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Nancy Perry, ABR, GRI, CSSPE Associate Broker

Solutions Real Estate 480-326-6702

Home Buying Guide

My goal is simply to provide educated advice, superior service, and helpful tools to make selling or buying a home as stress-free as possible in this ever changing market.

Dear Client: Thank you for placing your trust in me to help you with the home buying process. You are about to embark on the exciting journey of finding your new home. Whether it is your first home or your tenth home, a retirement home, or an investment property, I will make your home-buying experience fun and exciting. I can help you find the ideal home with the least amount of hassle; and I am devoted to using my expertise and the full resources of my office to achieve these results! This packet gives you helpful information during and after your transaction. Use its reference pages, note pages and agency explanations, as an invaluable guide on your home-buying journey. Please keep this packet with you during your home-buying process. There are pages that contain important phone numbers , dates, and areas for notes to help you stay organized.

~ Nancy In Arizona, attorneys are not required in the home buying process. This alone can save you thousands of dollars! If you ever have legal questions I can always recommend qualifying professionals to assist you.

Testimonials Nancy is awesome to work with. She listened to what we were looking for in a house: location, square footage, price, etc. When it came time to look, Nancy was very flexible with us, showing us houses in the evenings and Saturdays. With her help, we found our dream house over a year ago and have been very happy in our new home. Mike and Vikki Marines Nancy Perry has worked hard with us for the past several years helping us buy five different houses and sell four of them. She has always acted in a very professional manner and goes the extra mile to make sure that everything is done properly and well. Nancy strives to educate herself continually to have a full knowledge of current market situations. She is an excellent realtor and we highly recommend her to everyone in need of help with buying and/or selling a house. Garth and Christie Gillman San Tan Valley, AZ 85140 Nancy and I went through quite the excursion after I called her looking for a home. I was a first time home buyer looking to take advantage of the $8,000 tax credit and she knew time was money as we were near the deadline. I called Nancy around May 2009 and gave her specific demands that were very difficult to accommodate. She took notes and told me that we may have difficulties with my requirements but we moved forward. As a first time home buyer I didn't know what to expect but Nancy gave me extremely descriptive and honest results. Nancy made me feel as if I worked with her, not for her. We looked at a minimum of 40 homes, all which had their own set of stipulations. I was never satisfied until I found what I needed, finally we hit a target! Nancy worked so hard with the bank (who was relentless) and we almost lost the home. Nancy, being a character of pride, pulled through and was able to give me a place to live, a place where I can raise my garden, and place where I can have my family. She never did get frustrated as I was very upset with the bank. She was the most patient, honest and understanding person. I even got a house warming gift. That's the kind of person that I recommend to all I know and those that I don't. Jeff Mancuso

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10+ years of experience with Buying, Selling, and Renting Full service real estate agent with REO Bank owned property expertise Associate Broker for Solutions Real Estate Graduate of Real Estate Institute Accredited Buyer Representative Certified Short Sale Property Expert Resident of Phoenix for 20+ years

Solutions Real Estate History Solutions Real Estate has quickly identified themselves as not only being one of the fastest growing new real estate brokerages in Arizona but also one of the most productive real estate companies. Solutions Real Estate opened for business in July 2008 and was ranked as the 41st most productive brokerage in the entire valley in 2009. Solutions Real Estate provides real world training and combines it with cutting edge marketing techniques. They strive to help their agents be the best trained and most recognized agents out there. Solutions Real Estate currently has over two hundred real estate agents and growing. Solutions Real Estate has unsurpassed exposure on the internet with close to eight hundred websites.

