Corte Sierra, an Avondale Neighborhood Spotlight

The beautiful neighborhood of Corte Sierra, in Avondale Arizona, is located just north of Thomas Road, and East of Dysart Road, only about 18 miles from downtown Phoenix.  Corte Sierra is part of the Litchfield Park School District. Corte Sierra Elementary School is nestled in the community providing easy walking access for students.  The community has several walking paths, green pocket parks and tot lots providing recreation areas for residents to enjoy.  In addition Corte Sierra's location provides easy access to the I-10 and Loop 101 freeways and all the Valley of the Sun has to offer.  

Corte Sierra has approximately 345 homes that were built between 2000 and 2002. The homes are a mixture of single and two story residences with an average living area of approximately 1749 square feet.  Click here to view Corte Sierra homes for sale and see market stats for Avondale. 

The Corte Sierra HOA is managed by Kinney Management.  They are located at 6303 S. Rural Road, Tempe, AZ.  Or you can reach them at 480-820-3541. 

Right across Dysart Road from Corte Sierra is Estrella Mountain Community College and just a couple miles south you’ll find many restaurants, shopping and entertainment in Goodyear and Avondale.   

Feel free use our Advanced MLS Home Search on our website. You can sign up, set your criteria for homes in Corte Sierra and you will be automatically notified when new homes for sale in Corte Sierra come on the market.

If you have any questions about homes you find for sale in Corte Sierra, please give The West Valley Home Team a call at 623-252-9350. We live and work in the area and would love to help you find your way home!  

Welcome back to The West Valley Home Team Buyer Empowerment University! We have reached the last step in the home buying process, Closing on Your New Home. We hope you can use the information in The West Valley Home Team Buyer Empowerment University to make your buying process easier!

Step 5: Closing

Closing on Your New Home!

What are the steps necessary to make it to the closing table once you have an accepted contract from a seller? For a traditional sale in Arizona here are the basic steps:

• Deposit earnest money with title company.
• Complete a home inspection (paid for in advance) and review SPDS and CLUE- You typically have a 10 day inspection period.
• Negotiate any repairs found during the inspection if applicable. The buyer can cancel the contract within the 10 day inspection period due to information found in home inspection, SPDS or CLUE.
• If using financing, your lender will order and complete an appraisal (paid for in advance).
• If the property does not appraise for the sales price, then you can either negotiate with the seller, come up with the difference in cash or cancel the contract.
• Your lender will continue the financing process once the appraisal has been completed.
• Schedule a time with the title company to sign the closing documents. Closing costs and downpayment monies will be due at closing.
• Schedule the utilities to be turn on.
• Attend the final walk thru of the property assuring it is in the same condition as it was at time of inspection.
• Attend the closing, sign the necessary documents and provide your cash to close.
• Your lender will “fund” the seller by sending over the money from your loan to the title company.
• Once the house records with the county you get the keys!

Again, we hope you found The West Valley Home Team Buyer Empowerment University helpful. If you have any additional questions about the home buying process don’t hesitate to ask!

 In case you missed any posts here's The West Valley Home Team Buyer Empowerment University blog series about the 5 Steps of Buying a Home:

• The 5 Steps of Buying a Home
• Step 1:  Qualifying for a Home
• Step 2:  Finding a Home
• Step 3:  Making an Offer
• Step 4:  Getting the Home Inspected
• Step 5:  Closing on Your New Home

BUYER EMPOWERMENT UNIVERSITY FAQ'S

What is the Seller Property Disclosure Statement (SPDS)?

The home inspection period allows the buyer to investigate all pertinent information about a property before purchasing it. Along with a home inspection, the Arizona Association of Realtor's Seller Property Disclosure Statement (SPDS) can provide some insight into the condition of the property. The SPDS can give you a lot of extra information to consider during the inspection period.

In Arizona, the standard Residential Purchase Contract calls for the seller to deliver the Seller Property Disclosure Statement within 3 days of contract acceptance. Sellers are obligated by law to disclose all known material facts about the property and the SPDS is the instrument the seller uses to do so.

In this 7-page document, the seller lists all known material issues about the subject property and its condition. The SPDS allows the seller to disclose any known defects or damages to the home that occurred while the seller occupied the home. Or any items they learned when they purchased the home if there was a previous seller.  Here is an overview of the SPDS and some important things to know.

The SPDS document is divided into 6 general sections:

Ownership and Property: This section provides information about the property such as the address, ownership, and occupancy.

Building and Safety Information: This section provides information regarding the physical aspects of the property. Any past or present problems with the property along with any work or improvements to the property should be disclosed here. You should disclose these items to your home inspector for further investigation.

