Step By Step Look at Buying Home in Gilbert AZ

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A Step By Step Look at Buying Home in Gilbert AZ

The first thing you should do when deciding to Buy Home in Gilbert AZ is figure out if you need help or not. You may have had some experience buying homes in the past, so you know the process. However, if you have never bought a home before, you may be a little lost. Luckily, you can get help from a local Gilbert AZ Real Estate Agent, who will be able to take you through the home buying process, making it more manageable to handle. An excellent real estate agent can guide you through the process and help get your foot in the door, literally! By the way, the seller generally pays the real estate agent's commission, so as a buyer, using a real estate agent to represent you does not cost you any fees! Buying house in Gilbert AZ is actually a simple process, and when you work together with real estate professionals, you will have fabulous results! The following is an overview of the home-buying process. Each step provides a basic overview can contact me to review the process and guide you step by step.
Step 1 - Get Pre-Qualified
One of the First steps in finding a home is to speak to a reliable mortgage representative and determine what type of mortgage you can qualify for (FHA, Conventional, VA and so on. At the same time, you also want to found out how much you can qualify for with monthly mortgage payment and other fees (escrow account) such as HOA, home owner insurance, property tax etc. This is process is called "getting pre-qualified". You may also take this step after speaking to a real estate agent.

Step 2 - Speak with a Real Estate Agent
You should choose a real estate agent that you feel comfortable working with. Don't be afraid to interview the Agent. Discuss your situation with the agent and ask what he/she can offer you. Be sure to get a clear picture of what representation you will get such as buyer representation, seller representation and others. Each representation will have different role and responsibility in a real estate transaction.

Read: Responsibility and Parties Involved in Real Estate Transaction in Arizona

Step 3 - The Home Search Process
Your real estate agent will create a "search profile" / "Listing Alert" for you based on what you and your family want and need. This is a fabulous feature where you will receive all of the homes currently listed in the MLS (Multiple Listing Service) that match your needs. You choose the homes that are of interest. Many buyers also like to do "drive-bys" of the homes to determine if they like the neighborhood. From this list you will make arrangements with your Agent to view the homes.

Step 4 - Negotiating the Price and Terms and; Conditions
Once you have found a home you would like to buy, your real estate agent can help provide you with great information to help make a deal. A few important steps include determining what similar homes have sold for, structuring the deal with earnest money, terms and conditions, the right to do inspections, buying with a mortgage, etc. Your Realtor will facilitate negotiating "your" price utilizing many tools available, i.e., seller price, motivation, condition etc.

Step 5 - Getting your Dream Home "Under Contract"
After your offer is accepted, your real estate agent will prepare the contracts and walk you through the execution process. After all parties sign the contracts and all parties have an original copy in hand, the Escrow (neutral 3rd party) review and execution process will begin.

Step 6 - The Contract Process
There are a few "milestones" to follow
1. Getting out of escrow review - once we are out of escrow review, you are now under contract and your additional deposits will be due.
2. You will generally have 10 days to complete a home inspection after contract is accepted.
3. Once out of escrow review, you officially apply for your mortgage, and your mortgage commitment is due usually within 30 days.

Step 7 - Getting to the Closing Table!
Needless to say, getting to the closing table is the primary goal! Like a well-orchestrated symphony, your team should all work together to have a smooth and successful closing. Your Real Estate Agent, mortgage company, title agency, and you are all working together! There are many tasks to accomplish, and working with a great team will ensure your success.

Step 8 - Get Keys and Move In
After fund transfer is completed, Escrow Agent will record title with the County. After all the paper works are done, the house is officially yours! Get Keys and Move In!

Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ area, we hope you will consider us. Contact us today for complimentary consultation.

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How to Be a Respectful Home Buyer

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How to Be a Respectful Home Buyer

Posted on May 19, 2014

When a home is on the market, the seller's privacy goes out the window. It is almost guaranteed that some buyers will open drawers, peek inside cabinets and touch items that are obviously personal and not included in the sale.

Coming home from work to find that the impeccably-made bed you left in the morning is now covered in a ball of linens is obviously annoying. Constant requests to extend deadlines, lists of demands and nitpicking the condition of the home are not only time consuming and insulting, but they do nothing to endear the buyer to the seller.

These are just a few examples of homebuyers behaving badly. Depending on the market, however, buyers are not necessarily in the driver's seat. During periods of multiple offers and heavy investor involvement, it's important for buyers to be on their best behavior. So, dear homebuyer, read on to learn how to not turn off the seller of your potential dream home.

The Time Bandits
Savvy home sellers spend a great deal of time ensuring that the home is presentable during the marketing period. They clean, de-clutter, and then inconvenience themselves by skedaddling before any potential buyers show up. Buyers that cancel appointments at the last minute, or just don't bother to show up, are behaving quite badly.

Unless an emergency came up, and there was no time to call your agent or the seller, try to provide the seller with at least several hours' notice that you won't be arriving to tour the home. It's the polite thing to do, and it just might save the seller from needlessly preparing for your arrival.

"Time is of the essence" is a phrase that you'll see in most real estate purchase contracts. What it means is that all specified deadlines in the agreement are mandatory – well, sort of. Yes, you can request the extension of a date and it will most likely be granted, if the reason for the request is compelling enough.

Frivolous requests, however, or those made repeatedly, are big time wasters. Sellers are frequently on a tight schedule to get the transaction to the closing table. Just as you are excited to get into your new home, the seller has plans as well. Keeping contract deadline extension requests to a minimum is one way you can contribute to a smooth transaction.

