The holiday season is often associated with warmth, joy, and celebrations. While many homeowners might be hesitant to put their homes on the market during this festive time, selling your home during the holidays can actually be a strategic move. In this blog post, we'll explore the benefits of selling your home during the holidays and why opting for an investor might just be the perfect gift for you and your family.
The real estate market tends to slow down during the holidays, but investors operate on a different timeline. Selling to an investor means a quicker and more efficient process. Say goodbye to the prolonged waiting period and hello to a swift transaction that allows you to move on to the next chapter of your life without unnecessary delays.
Traditional real estate transactions during the holidays can be challenging. Potential buyers may be preoccupied with holiday festivities and travel plans or are simply not in the mindset to make a significant purchase. Investors, on the other hand, are often ready to make a deal, providing you with a hassle-free selling experience.
One of the significant advantages of selling to an investor is that they often buy properties in as-is condition. This means you can skip the stress and expenses of preparing your home for showings. Investors are experienced in seeing the potential in properties and are willing to take on the responsibility of repairs and renovations.
Investors commonly offer cash for homes, providing a level of financial certainty that might be lacking in traditional real estate transactions. This can be especially advantageous if you're looking for a quick and secure sale during the holiday season.
Holidays often mean a variety of commitments and a tight schedule. Investors understand this and can offer flexibility in closing dates to accommodate your specific needs. Whether you want to close before the holidays or in the new year, an investor can tailor the timeline to suit you.
The holiday season can be a busy time with family gatherings and events. Selling to an investor eliminates the need for constant showings and open houses, reducing the stress associated with keeping your home in showcase condition.
While selling your home during the holidays might not be the conventional choice, it can be a strategic and rewarding decision, especially when opting to sell to an investor. The speed, convenience, and flexibility that come with selling to an investor make it a compelling option for those looking to simplify the selling process and embrace the festive season with peace of mind.
Consider the gift of a stress-free home sale this holiday season and explore the advantages of selling to an investor like The Trusted Home Buyer.
If you ever wanted to upgrade your home in a smart way, then 2023 is going to be the year for you! With the latest technologies and designs, there are so many ways you can update your living space. From smart appliances that make life easier to energy-efficient lighting fixtures that save money, these must-have upgrades will take your home from ordinary to extraordinary in no time.
So if you're looking for a unique way to spruce up your humble home this year, here are 10 awesome upgrades that will transform any house into a modern dream
Redesigning your existing kitchen cabinets is one of the easiest upgrades for your home in 2023. If you've been dreaming of a chic, modern kitchen that stands out from the crowd, then look no further! Cabinets are the focal point of any kitchen. In fact, they are often the first thing visitors see when they walk into a room. Redesigning them with new materials or even new technology can completely transform your kitchen into a sleek and sophisticated space.
Modern cabinets come in a variety of colors and materials, such as stainless steel, wood veneer, or even acrylic panels. Depending on the material of the cabinet door, some may even let light through for an “ethereal” ambiance. Try incorporating these different materials to create an even more unique piece that makes your kitchen stand out.
Technology has also started playing an important role in cabinet design, surprisingly enough. Many modern pieces come equipped with high-tech components such as integrated lighting, adjustable shelving, hidden compartments, or built-in charging stations - perfect for keeping all of your gadgets powered up without cluttering up your countertops.
Not only will redesigning your cabinets make your kitchen more stylish but it will also improve its functionality, especially if you shop online. You can enhance your already useful storage space by adding things such as pull-out shelves, rotating drawers, and smart dividers. You'll be able to keep everything segregated and organized, ensuring what you need is always within arm’s reach.
Mixing up your kitchen cabinets is an amazingly simple way of making an upgrade to your home. Aside from the obvious aesthetic benefits, some of the emerging technologies will help you elevate your home into a smart home of the future. This simple upgrade is one of the best investments any homeowner can look into for revamping their living space this year.
Sometimes, traditional lighting can get a bit stale. Most lights can only be toggled on or off, and even rarer do you get features like brightness adjustment. Well, 2023 is the year that new smart lights are sure to get a resurgence in popularity. By investing in smart bulbs, you can customize the brightness and color of your indoor and outdoor lights according to your preferences, creating a modern and efficient atmosphere for your living space.
But smart and automated lighting options don’t just change the color of your room depending on your mood. There are special systems that use sensors to detect movement or changes in light levels, turning lights on or off accordingly. This means that you’ll no longer have to worry about flicking switches or leaving lights on when you’re not in the room. Even better, no more late trips at night when you walk around your hallway without any illumination.
In the long run, motion sensors can improve the energy efficiency of your home while also saving you money.
Voice-activated controls are also becoming increasingly popular with smart assistants such as Google Assistant, Siri, or even Samsung’s Bixby handling the heavy lifting of coordinating everything. These allow you to turn lights on or off simply by speaking commands into a smart device or even your phone. This is especially useful if your hands are full or if the room’s already pitch black and you don’t want to fumble around looking for a switch.
Smart and automatic lights can also act as a great basic security system for your home. Because you can place some motion sensors outside your home, they can be programmed to detect any movement - that includes any potential intruders (or sometimes stray animals) that may wander onto your property. The moment they see anything lurking in the night, the motion sensors can immediately switch on any outdoor lighting and give you ample warning.
Additionally, you can even schedule your smart lights to come on at nighttime. This gives your home the illusion that someone is present even when there isn’t anyone at home! Some smart assistants can even let these nighttime lights follow the sunset and sunrise, making the turning on and off of the lights more “random” and less like it’s on a set routine.
With all these features combined, automated lighting options provide a great way to have great lighting, varied options, and even a bit of added security and comfort. They can also improve your electricity efficiency at home, making them a must-have for anyone looking to spruce up their home.
With smart lighting as the easiest “smart” upgrade for a home, you definitely want to go down the rabbit hole and look at what other high-tech appliances you can get. Current technology has made leaps and bounds, making your home even more efficient and convenient than ever. These can range from things such as smart refrigerators to dishwashers, or even washing machines. The sky’s the limit when it comes to smart appliances.
One wouldn’t think they need a smart refrigerator, as the traditional ones get the job done, right? Well, the newer models use advanced sensors to monitor the temperature inside and out, so you can always keep your food nice and chilly These types of fridges also allow you to control settings from an app on your smartphone or tablet, making it easier to adjust settings as needed Some even come with built-in cameras so you can check what’s inside without having to open the door! Going further, some advanced models can even give you a warning if you’re running low on certain items. Never run out of milk again, thanks for a smart fridge!
Smart dishwashers are another great appliance to add to the ever-growing high-tech device fleet. These use various sensors to catch how dirty your dishes are and adjust water pressure as needed. Surprisingly, some also come with adjustable racks that allow you to comfortably fit larger or smaller items, depending on the need. This is a nice upgrade for households that are quite busy and need everything automated.
Sometimes even cooks need a helping hand, and that’s where smart cooking appliances come into the picture. Smart ovens have presets that let you cook meals quickly and easily according to specific recipes - perfect for busy cooks without much time on their hands.
