Tucson Power Group

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

Archive for the category “Buying A Home”

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®

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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

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.

5 Rooms Repurposed

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Create A New Closet Or Extra Bathroom from a too-small guest bedroom.

Turn A Wide Hallway or Under-Stairs Space into a study or storage area. Or a Harry-Potter memorabilia display. Your call.

Shift A Never-Used Formal Dining Room into an office or a game room.

Designate Specific Areas In A Too-Large Great Room into different living, study, and play areas.

Update A Formal Living Room to create a plush library.

 

 

Ready to get started? Contact us today for your free consultation! 844-400-6040, or TucsonPowerGroup@gmail.com or:

Search for Tucson Homes 

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 Information You Can Rely On Series: 4 Tips to See If A Neighborhood Is Right For You6 Insider Tips to Make the Most of Open Houses, 4 Reasons to Google That Address, 6 Hidden Costs of Home Ownership, 3 Reasons To Think Twice…And 3 To Go Ahead

3 Reasons to Think Twice (and 3 Reasons to GO AHEAD!)

3-reasons-to-think-twice-13-reasons-to-think-twice-2

  1. It’s Too Expensive
  2. The Location Isn’t What You Want
  3. You’re Unsure About Your Future Income

 

 

It’s Too Expensive: If it’s too expensive for your budget, that’s one thing. But you shouldn’t pay for something that’s overpriced relative to other nearby homes.

The Location Isn’t What You Want: The saying is true: you can change the house, but you can’t change the neighborhood.

You’re Unsure About Your Future Income: You should feel confident in your job security, or that you have savings needed to handle a temporary interruption in income.

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  1. It’s The Home You Judge Others Against
  2. You Can See Yourself Living There
  3. It’s Got “Good Bones”

 

 

It’s The Home You Judge Others Against:  If you find yourself referring to one specific house even when you’re visiting others, it may be a sign.

You Can See Yourself Living There: You already have the living room furniture laid out in your mind – and it fits!

It’s Got “Good Bones”: Sure, maybe the wallpaper isn’t perfect, but things like light fixtures and carpet are easily customized to suit your style.

 

Is it time you found the ‘right place’? Call us today to set up your free consultation and private showings in that neighborhood. Or are you just starting your Tucson Home search? 

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.

Other post in the Information You Can Rely On Series: 4 Tips to See if a Neighborhood is right for you6 Insider Tips to Make the Most of Open Houses, 4 Reasons to Google That Address, 6 Hidden Costs of Home Ownership

6 Hidden Costs Of Home Ownership

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  1. Furniture and Décor: This is especially true if you’re sizing up!
  2. Unexpected repairs: Disclosures and home warranties can help with this in the first year, but things may pop up after that.
  3. Basic Maintenance: From pest control to carpet cleaning, this can add up each year.
  4. Yard Maintenance: If you don’t already have them, you may need a mower, an edger, basic garden tools, and more – or money to hire a gardener.
  5. Utilities: Check local rates for water, electricity, gas, garbage, cable, and other services you use. As your agent, we can help you find these resources.
  6. Settling In: You may need to purchase things like: shower curtains or cleaning supplies during the first few weeks in the home. And probably more take-out dinners and delivery pizza than usual!

the-best-defense-is-a-good-offense“The best defense is a good offense”is an adage that has been applied to many fields of endeavor, and is also true when preparing to buy a new home! As your agents, we can help you understand the added costs of home ownership to help you target a realistic price range.

Have you already begun saving for your next home and are ready to talk with a REALTOR®?

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 Information You Can Rely On Series: 4 Tips To See If A Neighborhood Is Right For You, 6 Insider Tips To Make The Most Of Open Houses, 4 Reasons To Google That Address

4 Reasons to Google That Address

  1. four-reasons-to-google-that-addressFind Crime Reports And Data For Your Home And Environs
  2. To See The Maps
  3. To See If Megan’s Law Registrants Live Nearby
  4. To Learn About What’s Coming To The Neighborhood

downward-trend-imageFind Crime Reports And Data For Your Home And Environs: A search for an address or city and “crime reports” is most likely to turn up your local police or sheriff’s crime map or a list of local happenings. You’ll want to check if the home’s address is on any concerning lists, and see what the broader crime trends are like around the home, too.

