buying a home in Arizona Archives - Desert Premier Realty Group

Buyer Agency In Arizona – What Does That Mean?

October 19, 2019 By Nathan Mitchell

Buyer agency in Arizona is designed to protect you, the home buyer. Your buyer’s agent is your advocate with a fiduciary duty to you, much like that of an attorney.

Buying a home without a buyer’s agent can be a huge mistake for many reasons, one of the biggest is they will likely save you thousands of dollars when you purchase your home.

Your buyer agent’s only job is to protect you, the home buyer.

Your buyer’s agent only works for you, the home buyer and typically does not know or have a relationship with the seller of a home.

It’s very important to understand agency relationships when you are considering buying a home, as having trust in your buyer’s agent is critical to your home buying success.

Your goals are your buyer agent’s goals. Period.

Your buyer’s agent has explicit duties to YOU, the home buyer, of confidentiality, accounting, care, loyalty, obedience, advocacy and disclosure. This means that your buyer’s agent will only have your interests at heart!

Experience and dedication matters.

The home buying journey can typically take anywhere from 6-18 months or more, so having an experienced, dedicated and knowledgeable buyer’s agent by your side can make a world of difference as you prepare for your home purchase and start researching the Arizona real estate market.

An excellent buyer’s agent will help you navigate through all of the pitfalls laying in wait for you as the unsuspecting home buyer. He/she will educate you on the Arizona real estate market, home financing and the home buying process. Your buyer’s agent will help you to set realistic goals and expectations up front while striving to exceed those goals and expectations.

For more info, check out the above video about buyer agency in Arizona. Better yet, feel free to contact us if you have any questions about buyer agency in Arizona or the home buying process.

We are looking forward to working with you to find your next home!

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What Can I Expect If I Put An Offer In On A Short Sale?

March 8, 2012 By Nathan Mitchell

Basically, here in Arizona, if you put an offer in on a short sale, you can expect a minimum of a 3 month wait for a response from the seller’s lender. The response might be yes, no or some sort of counter offer. During the wait period there’s not usually a lot of information that get’s passed from the seller’s lender to the listing agent (or to the buyer’s agent). Much is done internally at the bank and a lot of information is not disclosed.

Here are some things that we can typically count on: When an offer is submitted to the seller’s lender, it’s submitted along with a “short sale package.” The package consists mostly of the seller’s financials, including taxes, bank statements, income expense sheet, etc… The main point of the short sale package is to reverse qualify for their mortgage. In other words, they’re trying to prove that they can no longer afford their mortgage. After the short sale package is submitted, there is an appraisal done on the home (many times referred to as a BPO). Once they’ve received the appraisal and short sale package, the lender will then start processing the paperwork to make sure the entire package is complete and that the offer is in line with the actual short sale market value. Typically after that, it’s sent through one or more quality control negotiators to make sure that everything truly is in order. Then, typically after that the entire file will be assigned to a negotiator who will then review the file and obtain/update any missing or outdated documentation and fit the file within the guidelines of the investor that holds the Note on the property. The investor is the actual lender that makes the decision on whether or not a short sale will be permitted. Once everything is in order, the entire package is submitted to the investor for final approval. If the investor approves the short sale, the bank will issue an approval letter and buyer and seller can move towards close.

That’s the process here in Arizona, in a nutshell! Many things can happen between buyer’s offer and closing, and every short sale is different. The above is just the basic framework.

I Would Like To Negotiate My Closing Costs

March 4, 2012 By Nathan Mitchell

Can I Negotiate Closing Costs?

Absolutely. Everything is negotiable!

With the Arizona Residential Resale Real Estate Purchase Contract, it’s not typical that buyers and sellers will itemize what closing costs they would like their counterpart to pay. It’s usually just asked for a lump sum amount or a percentage of the purchase price. There’s even a section in the purchase contract addressing what closing costs will be paid by the seller on behalf of the buyer.

Also here in Arizona in the current market conditions, it’s more common for buyers to ask for closing costs to be paid for them. There aren’t many sellers asking for their closing costs to be paid right now, although things can change and sometimes very quickly.

What can you expect to pay in closing costs?? There are an infinite number of loan programs out there, with different requirements, fees and costs, so talk to your lender (contact us if you need a referral to a great lender!) about what your estimated costs would be.

Your buyer agent’s only job is to protect you, the home buyer.

Experience and dedication matters.

Can I Negotiate Closing Costs?

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