Adding high-tech and smart appliances are an incredible way for people to improve their home’s usability. These things may be costly upfront, but they will add convenience and efficiency in the long run. Automation is indeed the way of the future, especially in 2023.
Smart Assistants have become quite popular in recent years, especially with the introduction of unified layers such as Matter, which is a unification layer that helps connect smart devices into one ecosystem. And at the heart of all this is voice activation. Speech recognition has improved by leaps and bounds since its inception, and now users can easily control various devices with just their voice.
The most popular type of voice-activated device is the smart speaker. This is essentially the most basic, but integral, part of a smart home. Smart speakers can be used for almost anything, from controlling your music, lights, temperature, or more. They connect to your smart assistant, allowing you to control all your devices at home. For instance, you can turn on the lights in the living room even without getting out of bed.
You can even make your smart speakers tell you things like the time in different parts of the world, tell you a funny joke, or even play relaxing ocean sounds while you’re winding down at night.
Smart speakers can also control multiple devices at a time. You can set the perfect date night mood by having your assistant turn on the television while also dimming the lights in one fell swoop. Maybe you even want to set up routines that are triggered by certain conditions, or simply need your speaker to bark out reminders to take out the trash.
Voice activation of household devices offers a great way for people to make their homes more efficient and convenient this year. Embracing the hands-free lifestyle is great for people who want full control over their homes.
Circling back to security upgrades for your home, we can’t forget digital door locks. These devices let homeowners control access to their homes with the press of a button, a swipe to their smartphone, or even with their voice. Smart locks can be programmed to respond to different access methods, like a PIN code, fingerprint scan, proximity sensor, or even with just a smartphone app.
You can then remotely grant or deny entry to anyone standing at your doorway. If you have a smart camera attached to your doorbell or entryway, you can easily allow family members into your home even if you’re away. Similarly, you can keep strangers out if ever they wander too far onto your property.
A digital lock can enhance security even more as compared to traditional locks. They tend to be built with sturdier materials and are also equipped with encryption and anti-hacking measures to keep the more tech-savvy away. Of course, they are best paired with other smart devices like alarms or cameras to make the most of things.
Overall, digital door locks are a simple yet effective way to secure any home in 2023. They add convenience and peace of mind, as well as integrate well with other smart home devices.
At the end of a busy day, what’s better than sitting back and relaxing in front of your high-end media center? Perhaps making a few upgrades to your home entertainment system is in order this 2023! Just like any piece of technology, media centers have thoroughly advanced throughout the years, providing even more options than ever for enthusiasts to dive into the hobby.
While the common display panels nowadays range from 1080p to even 4K resolution, we already started getting televisions with higher refresh rates. This is perfect for smoothing out the display output, especially if you have a current-gen gaming console like the PlayStation 5 or Xbox Series X hooked in. Display panels also tend to have some form of HDR which enhances and deepens colors, making them more accurate and pop out more than ever before.
If you want to enhance your aural experience, look for media centers that have Dolby Atmos features. These types of soundbars or speakers will create virtual surround sound by bouncing sounds off your ceilings and walls, creating a truly immersive experience in the middle of your home.
Additionally, many home entertainment options have smart assistants built in from the get-go. This lets users be able to control the entire system (or the rest of their home) by simply speaking into the microphone. You can adjust the volume, change channels, or even toggle appliances on and off without leaving your couch.
Of course, you would want your television to look the best that it could, right? You can add light strips to the back of your television, giving off bias lighting that helps ease eyestrain especially if you prefer viewing content in the dark. Some could also add beautiful and modern television stands to their media centers, further accentuating the heart of your home. These tend to have a wide number of options, ranging from mixed materials to even pure white.
Some consider the home’s media center as the heart of their abode. With an up-to-date entertainment center, that can truly be possible.
You no longer need to hire a professional to maintain your front and back lawns in 2023. There are many automated lawn care options that have started popping up and are essential upgrades for those who want to maintain their beautiful outdoor setups. You can control the temperature, moisture, and even nutrition of their plants with ease, ensuring proper and healthy growth. Some maintenance systems even allow for pest and weed detection, ensuring you are informed even before a problem becomes too much to handle.
Automated systems allow convenience by allowing users to set schedules for watering their plants throughout the day or week. You can then sit confidently, as the systems ensure that each plant has access to the optimal amount of water it requires. You also don’t need to worry about forgetting to water your plants, as these can be done without any further user input. Some options even allow you to have different watering styles depending on the weather conditions, adjusting during the hot or cold months.
Never again be stressed with the burden of lawn care. The more tedious tasks that come with gardening are a thing of the past, and you can better spend your time with what truly matters.
Having the optimal temperature in the home is quite important. Aside from ensuring that you feel as comfortable as possible in your own home, maintaining a good temperature helps improve your mood and even sleep quality. As such, integrated smart thermostats and energy monitors are an impressive addition to any home in 2023.
A lot of these thermostat systems can learn the cooling or heating habits of the inhabitants, and can automatically adjust the temperatures of the house accordingly. Some systems can even change the temperature on a room-by-room basis, making sure that everyone is comfortable with their distinct needs. Additionally, this leads to more energy efficiency and a lower electric bill, as it can stop heating or cooling unoccupied rooms.
Other systems can also detect whether there are people at home. If you connect it to Google’s proximity systems or make use of motion sensors (or a combination of both), the thermostat systems can turn on and off as needed. Since these can usually be controlled remotely, you can also turn on your home cooling when you’re on your way home, making sure that you arrive at a nice and cool home instead of a hot one.
Connected energy monitors can also be quite helpful, as they can give you an overall idea of how much electricity your home is consuming. You will be able to predict your energy needs, and won’t be shocked when the electric company comes with the monthly bill.
If you want to go all-out, perhaps adding a swimming pool or renovating an existing one is the way to go if you want a larger home upgrade this 2023. You can breathe life into your existing pool by adding things such as slides, waterfalls, and spas. This will add a nice touch of fun and relaxation to everyone who wishes to partake.
One high-tech addition to the pool would be considered adding an automated cleaning system. These systems use advanced robotics technology to keep pools clean without having to manually scrub or vacuum them. The end result is spending less time on cleaning and maintenance and spending more time actually enjoying the pool
In addition to automated cleaning systems, you can opt to add features that heat your swimming pool. This can offer many benefits beyond just keeping you warm during cold weather. Heated pools can also help reduce algae growth, minimize evaporation, and conserve energy costs in the long run.
To make a pool even prettier, adding LED lights will definitely do the trick. While lighting already adds beauty, it also makes pools safer especially at nighttime as it can easily illuminate darker corners. LED lights can also be programmed to change colors and can create beautiful scenes and other nighttime displays that can wow your friends and family.
One home fixture that you may not have thought about upgrading are your doors and windows. Smart windows and doors have gained popularity over the years, as they have a variety of uses.
These devices offer complete control over your home’s ventilation, privacy, and light. Aside from automatically opening and closing, some smart windows can even adjust the angle at which sunlight enters the home. Doing so will make it so that the house doesn’t get too hot or too bright.