To See The Maps:  Take a virtual walk around the block with Google’s Street View  and get a better sense of the neighborhood – especially if you’re relocating to a new place. And a satellite map can be really useful to get a broader lay of the land.

To See If Megan’s Law Registrants Live Nearby: Safety First. Megan’s Law requires law-enforcement authorities to make information available to the public concerning registered sex offenders in their neighborhoods. Googling your address and “Megan’s Law” will turn up a quick list of nearby registrants. Alarmism isn’t a good look, but this is information you should have.

To Learn About What’s Coming To The Neighborhood: Searching for the address,upcoming_events_icon neighborhood name, and city/state can also help you locate permit applications – particularly true for permits that require environmental or neighbor feedback. This way, you can know in advance about a new coffee shop coming in around the corner, or a large multi-year building project happening down the street.

 

Are you ready to begin researching your next home? Would you like to schedule a Buyer’s Consulation and receive a packet of information (with direct links) to aid your online research?

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.

6 Insider Tips To Make The Most Of Open Houses For Buyers

six-insider-tips-to-make-the-most-of-open-houses

  1. Open Everything
  2. Take the Takeaways
  3. Take Pictures and Notes
  4. Check Out the Neighborhood
  5. Talk to the Seller’s Agent
  6. Take Your Agent

 

Open Everything: From doors to cabinet drawers, it’s the only way to get an accurate sense of storage – and to make sure you don’t miss a room!

Take The Takeaways: That extra paper may seem like a waste, but once you’ve seen more than a few houses, you’ll need something to help you keep  them straight.

Take Pictures And Notes: Again, it’s easy to forget what you saw where. The provided takeaways are a great start, but help yourself remember what you do – and don’t – like about a place.

Check Out The Neighborhood: Spend some time walking around the house. Are there close neighbors? What’s the traffic like? Remember, you don’t just buy a house – it’s the whole neighborhood.

Talk To The Seller’s Agent: Ask about recent updates and see if they’ve done any inspections yet. Find out if the seller has a timeline. The more you know about their needs, the more easily you can work around them – and put together a tempting offer if you love the home.

Take Your Agent: Some buyers may want  to check out places themselves, but it can be helpful to have your agent along for the ride. It helps us get a better sense of what you’re looking for, and we can get helpful insights from the seller’s agent if you’re interested.

Search for Tucson Homes 

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.

Call us today to set up your free consultation.

844-400-6040 or TucsonPowerGroup@gmail.com

More Posts in the Information You Can Rely On Series: 4 Tips to See If A Neighborhood Is Right For You,

4 Tips To See If A Neighborhood Is Right For You

  1. 4-tips-to-see-if-a-neighborhood-is-right-for-youCheck Out The Basic Stats
  2. See What The Neighbors Are Doing
  3. Learn The Traffic Patterns
  4. Look For Local Amenities

 

Check Out The Basic Stats: Crime data, both the volume of crime and the types of crime, and school performance data are important when thinking about what’s best for your family.

See What The Neighbors Are Doing: Get a sense of local activities, and see if it looks like a place with frequent block-parties or if people may keep more to themselves.

Learn The Traffic Patterns: Find out if there are frequent jams, or if a nearby farmers’ market limits road access during weekends.

Look For Local Amenities: Make sure you explore the area to find things that matter to you, like local coffee shops or parks.

 

Have you found the neighborhood you’d like to call home? Call us today to set up your free consultation and private showings in that neighborhood. Or are you just starting your Tucson Home search? 

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.

Other Posts in the Information You Can Rely On series: 6 Insider Tips To Make The Most Of Open Houses

52 Week Challenge – SAVE Your Down Payment

Try this 52 week challenge.  This could be your first step in saving for your new home!

For week 1, save $2.

For every week after that, add an additional $2.  Here’s a graphic:save-2700-in-52-weeks-breakdown-tucson-power-group

How simple is that? By this time next year, you will have your down payment.

Need some ideas on how to save each week?save-2700-in-52-weeks-ways-to-save-tucson-power-group

Need more ideas? Or have you already begun saving and are ready to talk with a REALTOR®?

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.

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