Then there is the homebuyer that, once the ink dries on the contract, treats the home as if it's unoccupied and equipped with a revolving door. One week it's an interior decorator that needs access to take measurements, then, perhaps, the next week it will be the architect. Many buyers want to show family members their new home – before it is actually their new home.

The seller, in the meantime, is packing for the move, having repairs completed, accommodating the appraiser and inspectors – all while attempting to live a normal life. Additional home tours are more than an inconvenience, they are time stealers.

If you must gain access to the home, ask your agent to find out when the inspector or appraiser will be there and arrange to visit at the same time.

The Nitpickers
Nitpicking is neither a successful price-reduction nor negotiating strategy, as buyers who have tried it can likely attest. Bankrate.com's Dana Dratch calls these buyers "gladiator wannabes," who, after they've agreed to purchase a home, come in with a long list of things that are wrong with it, or a list of concessions.

The art of negotiating depends on give and take – not a barrage of one-sided demands. Let your real estate agent do the negotiating. If you truly feel that something that is wrong with the house commands a price reduction, your agent should be able to justify it with a list of comparables and reasons why the home doesn't stack up.

The Unprepared
There are several reasons why a real estate agent will suggest that a buyer get fully approved for a loan before submitting an offer. Buyers that don't take this important step will run the risk of derailing the entire transaction.

Even a pre-approval commitment from a lender isn't firm. Once the loan application is in the hands of the underwriter, anything can happen. Many times, a buyer will receive a letter from the bank – in the middle of a transaction – listing all the conditions that must be met before the loan is approved. Satisfying these conditions not only takes time, but, depending on the conditions, may result in a cancelled sale.

Take the time to work with your lender to ensure that you will get the loan before committing to purchase a home. Don't make any major purchases until the home closes escrow. Entering into the process knowing that you'll get the loan is not only a courtesy to the seller, but the peace of mind it will give you is priceless.

Both parties in a real estate transaction have schedules that need to be accommodated during the purchase process and, of course, sellers can behave badly as well. (We'll take a look at that in a future article). Respecting each other's needs helps make the transaction run smoother and more comfortably for all concerned.

Get more Real Estates tips at SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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The 6 Steps to Securing a Home Loan

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The 6 Steps to Securing a Home Loan

Posted on May 14, 2015

From the word "mortgage" to the methods used by lenders to determine how much to loan, the home loan process can be confusing to first timers. In fact, one third of the respondents to a 2011 Wall Street Journal survey of homebuyers said that the most difficult part of buying a home was understanding the loan process.

It can also be quite stressful, especially when you've got your eye on a cute Craftsman bungalow and are waiting on pins and needles to learn if you qualify to purchase it.

Let's take a look at the conventional home loan process, from start to finish. Here's a breakdown of the process in six steps to help you get a better understanding of it. (Please note that VA loans, FHA and USDA loans are a bit different.)

Step 1: Loan Application and Pre-Qualification
You've no doubt read and heard that you'll need to be pre-approved for a home loan before you start looking at homes for sale. Don't skip this step – it's probably the most critical one in the homebuying process.

A common question is: "How do I find a lender?" Start with your bank or credit union, especially if you have a business or personal relationship with the manager. If not, ask your real estate agent – he or she most likely knows of several that you can speak with and compare rates.

The first thing you'll do when you visit a lender is fill out a loan application. This is only an application; it doesn't obligate you to any particular loan or to use that lender.

You will be asked to provide the following information:

• Name and address
• Date of birth
• Social Security number
• Current and past employers
• Income
• List of assets
• List of debts

The loan officer will order your credit report and, along with the information in your application, it will help paint your financial picture and determine how much money you qualify to borrow.

Lenders use a debt-to-income ratio, or DTI, to make this assessment. You can calculate your DTI by adding up all your monthly debt payments and dividing them by your gross monthly income (your income before taxes).

This is a simplistic look at your DTI because lenders actually calculate what they call a "front-end ratio" and a "back-end ratio." The calculation above will help you determine your back-end ratio. To determine your front-end ratio, the lender will take your housing expenses and divide them by your monthly before-tax earnings, and multiply that figure by 100.

A rule of thumb is that lenders are satisfied with a front-end ratio that doesn't exceed 28 percent and a back-end ratio of 36 percent or lower – but it may vary according to the borrower's down payment, credit score and savings. At this point, the lender knows what size loan to offer you and you are now, hopefully, pre-qualified for a mortgage. Keep in mind: This is not a commitment from the lender as it's based purely on information in the loan application and your credit report.

Tip: Don't make any changes to your financial picture from this point until the close of escrow on your new home. Even what you may consider to be insignificant purchases can change your DTI ratio and possibly disqualify you for the loan.

You might also like to read:
How time buy a home with low down payment in Gilbert AZ

Step 2: Initial Underwriting
The loan agent will now collect documentation to prove all the information you stated on the loan application, and will create your file and submit it to the loan processor.

This person organizes all the documentation and sends it to the underwriter – the most important person in the process. The underwriter goes over all the paperwork with a fine-tooth comb, checking to ensure that guidelines are met. He or she will also make a list of additional documents you'll need to submit to complete your file.

If everything falls into place, you will be conditionally approved for the loan.

Step 3: Approval of the Property
Everything comes to a halt at this point, until you make an offer to purchase a home. If the offer is accepted, the wheels of the loan machine begin turning once again.

The lender needs to know all it can about this particular property, and will obtain most of this information from the title report. The report documents the findings of a search of the property's title and details info about the current title holder, if any liens are on the property and any irregularities in the chain of title. A clean title report allows the lender to safely attach a lien on the property, in order to use as collateral should you default on the loan.