You can also program some smart windows to open and close on a timer. These can be closed at night just about the time things start becoming too cold. Then, in the morning, the windows can open up gently to allow a healthy amount of sunlight into the room, waking up the sleeping person without the need for an alarm clock to jolt them out of bed.
Furthermore, many of these systems come with voice controls, which enable users to open or close doors and windows remotely. This simple feature makes smart windows and doors great additions for busy households who may not always have time to open or close their windows or doors themselves physically.
Overall, it's clear that upgrading your home in 2023 is essential to stay ahead of the curve and ensure safety for everyone. From automated cleaning systems for pools to LED lighting and smart windows and doors, there are a variety of features available on the market today which offer both convenience and comfort.
So don't wait any longer - upgrade your home now with these must-have upgrades! If you have questions or need advice about what products would be best suited for your needs, feel free to contact us – we’d love to hear from you! Share this blog post with friends who may benefit from these great tips so they can also keep their homes safe and comfortable in 2023.
The Arizona real estate market is a dynamic landscape, constantly evolving and adapting to economic, social, and environmental factors. As we step into 2024, potential homebuyers and investors must stay ahead of the curve. In this blog post, we'll explore the key trends shaping the Arizona real estate market in 2024, offering valuable insights for those looking to make informed decisions.
In 2024, sustainability is not just a buzzword; it's a way of life. Homebuyers are increasingly prioritizing eco-friendly features and energy-efficient homes. Builders and developers in Arizona are responding to this demand by incorporating solar panels, energy-efficient appliances, and sustainable materials in their projects. As a result, properties with green features are expected to have higher resale values and attract environmentally conscious buyers.
Advancements in technology have revolutionized the real estate industry, making it more accessible and convenient for buyers and sellers. Virtual reality (VR) tours, 3D floor plans, and AI-powered chatbots enhance the homebuying experience, allowing potential buyers to explore properties from the comfort of their homes. Real estate websites and mobile apps continue to evolve, providing users with accurate and up-to-date information about available properties, neighborhood insights, and market trends.
Smart home technology is becoming a standard feature in new Arizona properties. Home automation systems, intelligent thermostats, security cameras, and smart lighting not only enhance convenience but also improve energy efficiency and home security. Buyers are willing to invest in homes equipped with these technologies, which can increase the property's value and appeal.
While urban areas like Phoenix and Tucson continue to attract young professionals and entrepreneurs, suburban communities are experiencing a resurgence. The COVID-19 pandemic has accelerated the remote work trend, allowing individuals to choose suburban living for a quieter, more spacious lifestyle. Suburban areas offer a balance between accessibility to urban amenities and the tranquility of residential neighborhoods, making them increasingly popular among families and remote workers.
Arizona's scenic beauty, diverse attractions, and warm climate make it a hotspot for tourists. Consequently, the demand for short-term rentals and vacation homes is on the rise. Airbnb and other vacation rental platforms have made it easier for property owners to capitalize on the tourism industry. Investing in properties specifically designed for short-term rentals can provide a lucrative income stream for homeowners, especially in popular tourist destinations like Sedona and Grand Canyon Village.
Reflecting on the real estate landscape of 2023 provides valuable context for the trends anticipated in 2024. Last year, Arizona experienced a significant shift towards sustainable living, with homebuyers increasingly valuing eco-friendly features and energy-efficient designs. The demand for tech-driven solutions also gained momentum, transforming the way properties were marketed and explored. Smart home technology became more prevalent, catering to the growing desire for convenience and security among homeowners.
In 2024, these trends are expected to not only persist but also intensify. Sustainable living will become even more mainstream, influencing architectural designs and construction materials. Tech-driven experiences, including virtual reality tours and AI-driven chat support, will be further refined, offering prospective buyers seamless and immersive interactions with potential properties. The growth of smart homes will continue, with an emphasis on integrated systems that enhance energy efficiency and elevate security measures.
Moreover, the urban revival and suburban growth witnessed in 2023 are likely to shape the real estate map further. The remote work trend, which gained momentum in 2023, will continue to influence homebuyers' choices, driving the demand for spacious suburban homes while maintaining accessibility to urban centers.
The real estate landscape in 2024 is an evolution of the trends that emerged in 2023, emphasizing sustainability, technology integration, and the balance between urban convenience and suburban tranquility. Buyers, sellers, and investors can leverage these insights to navigate the Arizona real estate market with confidence, understanding the trajectory that lies ahead based on the experiences of the previous year.
As we navigate the ever-changing real estate landscape in 2024, staying informed about these trends is essential for making wise investment decisions. Whether you're a first-time homebuyer, an investor, or a seller, understanding the market dynamics can give you a competitive edge.
Embracing sustainability, leveraging technology, and exploring opportunities in emerging urban and suburban areas are key strategies for success in Arizona's real estate market.
Selling a house that needs extensive renovations can be a daunting task. Investing more time and money into a property you want to part with can be very stressful.
However, there's a solution that can make the process smoother and more profitable: working with a real estate investor.
In this blog post, we'll explore how collaborating with trusted real estate investors can help you get rid of a house that has a lot of renovations while ensuring a fair deal and peace of mind.
The Trusted Home Buyers are real estate investors who specialize in purchasing properties in their current condition. Here's how we can help you overcome the renovation nightmare:
One of the most significant advantages of working with us is our ability to close deals quickly. We understand that you may be in a hurry to sell and can provide an offer within days rather than weeks or months.
Perhaps the most appealing aspect of working with our team is that we buy houses "as-is." This means you don't need to spend a single dime on repairs or renovations. We take care of all the necessary improvements after the purchase.
We are experienced in assessing the value of properties, even in their current state. We will provide you with a fair and competitive offer based on the property's condition and market conditions.
Real estate investors can work with your timeline. Whether you need to sell quickly or prefer a delayed closing, they can accommodate your needs, offering flexibility that traditional buyers often can't match.
Selling a house with extensive renovations can be emotionally and mentally taxing. Our team streamlines the process, reducing the stress and anxiety often associated with traditional sales.
Working with The Trusted Home Buyer can be a game-changer for anyone looking to sell a house that requires significant renovations. Say goodbye to the financial burden, time constraints, and market uncertainties associated with selling a fixer-upper.
If you're ready to transform your renovation nightmare into a dream sale, contact our team today. We are here to help you move on to the next chapter of your life with ease and confidence.
Selling a home in Arizona can be a complex and daunting task, with various decisions to make and preparations to consider. However, a streamlined solution has gained considerable popularity: selling your home "as is."
This approach offers a range of advantages, including convenience, speed, and the ability to avoid costly repairs.
In this article, we'll delve into the benefits of selling your Arizona home as is while addressing common concerns homeowners might have when considering this option.
1. Ultimate Convenience: Opting for an as-is sale means you can skip the stress of making repairs or improvements to the property. This convenience is particularly appealing if you're pressed for time, funds, or the energy needed for extensive renovations.
