The Closing Process Can Be More Involved Than You Think

The closing process isn't a crazy one, but it's usually longer and more involved than most people think when they sell their house.

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When you sell your house, there are few specific things you can always expect during closing.

While we're still in a seller's market, it's not as easy as simply getting an offer on your house and closing the next day. In fact, many sellers misunderstand how involved the process really is. 

The first step after getting an accepted offer on your property is the buyer's 10 days of due diligence unless you agreed on something different. The standard 10 days in the Arizona purchase contract gives them time for any type of inspections. 

Within those 10 days, they will either cancel the deal because they don't like the property or there are too many repairs, give the seller the option to fix certain items, or just accept the property as-is and move forward. 

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95% of buyers in our market use loans, so they'll need an appraisal.

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From there, you as the seller have a certain amount of time to address what you'll do. After that process comes the appraisal process.

Most cash buyers won't get an appraisal, but 95% buyers in our market use loans, so they'll need an appraisal. A third-party appraiser ordered by the bank will go to the property to make sure it's worth the agreed upon price. 

These two processes are the big hurdles in the closing and typically take about 20 to 25 days. That's why the closing as a whole usually takes around 30 to 45 days. Other steps include getting the home ready to move out and getting the title squared away with the title company, among other things. It's not a crazy process, but it can be longer than most people think.

If you have any other questions or you're thinking of buying or selling a home here in the Tucson market, give me a call or send me an email. I'm always happy to help!

Don't Make This Mistake With Your Mortgage

When you start looking for financing to buy a home, there’s one key mistake that many buyers make that you should try to avoid at all costs.

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When you talk to a lender for the first time, there’s a big mistake that many people make that you should try to avoid. 

That mistake is signing up with the first lender you talk to.

Whenever you work with us, we like to recommend a lender and also that you get a second opinion. You’re not obligated to work with our preferred lenders; you can work with whoever you want.

However, we really want to make sure you know not to just stick with the first lender you talk with, just like you wouldn’t work with the first doctor that told you that you need knee surgery. You’d get a second or third opinion.

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You wouldn’t work with the first doctor that said you need knee surgery, would you?

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We also see buyers work with a lender who gives them a good interest rate, but we’ll recommend they speak with one of our lenders who can actually beat that interest rate. You always want to explore your options.

Getting a better rate will save you a lot of money in the end, so always be conscious of it. Our rule of thumb is to work with the best of two or three lenders that you speak with.

If you need a recommendation for a great mortgage lender or you’re thinking of selling your house, don’t hesitate to give me a call or send me an email. I’m always happy to help.

Why Buyers Need an Experienced Agent

In today’s competitive market, it is more important than ever for buyers to hire experienced real estate agents.

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Why is it important to work with an agent who has a lot of buyer experience?

In today’s market, inventory is very low, which causes a lot of issues. If you want to buy a home, you are facing a lot of competition. Last year, if you submitted an offer on a house, it was probably the only offer on that property. Today, even if you make an offer on a home the day it hits the market, you could be competing with as many as four other buyers.

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Submitting an offer is different from getting your offer accepted.

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That makes things really challenging for buyers right now. You need an experienced agent who can get your offer accepted. We are still able to get a lot of buyers into homes because we have many savvy techniques to get an offer accepted.

It’s one thing to work with a nice agent but you have to ask yourself, “Does this agent have what it takes to get my offer accepted?” Any agent can submit an offer, but getting an offer accepted is another story.

If you have any questions about navigating the current market, just give us a call. We would be happy to help you!

What Do Rising Interest Rates Mean for You?

Interest rates recently went up. What does that mean for buyers? Will they continue to rise? I’ll go over everything you need to know today.

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Recently, interest rates went up. What does that mean for you?

Rising interest rates are not a bad thing; in fact, they indicate that the economy is improving. Ultimately, it’s still a good time to buy a home because you won’t have to pay the 9% interest rates of the past. Depending on your credit score, you might not have to pay more than a 5% interest rate.

However, we recommend locking in a low interest rate on a 15-year or 30-year mortgage now, as interest rates should continue to rise.

