Archive for the 'Home Buyers' Category
Purchasing REO Properties
July 7th, 2008 categories: Home Buyers, Prescott Real Estate Trends
Are you considering buying a REO or bank owned property? Given the current home buying market, many home buyers see this a wonderful opportunity to buy a home for considerably less than market value. This may be true, but it’s important to know the process and understand the paperwork. If you plan on purchasing a bank owned property, read the fine print. There are some contractual differences compared to the standard A.A.R Real Estate Purchase Contract.
Use your Negotiating Power. If the listing is new on the market, the bank may not be willing to deviate from the list price. Look for REO homes that have been on the market for 30 days or more.
Check fees charged by the Title/Escrow company. Banks negotiate bulk rate contracts with Escrow companies. If you decide to use the banks Title/Escrow company they may charge more in order to make up for the discount they are offering the bank.
Banks do not pay for any extras. Banks generally are not willing to pay transfer fees, delinquent home owners association fees, any property inspections or home warranties. Be prepared to pay for these items out of your pocket.
Verbal Agreements. Most banks like to negotiate verbally before putting anything in writing. Generally, this is the number one rule on not what to do, but the bank hold the cards and sets the rules.
Expect the bank to use their own purchase contract or at the very least addendum’s to standard purchase contracts. Many times these contracts are not in the favor of the buyer. Read through everything thoroughly and if you don’t understand something, consult professional advise.
“As Is”. Most banks sell homes in “as is” condition. Make sure your offer contingent upon inspections, and your approval of those inspections.
Patience is a virtue! Most banks take days if not weeks to respond to offers. Be patient. If your offer is rejected, wait 30 days and re-submit the offer.
Have your loan in order and ready to go. Have a pre-approval letter from your lender ready to submit to the bank. Be certain your lender can close escrow on the pre determined closing date. If you run into delays and need more time to close, the bank may charge you for each late day.
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Will Investors Shift Their Money Back Into Real Estate?
June 30th, 2008 categories: Home Buyers, Real Estate News
With the stock market hovering above bear market statistics, will investors shift their money back into the Real Estate market?
Just a thought…. The stock market has become increasingly volatile, and many investors are moving their equities into cash.
Real Estate prices have dropped to 2004 levels and Sellers are more motivated than ever. If there was ever a time to “buy low”, this is it.
I looked at 10 homes over the weekend, a few of them were ”bank owned”. The great news is that buyers had submitted purchase contracts on two of them. These homes were priced very competitively and were in good condition. In 5 years, both of these homes will be worth more than what the buyers purchased them for. These buyers not only have a place to live at a fixed monthly rate, but tax deductions on the interest paid, and an investment that is appreciating.
The Real Estate market is going to turn around and if you want to “buy low and sell high”, now’s the time.
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Great Values in Pinon Oaks Subdivision
June 27th, 2008 categories: Home Buyers, Home Sellers, Real Estate News
Pinon Oaks is a beautiful subdivision, and a great place to find some real house hunting bargins. Pinon Oaks is located at the corner of Willow Creek Road and Pioneer Parkway in Prescott.
5693 Globe Mallow
Prescott
This home features a 4 car attached garage, and large .44 acres lot with views and a large covered patio that is great for entertaining.
The home was built in 2001 and features 2,044 sq. ft., 3 bedrooms 2 full baths, a fireplace in the master suite and a spacious kitchen.
The large back yard is a fully fenced, has a fire pit, covered patio, open flagstone patio, a garden area, grass and RV parking.
This home is priced at $379,000
MLS # 916072
Virtual Tour
1032 E. Sunflower Drive
Prescott
This lovely home is located on a extra large .75 acre lot. The floor plan is open and the home is very light. The kitchen in this home was designed for a cook! This spacious kitchen includes lots of counter space, a cook top and wall oven. The floor plan makes this a perfect home for parties.
This home was built in 1998, is 2,121 Sq. Ft., 3 bedrooms and 2 bathrooms. Plus a 3 car attached garage.
This home is priced at $359,000
MLS# 927952
Virtual Tour
Call Sherry or Sue with any questions about these listings, or any or our listings at (928) 778-4492
To see virtual tours on all of our homes and land listings go to
The Huffman Group.com
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Prescott Arizona is a Buyer’s Market
June 17th, 2008 categories: Home Buyers, Home Sellers, Market Update
The Prescott, Arizona Real Estate market is a buyers market.
Some sellers are still having a difficult time accepting this, but it’s true. The days of asking more than the house is worth and getting offers, are over. Some sellers still like to tack 20% on to the list price to “see what happens“. I don’t know how else to say it, but that strategy is nothing more than a waste of time.
In order to sell your home in this market, sellers need to be realistic and prepared to accept 20% to 25% less than what it was worth a year to two ago.
Here are some pricing and survival tips for today’s market
1. Establish a list price and then take 10% to 15% off of that.
2. If you don’t believe your Realtor’s opinion of value, call an appraiser.
3. Do not be offended by low offers. It’s part of working in a buyers market, and it’s nothing personal. In a buyers market, buyers know that this is the chance to get a great deal. It’s human nature.
4. If you get an offer on your home, even a low offer, consider yourself lucky. Do not reject any offers on your home. Come back with a reasonable counter offer. The offer you get today may be better than the offer you get 2 months from now. Take them all seriously.
5. If your home is not getting any showings, it’s the price. If your home is getting showings and no offers, it’s the price. Home buyers are educated consumers and they know value. If your home is perceived to be over priced by buyers, they just move on to the next property.
6. This market is what it is, and sellers need to accept that. If you need or want to sell, price your home accordingly. You may end up getting a little less than you had hoped, but at least you’re moving on with your future plans.