The second report that the lender will order (and the buyer will pay for) is the appraisal. The appraisal determines current market value of the home so the lender can be assured it isn't lending more money than the home is worth.

Step 4: Final Approval
The title report, appraisal, and any documentation you've submitted after the initial underwriter examination now go back to the underwriter for final approval. The underwriter will either sign off on the loan or ask for more information. It's at this point that you'll run into trouble if you've made any recent large purchases or opened any new credit accounts.

Hopefully, you followed the advice here and the underwriter approves that the loan is "ready to fund."

Step 5: Loan Documents Sent to the Title Company
When your file is cleared to close, the funding department drafts the closing paperwork and sends it to the closing facilitator. Depending on where you live, this might be an escrow company, a real estate attorney or title company.

The closing facilitator packages up all the other closing documents, such as the deed of trust and HUD statement.

Step 6: Closing Time
At closing, you'll be presented with lots of paperwork to sign and a notary will notarize many of them. These will be sent back to your lender, who will then fund the loan and escrow will officially close.

Finally, grab those keys and move in!

Get more Real Estates tips at SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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What to Look for When Buying an Older Home in Gilbert AZ

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What to Look for When Buying an Older Home in Gilbert AZ

Posted on March 10, 2015

Anyone who has visited San Francisco or Cape May, New Jersey knows how beautiful historic architecture can be. In San Francisco, they've even named their stately, restored Victorian homes "Painted Ladies."

But, are these older homes good buys? Considering that most of a home's components deteriorate with age, you may be not only buying a vintage home, but vintage problems as well. Here's a quick look at some of the more common problems with older homes.

Foundation
It would seem that an old house has done all the settling it's going to do, right? Wrong, according to Page Engineering in Missouri. The rate at which the house settles diminishes over time, but it never completely stops – especially if the house has never been "piered."

Piers are long steel shafts that are driven through the soil and into the bedrock below. This process takes the weight of the home off unstable soil, and the home is less prone to settlement. It's a big job, though, and quite pricey.

Look for cracks in the walls, bulging floors and doors that won't close. These are all signs of possible foundation damage. Not all cracks, however, indicate a problem, so don't be alarmed – let a professional diagnose the situation.

The engineers with Page suggest taking a 4-foot bubble level with you when you visit an older home you're interested in purchasing. Use the level to check the floors and walls. If any of them are out of level, have the house checked by a structural engineer.

Electrical System
A home's electrical wiring system has a life expectancy of about 40 years, according to Mike McClintock, home repair writer with the Chicago Tribune. Safety risks increase when the system ages beyond this limit, he warns.

If the home was built between 1920 and 1950 and has never been remodeled, it may still have knob-and-tube wiring, which is considered incapable of handling today's electrical loads.

Some home insurers won't cover a home with this type of wiring and will insist that it is replaced before insuring the home.

Your home inspector should be able to determine what type of wiring the home contains and its condition, at least in visible areas.

Plumbing
Old houses typically have old pipes. If the house you have your eye on was built before 1960, the pipes may be made of steel or cast-iron. These materials corrode, decay and rust over time. Cast iron pipes are notorious for becoming clogged with mineral build up.

Determining the type of pipes in the home is challenging because so much of the system is behind walls. A plumbing contractor inspection is your best bet, and even then you may not learn about all of the pipes in the house.

"Replacing old pipes in a 1,500-square foot, two-bathroom home costs $4,000 to $10,000, and requires cutting open walls and floors," claims Joe Bousquin at HouseLogic. Roof

The last thing most homebuyers look at when they drive up to a home for sale is the roof. It's easy to be distracted by charming landscaping and attractive paint colors, but it's imperative that you take a good, long look at the home's roof.

Sagging is a sign that a roof is holding too much weight. This can happen when new roofing is installed over old roofing or from prolonged contact with a significant layer of snow.

If you know you'll be looking at older homes, take along a pair of binoculars. Before entering the home, look at the roof from the curb and determine whether the chimney and rooflines are straight.

Next, check the shingles. If they aren't flat and instead curled or cupped, they may need to be replaced.

Ask the homeowner the age of the roof. Although the lifespan of a roof depends on several factors, if it is wood, tile or asbestos and over 15 years old, you may need to replace it in a few years.

Since a new roof may cost upwards of $8,000, it's important to have the home's roof inspected before obligating yourself to purchase the home.

While it's highly doubtful that a home built in the mid-1800s still retains original components, you'll need to inquire as to the last time these elements were replaced.

Other problems you may find in an older home include:
Lack of storage
Lack of natural light
Inadequate insulation (thus higher heating and cooling costs)
Small kitchen

While all of these items can be rectified, the cost to do so should be factored into the price of the home. That the craftsmanship and materials of an older home have stood the test of time is a testament to its quality. But few things last forever, and a home inspection, using the appropriate contractors, is a must when considering the purchase of an older home.

View more Home Buyer tips at www.SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

Click here to View Gilbert AZ Homes for Sale

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What You Must Know About Insurance When Buying a Home

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What You Must Know About Insurance When Buying a Home in Gilbert AZ

Posted on March 3, 2015

Purchasing a home in Gilbert AZ involves getting to know a lot of financial terms and processes that most first-time homebuyers have never been exposed to. One of the most confusing is insurance. If you've never owned a home before, your familiarity with insurance most likely centers around auto insurance, health insurance, life insurance and, perhaps, renter's insurance.

