum FICO credit score of 500, but most participating lenders require borrowers to have a score of 620 or higher.
Those lending requirements have meant a banner year for the FHA. It has insured almost 30 percent of home purchases — more than 75 percent of which are to first-time homebuyers — and 20 percent of mortgage refinancings. Just three years ago, the FHA’s share of the mortgage market was 3 percent.
Among the steps outlined by Housing and Urban Development Secretary Shaun Donovan in congressional testimony Wednesday were plans to increase the down payment and FICO score required. The agency also may ask Congress for permission to increase either the upfront mortgage insurance premium, the monthly premium or both. Details of the plan are expected next month.
“We have made the decision to exercise our authority to increase the upfront cash that a borrower has to bring to the table in an FHA-backed loan — to make sure that FHA borrowers have more ’skin in the game’ and a stronger equity position in their loans,” Donovan said in written testimony submitted to the House Financial Services Committee.
One detail Donovan did provide is that sellers would be able to help buyers with only 3 percent, rather than the current 6 percent, of “concessions” that help fund closing and loan-related fees.
The moves are part of a plan by the FHA to lessen risks to its portfolio; an independent actuarial study found the agency’s insurance fund reserves have fallen far below the congressionally mandated minimum. The agency also plans to take steps to increase FHA capital and to hold lenders more accountable for the quality of loans they write.
This may be the time to get off the fence..
Please feel free to contact me with any questions you may have. I will be happy to assist you in the purchase of your new home. I can be reached at Julie@phoenixpowersearch.com or 480 628 2967
I look forward to hearing from you!
Chicago Tribune Article
Real Estate Agents
Avoid Hibernation. Arizona Your Fall and Winter Paradise!
October 9, 2009 by Tim Broderick · Comments
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
Real Estate Agents
WOW, no more FHA 90 day waiting period on flipped foreclosures.
September 22, 2009 by Rachel Anderson · Comments
Ah great news, I have had so many FHA buyers want a home that has been flipped, but can’t wait the 90 day seasoning period. If you are not familiar with this, here is out it works. An investor will purchase a foreclosure, rehab it, and put it on the market as soon as it has been flipped. There are stipulations to this and not all homes will qualify. But it does open the door a little for buyers with an FHA loan.
The way the old way would work, is the home had to wait a 90 day seasoning period to qualify for an FHA loan. This would limit FHA buyers to homes that were in really bad shape or a short sale. In this market that is the majority we see, so when a home comes on the market that has already gone through the flipping process it is nice because most home buyers want a “move in ready” home. A lot of people can’t see past holes in the walls, missing light fixtures and all of the appliances are gone.
When Realtors see homes that are already “flipped” with all of the “must haves” we find there are a lot of other people interested as well. I just closed a deal on a flipped property with a conventional loan with 10% down. The listing Agent was sceptic that we could close a conventional loan with only 10% down, but it closed in 30 days. So it’s nice now to see we can do FHA loans on flipped foreclosure properties without the 90 day seasoning period.
Below is more information on the new revision:
On Friday, FHA announced the suspension of the anti-Flipping 90-day waiting period.
Prior to September 14, 2009, FHA products were denied to buyers purchasing homes from investors that buy homes, rehab them, and sell them within a 90-day period. Previously, the only option to purchase these homes was through conventional financing (which requires a higher down payment) or a cash-only purchase.
This revision allows home buyers to expand their market when searching for a home and gives them the opportunity to secure a much lower down payment. More investors and buyers will be encouraged to purchase homes due to this major change.
Take a look at the revision:
Section 203.37a(b)(2) of the FHA regulations, 24 CFR, is hereby waived for a period of one year, September 14, 2009 through September 13, 2010, with regard to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program.
http://www.nls.gov/offices/hsg/sfh/waivpropflip.pdf
If you are in the market to purchase a home and want more information on this. Please contact me today, Rachel Anderson 480-309-7968
Real Estate Agents
Call to Action! $8,000.00 Tax Credit Going Away!
September 15, 2009 by Michael Manning · Comments
The $8,000.00 Tax Credit is going to expire in just 60 days, on November 30, 2009. That means you, as a first time homebuyer will not be able to purchase a short sale. It will not close in time to take advantage of this fantastic program. And bank owned properties are getting very close to that time line as well. Nearly 50% of the homes sold to first time buyers were sold because of this program. That has been a boon to our economy and a big help in reducing foreclosures and short sale inventory. When that inventory is reduced enough, builders will start building and people will start working again. This is not only important to the individual, but to our economy as well.
It is very important for everyone, from potential first time buyers to Realtors, Lenders to New Home Builders to e-mail or call their Congressman. Tell them it is of the utmost importance that they work to extend this program. And the time is now! Let’s keep things going in the right direction. Please do it now. To make it simple, I have included Arizona Congress and Representatives web address’s and phone numbers. If you want me to write it for you just contact me with your info. I will be happy to help.