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Interest rates will continue to rise, so now is a great time to buy.

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With the new year, our market will have a lot of activity. However, inventory is still low, so make sure you get pre-qualified now. That way, when your dream home comes on the market, you will be able to make an offer right away. Getting pre-qualified also gives you an advantage in this market, as we are still seeing multiple offers due to low inventory.

If you have any other questions about interest rates or our current real estate market, just give me a call or send me an email. I would be happy to help you!

A Great New Loan Program for Home Buyers

This loan program will gift you up to 10% down to purchase a home. There are limited funds, so acting fast is essential. 

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I’ve got a great new loan program for buyers that I want to discuss with you today. This program is called “Pathway to Purchase,” and it’s one of the best programs I’ve ever seen for a conventional loan.

This conventional loan product gifts you up to 10% down, and you don’t have to pay it back. The only caveat is that you have to live in the house for five years before selling. After five years, you can sell or do whatever else you’d like. The down payment will cover up to $20,000, so you could get a home worth up to $200,000.

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There are limited funds in this program.

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Even if you have money saved up for a down payment, you can use this extra money for renovations. There are limited funds in this program, so if you would like to learn more, let us know as soon as possible so we can get you in touch with one of our lenders. This program is designed to stimulate activity, but once it’s done, it’s done. This product has also brought more buyers into the market, making it a smart time to sell, too.

If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

A Great New Loan Program for Tucson Home Buyers

I wanted to take a minute talk about a great new loan program that’s only available here in Tucson.

This loan provides up to $20,000 that you don’t have to pay back for properties in Tucson. The only small caveat is that you have to live in the house for five years. You can’t use this program to buy a house, get $20,000 in free equity, and sell it right away. This program is not for people who want to flip properties.

I’ve never seen a program like this for first-time home buyers. If you’re a first-time buyer and you don’t have enough money for a down payment, this program will give you up to $20,000.

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I’ve never seen a deal like this for first-time buyers.

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It’s a remarkable deal with great rates, too. If you’re interested, we’d love to put you in touch with one of our preferred lenders.

If you have any other questions about this loan program or about real estate in general, give us a call or send us an email. We would be happy to help you!

Avoid Disappointment With a Pre-Approval When Buying in Tucson

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When thinking about buying a property, the pre-approval is probably the most important step.

There are a number of reasons why.

Depending on your price point, there are a lot of sellers that won’t even let you come view their property without pre-approval or proof of funds. The pre-approval is basically a letter from a lender saying that you’re good up to a certain amount on a home loan.

Sometimes hopeful buyers will view a property without pre-approval, and become excited after their spouse and kids have seen it, only to be let down when they find out they can’t afford the property after getting pre-approval.

In other cases, some buyers wait two or three days too long for pre-approval. Here in Tucson, anything below $250,000 is in a hot seller’s market, and will likely have multiple offers after just a couple days. Oftentimes, one of those early offers might even be accepted.

Don’t miss out on a home you love by waiting to get pre-approved.

If you’re looking to buy or sell in Tucson, don’t hesitate to reach out to me or my team!

Don’t Forget the Closing Costs When Buying in Tucson

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Typically, when we work with buyers, many assume that the down payment is the only money they will need to pay out of pocket for the property. These buyers get a rude awakening when they realize there are other costs. That’s why today, we’re talking about closing costs.

First of all, there’s the down payment. There are some loan programs that don’t require any money down. In Tucson, there’s even a down payment assistance program. If you don’t want to pay any money out of pocket, you will still need a savvy agent to negotiate closing costs.

Closing costs include loan origination fees and other fees. If you are working with a DPA program, you can probably come in with a 3% down payment. If your agent doesn’t negotiate the closing costs, however, you will actually need to pay 6.5% out of pocket.  

In our current market, homes priced around $250,000 are in a strong seller’s market. That said, sellers are still paying closing costs. You may have to offer closer to the asking price in order to make that happen, but it will mean less money out of pocket at the end of the day.