Even then, your level of familiarity may be minimal, if you are like most Americans. In fact, a mere 14 percent of those who have health insurance understand even the most basic insurance jargon, such as deductibles, co-payments and co-insurance, according to a study published in the Journal of Health Economics.

The various types of insurance required in the average real estate transaction are even less understood, so let's take a look at them and get you up to speed.

Title Insurance
Title insurance comes in two varieties: a lender's policy and an owner's policy. If you take out a mortgage to purchase the home, your lender will require that you purchase a lender's policy. This protects the lender from anyone else who thinks he is the rightful owner or otherwise has a claim against the property.

Depending on where you live, you may also be required to purchase an owner's title insurance policy. In other areas, the purchase is voluntary.

The issuance of either policy is based on research of the property's title, or the "chain of title" as it is known. The examiner will look at public records, such as deeds, wills and trusts to ensure that the wording is proper and that the names on the documents are correct. She will look for outstanding mortgages, judgments and any liens against the property. She will check easements, look for pending legal action against the property and more.

Should the examiner find problems on the title, they will need to be remedied before the purchase can be completed.

Once the policy is in place, the lender (and you, if you purchase an owner's policy) is insured against unknown heirs coming forward claiming ownership, forged signatures on the deed, mistakes in the public records, and other hidden hazards.

Homeowners Insurance
You may hear homeowners insurance referred to as hazard insurance, but they are one and the same. Again, if you take out a mortgage to purchase the home, the lender will require that you purchase homeowners insurance.

While coverage varies, most policies cover fire damage or loss, theft, wind damage, hail damage, vandalism and more. Some perils aren't typically covered, such as flood and earthquake damage, but there may be supplemental insurance that you can purchase to cover these hazards.

Your insurance agent can help you determine how much coverage you require, based on the loan amount and what it might cost to rebuild the home.

Payments to the insurance company are either kept in an escrow account sent in with your mortgage payment or the homeowner pays the premium on her own – it varies by insurer. If you suffer a loss, the insurance company will typically make out the check to both you and the lender.

Private Mortgage Insurance
Private mortgage insurance is something most homebuyers and homeowners would love to get rid of, but it's a necessary evil. Without it, many buyers would not be given a mortgage and thus not be able to purchase a home.

PMI is required of borrowers whose down payment is less than 20 percent. Because these borrowers are considered higher risk, the lender needs assurance that it will get its money should the borrower default on the loan.

Because the borrower pays the premium (typically added to the monthly mortgage payment), it seems that the lender is the only party that benefits. Keep in mind, however, that without PMI, lenders would demand a 20 percent down payment. Therefore, the cash-poor borrower reaps an enormous benefit.

The good news about PMI - at least for those with conventional loans - is that you can request a cancellation of the insurance once your loan balance reaches 80 percent of the original value of the home. Unfortunately, borrowers with an FHA-backed loan are locked into paying mortgage insurance premiums for the life of the loan, if they put less than 10 percent down. Borrowers who pay more than 10 percent, but less than 20 percent, can cancel the mortgage insurance in 11 years.

The best people to speak with if you have questions about any type of insurance required during the home-purchase process are your lawyer, your real estate agent and your insurance agent.

Get more Home Buyer's Tips at www.SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

Click here to View Gilbert AZ Homes for Sale

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Avoid These 5 First-Time Homebuyer Mistakes when Buying Home in Gilbert AZ

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Avoid These 5 First-Time Homebuyer Mistakes when Buying Home in Gilbert AZ

Posted on December 8, 2014

According to the dictionary, a mistake is an error resulting from deficient knowledge or carelessness. While we can't do anything about carelessness, when it comes to counseling first-time homebuyers, the real estate agent is a tremendous resource to help overcome knowledge deficiency.

That homebuyers lack knowledge about the process only makes sense when you understand that shopping for a home may be a once-in-a-lifetime experience for some. Certainly, it's not something most Americans do frequently. The process is foreign and the pitfalls are hidden. This is why it's so important to find the right real estate agent to assist you along the way.

Let's take a look at some of the most common first-time homebuyer mistakes.

Mistake 1: Not Being Clear About Money
Going into a home purchase with your eyes closed to your finances is probably one of the biggest mistakes you can make during the process. Nobody likes unpleasant surprises, yet that's what you open yourself up to when you are ignorant about where you stand financially.

If you are unsure about your credit-worthiness, order your credit reports from the three major credit bureaus. By law, Americans are entitled to one free report from each bureau every 12 months. You can order your free reports at AnnualCreditReport.com, the only authorized website, according to the Federal Trade Commission.

Look for errors on the reports and dispute any erroneous information. Pay off what you can to help lower your debt-to-income ratio.

Then, see a lender to determine exactly how much you can borrow for a home.

Finally, when you have that figure, don't be tempted to shop for homes priced at the limit. Give your post-purchase budget some monthly wiggle room by purchasing at the middle of the price range, or a bit more.

Mistake 2: Not Being Clear About Your Wants and Needs
While you may not get everything on a wish list, it's a good idea to compile one – especially if more than one person will be living in the home.

Understand that your wish list isn't set in stone and you can plan on it changing once you start viewing homes. During the home-shopping process, you will get a better idea of which items are feasible with your budget and which will have to be struck from the list. Knowing what you want and need in a home is vital to your long-term satisfaction, so it's worth the time it takes to sit down and make a list.

Don't neglect the neighborhood wish list either. Do you need to be close to public transportation? If you'd like a family neighborhood with lots of kids for yours to play with, put that on the list.

The bonus to getting clear on your wants and needs is that when you share the list with your real estate agent, your time won't be wasted by viewing homes that don't fit your criteria.

