Tucson Power Group

Jodi Koch & Dave Stucky. Powerful Real Estate Solutions for Tucson, Oro Valley, and Marana.

Archive for the month “May, 2017”

For Sale By Owner – Facts To Consider

dangerMany people believe they can save a considerable amount of money by selling their homes themselves. It may seem like a good idea at the time, but while you may be willing  to take on the task, are you qualified?

Following are some questions to help you realistically assess what’s involved:

 

DO you have the knowledge, patience, and sales skill needed to sell your home?

IF your buyer is aggressive, CAN you negotiate a successful outcome for yourself?

DO you know how to determine the current market value of your home?

ARE you aware of conditions in the marketplace today that affect the value and length of time to sell?

DO you know how to determine whether or not a buyer can qualify for a loan?

ARE you concerned about strangers walking through your home?

DO you understand the steps of an escrow and what’s required of you and the buyer?

ARE you familiar enough with real estate regulations to prepare a binding sales contract? Counter-offers? Addenda?

ARE you aware that every time you leave your home, you are taking it off the market until you return?

HAVE you made arrangements with an escrow and title company, home warranty company, pest-control service, and lender to assist you with the transaction?

DO you need to hire a real estate attorney? If so, DO you know the what the cost will be and how much liability they will assume in the transaction?

DO you know how to advertise effectively and what the costs will be?

ARE you aware that prospective buyers and bargain hunters will expect you to lower your price because there’s no REALTOR® involved?

DO you understand the various types of loans buyers may choose and the advantages and disadvantages for the Seller?

ARE you prepared to give up your evenings and weekends to show your home to potential buyers and “just-looking” time-wasters?

Consider these questions carefully and discuss them with your family.

If you decide you need the representation, professionalism, and sanity-saving of a REALTOR®, please contact us today.

844-400-6040 or TucsonPowerGroup@gmail.com

What’s My Home Worth?

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Real Estate 101 Series: The ABC’s of Real Estate, What Is Escrow, The Advantages Of Using A REALTOR®, Ways To Take Title In AZ

 

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Ways To Take Title In Arizona

There are several different ways you can choose to take title in Arizona when purchasing property: Tenancy in Common, Joint Tenancy with Right of Survivorship, Community Property, and Community Property with Right of Survivorship.

Just as there are several way to take title, each has several points one should consider. These are: Parties, Division, Title, Possession, Conveyance, Purchaser’s Status, Death, Creditor’s Rights, and Presumption.

For a quick glance chart, please visit: Ways To Take Title In AZ – Tucson Power Group.

*Note: Arizona is a community property state. Property acquired by a married couple* is presumed to be community property unless legally specified otherwise. Title may be held  as “Sole and Separate.” If a married person acquires title as sole and separate, their spouse must execute a disclaimer deed to avoid the presumption of community property.
Parties may choose to hold title in the name of an entity, e.g., a corporation; a limited liability company; a partnership (general or limited), or a trust. Each method of taking title has certain significant legal and tax consequences; therefore, you are encouraged to obtain advice from an attorney or other qualified professional.
*inclusive of the vesting terms “husband and wife”, as well as “married couple” (for same-sex married couples)

Ready to purchase your next home?

Contact us at 844-400-6040 or TucsonPowerGroup@gmail.com

Search For Homes

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Real Estate 101 Series: The ABC’s of Real Estate, What Is Escrow, The Advantages Of Using A REALTOR®

The Advantages Of Using A REALTOR®

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Are you ready to Search For Homes or discover What’s My Home Worth?  If so, contact us today for your free consultation!

844-400-6040 or TucsonPowerGroup@gmail.com

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Real Estate 101 Series: ABCs of Real Estate, What Is Escrow

What is Escrow?

Once your offer on a new home or other property is accepted by the Seller, your transaction is placed “into escrow” – but what exactly does that mean?

Escrow: The deposit of funds, a deed, and other items to a neutral third party for the purpose of completing a real estate purchase.

Why Do I Need It?

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It facilitates the real estate transaction by managing the disbursement of funds and documents.

 

 

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It provides assurance that no funds or property will change hands until all instructions for the transaction have been completed.

 

Who Are The Key Players?

In many states, the escrow officer is know as the “closer.” In other states, licensed attorneys are required to handle escrows, but often work with a closer from a title company to do some of the processing.

