Real Estate and Beyond Blog

STOP BUILDING HOMES NEAR LUKE AIR FORCE BASE IN ARIZONA

Luke Air Force Base located in Arizona continues to make the news when it comes to building new homes next to the air base. This battle has been going on for the last 30 years. Luke Air Force Base contributes over $2 Billion to the state economy. Plus, Congress is about to spend money on the F-35 jets. Luke would be the ideal site for the new f-35 training facility. However, large land owners continue to battle over the right to build new homes. There were talks of closing down Luke Air Force Base due to the number of homes so close to Luke and jets flying over residential area. It seems like there is hope for saving Luke Air Force Base.

Governor Jan Brewer stepped into the talks to make this happen to secure Luke Air Force Base and to keep it open. All parties involved at the local, county and state levels must agree that there will be a stop to building new homes next to Luke Air Force Base. It looks promising that this will happen soon. We will keep you posted on this important topic.

I believe the State of Arizona has to do everything in their power to keep Luke Air Force Base open both for national security and economic reasons. It makes sense to have an air force base in the desert. Personally, I feel protected having an air force base so close to Phoenix, Arizona. We have the best fighter pilots in the world being trained at this facility.

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LUKE AIR FORCE BASE REAL ESTATE ARIZONA MAKE AN OFFER ON A HOME

Once you've found a house you like, you must decide how much to offer. In putting together your actual offer, consider the following seven factors:

The advertised price of the house - Treat this as only a rough estimate of what the seller would like to receive, and recognize that different sellers price houses very differently. Some sellers deliberately overprice, others ask for pretty close to what they hope to get and a few (often the cleverest) underprice their houses in the hope that potential buyers will compete and overbid.

What you can afford - What you can pay for a house will probably depend on how much you already have in cash and how much you can reasonably borrow in a mortgage. When figuring out the cost of the house, be sure to factor in your share of the closing costs, which will be about 2%-5% of the purchase price.

Prices for comparable houses - Before making an offer to purchase, you should know the selling prices of nearby houses similar to the one you're interested in buying. For reliable comparable prices keep the following guidelines in mind:

• A comparable sale should have occurred within six months (the more recent, however, the better). In a market where prices fluctuate fairly fast, comps should be on sale within the last month or so.
• A comparable sale should be for a house quite similar to the one you're interested in -- in terms of age, size, and type and number of rooms.
• A comparable sale should be within six to ten blocks of the house you want to buy -- or less, if a freeway or other dividing line splits the neighborhood.

Hot Market - In competitive areas, homes sell quickly -- often for 10%, 30% or more above the asking price -- as bidding wars erupt among frenzied buyers. You'll want to arrive at a bid adeliajos that will beat out the competition -- but only just. Then again, some buyers deliberately bid sky-high in order to stop the madness and find a home, reasoning that by the time they would have otherwise had a bid accepted, prices would have risen anyway. In a cold market, however, you'll have more room to negotiate with the seller, and you may get a bargain.

The seller's needs - Remember that price alone is not the only consideration for sellers. Your ability to close the deal quickly -- for example, by getting loan approval or lining up inspections in advance of presenting your offer -- is often crucial, especially in hot markets. Finally, your flexibility and sensitivity to the seller's needs -- whether it's extending the closing date for a seller who can't move for a few months or paying for repairs -- may make or break your offer.

Your Dream Home? - A modest house listed at a reasonable price may be a bargain if you have three kids, the house is in an excellent school district and the lot is large enough to add on a few rooms. The same house may be overpriced, however, for a couple not planning to have children. Don't get so carried away with judging objective market considerations that you forget your personal needs.

How much you're willing to pay - While tactical considerations -- the temperature of the market, the seller's needs -- are important, nothing should overweigh your own honest assessment of how much you are willing to fork over.

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LUKE AIR FORCE BASE REAL ESTATE VA LOANS WITH CREDIT CHALLENGES

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Many Americans today are facing some sort of credit challenges and the banks are looking at peoples FICO scores more closely. They want to know your credit history in more detail. They want you to explain late payments along with other negative items on the credit report. VA will review a borrower's past credit performance in determining the loan for approval. They are looking for borrowers who have made payments on time for the last twelve months. That is the magic number. This shows that this person is worthy of having a mortgage to pay future debts. However, people with negative credit such as judgments, liens and charge offs is not a great candidate for a VA loan. 