2. Speedy Transaction: The Arizona real estate market moves swiftly, making timing crucial. Selling your home through an investor has the advantage of a faster transaction. As-is properties often attract investors and buyers looking for properties they can personalize to their preferences. This heightened interest can lead to quicker offers and expedited closings, enabling you to transition smoothly to your next venture.
3. Cost Savings: One of the most appealing aspects of an as-is sale is the ability to avoid expensive repairs. Traditional home sales often require significant investments in repairs and updates to make the property market-ready. By working with an investor, you can sell the property in its current condition and avoid these costs, potentially saving substantial money.
1. Perceived Lower Offers: It's natural to worry about receiving lower offers for an as-is property. However, by partnering with The Trusted Home Buyer, you're collaborating with experienced investors who recognize the potential value in properties with untapped potential. Their expertise ensures that you receive a fair offer based on the property's current condition and market value.
2. Disclosure and Transparency: Sellers often wonder about disclosure requirements when selling a home as is. While you're not obligated to make repairs, you still need to disclose any known issues. Most investors prioritize transparency and operate ethically, ensuring that all parties are informed and the transaction is conducted with integrity.
3. Property Presentation: Presenting your property in its current condition can be a concern. While major renovations aren't expected, simple actions like cleaning, decluttering, and basic maintenance can significantly enhance the property's appeal. However, working with investors can provide an option for a work-in bonus of cleaning and clearing out the property.
Selling your Arizona home as is can be a strategic decision that aligns with your circumstances and goals. The benefits of convenience, speed, and cost savings are undeniable, while common concerns can be managed effectively with the right approach. Partnering with a knowledgeable investor professional can guide you through the process, ensuring that you make informed choices that are best for you.
The advantages of convenience, speed, and cost savings are significant, and a seasoned investor expertly addresses common concerns. The Trusted Home Buyer offers a streamlined and stress-free process for selling your Arizona home as-is.
Are you struggling to sell a damaged house in Arizona? Finding a buyer willing to purchase a property that requires significant repairs or has suffered structural damage can be challenging. However, you can still sell a damaged house in Arizona with the right strategies and approach. In this post, we'll share some tips on how to do just that.
First and foremost, it's essential to be transparent about the damage to your house. Hiding or downplaying the extent of the damage can come back to haunt you in the form of legal issues and unhappy buyers. Disclose all the necessary details of the damage upfront, including what caused it, the extent of the damage, and what repairs are needed.
Before listing your damaged house for sale, getting a professional inspection is crucial. This inspection will reveal the full extent of the damage and help you determine what repairs are necessary. It will also help you price the house more accurately and attract potential buyers willing to take on the essential repairs.
If you need help finding a traditional buyer for your damaged house, consider selling to a cash buyer. Cash buyers are investors willing to purchase properties in as-is condition without requiring any repairs or renovations. They can offer a quick and hassle-free sale, giving you the cash you need to move on.
Pricing a damaged house can be tricky. You don't want to price it too high, scaring away potential buyers, but you also don't want to price it too low and leave money on the table. To determine the appropriate price for your damaged house, consider its location, the extent of the damage, and the necessary repairs. You may also want a professional appraisal to ensure you're pricing it correctly.
Lastly, when listing your damaged house for sale, it's crucial to highlight its potential. While the damage may be a significant drawback, the house may have other features that make it attractive to buyers, such as its location, layout, or size. By highlighting the potential of your damaged house, you can attract potential buyers willing to take on the necessary repairs and turn it into their dream home.
In conclusion, selling a damaged house in Arizona is not easy, but it's possible too.
Following these tips and being upfront about the damage can attract potential buyers and sell your house quickly and efficiently. Remember to be patient and open-minded whether you sell to a cash buyer or list it on the market. This process can take time and add stress to your selling process, so always consider your options.
If you want to sell to a cash buyer, The Trusted Home Buyer will purchase your home as-is, and you can skip the repairs and renovation fees. Feel free to contact our team to get your fair cash offer today.
Buying a home is a major decision, and it’s not uncommon to experience buyer’s remorse after making such a big investment. It’s easy to get caught up in the excitement of purchasing a new home, but it’s essential to take the time to carefully consider your options before signing on the dotted line. This article will explore how to avoid buyer’s remorse when buying a home in Arizona.
Once you’ve signed a purchase contract for a home in Arizona, it’s a legally binding document. However, there are a few circumstances in which you may be able to back out of the contract without facing legal consequences.
These include:
It’s important to read your purchase contract carefully and understand what contingencies are included. If you’re unsure about any of the terms, consulting with a real estate attorney before signing is a good idea.
In Arizona, buyers have a three-day “right of rescission” after signing a purchase contract for a home. This means that you have three business days to change your mind and back out of the contract without penalty. This rule applies to most residential real estate transactions, including new construction and resale homes.
The three-day period begins the day after you sign the contract and ends at midnight on the third business day. If the third day is on a weekend or holiday, the deadline will be extended to the next business day. During this period, you can cancel the contract by notifying the seller or their agent in writing.
It’s important to note that the three-day right of rescission does not apply to all real estate transactions. It does not apply to commercial real estate transactions or to transactions where the seller is a financial institution like a bank or credit union.
To avoid buyer’s remorse when buying a home in Arizona, it’s important to do your due diligence before making an offer.
This includes:
If you're experiencing buyer's remorse after purchasing a home, selling your property to a cash buyer could be an option. Cash buyers are real estate investors or individuals with the financial resources to pay for the property in cash without needing mortgage financing.
This type of sale can be quicker and less stressful than the traditional home selling process, as cash buyers often skip inspections, appraisals, and other contingencies that may slow down the sale. At The Trusted Home Buyer, we also offer no closing costs and the closing date of your choice for an easy and seamless process.
If you want to sell your mobile home quickly, you can take a few routes, each with its own level of work on your part. For example, you have the option to sell to an investor for quick cash.
You can fix up your property and list it yourself. You can hire a real estate agent or use an online auction.
Selling your mobile home to a real estate investor is a quick way to get cash for your home and ditch the showings, repairs, and other timely parts of listing on the market.
At The Trusted Home Buyer, we make selling easy! We buy your mobile home as-is and give you a fair cash offer. We also close on your time, not ours- so you can make whatever arrangements you need and move on your schedule. This is the easiest and quickest option.
If you want to list your mobile home for sale, you can go the route of for sale by owner. You will want to fix up your home and property, list during the right season, and make sure you are pricing your home correctly. This is not the easiest option, but it is completely doable if you have the time to go through the process.
Online auctions are another option available to you. With online auctions, you can sell your property as-is. You don't have to wait for showings or deal with trying to market your property.
However, this is not a guaranteed quick option, so if you are trying to sell fast, you might consider an investor so you can get cash fast and ditch all of the posting, photos, and potential contingencies.
Listing with an agent is easier than selling yourself, but you need to consider the fees, showings, and possibility of having your mobile home on the market for longer periods.
You will also need to deal with inspections, financing, or other contingencies.
“We met with Martin yesterday to talk about selling our home, and what the best direction would be. He was a wealth of knowledge. He was straightforward and forthright with his information and advice.