Understanding Agency Relationships Buyer Agency (Buyer’s Representative): • Agent will represent the best interests of the buyer • Agent will owe the buyer fiduciary duties • Agent must give the seller all material facts so that the seller can make an educated decision • The buyer representative‘s commissions are paid by the seller Seller Agency (Seller’s Representative): • Agent will represent the best interests of the seller • Agent will owe the seller fiduciary duties • Agent must give the buyer all material facts so that the buyer can make an educated decision • This agency is created with the listing contract Transaction Broker (Dual Agency): • One brokerage firm represents both the buyer and seller in the same transaction • Dual agents owe equal fiduciary responsibilities to both clients • All parties have confidentiality • Dual agency disclosure forms are signed by all parties

Obtaining a New Loan What you will need to complete your loan application: 1. Proof of address for previous 2 years 2. Social Security number and Drives License or state issued ID 3. Name and address of employers for previous 2 years 4. 2 most recent pay stubs showing year-to-date earnings 5. Federal Tax returns and W2’s for previous 2 years 6. 2 month’s statements for all banking accounts 7. All information on current loans, credit cards, and other debt 8. Estimated value of current property (jewelry, vehicles, etc.) 9. Payment up front for credit check and appraisal 10.If applicable, divorce decree or VA loan Cert of Eligibility (DD214s)

Tips for a Smooth Transaction Apply for your loan as soon as possible. It will let you know how much home you can afford before you begin looking. It can give you more bargaining power when negotiating with a seller. It will also help you avoid disappointment later. Contact your insurance company early in the process. This coverage must be provided to the title company before funds are released. This can delay the closing if you wait until last minute.

Considerations in Credit Risk Assessment Bankruptcy Charge offs or loan defaults Serious delinquencies Current level of debt

Derogatory public records Repossession Number and age of credit lines Numerous recent credit inquiries

Once you are approved for the loan, the lender will check your credit again before the final closing date. For the time that your loan is in escrow, maintain current financial status- no major purchases, no job change. These could all possibly cause your loan to be denied.

ACTIVE Listings, AWC, and PENDING Active: Homes listed for sale that currently have no other offers on them. Active with Contingency (AWC): There is a contract that has been signed by the seller but the buyer has not completed the 10 day inspection period. If the home is a short sale, the bank may not have accepted the offer yet. In this case, the buyer will not start the inspection period until the bank has approved. Pending: There has been an offer accepted by all parties, no further showings, waiting to close.

REO (Real Estate Owned): Home forecloses and the bank takes back possession. If the house is not sold through a foreclosure auction, the bank tries to sell the property through normal means. When you buy an REO, you are buying a property straight from the bank. Short Sale: Properties listed for sale by distressed property owner. When a homeowner is facing foreclosure, you can sometimes work with the bank to facilitate a short sale. With this agreement, the bank agrees to let the homeowners try to sell the property for less than what they owe.

Time Frame: Short sale purchase time frames are substantially longer than REO properties. Most short sales will take approximately 3 months to complete from start to finish, whereas REO properties will typically take 45 days to close escrow. Price Differences: Short sales will typically come at a lower price than REO properties as the bank will attempt to recoup some of their losses from a foreclosed home. Since they are taking less of a loss with a short sale, they are often better deals Paperwork: Both short sales and REO properties come with a significant amount of paperwork over and above a standard real estate transaction. However, in many cases, the savings are worth the additional effort for a buyer. Misconceptions: Many home buyers believe that short sales mean faster closings. This is not the case, a short sale means that the bank is selling the home "short" of the balance, and has no bearing on closing. Expert Insight: Find a realtor who is experienced in distressed properties when inquiring about short sale or REO properties. They have a much more complete education and can help facilitate these transactions faster.

Closing and Beyond Who Pays What? Although most costs involved in a real estate transaction can be negotiated between buyer and seller, there are a lot of costs that are traditionally paid by one party or another. The SELLER generally pays: • owner’s policy of title insurance • homeowners association inspection fee • real estate commissions • escrow fee (50%) • payoff of all existing loans, liens and encumbrances • termite work if necessary • taxes due and payable or back taxes • recording charges (50%) • overnight delivery fees • Misc. FHA or VA required fees The BUYER generally pays: • lenders policy of title insurance • endorsement fees for title insurance • escrow fees (50%) • impounds and interest on new loan • all new loan charges: including appraisal, document preparation, etc. • fire insurance premium for first year • courier fees • homeowners dues required upfront by the association NEGOTIABLE as to who pays: • home warranty • homeowners association transfer fees Upfront Costs to Keep in Mind Credit Check Appraisal Earnest Money Home Inspection Termite Inspection Deposits for Utilities