Here is a list of areas on one's credit report: 

I HAVE LATE MORTGAGE PAYMENTS

My parents instilled in me to pay my bills on time with no questions asked. So, I pay my bills on time. I am teaching my children to do the same. I never miss a mortgage payment. There are no exceptions on this payments. A person showing great mortgage payments is a great mortgage candidate in great standing. However, an underwrite will look over the file in more details when there has been a mortgage late payment. However, the underwriter is looking for twelve consecutive payments after the deragatory date. We all have periods of our life when we have credit challenges. I believe it is called life and the underwriter understands at times if explained the correct way.

I HAVE A CHAPTER 7 BANKRUPTCY

A borrower is elegible for a VA loan after two years of the discharge date and not the filing date. We had a borrower call the VA loan with this same scenario. He will be fully approved after 3/12/2010 under these guidelines. The borrower will have to explain in detail about the bankruptcy. 

I HAVE NO CREDIT SCORE 

A borrower will need to provide payment history on rent, utilities, cell phone bills etc. The underwriter wants a history of on time payments to show credit worthiness to repay back the loan. 

I HAVE A CHAPTER 7 BANKRUPTCY

The VA guidelines state that a minimum of two years must elapse since the discharge date of the borrower and / or spouse's Chapter 7 bankruptcy, not the filing date. A full explanation of the bankruptcy will be required. The borrower must also have re-established good credit, qualify financially and have good job stability.

I HAVE A CHAPTER 13 BANKRUPTCY

Yes, one can still obtain a VA loan as long as the borrower is still paying on time for one year or more. One cannot be late with payments. Yes, you will have to explain the bankruptcy at this time. Plus, the borrower must have establised trade lines to obtain approval. 

I HAVE A FORECLOSURE

One must wait two years before they purchase a primary residence under the VA loan.

I HAVE COLLECTIONS AND  JUDGMENTS

This is up to the underwrite when it comes to this section. Some collections and judgements must be paid off.

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We have formed a strategic partnership with Praxis Credit Consulting to assist people in restoring their credit score to be in position to obtain conventional financing. Yes, one can do it yourself. However, there are times when it is best to hire a professional. Just tell them Harry sent you and they will take care of you. They are people that want you to be successful. Real estate is a team sport.

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LUKE AIR FORCE BASE REAL ESTATE VA LOANS AVAILABLE NOW FOR VETERANS AND ACTIVE MILITARY

This year the VA Home Loan program will receive over $6 Billion in funding this year. This funding creates one of the only options left for a $0 down payment home loan, which is why each month, thousands of families take advantage of their VA Home Loan Benefits.

The VA loan is a great benefit for those who have served, or still serve, in the U.S. Military. Veterans and current military members, and their surviving spouses, may be eligible for the security and benefits of the VA loan. Qualifying for a VA loan is a right you've earned as a veteran or service member. The Lending Company, using our state-of-the-art technology - coupled with our award-winning customer service, will help you cut through the red tape to get your VA loan quickly and easily.

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The Lending Company offers 15- and 30-year fixed-rate VA loans.

Buying a home with a VA loan APPLY FOR A VA LOAN RIGHT NOW

• No down payment required
• Qualify for up to $417,000 with our VA loans
• Less than perfect credit not a problem
• Seller can pay your closing costs
• No monthly PMI (private mortgage insurance)
• Funding fee can be rolled into your loan
• Lower Rates
• Easier to sell a home when you want to move because the loan is assumable.

Refinancing with the VA loan  APPLY FOR A VA LOAN RIGHT NOW

• Refinance up to 90% of the value of your home
• Cash-out refinance also available
• Funding fee can be rolled into the refinance
• An existing VA Loan can be refinanced with an Interest Rate Reduction Refinance Loan (IRRRL) without an appraisal and no credit qualifying in most cases

Ask about our increased Maximum Guaranty Amount for veteran home loans to as much as $729,750. That's great news for VA Jumbo Loan borrowers!

SCHOOLS NEAR LUKE AIR FORCE BASE

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LUKE AIR FORCE BASE REAL ESTATE ARIZONA FREQUENTLY ASKED QUESTIONS

Luke Air Force Base has many people relocating to Arizona because it is one of the finest Air Force Base in the World. So, we have provided www.lukeafbrealestate.com to be a great resource for people relocating to Arizona. We know how challenging it can be to move at a moments notice. Please visit our web site for further information.

We have put together Frequently Asked Questions for your convenience. Please read on.......

What is the definition of an escrow?
The definition of an escrow can be defined as in the keeping of a third person for delivery to a given party upon the fulfillment of some condition. Escrow acts as a third party between a seller and a buyer during the entire process. Escrow is opened after an executed contract between a seller and buyer to purchase a home. The title escrow officer acts as the third party to ensure both sides are treated equally. Furthermore, the title escrow officer brings all the documents together to be signed by both parties to have a successful closing.