Michael Manning 602-738-8236
HomeSmart BuyerTours Team
michael.manning@phoenixpowersearch.com
Real Estate Agents
The Highest Offer Doesn’t Always “Win”
September 12, 2009 by Stacey Anderson · Comments
When the market was at it’s peak, I witnessed agents writing offers on the hoods of their cars for a newly-listed home I showed to my clients. The agents and their cars were lined up like a Nascar race along the street. It was one of the craziest experiences I have ever seen in my career! It appeared as if a gun had fired, and the Realtors were in a race to the “write an offer as fast as you can” finish line.
My clients fell in love with this home and wanted to submit an offer. They were anxious that so many offers were being written right before their eyes on the driveway, but felt it was worth the competition to own this home. As the agents were scrambling for their pens and shuffling papers around, I was on the phone with the listing agent establishing rapport with her. I inquired and listened as she explained what was important to her seller’s in an offer.
“A solid offer from a solid buyer” was what she told me. What did they really mean? Hmmm…This is where your Realtor needs to accurately read between the lines.
We went ahead and offered full asking price (solid) because of the activity on the home, and I suggested a $10K earnest deposit (solid). I submitted a loan approval (solid), along with a letter introducing my clients character, their work background, and explaining their strong (solid) desire to buy the home.
You get the point…
Submitting the highest offer or going above asking price, doesn’t always equate to a “solid offer and solid buyer”. There are other ways to reflect your solidity as a buyer that have nothing to do with your checkbook. For example, taking the extra step in writing a letter on behalf of clients, can make or break a deal. I have done this in the mortgage business with letters written directly to the underwriters, and it has saved the loan approval. We all act on emotion and like doing business with people we like and feel a connection with. We want to see them succeed. A letter of explanation or introduction is a simple, cost-free and effective way of adding a personal touch.
It turns out that we were one of 3 out of the original 14 submitted offers to receive a counter offer. Our counter read that the seller’s agreed to the purchase price of the home. That was it. There were no other terms stated.
Sign the counter offer and submit it, right? Wrong.
I called the listing agent to see if I could gain more insight into the seller’s true needs. She revealed new information: “The seller’s just placed an offer on a home and want to move as soon as possible.” Perfect. I just discovered the seller’s new hot button: Time is of the essence. She also shared that several counter offers went out. Knowing we were not the only ones to receive a counter, it was crucial that I gain my clients a first place position and to accurately access how to accomplish that.
To make the deal firm, my clients said, “Let’s counter and increase our purchase price offer by $15K.” That sounds logical, and my clients really love this home, so why not pay a little more to entice the seller’s to sign our counter? Well, read on…
The seller’s agreed with our offer on the price of the home; otherwise they would have countered higher. The seller’s only concern now is that the buyer has the ability to perform on the contract in a timely fashion so they can move ahead with the closing of their new home.
I recommended that we counter with the $10K earnest deposit to go “hard” or non-refundable after the inspection period and to close escrow in 20 days, not 30.
We received the signed counter and my clients got their dream home!
After close of escrow, I called the listing agent to thank her for a smooth and successful transaction. The listing agent said, “Your offer wasn’t the highest, but it met my clients needs perfectly. Your clients demonstrated their ability to close escrow; which was by far the most appealing asset of all offers we received.” She also added that the phone calls and questions showed a genuine concern not only for my buyers, but also for her sellers. None of the other agents had even bothered to call and simply submitted the offers.
Presenting an offer isn’t rocket-science. But understanding what makes a seller “tick” and leveraging that information into successful negotiations, is why you should use a buyer specialist.
The moral of the story? ”The early bird gets the worm, but the second mouse gets the cheese.”
For exceptional negotiating on Arizona’s best homes, please call Stacey @ 480.747.2664 or drop me a note at stacey@scottsdaleparadise.com
Real Estate Agents
Arizona is Your Home for Baseball! Welcome Home!
September 6, 2009 by Tim Broderick · Comments
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.
Real Estate Agents
Canadian Buyers: Considerations and Preparation
September 1, 2009 by Tim Broderick · Comments
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.
Real Estate Agents
22% Forgivable Seconds! Your Way Home AZ Grant Program
August 25, 2009 by Tim Broderick · Comments
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% 1st mortgage as they would with a standard purchase transaction. The state will provide a 22% 2nd mortgage with no interest (silent 2nd). A 3% down payment is required.
75% 1st + 22% 2nd + 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 1st 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 1st 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 2nd 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 1st mortgage has to be 75% of the purchase price.
Three things will trigger repayment of 2nd 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 1st 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 1st mortgage lender it should work for this program.
This information was graciously supplied by 1st 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.
