Ahwatukee, Chandler, Gilbert, Mesa, Tempe, Queen Creek Real Estate Guide and Homes For Sale

An interesting bill was introduced before the Arizona State Legislature this week. 

From azcentral.com … U.S. Rep. Raul Grijalva, D-Ariz., with help from the left-leaning Center for Economic and Policy Research, introduced a bill earlier this week that would allow homeowners who default on their mortgages to remain in their homes by renting them from the lender indefinitely.

The article goes on to explain that the bank could sell the home but the buyer would have to agree to let the previous owner remain as a tenant for as long as he/she wants.

An interesting solution to a problem many people are facing.  And don’t get me wrong, a solution is needed for many Arizonians but I can’t help but think that a lot of people who don’t deserve to benefit from a program like this would take advantage of it.  Wouldn’t a program like this encourage home owner’s who can afford to stay in their home but are just upset at the drop in the home’s value to default on the loan and rent the home back for as long as they want? 

Theoretically, the home owner could take the hit on their credit rating from the foreclosure, rent the home back for 3 years after which time the foreclosure would no longer effect their credit score, and then buy another home.  Heck, they wouldn’t even have the inconvenience of having to pack up and move. 

I tried to find more information on the bill but haven’t had any luck so far.  If anyone does find more on this please let me know.

Ok, so I’m changing the order of the Choosing the Right Neighborhood Tips and adding a new tip.  As a father and long time resident of the valley this is something that is very close to my heart.  Summer is upon us and in Arizona that means backyard barbecues, trips to lake, tubing down the Salt River and lounging by the swimming pool and cooling off. 

But with summer comes the gut wrenching, heart breaking and almost inevitable chain of very tragic news stories like this one, Drowning Victim, 3 , is ID’d .  It goes without saying, or at least it should, ALWAYS, ALWAYS, ALWAYS WATCH YOU KIDS AROUND WATER!

Which brings me to Choosing the Right Neighborhood (or in this case home) Tip #3 - Swimming Pool Barrier Laws.  The Arizona Association of REALTORS® (AAR) Residential Resale Purchase Contract states in section 6g lines 217-220;

“Swimming Pool Barrier Regulations:  During the Inspection Period, Buyer agrees to investigate all applicable state, county and municipal Swimming Pool barrier regulations and agrees to comply with and pay all costs of compliance with said regulations prior to occupying the Premises, unless otherwise agreed in writing.  If the Premises contains a Swimming Pool, Buyer acknowledges receipt of the Arizona Department of Health Services approved private pool safety notice.”

Buyers, I hope you got that; per the standard residential purchase contract you are agreeing to investigate the laws, comply with the laws and pay all costs of compliance with the laws prior to occupying the premises.   Buyers must complete this investigation during the Inspection Period, typically the first 10 days from the date of contract acceptance.   

When choosing a home inspector, be sure to ask if they are up to date with the state, county and municipality Swimming Pool Barrier Laws for the area the home is located in.  Request that they put in writing their findings on the status of the home’s pool barrier.  If the barrier is found not to be up to code some of your options might be; request that the seller bring the barrier up to code, cancel the contract, or pay for the barrier to be brought up to code out of your own pocket. 

Arizona’s Swimming Pool Barrier Laws can vary from county to county and city to city.  At a minimum A.R.S. §36-1681 requires that all residential swimming pools are enclosed by a barrier.   The Phoenix Association of Realtors® has put together a brief summary of several county and city laws regarding pool barriers.   While this summary is not a complete detailing of the laws it is a good place to start.  The Arizona Association of Realtors® has compiled a list of Pool Barrier Law Contact Information to help buyers obtain a copy of the pool barrier law requirements that may affect the property being purchased.

Some last words of advice.  Do NOT count on barriers to keep children from reaching the pool.  No barrier is foolproof.  Barriers only slow a child’s access to the pool.  Do NOT be distracted by phone calls, doorbells, or chores while children are in the pool.  Attend CPR classes.  Lock passageways (such as pet doors) leading to the pool.  Never leave children unsupervised in the pool, around water, or inside the pool area - not even for a second!  No amount of water is too small for a child to drown in.

One of the more frequently asked questions I hear from people shopping for a new home is how safe is the neighborhood.  Thanks to the Internet there is a wealth of information at your finger tips to help you evaluate prospective neighborhoods.  

