10 Common clauses buyers use in their offers

[vc_row][vc_column width=”1/2″][vc_single_image image=”16806″ img_size=”large”][/vc_column][vc_column width=”1/2″][vc_column_text]There are many clauses in the contract that are put in place to protect both the buyer and seller. We know are way around real estate contract to keep you protected.

1. Loan Approval Contingency
2. Home Inspection Contingency
3. Lead Based Paint Contingency
4. Appraisal Contingency
5. HOA fee payment terms
6. Appraisal Contingency
7. Lien Contingency
8. Home Repair Requests
9. Insurability Contingency
10. Clear Title Contingency[/vc_column_text][/vc_column][/vc_row]

11 Laws, regulations & disclosures you should be aware of when selling your home

[vc_row 0=””][vc_column][vc_single_image image=”5228″ img_size=”large”][vc_column_text 0=””]When people think about selling their home, they often forget that there are many laws and regulations in place concerning the selling of Real Estate. Here are just a few examples of what we are well versed in to protect our clients.

1. Federal Fair Housing Laws – prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and disability.
2. Lead Based Paint Laws/Disclosures – Federal law requires that before being obligated under a contract to buy housing built prior to 1978, buyers must receive the following from the homeseller: An EPA-approved information pamphlet on identifying and controlling leadbased paint hazards titled Protect Your Family From Lead In Your Home (PDF)
3. Seller Disclosure Laws – Required Real Estate Disclosures When Selling Property. … In general, you have an obligation to disclose potential problems to a prospective buyer that could affect the value of the property you’re trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
4. State & Local Housing Laws– Here is the link to the  State of Arizona Department of Real Estate. http://www.re.state.az.us/LawBook/LawBook.aspx
5. Real Estate Contract Law (Realtors are licensed to perform contract law for retained clients only)
6. Zoning & Local Ordinances – You must know any local laws and ordinances regarding different items, like pool enclosures etc..
7. Advertising Laws – which includes fair housing
8. Building Codes – Again, you must know your local codes and ordinances.
9. Government Rights/Real Property Law – Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.
10.  Environment Rules – Septic Systems, superfund sites,
11. Stigmatized Property Laws (death, drugs etc). In 1995 the Arizona Legislature passed A.R.S. § 32-2156, the stigmatized property law. This law addressed when a real estate broker or seller must disclose information to a buyer relating to facts that may psychologically impact the home, such as a suicide or murder.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Download our guide with 13 Checklists and Realtor Tips on Selling your Home

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12 People your Realtor knows how consult with for a smooth home sale

[vc_row 0=””][vc_column width=”1/2″][vc_single_image image=”17167″ img_size=”full”][/vc_column][vc_column width=”1/2″][vc_column_text 0=””]There are lots of players in a real estate transaction. Your Realtor knows the right questions to ask when issues arise. Here is a list of 13 people your Realtor could be consulting with to make sure you transaction goes smoothly.

1. Real Estate Attorney (if applicable in your state, not a big one in Arizona)
2. Appraiser (to ensure the buyers loan will accept the appraisal)
3. Home Inspector (in order to negotiate repairs)
4. Loan Officer (to confirm buyer is qualified to purchase)
5. Mold Tester (if needed)
6. Lead Paint Tester (on homes built prior to 1978)
7. Radon Tester (if needed)
8. Well/Septic Specialist (if needed)
9. Termite/Pest Control (there are only 2 types of homes in AZ, those with termite and those without)
10. Title Company (to ensure clear title)
11. Insurance Company (to ensure home is insurable)
12. County/City Permit Department (to verify any additions were done to code)[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Get your free copy of our home sales guide.

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CHECKLISTS FOR SUCCESS

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Download our guide with 13 Checklists and Realtor Tips on Selling your Home

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Phoenix Short Sale Specialists

Phoenix Short Sale Specialists

What is a Short Sale? 

As Phoenix short sale specialists, we can tell you that a short sale is when you owe the bank more than what your home is worth and you sell it. You are essentially “shorting” the bank the difference. The bank has to approve these types of sales.

Why would a creditor allow a Phoenix short sale happen?

Well, there are a lot of reasons, but the simplest of reasons is that it is less expensive for a creditor to allow the short sale of a home rather than the foreclosure and resale process for those who have run into financial trouble. The loan servicer is most likely not collecting the mortgage owed each month on the property combined with the long foreclosure process, it costs the bank significantly more to foreclose rather than short sale a Phoenix home. Another fact is that most creditors are dealing with numerous amounts of defaulted loans to start with so, if all of them foreclose they will own real estate, and have to pay a realtor to list the property and obtain a buyer anyway.

So what happens to that money the bank gets shorted???

The banks write it off as bad debt. If you have mortgage insurance on your loan they may make a claim and to recoup the debt. They will also send you a 1099-C, you will need to talk to a tax advisor to see how this will affect you.

We at the Phoenix Metro Group are expert short sale agents in Phoenix and the metro that have successfully closed numerous short sales with several banks. Wells Fargo, Bank of America, Suntrust, M&I, HSBC and Chase are just some of the creditors we have worked with. Each creditor has it’s own process for short sales and all require a lot of tedious paperwork, but if you hire an expert short sale agent to handle the sale of your Phoenix Metro property, your chances of the short sale being approved rise significantly.

Please feel free to contact us directly at 602-730-5068 or email us at amy@phoenixmetrogroup.com.  I can answer any of your questions or help you with the sale of your home. I have extensive training and expertise with short sales, re-sales and new construction in the Phoenix area and I am here to help you.