Gary and Claudia Scott - Scottsdale, AZ Real Estate

• You need to decide whether you're financially ready to buy a home
• Do you have a steady job and income?
• Do you plan on remaining in the same area for a few years?
• Do you have enough money set aside for your down payment and closing costs?
• Do you have an emergency fund?
• Do you live within your means, avoiding credit card debt?

What is Escrow? This is what takes place immediately after both the buyer and seller, assisted by a qualified Real Estate Agent, have agreed to the provisions of a contract and have signed that contract. Escrow is defined as the holding of documents and funds by a neutral third party pending the fulfillment of a particular condition or event. The escrow holder has the obligation to safeguard the funds and/or documents until all provisions of the escrow have been satisfied and the contractual obligations by the Buyer and Seller have been met. Escrow is the disinterested third party, which makes them unbiased and impartial.

Opening a Transaction. When escrow receives a fully executed contract (and earnest money if applicable), escrow will immediately order the title work so that a thorough title search and examination can be done. When the title commitment, title or preliminary report is received, it is the Escrow Officer's job to review the commitment and then send them out to all appropriate parties.

Processing the Transaction. Once the Preliminary Report is received and reviewed, escrow then begins processing the file. Taxes, homeowner association dues, maintenance fees and payoffs for liens of records are checked and statements ordered. All applicable charges are assembled and a settlement statement is prepared.

Escrow then begins processing and coordinating the flow of documents. The escrow and conveying documents (Deed to transfer property) are drawn and sent to Buyer and Seller for proper execution. Although it is not the job of escrow agent to cure defects of title, performance, or other services extraneous to closing the transaction, Escrow Agent may assist in helping to determine what steps may be taken in order to clear any extraordinary circumstances that are disclosed by the Preliminary Title Report.

Closing the Transaction: Upon receipt of properly executed documents, the Escrow officer will review all the documents involved in the transaction to make sure they fit the transaction as contracted for. A thorough investigation that everything needed to close the transaction has been satisfied. The analysis will include, but is not limited to the following; the proper execution of escrow and mortgage documents, checking that all taxes have been paid and prorated between buyer and seller when necessary, ensuring financial consideration has passed and all monetary consideration can be properly disbursed. After good funds are received, the escrow officer, balances the disbursement sheet, ensures the transferring documents are filed of record at the County Recorder's office and funds and closes the escrow file. Last, but certainly not least, the title policies are prepared and forwarded on to the owner and Lender.

What can’t escrow do?
Anything that is not in the contract, counter-offers and addendums.

In addition, there are some other functions that the Escrow Agent is prevented from performing, due to reasons of liability, legal restrictions or because of its neutral position, such as:

• Give advice
• Negotiate
• Prepare contracts, counter-offers or addendums
• Prepare legal documents beyond the basic “fill-in-the-blank” forms

1. The price you ask.
2. The condition of the property.
3. Access to the property.

1. Market conditions.
2. Rhe motivation of your competition.
3. Market Value.

For additional information regarding Arizona Real Estate,

please send direct e-mail request to GaryandClaudia@cox.net

or call our Toll Free Number,

Convenience & Availability

It is never 'convenient' to have your house shown. But, you should make an effort to allow for showings if possible. Most agents will attempt to give you at least a couple of hours notice. However, sometimes a buyer sees the sign in your yard and is interested in viewing your home. If you are not cooperative, it is possible that the potential buyer will skip your home and move on to someone else who is willing to cooperate. The more exposure the faster your home will sell.

• Why Use A Lockbox?

  • A lockbox is a box that stores the listing key. Also known as a keybox, real estate agents hang a lockbox on or near a listing to store house keys. Lockboxes allow agents to quickly and easily show listings. The keys are handily stored right at the listing, resulting in more showings and quicker sales. Since electronic lockboxes record who's opened them, if something is missing or the cat has been let out, listing agents have an audit trail of who's been in and when. Supra boxes have been instrumental in helping solve thefts. Knowing who's been in also gives the listing agent a marketing tool. Follow up with prospective buyers and find out why they didn't make an offer. Maybe new paint or carpet will make the difference on a written offer. With the ability to customize access hours in an electronic lockbox, day sleepers and latchkey kids needn't be disturbed by agents who might just drop by.

• Why You Should Not be Home
  Many Homebuyers will feel like intruders if you are home when they visit. If possible leave the premises during a showing. If you absolutely cannot leave, try to remain in an out of they way area of the house or yard. Do not volunteer any information, but answer any questions the agent may ask.
• Lighting
  • If possible turn on all the indoor and outdoor lights. This allows for a home impression, prevents harsh shadows from sunlight and brightens up any dim areas.
• Fragrances
  • Scented sprays often cause potential buyers to wonder what you are trying to cover up. And, some may be offensive or cause allergic reactions. If you want to have a pleasant aroma in your home, try something natural such as a drop of vanilla on a stove burner or oven. Baking cookies are always a crowd pleaser. If you have pets, attempt to keep them bathed and any hair vacuumed up.
• Pet Control
  • IF you have pets, make sure your listing agent includes that info and any instructions regarding them into the MLS listing. If at all possible take them away with you during a showing appointment. If not, try to keep the pets confined to an area that allows the buyers to adequately view your home without interfering with your pet. You want to prevent buyers from having to deal with the possibility that your pet could escape and get lost. It is often a confusing time for pets to have strangers in your home when you are not there. Again, make sure that any pet odors or hair is not obvious. Not all buyers are animal lovers.
• The Kitchen Trash
  • Keep the trash cans fresh and as clean as possible. This may mean that you have to empty the trash more frequently. Trash, especially smelly trash, does not send a positive message to potential buyers.
• Tidiness Counts
  • This is an area that is controllable. It is recommended that you keep your home clean and clutter free. Don't leave dishes in the sink, or scattered about the house, pick up papers and unnecessary clutter. Remove extra furniture to make your rooms look bigger. Try to keep everything freshly dusted and vacuumed. You want it to look like a model home. Buyers like to envision living like that they can live like that.

1. Based on today's market.
2. Based on today's competition.
3. Based on today's financing.
4. Based on today's economic condition.
5. Based on the buyer's perception of the condition.
6. Based on location.
7. Based on normal marketing time.
8. Based on showing accessibility

• On a Scale of 1-10, The "10's" Are The Ones That Are Selling.

1. By improving the condition dramatically.
2. By offering good terms.
3. By improving the way the home shows.
4. By adjusting the price.

1. The price you ask.
2. The condition of the property.
3. Access to the property.

1. Market conditions.
2. Rhe motivation of your competition.
3. Market Value.

For additional information regarding Arizona Real Estate,

please send direct e-mail request to GaryandClaudia@cox.net

or call our Toll Free Number,

The National Association of Realtors (NAR) releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter.

Locate the latest quarterly median home prices for your market, as well as the percentage change from the previous quarter, using this interactive map.

Here in the greater Phoenix metropolitan area, the median price of a single family home is now approximately $185,000 and for a condo the median price is $158,000. However, the 7-year Housing Equity Gain $63,900 and the 9-year Housing Equity Gain $76,600. If you have owned your home for more than 5 years, you would have gained a significant equity in your property.

Search the local MLS by map

When looking to buy and/or sell, or know of anyone that is, feel free to contact us.

Gary Scott -Realtor®, GRI - - Claudia Scott -Realtor®, GRI , e-PRO
Call Toll Free at 866-464-2140
or
e-mail -Garyandclaudia@cox.net
www.AZ-real-estate-sales.com