For Buyers

Market conditions have never been better for buyers, but finding the right property, negotiating the best deal, and managing all the details are as complicated as ever. Whether you’re a first-time buyer, a current homeowner, or a real estate investor, you need a trustworthy, knowledgable real estate professional to help you through the home buying process. You need an Executive.

Executives Versus Agents

A real estate Executive is more than an agent. An Executive is a trusted source of local information, familiar with every block of every neighborhood, and able to help you understand how and where you’d fit best. An Executive understands local market conditions, so you can make a conservative but fair offer that will get you in the right home at the right price. Above all, an Executive is a professional, with years of experience negotiating deals and managing legal and regulatory red tape. When you’re dealing with an Executive, you can relax and focus on finding the perfect home, knowing you’re in good hands.

The Perfect Home

A home is more than a number of bathrooms and bedrooms. While amenities set baselines and standards for your search, an ideal home is one that meets your needs for things that can’t be measured in bedrooms, bathrooms, and square footage. Style, safety, history, neighborhood character, local schools, cultural resources, and how much you can reasonably afford are just a few of the factors your Executive will consider during your home search. A perfect home should stir your emotions, and an Executive will help you find the home that does just that–without letting emotions get in the way of your negotiations.

Negotiations and Financing

An Executive is an expert negotiator who knows where to start an offer, how far to push, and when to walk away. Executives can also help you understand the “hidden” costs and fees associated with the home buying process to ensure that you don’t get in over your head. Once your offer is accepted, an Executive will walk you through inspections and other contingencies, closing, underwriting, and escrow, so you can move into your new home without any worries.

I’ve included some relevant blog posts and links for your review. If you would like more information on how an Executive can help you find you dream home, please contact me.

Other Links:

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Market Trend Reports

Posted on November 22, 2011 by Rick Harris

The Cromford Report, founded by Michael Orr, a mathematician and REALTOR®, offers the most up to date statistical information and commentary on home buying and home in the Valley real estate market. Unlike information from other sources which is at least a quarter behind, The Cromford Report is up to date assuring that no fresher data exists. What makes The Cromford Report unique is that its data is validated and corrected before it is incorporated into the analysis.

Click to view the current Luxury Market Trend Report

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Located in North Scottsdale in the Community of Rancho Trinadad

Posted on November 22, 2011 by Rick Harris

Within its own private gated estate, this wonderful home offers some of the most amazing views that the Valley has to offer. This custom Mike Foster home is designed with family and entertaining in mind and utilizes only the finest finishes throughout.

Whether it’s the two stoves, two sinks, two dishwashers or two washer and dryers, this is a home that even Noah himself would be proud of! The huge master suite has its own fireplace, sitting area, and magical views of the city lights.

The master bathroom, with Jacuzzi tub, shower big enough for the whole family, his and her closets, and an exercise room will have you feeling and looking good in no time! This home is offered at $2,750,000 and offers 5 bedrooms, 5.5 baths and 7,046 square feet.

View additional photos and the virtual tour HERE

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Waiting Period after a Short Sale

Posted on November 22, 2011 by Rick Harris

We all know that short sales and foreclosures can hurt your credit, and bad credit hurts your chances of securing a mortgage. It makes sense. If you were unable to make your payments just last year, you’re a pretty risky candidate for a new loan today. But if you’ve come through the hard times and you’re ready to buy again, how long must you wait before banks will touch you?

There’s no hard and fast answer, but the general wisdom is “two to seven years.” Why the big spread? It depends on the type of loan and the circumstances of your default. A VA loan can be available as soon as two years after a foreclosure, providing you meet a minimum credit core (currently 620), while an FHA loan will take three years, with a 640 credit score. Fannie Mae may require a 7-year wait and a 660 credit score unless the borrower can meet additional criteria to reduce risk.

Bear in mind that these are minimum guidelines. Depending on your credit history or reasons for default, loan officers may judge you more harshly. For example, if you were perfectly able to pay your mortgage but opted for a short sale or foreclosure because dropping property values pushed you underwater, you might have to wait several years longer. You could be perfectly creditworthy, but your actions showed the bank that you had no qualms about walking away, and you might do so again.

Lockouts and loan programs change as often as interest rates, so the best place to start rebuilding is at a loan officer’s desk. He or she will help you build a plan to return to the home buying market from a position of strength. Meanwhile, while you’re cleaning up your credit, start saving. If you want to get back in the game, a large down payment is the strongest mitigating factor in your favor.

 

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Should You Refinance?

Posted on November 22, 2011 by Rick Harris

Despite recurring indicators to the contrary, interest rates remain near all-time lows. It’s impossible to avoid the constant press of ads encouraging you to take advantage of these rates by refinancing your home loan, and the math seems simple. A lower rate means lower payments, or a shorter loan payback with the same payments–either of which saves you money. Right?

Generally, yes. But remember–refinancing, like any financial transaction, requires time and effort, and that has a cost. To determine whether that cost is worth the benefit, first determine the total cost of refinancing, including points, credit checks, attorney’s fees, taxes, inspections, insurance, and any other local fees. Your loan officer will be able to give you a list. Refinancing becomes worth the trouble once you’ve saved more than this amount (plus a bit extra for your time).

If you plan to sell your home in the next two or three years, refinancing will generally not be worth it, unless you have a very high interest rate at the moment. You just won’t have enough time to earn back the up-front costs. Likewise, if you have a very small amount remaining on your mortgage, you might be better sitting put. Saving half a percent on a Continue reading – Should You Refinance?

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