Thank you, Martin, we appreciate you guiding us with a plan of action!”
Keli A
Ultimately the best option for your situation comes down to what you need. Ask yourself these questions when determining the best option for you.
If you want to sell fast, get cash, and avoid costly repairs, selling to The Trusted Home Buyer is a great option. We work closely with you and your current situation to ensure that you get everything you need to feel good about selling your home.
We make the process easy with no fees, no fuss, and a closing date of your choice.
“Martin and his whole team were wonderful people to work with. They are pleasant and professional people to the core. The home selling transaction went smoothly. I closed on the property sooner than expected. I recommend The Trusted Home Buyer to everyone. There's a reason they have such a high rating.”
- James B
You may have seen a sign driving through a neighborhood in Phoenix or anywhere else in Arizona that reads seller financing. You may ask yourself, what is seller financing, and why would I want to know about it?
If you are interested in buying your home or selling your house fast, then seller financing is a term that might interest you and have potential benefits for your situation. Essentially, seller financing is sometimes known as Owner Financing.
In Arizona, many investors look for seller financing deals, and many people that want to sell their houses fast will think about using seller financing to sell their homes. But what is seller financing, and is it the right decision for you?
Owner financing, or seller financing, is when the owner (seller) of the property retains ownership of the property and finances the purchase of the property for the buyer.
How does owner financing work for real estate investors? A real estate investor looking to purchase a property will often negotiate seller financing with a seller who does not have a mortgage on the property.
The buyer then agrees to pay back the seller over time, usually through a promissory note.
There are many good reasons for the buyer and the seller to enter into an owner financing transaction. For the buyer, seller financing is a relatively easy way to get into a property with little or no money down.
For the seller, owner financing can be a great way to sell a property with little or no cash out of pocket or sell the property fast with no fees or fuss. Seller financing is similar to bank financing. However, the buyer pays monthly payments with agreed interest rates over a certain period with an agreed-upon set of terms.
Sometimes Seller Financing can be called seller carry-back financing.
So why exactly would someone partake in seller financing? Understanding the motivation behind things helps you gain a deeper understanding.
At the moment, in Arizona and the rest of the country, even though house loans or mortgages have very low-interest rates, it is hard to get a mortgage to purchase a property.
The property market is currently in a slow period of growth. This means that banks and lending institutions are very cautious about their lending. There’s a risk that property prices will fall, making them lose money. It’s always a good idea to buy a property from the owner rather than buy it from a real estate agent.
This is one of the best ways to get a good deal.
It’s a way to get a loan without needing to go through the rigmarole of the application process. Owner financing is a way for the buyer to get the money to buy a property. It’s a way to get a loan without needing to go through the application process.
The seller will provide the buyer with a loan for the property's purchase price. The buyer then pays the seller for the property and the interest on the loan.
Always know the laws when entering a seller financing deal, whether you are trying to sell your home fast or looking for a good deal. Each state may have laws and regulations for seller financing on top of federal laws. It is noted that the information we provide is for informational purposes only, and we would advise contacting an attorney, tax advisor, or professional consultant.
A downside for the seller under Arizona law is the only fix is if the buyer starts defaulting on the property. The seller can then foreclose the property. This is bad for the seller because the buyer foreclosure is a lengthy process, and essentially the defaulting buyer gets free rent during the foreclosure process.
A promissory note and a deed of trust is needed in for a seller
Federal laws also need to be accounted for, like the Dodd-Frank ACT. Again, this is a complicated act that seems to have conflicting aspects. In short, it states that the creditor or the seller has to have a good faith determination or reasonable way of determining that the buyer can pay back the mortgage before creating the mortgage.
Basically, under this act, anyone who negotiates the terms of a residential mortgage will be considered a "mortgage originator." This means you will have to be a licensed mortgage broker. Although there are some exceptions, here is the one property exception that deems you not the "loan originator" and means that you can seller finance the property:
And here is the " Three property exception":
However, some of this act has been repealed by president Trump so it is important to contact a legal authority if you are wondering about certain aspects of the DFA
Let us look at the different type of seller financing arrangements that are typically used
This contract gives a sort of temporary shared ownership or an "equitable title". After the buyer is done making all the payments to the seller, they get the deed.
This is similar to an ordinary rental where the seller leases the property to the buyer, except they both agree upon a future time and price that the buyer can buy the property. All or some of the rental payments are credited to the purchase price (some variations).
Today some lenders are unwilling to lend money that covers more than 80% of the home's value. Then the seller may credit the difference. However, some banks may not be willing to provide the first mortgage because the buyer would be carrying a lot of debt, which is risky.
This arrangement is the typical Seller financing option. The seller will carry the promissory note and the mortgage for the total home price balance minus any down payment.
Allow the buyer to switch on the place with the seller on the existing mortgage. Some FHA, VA loans, and conventional adjustable mortgage rate (ARM) loans are assumable. Of course, with the bank's approval on the mortgage transfer.
Owner financing may be a great option for both parties in a real estate deal:
Personal Insight: "I've had a few roofing clients purchase their homes through owner financing and then just get their roof repaired over getting the roof replaced because they bought the house in as-is condition. They were able to stretch the life out of their roof with the repairs until they could gather more funds to get the rest of the roof replaced. Owner financing was a solution that gave them access to homeownership!" Brendan Anderson | Brix Systems | Kalispell, Montana.
Although owner financing can benefit the buyer and seller, it has some legal, financial, and logistical disadvantages:
While even the most sophisticated sellers are not likely to subject borrowers to the harsh loan approval procedures that the traditional lenders use, this does not mean they will not run a credit check on you. You may be turned away if you are a credit risk.
Many sellers are hesitant to underwrite a mortgage. They fear the buyer will default (not make the loan payments). However, the seller can take certain steps to lessen the risk of default. A professional can assist the seller in doing the following:
Require a loan application. The seller should require the buyer to sign a detailed loan application form, also thoroughly check all of the info the buyer adds there. This entails doing a credit check/vetting employment, assets, financial claims, references, and other background information and documentation.
Allow for seller approval of the buyer's finances. The written sales contract -- which specifies the terms of the deal along with the loan amount, interest rate, and term -- should be made contingent upon the seller's approval of the buyer's financial situation.
Secure the loan with the home. This way the seller (lender) can foreclose if the buyer should default on payments. The house should be correctly appraised at to validate that the value is equal to or more than the buying price.
Request a down payment. Traditional lenders will ask for down payments to give a sort of cushion against the possibility of losing the investment. It also makes the buyer less likely to walk away if they run into financial trouble. Sellers should collect at least 10% of the purchase price as a down payment. Otherwise, in a weak market, foreclosure could leave the seller with a house that can't be sold to cover all the costs.
In conclusion, it is advised for you to seek an attorney or lawyer when deciding to either buy a house that is seller-financed or finance your own home to a buyer, as there are apparent risks in doing so. However, we hope you found our article informative! We offer buyer financing on some of the properties we sell, so it always helps to connect and discuss your situation to decide if it's the right option.
