Investing in Arizona

Research Online

Online1Since you are at this page, you have already started the research. Check the MLS Search section.

MLS means Multiple Listing Service. It is an association of licensed real estate agents who band together to help each other sell real estate.

The MLS Search allows to search for homes in the Phoenix area. You can filter and sort the results in almost any way you wish. You can login and save your searches. You can even receive email updates about homes you are interested in.

Call Joan (602) 361-8111 now to learn more.

 

Find a loan

bighomeequityMany Canadians pay with cash. Others will need a loan.

Foreign National Requirements For Arizona Loans
International credit report – It is ordered here in Arizona.
If the lender needs to build a credit history, the lender may require a 12-month history for 3 trade lines which are credit cards, mortgages, car payments, or other charge accounts. Cost is $40 per bureau, and takes 1-3 days for Canadians and 10-15 days for buyers from other countries.
Copies of passport and visa
Last two pay checks
Bank statements for the last 2 months
Assets – most recent quarterly statements
Last two years tax returns.
If self employed, the lender may need the business tax returns and a letter from an accountant stating number of years in business.
Verification of 2 years employment history in the same line of work
Need to put X% down.  The minimum down payment changes frequently. It is usually 30% today
Need to set up American bank account for transfer of money.

Foreign National Requirements For Arizona Loans

  • International credit report – It is ordered here in Arizona.
  • If the lender needs to build a credit history, the lender may require a 12-month history for 3 trade lines which are credit cards, mortgages, car payments, or other charge accounts. Cost is $40 per bureau, and takes 1-3 days for Canadians and 10-15 days for buyers from other countries.
  • Copies of passport and visa
  • Last two pay checks
  • Bank statements for the last 2 months
  • Assets – most recent quarterly statements
  • Last two years tax returns.
  • If self employed, the lender may need the business tax returns and a letter from an accountant stating number of years in business.
  • Verification of 2 years employment history in the same line of work
  • Need to put X% down.  The minimum down payment changes frequently. It is usually 30% today
  • Need to set up American bank account for transfer of money.

 

 

Find a Realtor

joan_picYes, you have already found us.

Why List with Us
We show property all over N. Scottsdale, Carefree, Cave Creek - we work with a lot of Buyer's and that helps us to know the market and how other communities and homes compare to your home.
* 85% of Buyers look on-line first:
A) We have our personal website– www.joanwallacehomes.com
B) Realtor.com
C) AZCentral.com
D) Zillow.com (on Zillow you can show your home for sale and include pictures).
E) vFlyer.com - we post to this website and it automatically posts to leading Real Estate websites - Trulia, Google Base, Oodle, Backpage, Lycos, Vast, Hotpads, Yahoo and DotHomes.
We work at real estate 24/7 - we answer our phones and make ourselves available. Steve or I stage and show homes and are accomodating with agents to change schedules so we can show a home.
We are not just "Listing Agents" - we are "Selling Agents" as well.
We hold Open Houses –they are important in this market as there are so many homes for sale an Agent could not show them all. Buyers are looking on their own and then letting their realtor know what they want to see. We have sold homes from Open Houses.
With my HR background, I am a strong negotiator. I am firm, but can work well with other agents. I am not an "in your face Realtor". I state facts, listen to my clients, do not talk too much and keep the negotiations flowing.
Communication is important - I will keep you informed by e-mail on showings and Open Houses.
We “stage” your home for showings – turn on lights, music to enhance the ambiance of your home
We take selling your investment seriously – provide feedback on all showings
Why List with Us
We show property all over N. Scottsdale, Carefree, Cave Creek - we work with a lot of Buyer's and that helps us to know the market and how other communities and homes compare to your home.
* 85% of Buyers look on-line first:
A) We have our personal website– www.joanwallacehomes.com
B) Realtor.com
C) AZCentral.com
D) Zillow.com (on Zillow you can show your home for sale and include pictures).
E) vFlyer.com - we post to this website and it automatically posts to leading Real Estate websites - Trulia, Google Base, Oodle, Backpage, Lycos, Vast, Hotpads, Yahoo and DotHomes.
  • We work at real estate 24/7 - we answer our phones and make ourselves available. Steve or I stage and show homes and are accomodating with agents to change schedules so we can show a home.
  • We are not just "Listing Agents" - we are "Selling Agents" as well.
  • We hold Open Houses –they are important in this market as there are so many homes for sale an Agent could not show them all. Buyers are looking on their own and then letting their realtor know what they want to see. We have sold homes from Open Houses.
  • With my HR background, I am a strong negotiator. I am firm, but can work well with other agents. I am not an "in your face Realtor". I state facts, listen to my clients, do not talk too much and keep the negotiations flowing.
  • Communication is important - I will keep you informed by e-mail on showings and Open Houses.
  • We “stage” your home for showings – turn on lights, music to enhance the ambiance of your home
  • We take selling your investment seriously – provide feedback on all showings

 

 

Time to find your new home

lenders

Now, you need to answer yourself several questions:

  • Why do you want to buy a house in Arizona?
  • How much do you want to spend?
  • Where would you like to buy the house? Call  Joan (602) 361-8111 to learn more about Scottsdale Communities.
  • How big, how many bedrooms and bathrooms?
  • Do you want a pool?