There are other fees that a buyer needs to be aware of as well. We always recommend that buyers conduct a home inspection. These usually run around $300 to $350. For smaller properties like townhouses and condos, a home inspection might only cost $280. This is a small investment to make in order to know everything about the property before you buy it.

On top of the regular home inspection, you should also get a termite inspection. Termite inspections only cost $40 to $60. It’s important to make sure that the property doesn’t have any termites because banks won’t finance your home purchase if there are termites.

As you can see, there are many costs involved in buying a home. If you have any questions, give us a call or send us an email. We would be happy to help you!

The Key to Avoiding a Real Estate Disaster in Tucson

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There is one main question you should ask your agent before hiring them: “Are you a full-time agent?” You need to find whether they just do real estate as a hobby or as a part-time job. If that’s the case, you probably shouldn’t hire them.

Most deals that fall through do so during the inspection process. If you have an agent who is only part-time and has only done a few transactions, you increase the chances that the deal will fall through. You need a savvy agent with a lot of experience in order to ensure the deal goes smoothly.

A part-time agent is only going to be available part of the time. If a buyer calls to check out your house, but your agent isn’t available to take the call, the buyer will move on to the next home. You need an agent whose highest priority is real estate so that they’re always available to assist you.

Here at Emprea Real Estate, we are full-time agents. We don’t hire anyone part-time because we want to ensure a professional experience for our clients. Selling a property can be very stressful, so we want to help take the stress off our clients as much as possible! On our team, there is always someone available to answer your call!

If you have any questions about the real estates process, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

What Determines Your Buying Power in Tucson?

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As a buyer in the Tucson housing market, there are a few things to keep in mind when considering your buying power. Check out these four important factors below!

• Your credit score is the most basic way for a lender to know where you stand financially. This also accounts for your ability to pay back each loan every month.


• Your initial down payment is important. The more money you’re able to offer upfront, the more purchasing power you have.


• Next, there’s always the debt-to-income ratio to keep in mind. Although you might have a steady income, any remaining debt can decrease your purchasing power.


• Lenders want to be reassured a buyer has the assets to pay back loans. This can include money coming in the future, such as rent from tenants, or any investments.

If you’re thinking about buying or selling in the surrounding area, give me a call or email! I’d be happy to answer any questions you have.

The Importance of Home Inspections in Tucson

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When buying a home, should I get a home inspection? In Tucson, when you go under contract, you have ten days for due diligence. Due diligence allows you to inspect the property. Recently, many clients have asked if a home inspection is worth the fee. We always say yes!

Generally, home purchases are the most costly transactions you’ll make in your lifetime. You want to get what you bought. Make sure you know what you are getting into. Home inspections usually cost between $300 and $400. They’re definitely worth the price, too.
 

Any skilled inspector knows what to look for, from plumbing to electrical repairs to the roof. They will give you a report on what needs to be fixed, updated, or addressed soon. They will tell you what to look for. The extra expense of hiring a home inspector is well worth it.

If you have any questions about inspections or real estate in the Tucson area, give me a call or send me an email today. Please reach out!

Three Questions for Prospective Buyers in Tucson

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If you’re thinking about buying a home, there are some important questions to keep in mind. We’ve listed the most important for you today. Consider this a prospective buyer’s preliminary checklist!

Why am I buying a home in the first place? Forget about the finances for a second. This is the most important question to ask yourself. Do you want be safe? Do you want a better school district for your kids? Do you want more space, or just to control it?

Where are home values headed? According to the Home Expectations Survey, the home value index should rise to 23.5% by 2019. If you’re planning to sell your home to buy, rest assured. Your home value is expected to increase with time.

Where are mortgage interest rates headed? Be concerned about interest rates. They’re always fluctuating. An increase of interest rates dramatically affects the full sale price of a property by the time you pay it off between fifteen and thirty years. Even a 1% increase can drastically change the end value of your property! Compared to a few years ago, rates are comparatively low, but there’s always the chance they could shift unexpectedly.

If you’re interested in buying or selling a home, reach out to us today! Don’t wait. We’d love to chat with you about your real estate needs.