Mistake 3: Not Reading the HOA Documents
If the home you decide to make an offer on is managed by a homeowners association, you'll be presented with a stack of paperwork to read over and approve. These are the HOA documents and, although terribly boring, they hold a wealth of valuable information that you must be privy to before making the final decision to purchase the property.

These documents govern how you can use your home, and they give you an idea of how much and how often your fees might rise. You'll learn about common and ongoing problems the association deals with and how financially solvent the association is.

Don't be like the couple that purchased a condo without reading the HOA documents and found out, three days after closing, that they - along with all the other homeowners - were being assessed $7,500 to remedy construction defects.

If you don't feel that you can read and understand the information in these documents, it's important to hire an attorney to help you wade through them.

Mistake 4: Making Big Changes
The best part of the home-purchase process is that point during the transaction when inspections are complete, all the contingencies have been removed, and it feels like smooth sailing to the close.

Unfortunately, this is a danger zone for rookie homebuyers. This is typically when they start picturing themselves actually living in the home and the urge may be overwhelming to shop for furniture, appliances and other big-ticket items.

Just before closing, many lenders perform what is known as a "soft pull" of your credit reports. It's called "soft" because it doesn't impact your score in any way. It's the lender's way of making sure all the circumstances under which it approved the loan haven't changed.

Any big changes you make, such as large purchases or getting a new job, may derail or delay the purchase. If the new debt you've taken on is substantial enough, it may change your debt-to-income ratio and you may be forced to reapply for the mortgage.

Keep your pocketbook closed and remain on your current job until you walk away from the closing table.

Mistake 5: Waiving the Home Inspection
Although foregoing a home inspection was unthinkable a few years ago, in a seller's market where multiple offers are common, it's tempting to agree to waive the home inspection as an incentive for the seller to pick your offer. It's also not very wise.

A professional inspection, even of a newly constructed home, may be the only way you'll know whether you're buying a lemon or a plum - a money pit or a smart investment.

When you forego a professional home inspection, you're essentially buying the home "as is." Without the inspection contingency, the buyer waives his right to ask for repairs or money to make the repairs.

Waiving the home inspection is never worth the risk.

Knowing how much home you can afford is paramount to a successful home purchase. Making the decision to remain within a certain budget, doing all you can to clean up your credit to get the lowest interest rate possible, and becoming clear on your desires and expectations all help to make the home-buying process as error-free as possible.

Get more Home Buying Tips at SweeEastValleyHomes.com

Swee Ng, is a Gilbert resident specializing in win-win real estate transaction through great communication and fighting for his clients' best interest. After all, this is more than real estates, this is about your life and your dreams.

If you are looking to buy or sell your home in Gilbert AZ, we hope you will consider us.

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Writing a Home Offer Letter – Is It a Good Idea?

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Writing a Home-Offer Letter – Is It a Good Idea?

Posted on November 11, 2014

When buying a home in Gilbert AZ, the most important letter you'll submit to a home seller is the one you'll get from your lender stating that you are preapproved for a mortgage. Savvy listing agents will counsel their clients to refuse offers from unapproved buyers, so all the flowery prose of a home-offer letter will mean nothing without loan preapproval.

Assuming you have your lender's letter, whether or not you also submit a home-offer letter depends a great deal on the type of market in which you're buying and the competition.

The Market
When the real estate market has lots of buyers looking for homes and few houses for sale, it's a seller's market. With the seller in the driver's seat, purchase offers tend to get cleaner, with fewer demands from buyers. Offering prices typically come in at or even over the asking price. When supply is low and demand is high, it's challenging for buyers.

The Competition
If you're unfortunate enough to have fallen in love with the same home that three other people are smitten with, be prepared to do battle. The chances are good that they, too, are preapproved for a mortgage, which puts you on equal footing. If any of them is waving cash, however, all bets are off, as the table is tilted in the cash-buyer's favor.

There are several reasons for this, the most significant of which is that the seller doesn't have to worry about a loan falling through if the house becomes overpriced in a bidding war. There is no appraisal with a cash offer. There is no lag time, waiting for final loan approval. Cash buyers are streamlined buyers, and they usually prevail in a bidding war.

Home-offer letters, however, have been known to sway some homeowners in this situation – especially those with an emotional attachment to the home.

The "Pick Me" Letter
The home-offer letter was created years ago to help sellers stand out from the competition. The problem now is that so many buyers use them, they may be losing their effectiveness.

Since there is no harm in trying, however, let's take a look at some tips for the ideal home-offer letter:

• Don't be robotic. This isn't a form letter, it's a letter that you hope will tip the scales in your favor, so put as much personality into it as possible. Start by using the seller's name in the salutation. "Dear John and Mary" is far better than "Dear Seller."
• Make it emotional. Tell the seller how the home resonates with you. Even if it's just the color of the walls, tell the seller how much you appreciate her taste and how close it matches yours. Be sincere in telling the seller why you fell in love with the home and why you want to live in it.
• Explain why they should pick you. Point out your strong points as a buyer, such as few contingencies, your willingness to increase the offered price, or your strong credit score that will help your loan approval zip right through. Keep it brief. Try not to go over three to four paragraphs. Keep it upbeat and positive. Sellers don't care if theirs is the ninth house you've made an offer on. They don't care that you need a one-story because of health issues. Accentuate the positive and leave the complaints out of it.

Don't forget to include photographs to help cement the fact that you are far more than a signature on a purchase agreement.

There's an old saying that is frequently tossed around in business circles: "People do business with people they know, like and trust." Helping the seller get to know you, like you and trust you is a tall order for a short letter, but it should be your goal nonetheless.

