Archive for June, 2007

Tucson Real Estate - Home Buying 104

June 19th, 2007 categories: Tucson Real Estate

Searching for a home entails more that just jumping on the Internet and picking a house. Before starting to search I recommend answering some serious questions. This will help shorten the search and find the right home to meet your needs.  

Geographical Location - Not every area is going to fit your lifestyle. Finding the geographical area or community that best matches your needs will make living more enjoyable. Some buyers start looking at homes right away without consideration to their lifestyle. Only to find six months later that they would have been happy in a different location. 

• What is your lifestyle?
• Do you like hiking?
• Do you like mountain biking?
• Are you a golfer?
• Do you want a rural setting?
• Do you need to be close to shopping?
• Do you like going to the movies weekly?
• Do you like fine dining?
• Are you an opera fan?
• Are you an astronomer? 

Neighborhood/Community - All the above questions and more will help in finding the geographical location that will fit your lifestyle. Once that issue is solved, now you can look for communities and neighborhoods to meet your needs. In a master plan community there may be a variety of neighborhoods with different amenities. One may be more for adults, while another is geared more toward families. 

• What type of neighborhood do you like?
• Do you need space?
• How far from schools do you need to be?
• How far from shopping do you need to be?
• Are children in the neighborhood important to you?
• Do you prefer an adult community?  

Home Needs - Getting closer now. What you need in your home to fit your needs while you are home are important. Looking forward to coming home is a good feeling. Not every need can be met, so, prioritizing needs and wants will make it easier. How much time you can spend on cleaning, maintenance, gardening, mowing, etc. should be a consideration. If you like being home a large home on a large lot may be ideal. If you like being away from home, a smaller home with a small low maintenance yard may be better for you. 

• What type of home do you need?
• What type of home do you want?
• What amenities do you need?
• Do you want a large yard or small yards?
• Do you want a community pool, personal pool, or no pool?
• Covered or uncovered parking space?
• RV parking?
• Split bedroom?
• Den?
• Formal living or great room?  

Preferred Searching - Not everybody searches the same. Most buyers like using the Internet to get started. Some like driving through neighborhoods to see what is available. Others like a combination of both. 

• Internet?
• Internet and drive buy?
• Internet and call REALTOR®?
• Have REALTOR® search?
• Manual Internet searching?
• Automatic Internet searching?
• Model homes?
• Open Houses?  

Home Previewing and Showing - Once you know which homes you want to see your REALTOR® can be very beneficial to you. Letting your REALTOR® know how much time you like to spend looking at a home helps in scheduling. Especially when someone is still living in the home. Courtesy toward the seller can make a difference when negotiating.  

• Are you a fast looker?
• Do you like to take your time?
• How many homes can you see before the all jell together?
• How many hours can you commit?
• How many homes do you really need to see?  

What To Look For - Looking for signs of damage, deferred maintenance, or trouble is advisable while looking. Early red flags are a good sign to move on. 

• Ceilings - cracks, stains, changes in texture.
• Walls behind wet areas - water stains, warping.
• Under sinks - water stains, warping.
• Appliances - condition, age.
• Heating/Cooling - filter condition, age of appliance, location, access.
• Manufactured home bathroom - softness of floor around toilet, feel of floor while walking.
• Roof eves - water stains, mold.
• Roof - type and condition.
• Fascia - warping, blistering, mold, wood rot.
• Foundation - termite tubes, cracks.
• Structural - crack running up a wall across the ceiling and through the floor, sagging roof, sagging rafters, cracks around windows.

Once you find the right home, you will be ready to make an offer. 

More Reading

• Home Buying 101 – Home Loan
• Home Buying 102 – Choosing A REALTOR®
• Home Buying 103 - Title Company
• Home Buying 105 – Making An Offer
• Home Buying 106 – Inspections & Due Diligence
• Home Buying 107 – Closing Escrow  

Authored by Doug Trudeau | Discussion: 3 Comments »

Tucson Real Estate - Home Buying 103

June 17th, 2007 categories: Tucson Real Estate

Home Buying 103 - Title Company 

The third pillar in home buying is the Title Company. There are numerous good title companies in Tucson. Their role is to compile everything the seller, buyer, and lender instruct into a meaningful result. Title Companies also check county records to find recorded liens and other recorded documents that will impact on the sale and purchase of a property. 

There are different ways to take title to a property.

