AZ Real Estate 03-05-2017

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CATHERINE REAGOR REAL ESTATE

Strategies to help you bridge the transition

Buying a new home before selling yours DEBORAH KEARNS NERDWALLET

“Once you start

You’ve found the perfect new home for your family, but your current house hasn’t sold yet. You can’t afford to carry two mortgages, or maybe you were counting on money from your sale to help with the down payment and closing costs. Before you let that dream home slip away, consider these strategies to help bridge the transition: » Make an offer that’s contingent on the sale of your house: A seller may be persuaded to accept your offer with the caveat that you’ll have to sell your house before closing on theirs. You’ll strengthen your chances of getting a seller to take a chance on you if you can show that your home is priced properly and has a solid marketing strategy, says real estate broker Dayolin Pratt with Re/Max

dipping into your

See BUYING, Page 3R

GETTY IMAGES/GANNETT

home’s equity, that changes the equation.” TIM BEYERS MORTGAGE ANALYST

More down payment help for Valley homebuyers Reese Miller searched for a home in metro Phoenix for almost two years before finding one he wanted and could afford. Last year, the 42-year-old North Dakota native was able to close on his $125,000 west Phoenix home with a few thousand dollars from Home in Five Advantage, a popular Valley downpayment-assistance program. Miller is one of 14,000 Phoenix-area homeowners who have received as much as 4 percent of the cost of their house from the program that was recently expanded. Five years ago, the Phoenix and Maricopa industrial development authorities teamed up to create a fund to help mostly first-time homebuyers get 30-year government-backed mortgages with up to 3 percent in grants for down payments and closing costs. Those two costs keep many people renting when they dream of buying. Including Miller. I have talked to several homebuyers who got help from Home in Five since it was launched. All have been excited about owning their own home and have spread the word about the program. Home in Five is for buyers making less than $89,000 a year and buying houses priced below $300,000. Recently, the program upped down payment aid to homebuyers earning less than $31,450 to $5,000. “An additional 1 percent down payment assistance will help lower-income families overcome a major barrier to homeownership and achieve the financial stability that comes with it,” said Phoenix IDA Executive Director Juan Salgado. Home in Five isn’t a taxpayerbacked program. The development authorities sell bonds to investors and lenders to provide the aid to homeowners. Investors wouldn’t keep buying bonds to expand the program if it wasn’t working. Less than half a percent of Home in Five borrowers have lost their houses to foreclosure. An 8hour homeownership class is required to get the funds. And I checked. The half dozen Home in Five borrowers I have talked to all still own their home, and their values have climbed nicely. Part of the motive in creating Home in Five was to spur homebuying in ValSee REAGOR, Page 3R

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PHOENIX | 4462 East Horseshoe Road | Open Today 12-4PM

LUXURIOUS LA CASA DE LAS VISTAS IN EXCLUSIVE MLS# - 5541280 GATED DOUBLETREE CANYON. Nestled against a rugged Bedrooms - 5 hillside, this view-rich, very private home begins with a sweeping circular drive and a dramatic portico entry — plus it offers direct Bathrooms - 5.5 Pool - Yes access to 22 miles of Phoenix Mountain Preserve hiking/biking trails. Living room w/floor-to-ceiling retracting glass walls. Sq. Ft. - 7,250 Stunning kitchen w/secondary prep area. Sun-kissed family room ZIP Code - 85028 w/wood-trimmed French exits. Plush theater w/insulated walls. Posh primary master retreat (home has dual master suites) w/black- Online Pics - BaldwinTeam.com Price - $1,950,000 tie dressing closet, view-balcony. Waterfall pool, spa, barbecue island, outdoor fireplace, play lawn. Casita overlooking pool. Visit tourfactory.com/1697849. Inside: details, directions.

Brought to you by Sandra Baldwin and Kyle Caldwell, Launch Real Estate

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