This is our Ultimate Guide to essential Real-Estate Terms that range from being slightly obscure to something that you have to know if you are about to sell a home or purchase a home.
Our guide provides definitions and some terms have more in-depth content than just a definition. We hope that you enjoy our "Real-Estate" Dictionary and remember this was made to be educational in nature so please contact a professional if you need a practical solution.
Typically, a seller will include an addendum with the Contract. The addendum will describe how certain terms in the Contract will be modified.
For example, an addendum may provide that a contingency will be removed. Or, it may provide that the Buyer’s deposit will be applied to a specific cost, such as the price of a home inspection. An addendum may also provide for the Buyer’s financing contingency. This is particularly important where the Contract is “contingent upon financing” and the Buyer will be using a lender’s standard form financing contingency.
When an addendum is included with a contract, the Buyer and the Seller should also sign the addendum and indicate that they agree to the changes described within it.
This is important for two reasons:
First, it will help to ensure that the Seller is aware of the changes and is in agreement with them.
Secondly, and more importantly, the Buyer’s signature on the addendum means that the Buyer has agreed not to dispute the changes in court. This is important because, in addition to the Contract, the addendum will be considered part of the contract between the Buyer and the Seller
An Adjustment Date is a date on which a mortgage payment is recalculated or “adjusted” to take into account the most recent interest rate change. Adjustment dates for most mortgages are set to coincide with the first of each month. This applies to an ARM mortgage and there are other meanings for adjustment dates.
An appraisal is the estimated worth of a property, based on an objective analysis of the property's value. Used determining the value of a property, often for tax or financing purposes. An appraisal is a price at which property would change hands between a willing buyer and a willing seller when both of them are fully informed and under no compulsion to act. Basically, it is an estimate of the fair market value of a property.
When a potential buyer applies for a loan, the mortgage company will send out an appraiser to determine if the property is worth issuing a loan for. It acts as a safety precaution for both parties.
An appraisal contingency is a clause in a real estate contract that allows the buyer to pull out of a deal if the house appraises for a lower value than the agreed upon amount. It is only used in cases where the buyer is buying the house with a loan that requires the house to be appraised before the loan can be approved.
If you want to know more about contingencies, check out this post.
ARM stands for Adjustable Rate Mortgage. The interest rate on an ARM loan is tied to a financial index or formula that is adjusted periodically. Your interest rate may change monthly, quarterly or annually.
Adjustable Rate Mortgages have some similarities to traditional mortgages: Fixed-rate mortgages Term lengths of 10, 15, 20, 25, or 30 years.
Choice between fixed-rate and adjustable-rate loans ARM loans offer more flexibility than traditional mortgages by allowing you to change interest rates: ARM loans have a preset interest rate for a certain period of time, usually between 1 and 10 years. After that period, the interest rate is adjusted at regular intervals, usually monthy.
The initial interest rate on an ARM loan is called the "index rate or "margin." The payments on an ARM loan do not change when the interest rate changes.
During the fixed-rate period, the interest rate on an ARM loan is fixed. During the adjustable-rate period, the interest rate on an ARM loan is adjusted at regular intervals. After the initial period, the interest rate on an ARM loan can only change if there are changes to the index.
What is the difference between traditional Adjustable Rate Mortgage and Hybrid Adjustable Rate Mortgage?
Traditional ARM: You have a fixed interest rate for a period of time (usually 5 to 7 years) After that period, your interest rate will change every year. ARM loans have a fixed interest rate for the initial period of time. The interest rate can only change if there are changes to the index.
Hybrid ARM: You have a fixed interest rate for a period of time (usually 5 to 7 years) After that period, your interest rate will change every year and the payment amount will change as well. Hybrid Adjustable Rate Mortgages allow you to choose not to have a payment change when the interest rate changes. This option is called a fixed-rate step payment
The interest amount that is charged toward your loan per year.
Appreciation in real estate involves the increase in the value of a property over a period of time. Appreciation is usually measured in terms of price and expressed as a percentage. Appreciation is different from capital gains, which is the increase in a property’s market value less the original purchase price. While capital gains are taxed, appreciation is not (but you are still required to list the property’s value when you make an offer to buy), so it’s important to know what you’re up against.
It's a term that you may not know, but is an integral part of the home-buying process. "As is" is a legal term that means that the seller is not making any warranties or guarantees about the state of the property. As the buyer, you are responsible for determining the condition of the property.
This is simple the seller signing over the obligations/rights to the property before the sale had closed officially
This is the seller signing over their mortgage over to the the buyer. So instead of the buyer getting a new mortgage the buyer simple takes on the sellers debt and mortgage
A back-offer is basically an offer made by a buyer to the seller after the property has been accepted or under contracted by another buyer.
It is used in case the first deal falls through. If it does then the back up offer still requires negotiation and earnest money down
Generally, the back-offer has a lower price than the initial offer.
Back-offers can be very useful tools for buyers as they can help them to negotiate a better price on the property. On the other hand, back-offers can be very frustrating for buyers and sellers as they can cause a lot of confusion and a lot of work for everyone involved.
Unlike a traditional mortgage where the mortgage is paid off over time in monthly installments a balloon mortgage is paid in one lump sum. That is why it is a "balloon mortgage".
These are usually issued for an investment project (construction, remodel, etc) that does not require collateral and it is usually for a short loan period.
This is a offer made sight unseen, basically the practice of making an offer without looking at the property first. It is risky and usually practiced in high competition markets. However, it is effective at being the first one to offer which will increase your chances if they just want to sell their house as is or sell their house fast.
A buyer’s agent is an individual who works with and on behalf of the buyer in the purchase of a property. A buyer’s agent can be a licensed real estate salesperson or a real estate broker. The buyer’s agent is generally compensated by the seller and not the buyer.
This is a loan that is taken by a homeowner that uses one property to finance the purchase of another property. It is a short time loan that is usually only for a few months to a few years.
Anyone who has passed the real estate brokers test and has been educated in real estate beyond the requirement of just agents. Brokers have a working knowledge of all things real estate: construction, law, management.
A contract giving one party the right to buy while giving another party the right to sell a property at a future time and specific price
Covenants, conditions and restrictions (CC&Rs) are rules that a homeowner's association, or HOA, puts in place to make sure that property values are kept high and the neighborhood is protected and looks nice. These rules are legally binding on all homeowners in the community, and can be enforced by the HOA, which can impose fines and other penalties for failure to follow the rules.
The CC&Rs are typically put in place by the developer of a new development or by a developer who is planning on selling houses on the property to individual homeowners
A conventional sale is one in which a third party (the buyer) purchases the property from the owner (the seller) with no involvement from a bank or other financial intermediary or the seller has already paid on their mortgage and the mortgage remaining is less than fair market value.
These sales are easier to navigate than foreclosures, short-sales, and other similar sales of this kind of nature. If you are looking for an easier process choose a conventional sale
Closing is when the buyer and seller actually exchange the deed. At closing, the buyer and seller will both sign the Deed and the Contract. The buyer will pay the seller the purchase price and the closing costs. The seller will give the buyer a title to the property, and the deed will be recorded in the county records. The seller will also give the buyer the keys to the property.