• Tenancy In Severalty (Sole and Separate Ownership) - Primarily for single person ownership.
• Joint Tenancy (Joint Tenancy with right of survivorship) - For couples or co-ownership. One of the most common methods of ownership.
• Community Property - Works for married couples, but, does not guarantee right of survivorship.
• Community Property with right of survivorship - Primarily for couples who are concerned about taxes, capital gain, etc. Similar to Joint Tenancy with right of survivorship. However, each has its own tax implication and requires expert advise from a tax accountant or lawyer.
• Tenancy In Common - Co-ownership by two more persons with no right of survivorship.
• Real Estate Syndication (General Partnership, Limited Partnership, or Limited Liability) - Pooling of resources for an investment. 

Knowing which deed or way to take title fits your needs may take some research. You may even need to talk to a lawyer or tax accountant to see which one meets your needs as far as taxes and other considerations.  

Different Owners Policies. Here is a sample of four policies, each with different protection. Each with a different expense. Knowing which policy you receive can make a significant difference in the protection you receive. Asking the title company for the right coverage for your needs is something that most home buyers miss. 

Standard Coverage

• Someone else owns a recorded interest in your title.
• A document is not properly signed, sealed, acknowledges or delivered.
• Forgery, fraud, duress, incompetency, incapacity or impersonation.
• Defective recording of any document.
• Unmarketability of title.
• Lack of a right of access to and from the land. 

Extended Coverage  

Residential Coverage

Homeowners Coverage

• Someone else owns a recorded interest in your title.
• A document is not properly signed, sealed, acknowledges or delivered.
• Forgery, fraud, duress, incompetency, incapacity or impersonation.
• Defective recording of any document.
• Unmarketability of title.
• Lack of a right of access to and from the land.
• Mechanic’s lien protection for work or materials done prior to the policy date except where the insured has agreed to the same.
• Unrecorded liens by the homeowners association.
• Others have the right arising out of leases, contracts, or options.
• Someone else has an easement on your land.
• Forced removal of the residential structure because it extends onto other land or on any easements or it violates a restriction shown in Schedule B, or on an existing zoning law.
• Plain understandable policy language.
• Automatic inflation coverage increasing policy amount up to 150%.
• Building permit zoning violations by prior owners.
• Subdivision Map Act Coverage.
• Restrictive covenant violations by prior owners.
• Enhanced access coverage.
• Map inconsistency protection.
• Mineral extraction structure damage.
• Post policy encroachment.
• Post policy forgery.
• Living trust coverage.
• Forced removal of existing structures including boundary walls and fences due to encroachment onto adjoining land.
• Supplemental real estate taxes by a taxing authority for taxes not previously assessed prior to date of policy because of sanctification or a change in ownership occurring before policy date.  

Knowing which policy you qualify for and will provide maximum protection is important. Paying a little more for an Owners Policy can save you a lot in the long run. 

The title company acts as a coordinator for all parties involved; i.e., Buyer, Seller, Lender, Real Estate Companies, and other service providers. They compile all the instructions of each entity, research recorded information pertaining to the property for disclosure to the Buyer and Seller, insure that local, State, and Federal Laws are being followed, and put it all into a neat package for the Buyer and Seller. 

Now You have the three pillars necessary for home buying; i.e.,

• Method of funding – Whether using a lender or paying cash the first step is to make sure what you can afford and what you are searching for match.
• Choosing your REALTOR® – Making sure you are working with the person who understands your needs and who you feel comfortable working with. Like me.
• Understanding Title – As a Buyer you have the right to choose the Title Company with whom you will be working with. Most Buyers trust their REALTOR® to guide them in this direction. Know how to take title and the type of coverage you want are equally important.

In Home Buying 104 your will learn about home searching and preparing for the purchase contract. I will walk you through the process for searching for a home and how to work with your REALTOR® in preparing a real estate purchase contract in Tucson, Arizona. This method may vary in other states and regions.

More Reading

• Home Buying 101 – Home Loan
• Home Buying 102 – Choosing A REALTOR®
• Home Buying 104 – Searching For A Home
• Home Buying 105 – Making An Offer
• Home Buying 106 – Inspections & Due Diligence
• Home Buying 107 – Closing Escrow 

Authored by Doug Trudeau | Discussion: 6 Comments »

I-10 Ramp Closures

June 11th, 2007 categories: Tucson Real Estate

From the Arizona Department of Transportation

I-10 Ramp Closure Schedule