Swee Ng, Realtor Keller Williams Realty who live, work and play in Gilbert AZ specialize in Residential Resale, First Time Home Buyer and Investment Homes.

Buyer's Representation Services (NO COST TO HOMEBUYERS)
Buyer: buy.sweephoenixhomes.com
Seller: sell.sweephoenixhomes.com

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Home Buyer Tips: Mortgage Rates

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Home Buyer Tips: Mortgage Rates

Posted on October 21, 2014

Did you know that mortgage rates today are less than half of what they were in 1990? That means if you buy now, more of your mortgage will go into building equity instead of being lost as interest to the bank.



Affordable Financing Options
Several low down payment financing options including; FHA 3.5% 0.5% Down Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Gilbert AZ with a low down payment.

Click here to view Homes for Sale in Gilbert AZ

Free Gilbert AZ MLS Home Search

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes.
Call 480.721.6253 today for complimentary consultation. Buyer's Representation Services (NO COST TO HOMEBUYERS)

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Buying Home in Gilbert? Make sure you get Home Warranty

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Buying Home in Gilbert? Make sure you get Home Warranty

Posted on October 14, 2014

There are laundry lists of things to keep in mind when you start looking for Homes for Sale in Gilbert. You are working with Gilbert Real Estate Agent to find your dream home that meet you and your family needs. One thing your agent will recommend is to get home warranty.

 

What is Home Warranty? Home warranty is service agreement which covers the repair or replacement of many home system component and appliance that break down over time. Home warranty generally covers heating/cooling, plumbing systems and electrical systems and appliances that fail due to normal wear and tear. Not all items are covered by home warranty. Buyers should read the home warranty contract carefully to understand coverages, limitations, and exclusions.

What is Home Owner Insurance? Home owner insurance is different that home warranty. Home owner insurance protect and cover your home in the event of damage due to same calamity befalls your home, such as a fire, a tornado, a burglary, a car crashing through the front wall. Home insurance is mandatory if you have a mortgage on your home, whereas home warranty is a recommended choice.

Why do you need a home warranty? The home warranty protects you against the costly repairs or replacements of appliances or home systems such as heating/cooling. The key thing to keep in mind is that the warranty are intended to help with costs related to normal wear and tear of your home systems. Unlike insurance which is focused on damage due to extreme circumstances.

Do I really need a home warranty? Home warranty is renewable every 12 months and coverage begins on the day your house purchase closes. The real value of home warranty is it is available when you really need it. If your AC broke down during 100+F heat in the summer, you just make a call and service or repair will be performed, provided they meet the terms and conditions of the home service contract. You just have to pay the trade call fee.

For more information on Gilbert AZ Real Estate market, please contact Swee Ng at 480.721.6253 to schedule a complimentary consultation.

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Home Buyer Tips: Affordability

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Home Buyer Tips: Affordability

Posted on September 22, 2014

In 1981, it took 36% of the average family's budget to buy a home. Now it takes less than 15%. If you're interested in buying, it looks like history is on your side.


Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes.
Call 480.721.6253 today for complimentary consultation. Buyer's Representation Services (NO COST TO HOMEBUYERS)

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What is a Contingency when Buying a Home?

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What is a Contingency when Buying a Homes in Gilbert AZ?

Posted on September 5, 2014

Think of the word "contingency" as akin to "if." When a homebuyer signs a contract agreeing to the purchase of a home, she is saying, "I agree to purchase this home in Gilbert for this amount of money if …" The "if" is the contingency.

Contingencies are those items that must come to pass before the sale finalizes. The list of possible contingencies is endless – you could tell a seller that you'll purchase his home if his dog turns into a pig, sprouts wings and flies away. You could do that, although you probably wouldn't get the house.

Contingencies in a real estate contract also represent steps along the way that allow the buyer to back out of the deal without losing her earnest money deposit or incurring a lawsuit.

Contingencies may be scattered throughout a contract. Let's take a look at some of the more common real estate contract contingencies.

Loan Approval
This is generally the first contingency listed in the contract. For instance, in the Arizona Association of Realtors® Residential Purchase Agreement, it is on page 2, section 2b.

Loan Contingency: Buyer's obligation to complete this sale is contingent upon Buyer obtaining loan approval for the loan described in the AAR Loan Status Update ("LSU") form without Prior to Document ("PTD") conditions no later then three (3) days prior to the COE Date. If Buyer is unable to obtain loan approval without PTD conditions, Buyer shall deliver a notice of the inability to obtain loan approval with PTD conditions to Seller or Escrow Company no later than three (3) days prior to the COE Date/

Unfulfilled Loan Contingency: This Contract shall be cancelled and Buyer shall be entitled to a return of the earnest money if after diligent and good faith effort, Buyer is unable to obtain loan approval without PTD conditions no later than three (3) days prior to the COE Date. Buyer acknoledge that prepaid items paid separately from earnest money are not refundable.

The loan approval contingency is one that the seller's agent will scrutinize when first going over your offer, and for good reason. The seller will be removing his home from the market if he accepts your offer and taking a chance that your loan will come through. The longer you take to get loan approval, the longer his home is off the market. If you end up being denied the loan, the seller has lost valuable marketing time.

Most contingencies work this way: Even if the contract states a time period, the buyer can choose a time frame that is more to her liking and hope the seller is OK with it.

Home Inspection
The home inspection offers the buyer an opportunity to determine, through the help of a professional, if there is anything wrong with the home's structure and major systems. It is a visual inspection only, so don't plan on finding out if there's something brewing behind the walls.

