The Latest News & Events from Verrado Realty

Understanding Real Estate Lingo

When you are buying or selling a home you will run across many new and confusing terms and acronyms. I will address some that are important that you should look out for during your buying and selling process and shed some light to keep you better prepared before you embark on your next real estate venture.

Comparative market analysis (CMA): An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home-based on recently sold homes of similar condition, size, features and age that are located in the same area. In real estate we are consistently running CMAs to determine value. While preparing a CMA as a real estate agent we try to mimic the process of an appraiser in order to estimate the appropriate value for your home.

Closing costs: Fees associated with the purchase of a home that are due at the end of the sales transaction. Fees may include the appraisal, the home inspection, origination fees, a pest inspection, title and escrow fees and more. Buyers should budget for an amount that is 1% to 3% of the home’s purchase price.

Closing Disclosure (CD): A five-page document sent to the buyer three days before closing. This document spells out all the terms of the loan: the amount, the interest rate, the monthly payment, mortgage insurance, the monthly escrow amount and all closing costs.

Buyer’s Inspection Notice and Seller’s Response (BINSR): to request and negotiate repairs to the property.  The BINSR is an addendum to the Arizona Association of Realtors Residential Purchase Contract that allows, in an organized manner, the Buyer to request repairs and the Seller to respond

Seller Property Disclosure Statement (SPDS): Pronounced “Spuds” The SPDS is designed to protect YOU, the Seller.  It gives you the opportunity to disclose things about your home to potential buyers, so that they can make informed decisions. Sellers are legally obligated to disclose all known material facts about the property to the Buyer.  By putting everything is writing and handing it over to potential buyers it can help reduce the number of questions you have to field. The SPDS is an 8-page document and it will ask you about your ownership, building and safety information, utilities, environmental information, sewer or wastewater treatment, and more.

 

Brennen Kent, Realtor

Verrado Realty

4415 N. Sidney Street Video Home Tour

To view the full listing click here.

4 Bed | + Den | 2.5 Bath | 2,578 SF

This spectacular home in the Main Street District of Verrado offers privacy and mountain peak views. With a split layout and upgrades throughout this home is perfect for entertaining and easy living. The gourmet kitchen features a beautiful extended quartz center island, custom Duraform cabinetry, white matte porcelain tile backsplash, and GE Profile stainless steel appliances. The low maintenance backyard features artificial turf, inset concrete pads, drip system and plenty of room for a swimming pool.

Do not miss out on this amazing opportunity in Verrado. Call today to schedule a private tour of this beautiful home!

Offered by Holly Nott and Pat Redfield

Preparing for Summer

We all know, as the temperatures rise, it is tough on our homes, our landscaping, and ourselves!  Here are a few tips to get through hot summers most efficiently:

 

Keeping your house cool and comfortable this summer will go a long way, here are some ideas that will help to keep your home cool in the most efficient way. Before the heat rises, have your AC system checked by a professional and serviced if necessary. This may save you from the cost of replacing an AC unit that was not well maintained. It is essential to continue to change your air filters in the home, within the suggested timeframe, to help to keep your in-home air quality good and the system working well too. Also, pull weeds and remove debris around the exterior unit(s) to allow the air to flow freely. Check seals around doors and windows; good seals prevent hot air from leaking in and cool air from leaking out. Running ceiling fans and/or oscillating fans will keep your air circulating.

 

Taking care of the exterior of your home can also go a long way to allow for smooth sailing all summer long. To prevent serious damage from monsoon storms, trim trees and bushes away from your home at this time of year.  Check your entire irrigation system, including sprinkler heads and bubblers, to be sure all are in proper working order. Trees and plants can suffer in our hot summer months if they are not receiving enough water. Also, check for leaks in the sprinkler system to avoid an excessively elevated water bill.  Stay safe from sneaky scorpions my keeping leaves and brush picked up around your home through the summer months. Contact a pest control company to spray regularly to keep scorpions at a minimum – stings can be painful and dangerous!

 

Enjoy your summer in beautiful Verrado and remember to stay well hydrated!

Diane Simpson

Realtor | Verrado Realty

Verrado Resident

Realtors Matter

What does an architect, investment advisor, lawyer, and plumber have in common?  All four of them serve the public. You wouldn’t want to design a house without a professional architect any more than you would try to manage your money, defend or prosecute a law case, or repair a broken pipeline without the appropriate professional to assist you.