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Let your Realtor know if you will be unable to be present at the Title Company to sign your documents at closing. Arrange for the money to be wired to the title company before closing or bring a cashiers check drawn on a local FDIC insured bank. If your funds are coming from out of state, let your escrow officer know at least a week before closing Your closing appointment takes about an hour so plan accordingly Be prepared for unexpected last minute lender requirements Please bring a valid ID to your signing appointment Close of Escrow is about 3 business days after signing. In Arizona, closing is after the loan has been funded. At that time, the keys are YOURS!

After Closing Loan Payments: You should receive a coupon book before your first payment is due. If you have any questions about your loan, contact your lender. Home Warranty: Call your home warranty company directly to file work orders for repairs. Have your policy number available. Recorded Deed and Title Insurance Policy: The original deed to your home will be mailed to you within a month after closing. Keep these in a safe spot. Property Taxes: You are responsible for taxes even though you may not receive a tax statement. It is your obligation to make sure your taxes are paid when due. If your taxes are not included in an escrow account with your mortgage payments, contact your county treasurer’s office for tax information.

Important Property Tax Dates! Taxes for the first half of the current year (January 1- June 30) Due: October 1 of current year Delinquent: November 1 of current year. Taxes for the second half of the current year (July 1- December 31) Due: March1 of following year Delinquent: May 1 of following year

Before you Move •

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Notify post office, credit card companies, utility companies, subscriptions, bank, family and friends of address change Notify insurance companies of new location for coverage Obtain school records, legal records and other important documents in order to register children at new school Obtain medical records and history, transfer prescriptions, and research doctors, and dentists in new town Use up perishables, defrost freezer, clean refrigerator Prepare large appliances and rugs for proper moving Disconnect utilities and get refunds for any deposits made Request a relocation package from the city's Chamber of Commerce

On Moving Day •

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Double check closets, and cabinets for possible items left behind Make sure kids have something to keep them entertained during travel Prepare pets for transportation Carry jewelry and important documents on your person

As you've seen from this presentation, there are many factors that go into the successful purchase of a home. That's why, as your buyer agent, my job Isn't just to help you find the right home and buy it at the best possible price and terms. I will also educate you about market values, quality home construction, equity potential, and financing options so you can make the most informed decisions possible. In addition, you'll have the benefit of my extensive professional network, developed through years of experience. So if you need additional home services you'll be guaranteed of getting quality work at a competitive price. And the great thing is that all my work is paid for by the home seller, so it won't cost you any more than if you do them all yourself! In short, I'll provide you with comprehensive, high-quality buyer's service, from helping you with the home search, to negotiating a better deal, to making sure that everything's signed, sealed and delivered on closing day. I am committed to service all of your Real Estate needs, now and in the future! Thank you again for your consideration. Put your trust in me and you won’t be let down!

~Nancy Perry

Nancy Perry, ABR, GRI, CSSPE Associate Broker Solutions Real Estate


Business Electricity Natural Gas Cable/ Internet Home Telephone Waste/ Garbage Water HOA Home Inspector Home Warranty Co. Handyman HVAC Plumber Carpet Cleaner Pest Control House Cleaner Landscaper Pool Services


Phone Number

Newspaper The Arizona Republic


Automobile Information Emissions Testing Motor Vehicle Division

602-470-4646 602-255-0072

Consumer Services Better Business Bureau AZ Attorney General AZ Reg of Contractors

602-264-1721 602-542-5763 602-542-1525

Dog Licensing


Voter Registration


Emergency Services Rural Metro


Schools School Superintendent (Info on district boundaries) AZ Community Colleges

602-506-3866 602-255-4037

Transportation Airport Express Discount Cab Super Shuttle Yellow Cab

480-994-1132 602-200-2000 602-244-9000 602-252-5252

Post Offices, Valley wide


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Nancy's home buying guide  
Nancy's home buying guide  

Buying a home is a big investment, and it takes a Team effort for it to be done smoothly. This will help you be prepared.