Most inspection contingencies state that you have the right to back out of the contract if the results of the inspection aren't satisfactory. Others may state that you can back out if the seller refuses to remedy any problems. Decide ahead of time how you want your inspection contingency worded.

If the inspection turns up items in need of replacement or repair, you can ask the seller to fix the problems, to deduct the cost of the repairs from the price of the house, to credit you back the money to fix them (if the lender allows this) or you can walk away from the purchase and receive your earnest money deposit back.

As stated in Arizona Association of Realtors® Residential Purchase Agreement page 5 section 6a, Buyer's Inspection Periods shall be ten (10) days after contract acceptance. After 10 days inspection periods, Buyer has 3 options:

• Accept premises as current conditions and no corrections or repairs are requested
• Premises Rejected
• Buyer elects to provide Seller an opportunity to correct the disapproved items

Seller has 5 days to response to Buyer's request.

Sale of the Buyer's Property
It's often an immense juggling act to sell one house before you close on another. In these cases, buyers frequently make the purchase of the new home contingent on the successful sale of their current home.

Whether a seller will accept an offer with this contingency depends on a number of factors. In a seller's market this contingency is typically rejected. When there are few buyers competing for homes, however, sellers are more motivated to accept less-than-ideal offers.

The seller's personal situation may play into his decision as well. If he needs to sell his home quickly, he may reject your offer, or counter it, asking for the contingency to be removed from the offer.

Inspection of HOA Documents
If the property you hope to purchase is in a community with a homeowners association, you will be provided with a mountain of documents. These include, but aren't limited to:

• Covenants, Conditions and Restrictions (CC&Rs) - These include pet policies, parking rules, rules for the use of on-site amenities, exterior décor, landscaping restrictions and more
• The HOA Budget - This includes important information about where the money goes and whether the reserve account contains enough money to meet emergencies
• HOA Board Meeting Minutes - The meeting minutes will let you take a peek behind the scenes and find out what type of issues the board generally deals with, what actions they have taken against homeowners, and if there has been any discussion about raising fees or levying special assessments
• Governing Documents - Sometimes called bylaws, these documents let you know how elections are run, how a homeowner can go about getting a seat on the board, and the length of each member's term. You'll need the time to read through each document carefully, especially to determine if there is any pending litigation against the HOA or the developer. If there is, your lender may deny the loan. Ensure that you are provided adequate time to either read the paperwork yourself or have your lawyer go over it.

Appraisal Contingency
Unless you are paying cash for the home, the appraisal contingency is second in importance only to the loan approval contingency. The appraised value of the home represents the maximum amount of money the lender will give you. If the lender's appraiser determines that the home isn't worth what you've agreed to pay for it, you have several options:

• Ask the seller to lower the home's price to the appraised value
• Increase the amount of your down payment to reduce the loan amount
• A combination of the first two; the seller reduces the price and you add more cash to meet the appraised amount
• Ask for a new appraisal. This only works if the appraiser made mistakes or if you or the seller can add information that the appraiser didn't take into account
• Walk away from the purchase
• Your real estate agent is your best source of information on the various contingencies in a real estate contract. Follow your agent's advice about staying on task during the process so that you can formally remove the contingencies by the dates specified.

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes.
Call 480.721.6253 today for complimentary consultation. Buyer's Representation Services (NO COST TO HOMEBUYERS)

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Home Buyer Tips: Get What You Want

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Home Buyer Tips: Get What You Want

Posted on July 22, 2014

According to KW research, the majority of home buyers saw fewer than 11 houses. In fact, folks who saw thirty or more houses only accounted for 5% of all sales. Finding a great agent who can help you narrow your focus can go a long way to getting exactly what you want.


Affordable Financing Options
Several low down payment financing options including; FHA 3.5% 0.5% Down Financing, VA ZERO Down Financing, Conventional 5% Gift Down Payment Program and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Gilbert AZ with a low down payment.

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes.
Call 480.721.6253 today for complementary consultation. Buyer's Representation Services (NO COST TO HOMEBUYERS)

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Buyer Agent vs Listing Agent

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What's the difference between Buyer Agent and Listing Agent?

Buyer's Agent also known as Selling Agent represents Buyer when they purchase a home. Buyer Agent negotiates with listing agents  to come to a final sale price agreed upon by both the buyers and the sellers. The buyer's agent is paid once a deal closes by seller.

Listing agent represents Home Owner (Seller) and help the owners sell their home at the highest price possible. The listing agent negotiates with the selling agent to come to a price agreed upon by both the buyers and the sellers, then works with escrow handling the closing to make sure the deal closes on time.

So, who does Builder Home Sales Associate in builder model house represent?
Builder Home Sales Associate represent Home Builder. So if you would like an experienced Buyer Agent to represent you should you decide to purchase I will need to go with you on your first visit to the model house.

Do I need a Buyer agent?

Do you need someone to

• Explain the terms and conditions in Purchase Contract?
• Negotiate price?
• Coordinate inspection, appraisals, walk-throughs?
• Answer to any question / resolve the issues during the contract periods?
• Work at your BEST interest?
• If you answer is YES for all the above questions, then you will need a Buyer's Agent.

A Buyer's Agent will:

• Acts in the Buyer's best interest
• Has a duty to disclose all facts to the buyer
• Has a duty to advice the buyer
• Obeys all legally permissible instructions
• Maintains the confidentiality of the buyer's position
• Negotiates on the buyer's behalf

All buyers have the right to representation. Whether you move into town or across town.

