Frequently Asked Questions
Q:I AM QUALIFIED, BUT KEEP GETTING “BEAT OUT” BY OTHER BUYERS. WHY?A: This is an issue that we come across quite frequently these days. Even cash buyers are having trouble getting a home and are getting “beat out” by other buyers. So how does a owner occupant with an FHA loan putting 3.5% down stand a chance? The number one thing is to be prepared to move quickly. Buyers must be ready to submit an offer quickly in a competitive market, this means that they should have been pre-qualified and have their finances in order. Having a Realtor who is experienced and able to write an offer and submit it in an efficient manor is also highly recommended. When submitting an offer I always advise that it be as “clean” as possible. This means that the buyers aren’t asking for a home warranty, or closing cost assistance, or extra days for the inspection period. As a matter of fact if buyers are able to close quickly they should state that in the offer, as well as put down more money for earnest money. In a Sellers market where they are receiving multiple offers you want yours to stand out as much as possible.
Q: HOW MUCH DO I NEED FOR A DOWN PAYMENT?
A:USDA Financing in “Rural Areas” (IE: Parts of San Tan Valley, Queen Creek, Buckeye, etc) offers 100% financing, which means there is no down payment requirement for the borrower. Owner occupant requirements state that a minimum of 3.5% of the purchase price must be put down by the buyer for an FHA. Although there is a 0.5% FHA loan product with a small 3% 2nd loan. Conventional mortgages can be as low as 5% with good credit. These also include second homes, homes in need of repair or investment properties is typically 20-25%. Contact us for the most up to date information.
Q: WHAT IF I’M NOT FAMILIAR WITH PHOENIX OR THE EAST VALLEY?A:There is something here for everyone. Having sold homes all over the valley we can give you a very accurate idea of what you will find. More importantly, what are some of your interests and places you want nearby. Example: Schools, shopping, golf, airports, freeway access, lakes, sports facilities, mountain views, retirement communities, quick access to deserts/mountains etc. We can also schedule a tour where we can view a couple of homes in a few different areas to give you an idea of what is out there.
Our home search tool compiled over 90 unique data layers, including U.S. homes, businesses, schools, community features, demographics, parks, topography, boundaries, crime, and much more. This creates a one-stop information source to help familiarize yourself with various areas and find your new home.
Q: WHY IS IT ACTIVE ONLINE, BUT GONE WHEN I CALL?
A:Unfortunately websites like Zillow, Trulia, etc. are not the actual MLS. They derive their info from other 3rd party sites and much of the time the property info is outdated or downright inaccurate. Homes are moving rather quickly, and websites are usually a little slow in updating. So a home may linger “For Sale” on a website for a when it is actually “Pending, AWC or Sold”. We encourage our clients to email/text us the addresses or MLS numbers of homes they find online or while driving around. We are more than happy to look them up on the MLS and send them the current status. The MLS is the most up to date online database which most if not all of the other sites use as their main source of information. It is considered real time. If a home goes pending, and an agent updates the status, it is almost instant. However this may take days or weeks and occasionally months for it to trickle out to other websites.