Real Esate FAQ
It is a required part of the offer, and shows the seller(s) that your lender has deemed you financially ready to start the home purchasing process.
You are securing a piece of financial wealth with your home purchase. It builds equity and provides numerous tax benefits. Most importantly though, it provides you and your loved ones freedom to create your home as your own.
Selecting a Realtor gives you an expert in the housing market. A Realtor keeps your needs at the forefront of the transaction. They have a fiduciary responsibility to represent your interests and help you navigate around potential financial pitfalls you could encounter if you attempt the process on your own.
The best reference tool for this inquiry is in your buyer advisory. The website is https://www.phoenix.gov/police/neighborhood-resources/crime-states-maps.
There is no substitute for an on-site visit to the school, but information about Arizona schools can be found on the Arizona Department of Education website, which is http://www.azed.gov/.
As many as you need to. You need to be certain about your investment – it is one of the largest purchases you will ever make.
An earnest money deposit is an amount of money specified on the purchase contract that is determined by the buyer(s), subject to negotiation by the seller(s), that demonstrates a “good faith” deposit to complete the Real Estate transaction. This allows for an upfront monetary investment that shows the seller(s) you are serious about your offer and following through with it.
A Short Sale is a Real Estate transaction in which the net proceeds from selling the property will fall SHORT of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a SALE of the property can occur.
It is a legal process in which a lender attempts to recover the balance of a loan from the borrower who has stopped making payments to the lender. This forces a sale of the asset used as the collateral for the loan.