Rob Becker - Designated Broker, Gilbert, Arizona

Buyers,

I would like to inform you about what takes place in a transaction in order to know how and when closing occurs. Basically, when is it all over and when do you get the keys to your new house?!!

These procedures will be general to most closings but most specific for Arizona transactions.

• Search for homes to purchase
• Go see homes with your agent
• Place an offer on a home of your choice
• Wait for a response from the seller regarding your offer.....hopefully just an acceptance. But, you may enter into the world of negotiations. Hopefully, you still end up with an accepted offer....which simultaneously becomes the purchase contract.
• Conduct your inspections(home, termite, mold, etc.) during the 10 day inspection period. Hopefully all goes well and you sign a Buyer's Inspection Notice & Seller's Response form(BINSR) stating that you are proceeding to move forward with the contract to close.
• Along the way, you will have an appraisal done if you are obtaining financing.
• Along the way, you will be doing whatever is needed as far as paperwork goes in order to obtain your desired financing.
• Once your loan is approved by an underwriter, in about 2 days, loan documents(for the buyer to sign) will be produced and sent to the title/escrow company.
• Title/Escrow will then work up the Pre-Audit or HUD1 for everyone involved to review.
• Sign your loan documents and the escrow documents provided by title/escrow usually at the title company.
• Then, title will send your signed loan documents back to the lender for review. After reviewing these documents, if all is well, the loan company will fund the loan. This means they will send a wire of funds for the amount of the loan the buyer is getting.
• You should also deposit your closing funds(down payment and closing costs) to title at this time or prior to this.
• When all funds have been received by title, they release the file to record at the county recorder's office. (Documents that need to be recorded will have already been prepared and ready to record by now.)
• In Arizona, recording constitutes closing. So, when the deed is recorded, the transaction has closed.
• Now you can receive your keys to the home and make it yours!

If you would like to utilize the experience of a seasoned real estate broker, please contact me. I am at your service. Oh....By the way, you don't need to pay me anything for my services in helping you buy a home. The seller pays the commission.

I hope that you find this information helpful.

Make A Change For The Better: Join Top Rock Realty as an Agent. New and Experienced Agents Welcome.

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I am offering my services to all who need them. I am a native of the Phoenix Metro area of Arizona. My favorite areas to serve/work are: Gilbert, Mesa, Chandler, Queen Creek, Tempe and Ahwatukee. However, I have other agents with Top Rock Realty that like to work in other Phoenix Metro areas. Give me a call or send me an email.

Well - I haven't posted any blogs lately. So, here it goes.

From my own personal experiences lately, I would say that the market is picking up.

Each time I write an offer for a client in the $150K market, we are in competition with a couple of other offers....!

I don't want the competition, but I do want the competition. That tells me that things are getting better. And, it has even been reported "In the News" that February home starts and sales have risen to much more than anticipated.

Now is the time to BUY!

Rob Becker

Loan Modifications - A New Wave

What is a Loan Modification? Well, it is where the existing bank or lender will change the terms of the current loan that a borrower has. They may change the principal balance owed to them. Or, they may change the interest rate charged to the borrower. They may even do both. And, they may change the type of loan it is. Example - You may have an interest only adjustable rate mortgage. The lender may opt to change the loan to a low fixed rate mortgage.

Are banks really doing Loan Modifications? Yes. Banks are leaning toward doing loan modifications over taking back a property through foreclosure.

Why? Well, banks are not in the business of selling inventory homes. And, I believe that banks will only receive funding from the government bailout if they are doing loan modifications.

I have become associated with a company doing loan modifications. They have an on-staff attorney negotiating on behalf of the borrower. And, the fee that is charged up front to do the loan modification is fully refundable if they cannot negotiate a loan modification. And, they guarantee at least a 10% reduction in current mortgage payment. However, in most cases, they are getting around a 40% reduction in the monthly mortgage payment. So, for a borrower that has a $1500 a month payment, that could go down to $900 a month. This is what is normal for these modifications with this company. I have also heard of instances of a 2nd mortgage being reduced from $100,000 to $8,000 principal balance/payoff. This program does not work for everyone. However, if the borrower truly needs a loan modification, it usually works.

This is a new wave or trend that is happening now.

This is helping families avoid foreclosure and allowing them to stay in their homes with an affordable payment.

Call me at (480)215-2525 if you think you know of someone that might benefit from this.