Subsequently, when you are buying or selling a home, you would seek out the advice and professionalism of a real estate agent.  Buying a house is probably the single most important purchase in your life. It stands to reason then you would want professional assistance to guide you through the myriad channels of buying a house (or selling a house). Here are some important facts for you to consider that a Realtor will help you with:

  1. Listing your house at the correct, market-proven price is critical. Overpricing your house can lead to the risk of not getting buyers to the table at all. The longer a house is on the market, the more negotiable the purchase price becomes.
  2. For a Buyer, a good credit rating will be helpful and obtaining a prequalification document will be necessary if you will be financing the purchase. A Prequalification document from your lender states that you are financially responsible and able to meet monthly mortgage payments. Your Realtor can guide you through this.
  3. Typically you must put 20%, of the agreed upon price, down when purchasing a home but there are still options to purchase if you have less than the 20%. The availability of PMI (Private Mortgage Insurance) is helpful, this is an important option and a Realtor will advise you to talk this through with your lender. These conversations pave the way for a much easier acquisition, and help you creatively work within the mortgage system to pay the PMI until the LTV, Loan to Value ratio reaches a certain percentage at which point you can eliminate your PMI.
  4. A very important thing to remember when purchasing a home is that, as a Buyer, there is no cost for the services of a Realtor. Realtor commission expenses are part of a listing agreement as the Seller lists their home.
  5. Finally, Realtors are your guiding light to a successful purchase or sale of a home. Some of the most important areas that Realtors handle include: price negotiation, agent occupied open houses, marketing in multiple arenas, staging a home and going over every detail of all documents a Buyer and Seller execute.

While other types of real estate companies claim to offer you a fair market value for your home, there can be hidden costs which mislead you as to the real value you will gain. Obtaining a Realtor gives you the peace of mind that you will be represented by a professional in all aspects, whether buying or selling.

 

Holly Nott and Pat Redfield

Realtors at Verrado Realty

Verrado Residents

 

Buying Or Selling in 2019 by Bette Popiel

Buying Or Selling in 2019

Are you planning on buying or selling a home in 2019? Do you understand the importance of having the services of a professional licensed Realtor working on your behalf?

BUYING a home?

Perhaps it is time to downsize, buy a larger home for your growing family, a second home or maybe it is time to retire to sunny Arizona for our fantastic weather. Whatever the reason, be certain to have your Realtor with you, from the start to the finish, when your Realtor hands you the keys to your newly purchased home.

Realtors are important partners when you’re buying a home. They will provide you with helpful information on homes and neighborhoods that isn’t easily accessible to the public. A Realtor’s knowledge of the home buying process, negotiating skills and familiarity with the area you want to live in, is extremely valuable.

Buyers should feel comfortable, knowing their Realtor always has their best interest in mind. Buyers should always view homes exclusively with their agent, including new home models as the sales agents at the models work for the builder only. When your agent registers you on your first visit to a model home, you ensure you will be represented throughout the entire process (if you choose to purchase) by your Realtor, who works to negotiate the best terms and price for you. And the good news is, there is no cost to you to be represented by a Realtor as a Buyer.

SELLING your home?

Whatever your reasons to sell, now is a good time, as interest rates are continuing to climb.  If you choose to list your home take the time to get your home ready to sell so that it shows pride of ownership. Take the necessary steps to fix the things you have been putting off, clean, declutter, spruce up the yard and paint if required.  If your home shows well and is accurately priced it will help get it sold quickly and for a better price. Your Realtor can advise you on ways to improve the salability of your home, provide a Comparative Market Analysis to determine market value, maximize exposure of your home by having tours, open houses, network exposure, flyers, signage, and advertising to attract a high volume of interest to get your property sold.

 

DON’T MAKE A MOVE without your REALTOR

 

Bette Popiel

Realtor – Verrado Realty

Verrado Resident

 

Tips and Steps for Purchasing a Home

Tips and Steps for Purchasing a Home

Step No. 1:  Choose a real estate agent – The first step in the home-buying process is to find an agent you feel comfortable working with on what will likely be the largest financial decision of your life.  Ask friends and family members for referrals, and interview several real estate agents.  When making this choice take into account an agent who communicates, has your best interest at heart, and puts your needs first.

Step No. 2:  Find a lender – Once you’ve chosen a real estate agent you trust to be your advocate, ask them to recommend lenders, either an organization or a person who will lend you money so you can buy your home.

Step No 3:  Clean up your credit – Now that you have a great lender, you can ask for guidance on any credit score issues you may be facing.

Step No. 4:  Apply for mortgage pre-approval – A lender will help you determine exactly what you can afford and, therefore, which houses you should be considering.

Step No. 5:  Create a home wish list – Once you know what your purchasing power is, talk with your real estate agent about your ideal home.  Come up with a few “musts,” as well as “wants” you’d ultimately be willing to compromise on.

Step No. 6:  Search the listings – Now comes the fun part: searching for homes that meet your parameters.  When you begin touring homes with your agent that are on your short list, take along a notepad and jot down your thoughts as you approach each home.

Step No. 7:  Make an Offer – Once you have identified the home you want, your real estate agent will write up the offer you are comfortable with and guide you every step of the way.

Step No. 8:  Get a final mortgage approval – Once your offer to purchase is accepted, you’ll work with your lender to get final approval for your home purchase by the date specified for the closing.

Step No. 9: Do your due diligence – The due diligence process usually includes having a home inspection done to see if there are any issues with the home that you will want to be corrected by the seller. Ask your agent for referrals for a Home Inspector.

Step No. 10:  Attend the closing – Once all of the steps above are completed, you’ll be on your way to the closing table. Once the documents have been signed and the transfer has been recorded with the county, you will be clear to move into your new home!

 

Laurie Adams

Real Estate Agent

Verrado Realty