Do you preliminary research online and call or email  Joan Wallace (602) 361-8111.

Joan will be able to help you narrow down the many thousands of homes for sale in metro Phoenix to the small number of homes that best fit your individual needs.

If you have communicated well with your Arizona Realtor and your Realtor has worked hard, you will to able to find your Arizona home in just one or two days of home shopping.  That will leave plenty of time for you and your spouse to relax by the hotel pool, play golf, shop or whatever.

Do your home shopping at the beginning of your stay in Arizona.
Although all of the negotiations with the Seller can be done when you are back home in Canada, the negotiations are more likely to be successful if you are still in Arizona and can be reached quickly.
Do your home shopping at the beginning of your stay in Arizona.
Although all of the negotiations with the Seller can be done when you are back home in Canada, the negotiations are more likely to be successful if you are still in Arizona and can be reached quickly.
In addition, if you reach an agreement with a home Seller early in your trip, you may be able to attend the home inspection while you are still in Arizona. It’s nice to be able to meet the home inspector you hired and ask him questions about the home after he’s finished the inspection. I can help you with selecting an inspector who has proven to be honorable and who does a good job.
 

Make an offer

makeanoffer1An offer is just a Purchase Contract with only your signature on it. It’s not a contract until the Seller signs it.

Some of the most important points in the offer are;
Offer price
Earnest money
Down payment
Loan Status Report
Closing date
Personal property included
Seller contribution to Buyer expenses
Escrow Company
Home Warranty
Additional Terms
Offer Expiration
Counter Offers
Offer Price
Ask Joan Wallace to instruct your Realtor on how to prepare your offer for the home.

An offer is  not a contract until the Seller signs it.

 

Some of the most important points in the offer are:

  • Offer price
  • Earnest money
  • Down payment
  • Loan Status Report
  • Closing date
  • Personal property included
  • Seller contribution to Buyer expenses
  • Escrow Company
  • Home Warranty
  • Additional Terms
  • Offer Expiration
  • Counter Offers
  • Offer Price

Earnest Money

The earnest money is usually a personal check written by you and made out to the escrow company you have chosen. The earnest money check is then temporarily held by your Realtor.

 

 

Buyer Inspections During Escrow

featuredThere are many protections for buyers in the “Residential Resale Purchase Contract” of the Arizona Association of Realtors, referred to here as the contract. The goal is to give buyers the opportunity to thoroughly inspect and investigate the property before being “locked in” to the purchase.

10-Day Inspection Period

You have 10 days to do all of your inspections and investigations of the home. You can inspect anything to do with the home – its condition, the neighborhood, the schools, the zoning, the development plans for the area, just about anything related to the home.

Cancellation

It is very easy for you, the Buyer, to cancel a contract during the inspection period and receive a full refund of your earnest money, if you find anything at all that you don’t like about the house – its condition, the neighborhood, the roads, the schools or just about anything related to the home and the surrounding area.
The inspection period is by far the most likely time a contract will be canceled or “fall out of escrow.”
It is very easy for you, the Buyer, to cancel a contract during the inspection period and receive a full refund of your earnest money, if you find anything at all that you don’t like about the house – its condition, the neighborhood, the roads, the schools or just about anything related to the home and the surrounding area.
The inspection period is by far the most likely time a contract will be canceled or “fall out of escrow.”
Home Inspectors
It is strongly recommended that you hire a licensed home inspector (typically $350 to $900) to inspect the physical condition of the home. The inspector will give you a report that will detail just about every little thing wrong with the home.
It is strongly recommended that you try to meet the inspector at the end of the inspection so you can go over his findings with him in person. It is much easier to understand a problem after the home inspector has personally shown it to you.

Closing the Escrow

sign_contractOnce your lender is finished approving you for a loan, the lender will send all the loan documents to the escrow company and the escrow officer will add your loan documents to all the other documents you’ll need to sign. You’ll be able to sign all the documents at one time.

If you are in Canada or the UK, the escrow officer will overnight the documents to you for your signatures with a prepaid envelope back to the escrow company included. Some of your signatures will need to be notarized.
If you are in Arizona, you can do the signing at the office of the escrow company.
The escrow company will send the signed loan documents back to your lender.
If you are in Canada , the escrow officer will overnight the documents to you for your signatures with a prepaid envelope back to the escrow company included. Some of your signatures will need to be notarized.
If you are in Arizona, you can do the signing at the office of the escrow company.
The escrow company will send the signed loan documents back to your lender.
Escrow Account Deposits
Earnest Money – The escrow company already has your earnest money and has ever since escrow was opened.
Down Payment – You will order your bank in Canada to wire your down payment to the Arizona escrow company on the day before or the morning of closing.
Loan – Your lender will wire the money you are borrowing to the escrow company the day before or the morning of closing.
Recordation
On the closing date given in the purchase contract, and when all of your purchase money is in the escrow account, the escrow officer will create a new deed with you as the owner, and send the deed electronically to the Maricopa County Recorder’s office.
When the new deed is recorded at the county, escrow is closed and you are the new owner.