What are the mechanics of the escrow process?All monies, instructions and documents necessary to close the transaction flow through escrow. These funds do include escrow monies, down payment, closing costs and any other necessary monies to have a successful transaction. The escrow officer enforces the terms of the purchase contract and lender's requirements at escrow. Other duties at escrow include title insurance, hazard insurance, and grant deed from seller to buyer. All parties involved in the transaction must sign ALL necessary documents along with proper funding to have a successful closed and funded transaction.

How does one open an escrow?
The real estate agent opens escrow for the buyer. Personally, I obtain a check from my buyer to open escrow within 24 hours of an executed contract to show the seller that we are serious. It is vital to have a seasoned title escrow officer on your Team. Finally, I obtain a receipt to show proof to the seller and buyer that escrow has been opened.  

What information will one have to provide?
The title escrow officer will ask for one's driver's license or passport for as personal identification. This is called a statement of identity. The escrow officer acts as a Notary during this transaction to confirm all documents have been legally executed by both parties. This is a normal process in all transaction.

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How long does it take to complete the escrow process?
The average number of days is between 30 to 45 days. Currently, the banks are taking longer in underwriting because there is a refinance and purchase boom going on at the current moment. That means it is taking longer to process the loan in underwriting. Both sides must be patient and know that the transaction will close in due time.

Steps to applying for a mortgage.
A buyer obtains a preapproval letter from a mortgage professional showing the amount one can spend on a home. This allows a real estate agent to start shopping for a home and put in offers on behalf of the buyer. Once an offer has been accepted by both sides, then escrow is opened. Now, the buyer must go through underwriting to obtain the official approval with no conditions when it comes to a mortgage.

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What documentation do I need when applying for a mortgage?                 
Currently, all lenders are requiring all buyers to be full documents in order to show that they can afford the mortgage. The mortgage professional will ask for the following information from a buyer:·       Last 2 years of Tax Retuns·       Last 2 months of bank statements·       Last 2 pay stubs·       Copy of Driver's license and Social Security CardAll this documentation is packaged to be submitted to the underwriter for further investigation. They must verify all information before granting a mortgage. The lender will require one to obtain hazard insurance.        

When and where do I sign loan docs?
The real estate agent representing the buyer will notify his/her client that loan docs are prepared for signing. An appointment is made that is convenient for the buyer and escrow title officer. The escrow title officer will notify the buyer if funds are needed to close the transaction. A cashier's check from one's bank is always preferred. Otherwise, the title company must wait until the check clears to close and fund. The loan docs are sent back to the financial institution funding the loan. Then, the rest of the funds are sent to title by the lender.   

How to take Title to Home? The escrow title officer will explain to the buyer the different way to take title to the property. One can make this decision at the signing. One must consult with their lawyer and/or tax consultant to ensure accuracy on one's best interest. It is always better to be informed since this is one of the biggest transactions in one's life. The Real Estate and Beyond Network is always available. 

How does an escrow close?This is a great day for both sides because it involves the legal transfer of title from the seller to the buyer. The Grant Deed and Deed of Trust are recorded within one working day of the escrow's receipt of loan funds. This signifies the "close of escrow." The escrow title officer takes care of all the details. The original deed to one's home will be mailed directly to one's new home address. This process can take two to four weeks.

ConclusionPersonally, I have closed hundreds of escrows over my real estate career. The Real Estate and Beyond Network is a complete one stop shop for buyers and sellers when doing real estate in the Greater Phoenix Metropolitan area. Please visit the following web site at www.deliteam.comor listen to the weekly Real Estate and Beyond Radio Show heard each Saturday from 12-2PM Phoenix Time on KKNT 960 AM. Make the Call, Set the Plan and Do the Deal$.

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LUKE AIR FORCE BASE REAL ESTATE RELOCATION LOCAL SCHOOLS ARIZONA

Personally, my wife and I have relocated several times over the past twenty years. We know how it is settling into a new area. It is all about connecting with people as fast as you can. It is much different with kids because parents want to ensure that their kids are enrolled into a great school. Here is some information on local schools around Luke Air Force Base.