Crime statistics, while an imperfect measurement at best, nevertheless provide some indication of the level of criminal activity in an area.  To check the crime statistics for the cities of Phoenix, Tempe, Glendale, Mesa, Scottsdale, Chandler, Gilbert, Surprise, and Peoria, go to www.faxnet1.org.   For other cities a visit or phone call to local law enforcement agencies may be required.  For a list of all Arizona city links go to www.azleague.org.  To find crime statistics on their websites you may need to search for “crime statistics.”    

Since June 1996, Arizona has had a registry and community notification program for convicted sex offenders.  This information may be accessed at www.azsexoffender.org.  Prior to June 1996, registration was not required, and only the higher-risk sex offenders are on the website.  

Driving through the neighborhood and the surrounding area is also recommended.  Look for things like graffitti, abandon homes or buildings.  Is the neighborhood well lit a night?  Speak with some of the neighbors to get their opinion of the community.    

I’m sure you’ve heard it before but it is worth repeating; buying a home is one of the biggest investments you will make in your life.  Spending some time before you by a home to learn about the neighborhood will give you the piece of mind to know that you are making a sound buying decision.

Read more Choosing the Right Neighborhood Tips.

“Please, submit your highest and best offer”. That is what the banks real estate agent said today when I asked about the status of an offer my client submitted on a foreclosure home in Buckeye, AZ.  We were also informed that there were a total of twelve offers for the home.

As is the case with many of the foreclosured homes listed on the Arizona Regional MLS these days, this home had been on the market for less than a week and it had a flood of offers from prespective buyers. Banks have learned to use what I like to call the eBay method of selling; namely set the list price low and let the buyers compete with each other and bid it up. Not only do they get to sell the home for the best price but they get it sold quickly.

As a buyer’s agent, there is something that I have to admit I find very annoying about this process; namely that the seller is not disclosing what the current highest offer for the home is, even on eBay you get to see the highest bid. It could very well be that our current offer is the highest and the bank is using the fact that there are 11 other offers to provoke us and the other buyer’s into bidding higher. Additionally, not knowing what the highest offer is leaves us guessing whether it is even worth the time, effort and patience to play the bidding game. What if the current highest offer is above what is a resonable price for the home or higher then my client can get a loan for? 

So what is a buyer to do?  In this case, the original offer price was below the recent comparable sales in the area so there is room to come up on the price.  There are also a lot of other homes available in the same price range and area of the west valley.  So we are going to submit a higher offer but leave enough room to allow for a little more downside in this market just incase values continue to slide.  If our second offer is the one that gets accepted then great, if not we will know that someone else paid to much for the house and we can look else where for a better deal.

I’ll let you know how it goes…

Your neighborhood can have a big impact on your lifestyle.  Here is a list of several things you may want to consider when choosing the right neighborhood for you and your family.

1. Check out the school district.
2. Find out if the neighborhood is safe.
3. Commuting to and from work.
4. Is it close to your favorite spots?
5. Determine if the neighborhood is economically stable.
6. Home Owner’s Association rules.
7. Airport Flight Paths and Related Noise.
8. Environmental Concerns.
9. Make personal observations.

Over the next few weeks I will follow up with additional posts and go into more detail on each one of these areas but for now let me give you some resources you can use to examine the schools in your new neighborhood.

Although there is no substitute for an on-site visit to the school to talk with principals and teachers, there is a significant amount of information about Arizona’s schools on the Internet.  You can obtain information on the public and charter schools, such as; test scores, school ratings, state academic standards and educational resources.  For more information visit www.ade.state.az.us click on “Find a School”, select “Public School Search”.   From there you will be able to search for schools by name, city, county and zip code.                                               

The Arizona Department of Real Estate (ADRE) advises: “Call the school district serving the subdivision to determine whether nearby schools are accepting new students.  Some school districts, especially in the northwest part of the greater Phoenix area, have placed a cap on enrollment.  You may find that your children cannot attend the school nearest you and may even be transported to another community.”                                                                 

Additionally, school attendance boundaries can change from year to year as population shifts in a community.  It is recommended to verify with the school that servers a community if there are planned boundary changes that could affect where your children will be attending school as a new student.

Additional websites that might be helpful;

www.schoolmatters.com

www.greatschools.net

Read more Choosing the Right Neighborhood Tips.