You get a large pool-sized lot, a covered patio, a door into the garage from the side, front and rear hose bibs. All the options you might want are already included. I only mentioned some of them.

Oh, did I mention that they come with a Side by Side Refer, Washer/Dryer and a 40″ LCD TV?

So, $5,000.00 in incentives, An $8,000.  tax credit, Side by Side Refer, Washer/Dryer and a new Big Screen TV. Low move-in (less the rent) and low monthly payment, again less the rent. What are you waiting for? Homes ready to move into now.

Michael Manning

EXP Realty, LLC

602-738-8236

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

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.

Having worked for new home builders in the area I have a few reasons why and I will start with my own personal new home. Our final walk through went fine. Everything was beautiful. When I set my office up and the electrical outlet that I plugged my computer into did not work I thought, no problem, I have a year warranty. I called the builder and sure enough, they came right out. The hip, (slant) of the roof was no longer accessible from the attic to repair the outlet. The builder said most likely a nail went through the wire. They could fix it but it would require cutting through the drywall until they found the site to repair. An inconvenience to say the least. I just wanted my office unpacked and get back to work! 3 months later I found a termite tube on the exterior of the home which caused me to look further, which I found another tube under the bathroom sink. Yes my home was brand new and under warranty however your home is labeled henceforth at the State of Arizona Office of Pest Management. (OPM).  A health department history of homes if you will.  http://www.sb.state.az.us/  The website is very helpful. Go to the consumer resources and they have everything from pest advisories to termite re-ocurrence or search an address for a home you are considering to purchase to find the history. Yes my address is there. It is the home’s reputation and the more you know the better off you are to make that decision to sign on the dotted line. After all it is usually the biggest investment people make!

Attics: No one likes to take the time or effort to stay there long enough to thoroughly inspect the attic. Common problems are broken trusses, crimped duct work which reduces the line for the heating and cooling to pass through and can even cause extra wear and tear on the heating and a/c unit, disconnected a/c & heating ducts, roof leaks, lack of, or no insulation at all. Since the attic insulation is one on the very last things to go into a new home it is not uncommon to be forgotten. One buyer went through an entire summer without insulation and had excessive utility bills before it was noticed. The builder did get the contractor out and blew in insulation but it was not a pretty sight. The mess from the hose being dragged through the home to the attic access not to mention the insulation droppings that fell around the room and on the clothes in the closet as well. Weather stripping, poor installation and lack of it is another big oversight of some new home builders. It also contributes to loss of heating and cooling and another avenue for bugs to enter your home.

Electrical: As I mentioned earlier my personal story.

Foundation: Lack of a seal. The wood is bolted directly to the concrete and unless it is sealed properly it is another way for bugs to enter your home. I cannot say enough about a post-tension foundation. I feel it is superb. Some new home builders will use a stem-wall and some use a post-tension. It is my understanding that Post-tension foundations are more expensive. Typically a 7” frame up with the Foundation Boards. Then they place metal cables in a checker board pattern that extends out the sides. There is then an inspection prior to pouring the concrete. After a specific cure time of the concrete they come out and pull on the cables to around 30,000 psi (per square inch) then it sits and they return to assure that the psi has held. The cables are cut off at the surrounding slab of concrete and are patched. The other foundation builders use is a stem-wall which the concrete is bolted to the earth and because of earth movement and expansive soil in AZ, cracks in the foundation can occur. It is another avenue for bugs to enter your home. My personal story I had a stem-wall foundation which I believe is the reason I had termites 3 months after I moved in to my new home. Ugh!

Post Tension Foundation

When should the inspector inspect?  I say at the frame completion prior to the walls being closed up and at completion. I also recommend doing your research on the inspection company that you hire!

If you are considering a new home purchase or having one built, I would be happy to help you through the entire process from home-site selection to what you really need to pay attention to at your walk through. I can share more information with you on the various areas that could be important to you.  It goes without saying a list of professionals for you to consider is available as well. Having achieved my lifetime achievement award selling over $52 million in new homes in a period of under 5 years I know what I am talking about. Judy Manning 480-518-0722 cell judy.manning@phoenixpowersearch.com

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.

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.

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.

“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

You’ve seen short sales, you’ve seen REO’s, you’ve seen the “backyard oasis” that is more of a lagoon that makes the Toxic Avenger looking like the next Bachelor…

BUT alas the door opens and to your surprise the utilities are actually on. You take a whiff and smell the Hawaiian Breeze scent from a Glade plug-in. There is hope! Wood floors?! REAL WOOD?! Wait theres clean carpet AND Granite with stainless steel?!!

Your agent checks days on market, it says 1 day. Then you ask “how much is this house?!” They say $150,000 and it’s a BANK OWNED PROPERTY!

Your wife looks at you with that glaze in her eye like the night you fell in love with her… You scream “PUT AN OFFER IN ON THIS HOUSE!”

As you’re waiting anxiously at home your Realtor calls you with some disheartening news… “this property has 5 offers already, 1 cash, and 2 over LIST PRICE!”

NOT TO PANIC!

What do you do?! Let’s look at the numbers for a sec here. You most likely put in a a clean offer at full price and didn’t even ask for closing costs. I can definitely see the frustration here. Automatically you’re thinking why would anyone overbid on a house in these times?

Your Realtor comes back with some analytical data for you. The home is located in a new subdivision where the builder is still selling homes, they’re FIRM at $180k with none of the same options you see in the subject property. Recent 3 month sales shows $140-180′s.

Not to worry, the homes in the $140′s are REO’s you’ve seen those properties and they’re in bad shape. The homes in the $150′s are bare with cultured marble and needs new counter top along with carpeting. The homes in the $180′s are just like the one you have an offer on!

So now what you thought was paying full price for a home was top of the market, we just realized it’s priced below market!

Moral of this all is make sure you do your research! Compare APPLES to APPLES, everything you like about one home make sure it compares to another home. Just because the house you want to buy is $10,000 more than 2 that just sold for $150,000 doesn’t mean it’s overpriced. Look at all the facts, are you looking at a home that has a pool, bigger lot size, more upgrades, next to school/park? No move in maintenance? Question you should ask yourself is “if i couldn’t buy this house, could i find another just like it for THIS price?!”

Remember when putting an offer in on a house do the numbers work? Just because you see homes listed all over $160k doesn’t always mean they’re actually worth that! I know i have tons and TONS of boxes full of comic books at my moms house that i thought were worth tons and tons of money. She always told me, “it’s only worth something, if someone will pay that price!”

Don’t get discouraged some people will overbid, and run into the problem where the house won’t appraise. Buying a home IS an emotional process but don’t let you emotions get the best of you, do your homework and make sure what you offer makes sense!

Emotion is the Barret Jackson and a 63′ split window just pulled up with matching numbers everywhere… starting bid at $60,000

Dalat Nguyen
602-741-3162
dalat.nguyen@phoenixpowersearch.com

Arizona Foreclosure Prevention Task Force: http://www.arizonaforeclosuretaskforce.com

Arizona Mortgage Trouble Assistance Line 877-448-1211 

http://azcms.housingaz.com

IRS Forelcosure Q&A: http://www.irs.gov/newsroom/article/0,,id=174034,00.html

Rescue Foreclosure: 602-682-3410

Facing foreclosure is something a lot of people are going through right now, YOU ARE NOT ALONE!

Rachel Anderson 480-309-7968 rachel@phoenixpowersearch.com