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Tips On How To Buy In A Buyers Market
April 22nd, 2008 categories: Home Buyers, Real Estate News
A buyer’s market exists when there are a lot of homes on the 
market and very few buyers. If the number of homes on the market in your neighborhood has been rising, it’s likely that the days on market has been increasing too. Couple that with declining sales figures over previous months, and home buyers are in a excellent position to negotiate. Here are a few tips on buying in a buyers market.
1. Know the listing inventory. Look at similar homes on the market and know the prices. If you’re like most buyers, you will want to offer less than the asking price, it’s human nature. Know what homes have had recent price reductions. These sellers may be more likely and receptive to lower offers.
2. Request e-mail listings and updates. 80% of today’s buyers start their search on the Internet. Have your Real Estate agent register you for e-mail updates. This is a great time saver.
3. Obtain comparable sales information. When you find a home you want to make an offer on, ask your Real Estate agent to print out a list of recent sales of comparable homes in the same neighborhood. This will help establish an appropriate offer.
4. Ask for allowances or credits. In a buyers market, it never hurts to ask. If the carpet needs replacing, if you need help with closing costs, ask the seller for a credit at close of escrow. Check with your lender first and find out how to word the credit clause.
5. Request Extras. Sellers realize that in a buyers market they may need to offer something extra to entice a sale. Don’t be afraid to ask for a home warranty or appliances.
6. Talk with several Mortgage Lenders. Fees and interest rates that lenders charge vary. Talk with 2 or 3 mortgage lenders to make sure you’re getting the best terms and conditions for your money.
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There are some great Real Estate deals out there!
April 16th, 2008 categories: Featured Listings, Home Buyers
There are some great deals out there for home buyers. Homes prices are now comparable to those of 2003. This home is priced at $143.00 per sq. ft. We haven’t’ seen prices like that in years for new construction. Remember the old saying “buy low, sell high”. Now’s the time!
2973 Noble Star
Prescott, Arizona
If you are looking for a great home at a great price, look no further. This home is located in the Prescott Lakes subdivision, at 2973 Noble Star. This home offers 3,479 square feet, 4 bedrooms, 3 baths, a large family room, formal dining, large kitchen, a rock fireplace, media room or home office, main level living and views. This home is brand new construction and ready for occupancy. Prescott Lakes is a beautiful subdivision offering golf, tennis, swimming pool, athletic facility and a club house. Take a virtual tour of this lovely home by clicking the link 2973 Noble Star Virtual Tour
Prescott MLS # 923847
Offered at $499,900
For more details on this property, contact
Sherry Huffman, Realtor
928.533.1833
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Prescott Homes For Sale
April 9th, 2008 categories: Featured Listings, Home Buyers, Home Sellers
This home is our Featured Listing of the week.
This home is located at 544 Golden Hawk Drive in Prescott.
This home features 3 bedrooms, 2 baths, home office, 1,863 sq.ft. and was built in 2002. This home is immaculate inside and out and offers panoramic views. This home sits on a large .52 acre. The landscaping is low maintenance with many beautiful trees and native shrubs. To see a virtual tour of this home, click on the link below
544 Golden Hawk Virtual Tour
Prescott MLS# 918839
Listed at $339,000
Contact Sherry Huffman for more information
(928) 533-1833
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Is The Real Estate Market Showing Signs Of LIfe?
March 14th, 2008 categories: Home Buyers, Home Sellers
The Real Estate slide may be slowing down. Although the news media bombards us with negative numbers every time we turn around, there are some positive signs out there.
As of today, March 13th, new mortgage applications nationwide jumped last week for the first time in more than a month. This is a very important indicator of home buying in upcoming months.
Pending home sales nationally did not decline last month as expected, they were “flat”. We’ll take flat! This is a good sign that after two years of negative numbers, maybe we’re beginning to bottom out.
I feel confident that the Federal Reserve will continue to lower short term interest rates giving our economy a much needed kick in the pants. The cost of money is a very important part of home buying and I know that these aggressive steps will pay off in the long run.
These may be small glimmers of hope, but they are positive signs. Everyday we are a little closer to the Real Estate market turning itself around. Although our sales statistics in Prescott are still in negative territory, home are selling. As interest rates continue to go down, consumers will realize that there are some great deals out there!
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What The Heck is a 1031 Tax Deferred Exchange?
March 6th, 2008 categories: Home Buyers, Home Sellers, Prescott Homeowners, Real Estate News
For more information on 1031 Tax deferred exchanges click on the following link; tax exchange
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Do you know your credit score?
March 4th, 2008 categories: Home Buyers, Prescott Homeowners
Do you know your credit score?
Credit scores are a vital part of being a consumer and citizen of the United States. A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report.
If you want to rent an apartment and do not have good credit scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service.
Companies that want to lend you money look at your credit scores all the time. They look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.
Today, many people have credit scores that are suffering due to adjustable loans, credit card debt and so on. Not to mention the foreclosure and short sale market and it’s far reaching effects.
There are 5 parts to evaluating your credit score. As a rule, credit scores analyze the credit-related information on your credit report. How they do this varies. Since FICO scores are frequently used, here is how these scores assess what is on your credit report.
| 1. | Your payment history – about 35% of a FICO score Have you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score. |
| 2. | How much you owe – about 30% of a FICO score FICO scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be. |
| 3. | Length of your credit history – about 15% of a FICO score A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management. |
| 4. | New credit – about 10% of a FICO score If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score. |
| 5. | Other factors – about 10% of a FICO score Several minor factors also can influence your score. For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores. |
There are many resourses available to check your credit. Make sure you keep your credit in good health. It may come in handy some day…
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