Closing costs are the fees that you as the buyer are responsible for after you have made an offer to buy a house and before you close. So even if you get a mortgage, you may still have to pay some closing costs. It is important to understand what they are, how much they are, and how they can affect you as a buyer. Your best source for information is your real estate agent.
The amount of closing costs you may pay can vary from as little as $500 to as much as $7,000 or more. This depends on the purchase price of the home and the type of mortgage you get. A good rule of thumb is to plan on paying about 2% of the purchase price. The cost of your closing costs will probably not exceed 6% of the purchase price.
In real estate, Days on market (DOM) is commonly used to indicate the number of days a property is listed for sale. In a multiple listing service (MLS) it is the number of days the listing has been active.
Days on market is important because it shows how long it takes for a property to sell. If the number is low, it takes little time for the property to sell, which might indicate that the property is desirable.
Is a ratio used by mortgage providers determine how you can afford their loan programs. It will indicate how much you can pay per month on the mortgage.
For example, someone who has $50,000 in debt, but whose income is $100,000 a year will have a debt-to-income ratio of 50%. If you only had a debt-to-income ratio of 10% or 15%, you would be considered a much more desirable borrower. The lower your debt-to-income ratio, the more the lender is willing to lend you.
In real estate, due diligence means to carefully research a property and the surrounding area before signing a contract. Usually, the buyer is give a period of time that they can check what they are buying before they buy the property.
Why is Due Diligence Important? Due diligence can save you time, money, and heartache. When you conduct due diligence, you are more likely to be aware of any major issues that could be a problem down the road. This can make it easier to negotiate the purchase price, and to make a more informed decision on whether or not you want to buy the property.
Earnest money deposit (EMD) is a sum of money given to the seller as a commitment to sign a contract and is forfeited if the deal falls through. It’s a form of good faith deposit.
Usually tends to be 1-5% of the asking price and generally is held by the escrow company.
An escrow holder is a third party that holds a buyer's money until the buyer has taken possession of the property.
Are there different types of escrow accounts?
Yes. An escrow account can be a trust account, an IOLTA account or a special purpose escrow account like a real estate escrow account.
FHA loans are a popular mortgage loan program that is backed by the Federal Housing Administration. The FHA guarantees lenders against losses on loans that do not meet the strict guidelines for conventional loans.
What are the benefits of FHA loans in real estate? FHA loans have a much lower down payment required than conventional loans. The down payment for an FHA loan is only 3.5% of the purchase price of the home, and, the borrower is required to pay an up front mortgage insurance premium. The FHA loan program also requires much lower credit scores than conventional loans.
Conventional loans have a minimum credit score requirement of 620. In contrast, FHA loans have a minimum credit score requirement of 500. What is the down payment for an FHA loan? The Federal Housing Administration requires a minimum down payment of 3.5% of the purchase price of the home.
FHA 203k rehab loan is a loan that will enable you to do a major renovation on your home. Many people who decide that they want to buy a house will need to do some repairs before they can move into it. The FHA 203k rehab loan is used to fix p the house but not add luxury elements
Fixed rate mortgage is a type of mortgage where the interest rate and repayment is fixed for the whole term of the loan. In a fixed rate mortgage, the borrower is protected from rate rises and may not have to pay any more interest when the loan to repay. This is different from a variable rate mortgage where the interest rate and monthly payments change over the term of the loan. We will discuss this later in this article.
Foreclosure is when a creditor takes possession of a property that is mortgaged for the purpose of selling it to pay off the debt of the debtor as a result of the debtor being unable to pay off the debt. It can also be referred to as "power of sale" in some states.
During the foreclosure process, the homeowner stops making payments on the mortgage and the mortgage lender files a lawsuit to take possession of the property.
What are the different types of foreclosure? There are two types of foreclosure, judicial and non-judicial.
Judicial foreclosure is when the mortgage lender has to go to court to get a final judgment to sell the property to pay off the debt. The homeowner and the lender are both notified of the foreclosure filing. The foreclosure process takes a long time and is very expensive. It is therefore very uncommon for a lender to use a judicial foreclosure in the foreclosure process.
The second type of foreclosure is called a non-judicial foreclosure. A non-judicial foreclosure is when the mortgage lender can foreclose without going to court. It is cheaper and faster than a judicial foreclosure. The lender is not required to send the homeowner any notice of the foreclosure proceedings or tell them about the sale. In a non-judicial foreclosure, the lender can sell the property quickly and without a lot of expense. The lender usually sells the property to a third party, either at a foreclosure auction or through a real estate agent
A hard money loan is a short term loan that is typically collateralized by an asset such as real estate. The real estate is then used as collateral for the loan, and the borrower must use the property as the means to repay the loan. The interest rate is usually higher than a conventional loan.
Hard money lenders have higher interest rates to offset the risk they take by lending to borrowers with poor credit ratings or even no credit ratings. They lend to borrowers that have limited financial resources and that have a low credit rating. Hard money loans are very common in the real estate market.
The hard money lenders are often real estate brokers, private investors or banks. They lend money at a higher interest rate for a shorter term of loan, typically 12 months or less.
If the borrower is unable to repay the loan, the lender will take the property. This is why hard money lenders are also known as “Foreclose lenders”. Hard money lenders are also known as “Loan Shark”. This is because they are willing to lend money at a high-interest rate to borrowers with poor credit.
As part of the home purchase contract, the buyer agrees to certain rules and regulations. What is the HOA? It is a group of people (elected by the owners of properties) who are responsible for the management of a particular development. They are responsible for the maintenance of the common areas and facilities and sometimes the internal areas of the properties. The costs of these services are charged to the owners of properties. The HOA is also responsible for the administration of the rules and regulations.
Home Sale Contingency in Real Estate A home sale contingency does not mean that the buyer will not buy the home. It simply means that they are not obligated to buy the home. The buyer can simply back out of the deal without any negative consequences.
The contingency is if the buyer is able to sell their current home before closing on the current property they are trying to buy.
This is conducted by a licensed home inspector and usually, the inspection is conducted in the due diligence period of buying the house. An inspection report will be made and the buyer can as the seller to fix the issues of the house or they can ask for a price reduction.
An inspection contingency is an agreement between a buyer and seller to have an inspection made on the property to be purchased, and to allow the buyer to back out of the deal if the inspection doesn't show the property to be satisfactory.
The cost of a home inspection typically ranges from $300 to $500, depending upon the size of the home and the scope of the inspection.
Typically, homeowners own the property surrounding the house but in the case of a land lease the owner is renting the land. A good tip is never buy a mobile home if it is on a land lease.
A loan contingency is a clause in a real estate contract that allows the buyer to withdraw from the purchase if the loan is not approved. In the event the loan is not approved, the loan contingency provides the buyer with a way out of the deal.
Loan contingencies are a necessary element to prevent the seller from giving the buyer the property and then evicting the buyer at a later date if the loan is not approved. The buyer can withdraw from the purchase without any liability to the seller.
