WHAT IS A SELLER'S MARKET?

Almost everyone has heard the term"Seller's Market" and wondered what that meant.  This term means what it says...it's a good time to sell.  Here are a few factors that helps to make it that way:

*Lower Inventory of homes for sale

*Lower or reasonable interest rates

*Strong local economy

*High population influx into an area

*Increasing home prices

*Diverse area economic base

*Increasing area employment base

Some of the reasons that can additionally contribute to when a Seller should consider putting their home up for sale are the following:

1.  Weather is generally better in the higher selling months because it is easier for potential buyers to be out looking for homes and moving. Conversely it is better to list your home during the winter months if you are in a sunny Winter Resort home area.

2.  Families prefer to move when the children are out of school.

3.  More homes sell between the months of May through September than are sold the other seven months of the year.

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What Does the Title Company Do?

Here's what the title company does in a nutshell:

*Opens the escrow and assigns a Escrow number.
*Requests a Title Commitment to determine the status of title to the property.
*Comply with the lender's requirements as specified on its instructions to escrow.
*Receive and handle purchase funds from the buyer.
*Prepare or secure the deed and documents related to the escrow.
*Prorate taxes, interest, insurance and rents.
*Secure releases of all contingencies or other conditions stated on the escrow.
*Record the Deed and any other documents.
*Request the title insurance policy.
*Close the escrow per the instructions supplied by the seller, buyer and lender if any.
*Disburse funds as authorized by the instructions including charges for title insurance, recording fees, loan 
  payoffs and real estate commissions.
*Prepare final statements for all parties involved that account for the disposition of all funds held   the escrow account.

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WHAT HAPPENS TO EARNEST MONEY?

A earnest money deposit is made to show the seller you are serious about buying their home.  The Realtor will inform you of the amount that is usually given in your area.  The seller doesn't actually receive the earnest money.  A third neutral party like the Title Company holds the amount in a special trust or escrow account until the sale is closed or the contract is canceled.


If you go through with the sale, the money is usually applied to your down payment or other closing costs depending on what is agreed to in the contract.  If you fail to buy the home, the seller has the right to keep the earnest money.  However, you can get your money back until the point at which you are notified that the seller has accepted your offer.  And if the seller fails to fulfill their obligations, the money is yours.  Other contractual contingencies can also come into play so ALWAYS have your Realtor explain the contract and it's contingencies to you thoroughly prior to signing.

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WHAT IS A BUYER'S MARKET?

Almost everyone has heard the term"Buyer's Market" and wondered what that meant.  This term means what it says...it's a good time to buy.  Here are a few factors that helps to make it that way:

*High Inventory of homes for sale

*Lower interest rates

*Unstable or weak economy (no kidding)

*Less population influx into the areas

*Lower home prices (ya think?)

*Narrow area economic base

*Decreasing area employment base

Some of the factors which help to predicate a Buyers' Market include:  Weather, special interest areas by specific groups of people like retirees, expanding employment, spiritual affiliations, special recreation availability, artistic activities or just a heightened interest in the area.


One important statistic that buyers need to know is that nationwide more homes are sold between May and September than are sold in the other seven months of the year.

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What Type of Home Do You Want?

Maybe you know what you want....3 bedrooms 3 baths 3 Car garage in an Active Adult Community with mountain views.  If so, then your Realtor can immediately begin to look for only that type of home.  Otherwise, if you don't know what you want but "you'll know it when you see it" you need to take a moment and make a list of "needs" and "wants".


Consider what specific features you are looking for like the distance to work, school and overall location.  Consider what you want the exterior to look like and what you would like for the interior.  Decide on a type of home and don't overlook the systems such as security, heating, electrical and energy saving options.  As for the extras, consider whether you want a pool, den, clubhouse amenities, office or spa.  It will help you define what you really have to have and really want to have in a house and neighborhood. 


This will help a Realtor considerably when searching for the right home to show you.  When you look at homes, be sure to bring your list with you & pick up brochures at each home so you'll remember which home offered what.  I also name each house with a memorable nickname which helps you to recall the home (golf home or pet house or pool home) as well especially after you've looked at 5 or 6 homes in one day.


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WHAT TITLE INSURANCE PROTECTS AGAINST

The matter of title insurance arises in every real estate transaction.  For the Seller, the title policy covers the insured for their loss up to the amount of the policy.  It assures owners that they are acquiring marketable title and is designed to eliminate risk or loss caused by defects in title for the past.


For the Buyer and/or Lender, title insurance is issued to guarantee to the insured party or parties "Free and Clear" title to the property being insured, from the beginning of time until the date and time the buyer acquires title to the property.  In the case of a lender's policy until the date and time the lender's loan document is recorded against the property.


"Free and Clear" is defined as there being no loans, liens, encumbrances, back taxes, easements or covenants, conditions or restrictions against the property that were not disclosed on Schedule B of the commitment for title insurance issued by the the insuring company.


Here's a few things Title Insurance protects against:
*False Impersonation of the True owner of the property
*Forged deeds, releases or wills
*Undisclosed or missing heirs
*Mistakes in recording legal documents
*Deeds by persons of unsound mind
*Deeds by minors
*Deeds by persons supposedly single but actually married
*Fraud
*Liens for unpaid inheritance, income of gift taxes

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AZ HOME BUYER -REO's MAKING AN OFFER PART 5

Making an Offer

Have your agent contact the the listing agent and ask the following before submitting a purchase offer:

• Are there any inspection reports?
• Has the bank agreed to make any repairs?  Will they offer a seller's concession for the buyer's loan costs?
• Is there a special "as is" form?
• How long does it take the bank to accept an offer? Are there any other offers?  If so, how many?

Offers are usually FAXED or emailed to the Bank's agent.  There is no formal presentation.  Keep in mind---nothing happens evenings and weekends (banks are closed).  It's a good idea to expect a response time of 4-5  business days to your offer. Since there is no face-to-face presentation to the bank you should provide the listing agent with a Loan Status Report (LSR) plus proof of funds. Make your offer straight forward and easy to accept.
Remember that REO's are selling very close to full list price and often thousands over the asking price---depending on the location of the property and multiple bidders.  REO's are not always the deals presented on late night television.

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