The Buyer, Seller, and Lender will give instructions to the escrow officer to close the transaction.

The Real Estate Professional provides  the escrow officer the necessary information to create the escrow instructions.

The Escrow Officer is responsible for: adhering to the instructions set forth by the principal members of the transaction, processing the escrow in a quick and efficient manner, and closing the escrow when all terms have been met.

These Terms often include: completing a home inspection, purchasing homeowners insurance, completing negotiated repairs, paying all authorized bills, fees, and charges, disbursing funds in accordance with the instructions, and providing the closing or settlement statement.

Men shaking hands as a sign of friendship and agreement While a real estate professional may recommend an escrow company or officer, the buyer and seller have the right to choose their service provider.

 

What Is My Role?

Whether you are buying buyer of the buildingor selling, seller you’ll play a major role in the escrow process…

  • Read and understand the escrow instructions, agreements, or terms and conditions
  • Respond promptly to any correspondence regarding your transaction
  • Direct questions regarding your loan to your lender
  • Carefully review the closing statement

What’s In The Closing Statement?

The closing statement will include information such as:

  • Purchase price
  • Funds that will be deposited or credited to your account
  • Costs of all services
  • Payoffs on existing encumbrances or liens
  • Funds required to close the transaction

Thoroughly examine all closing documents. Safely store your closing statement and other escrow documents for tax purposes.

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Are you ready to Search For Homes or discover What’s My Home Worth?  If so, contact us today for your free consultation!

844-400-6040 or TucsonPowerGroup@gmail.com

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Real Estate 101 Series: ABCs of Real Estate

The ABCs Of Real Estate

Appraisal: estimation of a home’s market value by a licensed appraiser based on the comparable recent sales of nearby homes.

Backup Offer: secondary offer on a home that is already under contract that will become active  if the primary offer falls through.

Contingent Offer: offer is accepted by the Seller,  but certain conditions must be met before the sale is final.

Down Payment: percentage of the home purchase price (usually between 5% and 20%) paid upfront in cash.

Escrow: neutral third party that holds funds from the buyer and distributes them when all conditions have been met.

Federal Housing Administration (FHA): government agency that insures loans designed for low-to moderate-income buyers.

Good Faith Estimate (GFE): provided by a lender to a borrower, GFE was an estimate of fees due at closing. New mortgage rules in 2015 replaced this form with one called a Loan Estimate.

Homeowners’ Association (HOA): management organization within a community, subdivision, or neighborhood that creates and enforces rules for properties within its jurisdiction.

Inspection: an examination of a property and its systems performed by a qualified professional, usually before the sale of a home.

Jumbo Mortgage: mortgage exceeding the conforming-loan limit, commonly used for luxury home purchases.

Key Rate: interest rate set by the federal government that determines the cost to borrow money, in this case, a mortgage to buy a new home.

Loan-to-Value (LtV): risk assessment ratio used by lenders: to calculate, divide the mortgage amount by the appraised value.

Multiple Listing Service (MLS): database for real estate agents to list and market for-sale homes.

Net Proceeds: amount received by the Seller at closing after all other costs have been deducted.

Open House: event hosted by a listing agent to showcase a home to potential Buyers.

Preapproval Letter: letter indicating that a lender is willing to loan a specific amount of money for a home purchase; preapproval does not guarantee a loan.

Quitclaim Deed: deed transferring property rights without any validation of ownership, typically used between spouses and family members.

Real Estate Owned (REO): repossessed property owned by a lender after an unsuccessful sale at auction.

Seller Property Disclosure Statement (SPDS): document completed by the Seller disclosing the property’s history and defects.

Title: the right to ownership of real property recognized and protected by the law.

Under Contract: when a Buyer has submitted an offer that the Seller has accepted, but the closing is not yet final.

VA Loan: mortgage loan for Veterans and their spouses, made by private lenders and guaranteed by the U.S. government.

Walkthrough: final inspection conducted before a home sale is final.

X Marks The Spot: where you sign on the dotted line for your dream home!

Yield-Spread Premium (YSP):  amount a lender pays a mortgage officer for selling a loan with a higher interest rate  than the par rate.

Zero Lot Lines: residence built very close to or directly on the property line.

 

We hope this glossary of terms has helped with your real estate education! Contact us today to set up your free consultation.

844-400-6040 or TucsonPowerGroup@gmail.com

What’s My Home Worth?

Search For Homes

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

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