This clause protects the seller from an otherwise fraudulent buyer trying to buy the property without having a source of funds to pay for it.
A mortgage pre-approval letter is a written document issued by a mortgage lender/bank or credit union stating that a potential borrower has been pre-approved to borrow a certain amount of money to purchase a specific property.
Generally the seller and their agent will require this before moving on with the deal if the buyer is not paying all cash.
An MLS is a computerized database of real estate listings maintained by local boards. The MLS is used by real estate brokers to list properties and search for properties to find a buyer or tenant.
An NHD report is a state or federally-mandated disclosure report by the seller of a property. This report is a detailed report of any known or suspected activity that could impact the structural integrity of the property or the health and safety of occupants and potential occupants.
The NHD report includes information about the property's energy consumption and water usage, and a summary of the property's environmental history. The NHD report is a valuable resource for buyers in determining the state or federally-mandated disclosures for a property.
Examples : if the area is on a flood plane, earthquake zone, etc.
An offer is a proposal to purchase a property. A counter offer is a written response to an offer to purchase which includes additional terms and conditions. These written proposals are usually given to a seller’s agent or direct to the seller.
A property lien is a claim against your property for payment of a debt. A mortgage lien is the most common type of property lien. A property lien gives your lender the right to take and sell your property in order to satisfy a debt.
Typically, a lender files a property lien against you when you fail to make payments on a mortgage. The lender files a notice of the property lien with the county recorder's office to protect its interest in the property. The notice gives you (the debtor) 90 days to contest the filing of the property lien
A preliminary report is a common report that is created by an appraiser and provided to a lender or lending institution for the purpose of determining whether a property is worth the amount of a mortgage.
The lender or lending institution will then typically take this preliminary report and use it as a starting point to determine whether they will lend the borrower the money to purchase the property.
It’s a very important report for the borrower, since it will determine whether or not they can purchase the property, and if they can’t, they may have to pursue other options for buying a home.
What does an appraiser do in order to create a preliminary report?
An appraiser will have to do an on-site inspection of the property. They will also have to look at the value of the lot that the property is on. They will also have to look at the comparables in the area and how they relate to the value of the property.
The principle is the actual amount that was borrowed for a mortgage. Usually, when you make monthly payments the payment pays the interest first then goes towards the principle.
A probate sale is a sale of property, usually a house, whose ownership had been in the name of a deceased person. Probate is a legal process whereby the assets of the deceased person are transferred to family members, friends or charities.
The probate process involves the appointment of an executor or administrator to administer the estate, collection of the assets, and distribution to the beneficiaries. Probate can take many months or even years. The executor or administrator may be required to post a bond to insure the proceeds of the sale of real estate are distributed according to the will. Probate sales can occur for several reasons.
The executor or administrator may want to sell the property to raise cash to pay bills of the estate, pay the debts of the estate, or distribute assets to beneficiaries.
The purchase and sale agreement is a legally binding contract between the buyer and seller. The PSA sets out the terms of the sale. It includes the sale price, payment terms, a list of any property included in the sale, any deposit, conditions, and other miscellaneous conditions.
The purchase and sale agreement should be signed by both the buyer and seller and a copy is given to both the seller and the buyer. The PSA should also be attached to any offer to purchase.
Real-estate owned (REO) is property that the lending institution has taken possession of as a result of foreclosure. Other types of REO property are multi-family buildings, single family homes, and vacant land. Reo property is a great opportunity for investors.
A Realtor® is a professional member of the National Association of REALTORS® who is committed to increased professionalism in the field of real estate and to the highest ethical standards.
Realtors and Real Estate Agents are also classified as licensed salespersons.They help clients buy or sell real estate in a way that is most advantageous to their client
Rent-back is a situation in which the seller of a property agrees to rent it back from the buyer for a specified period of time. Usually, this is done when the seller wants to stay in the house past the escrow date.
The rent-back agreement can be negotiated between the buyer and seller in the purchase contract, or it can be part of the purchase agreement that is negotiated between the buyer and seller's real estate agent.
An additional amount of money added to the purchase price of a home when a buyer is obtaining a loan through a lender. To make the deal more attractive the seller will agree to pay these extra lender fees
A seller disclosure is an itemized list of existing physical defects in a home, including any structural problems. The list is usually prepared by the seller and signed by the seller and the buyer, and is used as part of the purchase contract. If the buyer fails to inspect the property, the seller may be liable for any damages if the buyer later discovers problems that were not disclosed.
A short sale is a transaction where the lender agrees to accept less than the full balance of the mortgage in order to allow the homeowner to sell the home. The lender agrees to accept the lesser amount because they will still be paid back in full, but the homeowner benefits from avoiding foreclosure.
How does the lender benefit from this? The lender benefits because they are still able to recover most of their investment. In a traditional foreclosure, the lender may only recover 25% of their investment. In a short sale, the lender will recover a higher percentage of their investment.
What are the costs to the lender? The lender will lose the entire investment in the mortgage and other costs associated with the sale. What are the costs to the homeowner? The homeowner will pay closing costs in the short sale. These costs are typically paid by the lender, but the homeowner will need to pay the costs associated with the sale of the home. How long does it take to complete a short sale? The short sale process can take as little as six months, but typically takes closer to 12 months.
It is joint ownership amongst Tenants of property in varying percentages. They have equal rights to use and enjoy the property. In the event of the death of one owner, his/her interest passes to the other owners. Each owner pays their pro-rata share of the mortgage, taxes, insurance, utilities, and other expenses of the property.
What are the advantages of TIC? Tenants have less liability than if they owned the property themselves. If a tenant dies, the other tenant(s) will not be responsible for any debt. If property is sold, each tenant will receive their share of the proceeds. If property is repossessed by lender, tenants will still have their share of the proceeds.
What are the disadvantages of TIC? Tenants are responsible for any damage that they may cause to the property. If a tenant wants to sell his/her interest, it may be difficult to find a buyer.
A title search is a search of the title report of a property where you are considering buying. It will gives you information about the property such as: any liens against the property, easements, zoning, environmental issues, and taxes that are due on the property. The title search will tell you if the property has any restrictions on the property for example, the number of cars that can be parked on the property. The title search will give you information about any cases that have been brought against the property.
Is made by a trustee of a property. A trustee generally gains a property from a trust and this is typically because the owner has passed on which is why it would have been placed in a trust.
Many times the trustee has no ties emotionally with the property and wishes to sell it. This results in a trust sale.
A VA loan is a government-backed loan that allows military members, veterans, and eligible surviving spouses to purchase a home with little or no money down. Veterans can also use their VA loan benefits to refinance an existing mortgage and get a better interest rate.
The VA loan program is designed to help veterans and military personnel purchase a home quickly without having to save a large down payment. There are two types of VA loans: purchase loans and refinance loans. The VA loan has a lower interest rate than conventional loans.
The VA does not charge a funding fee, but lenders do charge a 1.25% upfront fee to help cover their costs. A VA loan is a good choice for military members and veterans who are looking for a home loan with favorable terms and repayment options.
