uyers Frequently Asked Questions, Advice for Home Sellers , Realty Executives East Valley - 602-999-0952

Buyers FAQ

There are additional resources for home buyers at the bottom of this page. Check out my advice featureA Heads-Up for Home Buyers, 11 things you might not have thought of.” If your question isn’t answered here or you have other concerns, please don’t hesitate to contact me. I’m always happy to help. ~Bill

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Buyer’s Frequently Asked Questions

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I know how much I can afford,
should
I still get pre-qualified?

1.

Absolutely. Pre-qualification is the clout behind your offer. I will have much more power in negotiating for you when your contract is accompanied by proof of your capability to purchase. Note: in Arizona it is required that a Pre-Approval form be submitted with a Purchase Contract.

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As a buyer, why would I need representation?

2.

When you call on a For Sale sign, visit an open house, or contact a listing agent, you have already deprived yourself of some of your rights as a buyer. The agent representing a listing is bound by fiduciary duty to the seller. Your best interest is served by choosing an agent in advance to represent you. As a buyer’s agent, I have saved my clients thousands, sometimes tens of thousands of dollars. And FYI… there is no additional cost to you.

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What can you tell me about various communities, what each one offers, and what is allowed by the HOA?

3.

You’d be surprised at how different the Valley’s communities can be. Some are incorporated and others are not. This is important to know by the way. Amenities offered vary greatly and HOA fees are all over the map. I am determined that there will be no surprises. I’ll make sure you have your CC&R’s in hand well before the time of closing that you’ve read them.

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Location, Location, Location… is it really that important?


4.

 

You can change almost anything about a home, from little things like paint and
carpet to a complete remodel, even rebuilding from the ground up. I’m a big believer in buying for location. It’s the one thing, really the only thing
you can not change.

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There seems to be so much to choose from right now, it’s hard to know where to start.


5.

 

Often we have only vague, preconceived notions of what we want in a home, with the result of never finding exactly what we’ve pictured. I always suggest that you compose a list with several categories; 1.) features that would be nice to have, 2.) things you’re accustomed to and would be uncomfortable without, and 3.) absolute must-haves. That way we can eliminate many properties right up front, then prioritize the rest, shaving a lot of wasted time off of your house hunting.

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What can you tell me about the neighbors in a community?


6.

My expertise is real estate and I’m pleased to say that I know the Phoenix Valley as well as anyone. I’d be happy to point out builders that I am familiar with, which communities are convenient, where you’re likely to find the best views or the most amenities, current price ranges, comparables. If you’d like to know more about the residents, in addition to recommending that you take a stroll around the neighborhood, I’m always happy to provide you with several other reliable sources of information.

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How do I know what is the right amount to offer.

7.

I begin by providing you with sold comparables, the most recent carrying the most weight. Then I’ll assist you in adjusting for differences, upgrades, condition and unique attributes. Number of days on market are also a sizable factor, and terms of sale are critical. Among other things, these are the elements that an appraiser will use in determining value.

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What happens if the appraisal does not support the purchase
price?

8.

Surprisingly you have more options then you might think. This is not necessarily a deal-breaker. You will have the choice of walking away, as a satisfactory appraisal is a condition of your contract. Renegotiating the price or terms is often a viable alternative. You may even have discretion to continue with the agreement “as is” depending on what percentage of the purchase price is covered by your down payment.

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I understand that this might be a great time to invest. What’s different about buying an investment property?

9.

Buying real estate for investment not only involves different advantages and considerations than other investments, but different advantages and considerations than other real estate purchases. The short answer is that real estate as investment is complicated by specific concerns in the areas of financing, location, management, and taxes.

Additional Resources for Home Buyers

 

Bill Salvatore
REALTOR
Arizona Elite Properties
602-999-0952
eMail: golfarizona@cox.net
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