It's January, but home sales in golf communities remain strong like in the rest of the country. If you're looking to buy a home in a golf course community, either as a primary residence or as a vacation or retirement home, there are additional home traits which make buying on a golf course different from buying a typical Phoenix single-family residence. Here is a quick primer of home characteristics to consider when buying in a golf community. Land Plot When looking at homes within a golf course community, be aware of its location with respect to the community entrance. Homes nearest to … [Read more...]
What To Do When Your Home Doesn’t Appraise At Its Purchase Price
Experienced home sellers in Phoenix know that reaching a sales agreement with a potential buyer can be just the start of the negotiation process. There are often inspection issues to resolve, among other items. One particular negotiation point which can present difficulties for both buyers and sellers is when a home's appraised value falls short of its contracted sales price. Sometimes, this happens because the home's price was inflated. Other times, it's the result of a faulty appraisal. As a home seller, there are some common appraisal problems of which you should be aware. Here … [Read more...]
3 Ways To Purchase Foreclosed Properties
The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home. If you want to invest in Phoenix foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home. There are three main ways to buy a foreclosed home. Buying before the auction Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage.This is called a short sale. … [Read more...]
Short Sale : Writing A Letter Of Hardship
A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to reduce their respective losses. Typically, although not always, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings. Short sales are not automatic, however. Homeowners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties … [Read more...]
How To Maintain Adequate Homeowners Insurance Coverage
In the aftermath of Hurricane Sandy, stories have emerged of homeowners whose hazard insurance coverage was too low to cover the damage to their respective properties. Unfortunately, this scenario is common among U.S. homeowners, and is not just limited to damage from natural disasters. Homeowners in Phoenix and nationwide are often woefully under-insured against catastrophe in its many forms. Whether you're buying a home, or own one already, revisit your hazard insurance policy choices and be sure that your bases are covered. Here are four common components of a homeowners … [Read more...]