First Time Buyers

Help Me Help You

Buyer Help

Was it Cuba Gooding, Jr. in Jerry Maguire who said that? Dunno. Anyway, it reminded me of something. Read a short article today in a Woman’s Day-type magazine about things you can do to make your doctor’s visit more efficient and effective. Over the years, I’ve developed a similar “article” which I email to folks [...]

23 January 2009 Read the full article →

Earnest Money

Buyer Help

WHAT IT IS Earnest money is the amount of money a buyer submits with an offer to purchase a house. You actually write a check (or a copy of the check) and send it with the purchase offer. Earnest money proves the buyer is ‘in earnest’, or serious about buying that house. If the seller [...]

4 December 2008 Read the full article →

What’s A Fixture?

First Time Buyers

My broker Jay Thompson explained “what’s a fixture?” on his real estate FAQ blog, which I’d like to expand on. Normally I think everything Jay does is perfect and no expanding is needed. Buuuut, I’m running a little low in the inspiration department, even lower in the time department, and I realized that I haven’t [...]

10 October 2008 Read the full article →

When’s The Money Due?

Buyer Help

Like a lot of metro Phoenix Realtors, lately I’ve been working with lots of out of town buyers (especially Canadians). These buyers are often used to the way purchase transactions are handled in their hometowns, but somewhat baffled by the way we do things in metro Phoenix. From the standard AAR contract, line 13, “Close [...]

23 September 2008 Read the full article →

The Escrow Process Explained

Buyer Help

You’re ready to buy a house.  You write up an offer with your Realtor.  What’s next? You’re trying to sell your house.  Your Realtor brings you an offer from a buyer.  What’s next? The escrow process always raises questions from both buyers and sellers.  It can be confusing, and even overwhelming, because there are a [...]

5 September 2008 Read the full article →

Cash Buyer? Got Your POF?

Buyer Help

Cash buyers of Arizona real estate should provide a Proof of Funds statement to make their offer as strong as possible.

27 August 2008 Read the full article →

Where Does The Commission Go When I Sell?

First Time Buyers

In metro Phoenix where I work, sellers typically pay the Realtors’ commissions. Buyers don’t pay any Realtor commissions. The biggest chunk of change buyers come up with is their down payment. For sellers, the biggest hit you take on closing day is the Realtors’ commissions. Comissions are negotiable. So not every scenario will fit this one [...]

25 July 2008 Read the full article →

What Is “Absorption Rate”?

First Time Buyers

“Absorption rates are a  calculation of how long it will take for all the homes on the market to be sold, or absorbed, based on how many homes are on the market and how many were purchased in the last 30 days.”  – This is courtesy of blogging legend Theresa Boardman from Minnesota. Think of it [...]

5 June 2008 Read the full article →

Glossary of Real Estate Terms

First Time Buyers

When doing research, analysis, and reporting of our local real estate market conditions, I tend to use the same terms and phrases over and over again. I’m pretty sure that I’ve defined each of these terms at one point or another along the way, but that may have been many posts ago, and it’s very [...]

23 May 2008 Read the full article →

Mortgage Terms Defined

Buyer Help

Thinking about buying a home? Have questions, need info, but aren’t ready to speak with a lender yet? Have a fear that a pushy salesperson will bug you till you sign? See this awesome glossary of mortgage terms compiled by Jack M. Guttentag. Jack is Professor of Finance Emeritus at the Wharton School of the University [...]

5 May 2008 Read the full article →

Fair Housing Law

First Time Buyers

. . Federal Fair Housing law prohibits discrimination in the sale, rental or financing of housing because of: Race or Color National Origin (the country in which one was born) Religion Sex Familial Status (whether one has children or not, whether married or not) Handicap/Disability Some states include additional groups, such as “sexual orientation”. You [...]

22 March 2008 Read the full article →

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