My personal commitment to you as Buyer's Agent:

• I will listen to you, because when I fully understand your real estate goals, I can help you achieve them
• I will represent you with integrity and find you a home that best matches your needs
• I will help you through the offer, financing, and escrow processes
• I will communicate with you by keeping you up to date at every stage of the sales process
• I will stay aware of the latest market trends and keep you updated
• I won’t push you into buying a home. Instead I offer knowledgeable and trusted advice
• I will make sure you will get the best price, no hassle, shortest time and smooth transaction for you next home purchase. You will have an enjoyable home buying experience!

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes. Call 480.721.6253 today for complementary consultation.
Buyer's Representation Services (NO COST TO HOMEBUYERS)

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What is Closing Cost?

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What is Closing Cost?

Posted on June 27, 2014
When you get a mortgage to buy a house or Sell a house in Gilbert, Arizona, you will need to pay Closing Cost. For Buyer, Closing cost are fees – charged by lenders and third parties - related to the purchase the home on top of down payment and principal and interest. Most of the time, the Home Buyers to pay the Closing Cost. However Buyers and Buyer's agent can negotiate with the Seller to pay. Some loans such as VA loan, seller to pay portion of the closing cost. Closing Cost are paid in closing of escrow.

What are the charges in Home Buyer Closing Cost?
Closing Cost often include:

• Down payment
• Credit Report fee
• Inspection fee (Home, Termite)
• Loan Origination fee, which lender charge for processing the loan
• Appraisal fee required by lender
• Underwriting fee
• Discount Point, which upfront fee you pay to lower interest rate
• Lender Title Policy
• Recording fee, which pay to the county to record the purchase
• Private Mortgage Insurance (PMI)
• Prepaid interest, property tax, HOA
• Home Warraty
• Hazard Insurance also refer as Homeowner Insurance
• and Others

How much is the Home Buyer Closing Cost?
For Home Buyers, the Closing Cost typically range between 2 - 5% of the purchase price. If your home cost $200,000, you might pay between $4,000 -  $10,000 in Closing Cost.

How can Home Buyer avoid or lower Closing Cost?
Home Buyer and Buyer Agent can negotiate with Seller to pay all the closing cost or portion of it. Sometime, Home Seller will agree to assume the Home Buyer's closing cost. Home Buyer also can negotiate with Lender. Learn more on How to Buy a House with Low Down Payment.

Skilled Negotiations Can Save You Money
It is very important to work with a Realtor with experience negotiating. We can negotiate for all closing costs to be paid by the Seller. This keeps more money in YOUR pocket. If you qualify for a VA loan, we can negotiate terms which require no money down. Contact us today to find out what other negotiation strategies we can put to work for you!

Free Gilbert MLS Home Search

Home Buyer Tips

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes.
Call 480.721.6253 today for complementary consultation. Buyer's Representation Services (NO COST TO HOMEBUYERS)

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Home Buyer Tips: The Value of Being Pre-Approved

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Home Buyer Tips: The Value of Being Pre-Approved

Posted on June 20, 2014

Prequalification is a lender's best-guess estimate of what you can afford. But it's not a guarantee. Pre-approval, on the other hand, is a firm commitment from your lender based on your actual finances. If you know what you want, pre-approval can help ensure you get it.

Free MLS Home Search

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng

Keller Williams Realty

sweeng@kw.com

15905 S 46th St #160

Phoenix , AZ , 85048

480-721-6253

Swee Ng, Real Estate Agent with Keller Williams Realty who live, work and play in Gilbert AZ, specialize in Residential Resale, First Time Home Buyer and Investment Homes. Call 480.721.6253 today for complementary consultation.
Buyer's Representation Services (NO COST TO HOMEBUYERS)

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Home Buyer Tips: The Cost of Renting

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Home Buyer Tips: The Cost of Renting

Is the thought of paying a mortgage keeping you from owning a home? If so, keep in mind that if you're renting you ARE paying a mortgage. It just happens to be your landlord's and not yours. Which means you're building up your landlord's equity every time you pay your rent.


Affordable Financing Options Available
Several low down payment financing options including; FHA 3.5% Down Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Gilbert AZ with a low down payment.

Ready to Buy?

• Call 480.721.6253 or Contact Us to schedule a Complimentary & NO OBLIGATION Buyer Consultation
• TXT AZ246 to 32323 to Download My GPS enabled Mobile App and Browse Homes on your smartphone

Swee Ng, Realtor with Keller Williams Realty who live, work and play in Gilbert AZ, specialty in Residential Resale, First Time Home Buyer and Investment Homes.
Visit www.SweeEastValleyHomes.com for your Gilbert Real Estate needs.
Go to www.GilbertAZHouseValue.com to find out what your house is worth instantly.

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Money Back from Uncle Sam?

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Let's us help you turn that tax refund into down payment

Your tax refund could be the answer you have been waiting for in making your dream of owning a new home come true. With housing prices and interest rates still historic lows, buying  home is as affordable as ever. We have mortgage broker partners that will customize a loan solution for you that best fits your needs and goals. Our mortgage broker partners offer a broad portfolio of mortgage products to choose from, including conventional loans, FHA loans, VA loans and USDA loans.

Affordable Financing Options
There are several low down payment financing options available including; FHA 0.5% Down Financing, VA ZERO Down Financing, USDA ZERO Down Financing. Down Payment Assistance Program is also available.

If you had foreclosure, short sale and lost your home due to financial hardship in last 12 months, you may able to buy again with FHA Back to Work Extenuating Program.

Let us help you put that tax refund to good use. Contact Us to see what programs you qualify for!

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