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Glendale Elementary School District #40 is located in downtown Glendale, Arizona. Comprised of sixteen K-8 schools servicing more than 13,000 students, Glendale Elementary School District (GESD) strives to meet the technological challenges of the future. Aiming to achieve educational excellence, we strive to provide the best educational programs for our children. GESD's accomplishments include:

1. Challenger Middle School has twice been named one of five Arizona A+ Schools.
2. Two of our schools were selected as Arizona Literacy Sites.
3. GESD teachers have received national, state, and local recognition including: Arizona's Middle School Educator of the Year: Arizona Hispanic Educator of the Year; Glendale Jaycees' Outstanding Young Educator of the Year, National Bilingual Teacher of the Year runner-up, Director of All-State Band and Chorus, NASA's Christa McAuliffe Fellowship second place winner, Presidential Award for Excellence in Elementary Mathematics, runner-up for National Teachers Training Institute, and many other honors.
4. Awards for excellence in financial reporting, outstanding safety practices and an outstanding public relations program have also been bestowed upon the district.

Some of the special programs and services offered by Computer network; Preschool Programs; Extended Day/Afterschool Care; Summer School; Migrant Student Programs; Special Education, Community Education Programs, and Adult Education.

PLEASE VISIT WWW.GREATSCHOOLS.COM to continue your research on local schools.

For more information, visit the Glendale Schools website or check this site Glendale District Information Site to see what school your child would attend.

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Should I Work With A Buyer's Agent? - A Seller's Agent? A Dual Agent?

You should understand from the beginning of your relationship with your real estate agent what type of relationship exists. In most states, real estate agents (both brokers and sales associates alike) are required by law to let consumers know whether they represent the buyer or the seller.

In the past, real estate agents represented the seller exclusively, whether the agent helped a seller to market and sell the home or helped a buyer find and purchase the home. In other words, agents were at one time legally bound to represent the seller in a residential real estate transaction. In that same scenario, the seller paid both the listing agent and the agent who brought the buyer.

However, in today's real estate market, you may find that you can choose between a wide variety of options for representation. If you want to sell a home, you can work with a "seller's agent". If you are purchasing a home, you can work with a subagent of the seller's agent and, in many areas, you can engage an exclusive "buyer's agent".

LUKE AIR FORCE BASE REAL ESTATE BLOG

An additional situation in some states is dual agency. This type of agency exists when the buyer decides to have the seller's agent prepare the offer on the buyer's behalf. A buyer who elects this situation, and all additional parties to a transaction, should receive full disclosure of representation. In some states, dual agency also affects the real estate professional's fiduciary responsibilities to the seller.

Keep in mind that real estate laws differ from state to state and even from locale to locale. And within this framework of variety, laws can change. For more in-depth answers for your specific situation, talk with a knowledgeable real estate professional and ask about local practices. Be sure that you understand and are comfortable with the options involved when you engage the services of a real estate agent.

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LUKE AIR FORCE BASE REAL ESTATE LITCHFIELD PARK, ARIZONA RELOCATION HOUSING

Harry knows how difficult it can be when you get new orders and have to pick up and move (again?) to a totally new state. You need the support of an expert who can advise you on every nuance of your relocation. Remember, your home is one of the most important investments and decisions you'll ever need to make. But don't worry, you needn't feel either lost or confused, as long as you have the right team of real estate professionals on your side.

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With a truly skilled and knowledgeable real estate agent, such as Harry D'Elia, you'll be able to decide what is really important to you and what doesn't matter so much, to let you maximize the potential of your available finances. Remember, all Realtors aren't created equal, so you need to make absolutely certain you've chosen the right one - or your mistake could end up costing you thousands of dollars.

So what exactly should you look for in a new home? Well, that's completely up to you, but Harry will know the right questions to help you narrow it down to a reality you can afford. These questions include:

• What is more important-building or the property?
• Do you want to live close to the base?
• Do you want a single family home or condo?
• Do you want a big or small backyard?
• Do you want a pool?
• Do you need a garage or not?

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You may not be able to have absolutely everything you've ever dreamed of, but with the help of the Real Estate and Beyond Team, you'll be able to obtain as much as today's market will allow.

Keep in mind that as a buyer, you'll always be in competition with all of the other buyers who are also looking for your perfect home. In the end, it all comes down to the quality of the Realtor you have, to find out who will end up with the advantage in the end.

Of course, you can only make an offer on your house if you see it before the competition gets there. That's why Harry makes certain that each member of the team knows the market inside out, saving you valuable time by showing you only the homes that fit your own specific needs.

When you're working with Harry and his professional real estate team, you'll have highly trained specialists on your side, who will dedicate themselves to making certain that your dream home is yours, and at your price. He'll move mountains to make your transition a smooth one.

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