Utilities: This section provides the buyer with the types of utilities offered to the property and who provides them.

Environmental Information: In addition to information about environmental hazards, the seller is asked to disclose any issues related to soil settlement/expansion, drainage/grade, or erosion; noise from the surrounding areas, and any other odors or nuisances.

Sewer/Wastewater Treatment: The seller must disclose what type of sewer/wastewater treatment is available to the property and if it is connected to a sewer.

Other Conditions and Factors - Additional Explanations: The seller is given the opportunity to disclose any other information regarding the property that might affect the buyer’s decision-making process or the value of the property.

Here are some important items to note about the SPDS:

• The buyer is responsible for verifying the accuracy of the information on the SPDS.
• The seller must deliver the SPDS within 3 days of contract acceptance.
• In addition to the SPDS, the buyer will also deliver an insurance claim history report (often called a CLUE report) on the property within 5 days of contract acceptance.
• If you have a concern about any items, you should provide a copy of the SPDS to your home inspector.
• If you don’t like something disclosed in the SPDS or the insurance claim report, you can cancel the contract within 5 days of your receipt of the SPDS and insurance claim report and receive a full refund of your earnest money.

Here's a link to the document:

Seller Property Disclosure Statement

When purchasing a home, it is important to take some time to read through the Seller Property Disclosure Statement to learn more about the condition of the property so you can make an educated decision to move forward with purchasing the home or to cancel the contract.  

When purchasing a home, the buyer has the option of purchasing a home warranty plan.  A home warranty can help you budget for large home maintenance expenses.  Often times buyers have questions about home warranties, here are the most frequently asked questions regarding home warranty plans.

Should You Get a Home Warranty Plan?

What is a home warranty plan?

The standard home warranty plan, or home protection plan, is a one-year service contract that protects a resale home buyer or current homeowner against the cost of unexpected repairs or replacement of major systems and appliances that can break down due to normal usage.

Why do I need a home protection plan or home warranty plan?

According to Old Republic Home Protection Co, a home warranty offers peace of mind, convenience, budget protection, and easy, dependable service.  It can protect you from large unexpected expenses, such as A/C repairs.  

Is an Inspection Required to Get a Home Warranty?

Inspections are required by some home warranty companies, but not all of them require an initial inspection.  

What Happens When I Need Service?

You call your home warranty company or submit an online request if available.  A contractor will be dispatched and you will most likely be responsible for a service fee.

Who Handles the Repairs?

Home warranty companies have a network of independent service contractors available.  Once you contact your home warranty company they will send out a specialized contractor to assess your problem.  You must use their contractors to be covered under the plan.

Do Home Warranty Plans Cover Appliances or System Replacement?

Most home warranty companies do cover appliances or system replacement, check the plan to see exactly what they cover.

What is the Difference Between Homeowners Insurance and a Home Warranty Plan?

Home warranty plans often cover items not covered under your standard homeowners insurance policy.  This allows homeowners to fill in a critical gap in protection of your home.  Speak with your homeowner's insurance company to see what they do not cover.  Then speak with a home warranty company to ensure they cover some of these items.

What do Most Standard Homeowners Insurance Plans Cover?

It is important to speak to an insurance company to find out what a policy will cover.  Most homeowners insurance policies will cover damage caused by such perils as fires, windstorms, hail, lightening, theft, vandalism, etc.  Typically floods and earthquakes are excluded.  Most policies provide dwelling coverage (pays to repair or rebuild your home), other structures coverage (such as detached garages, sheds, fences, etc), personal property coverage (personal items in your home), loss of use coverage (housing and living expense if you have to move out of your home due to damage), liability insurance (protects you if you or your family members are responsible for causing injuries or damage to other people or their property) and additional home coverage (talk to your insurance agent there are certain things you can add on to your policy to provide more coverage).  

What is the Typical Term of a Home Warranty Plan and is it Renewable?

The typical term is for one year, however, you can purchase longer terms.  Home warranty plans are typically renewable at the end of the term, but please speak with the home warranty plan to make sure your plan is renewable.

Who Pays for the Home Warranty Plan?  

Typically the buyer pays for their home warranty plan however sometimes sellers offer a 1 year home warranty plan as an incentive to buyers.  Also buyers can request that the seller pay for their home warranty plan in their offer.  There are numerous home warranty companies out there so it's best to do some research on which company and plan best fit you.  You can visit Old Republic Home Protection's website to learn more and to get a free plan quote:  www.orhp.com.

What are the Pros and Cons of Home Warranty Plans?

There are definitely pros and cons to getting a home warranty plan.  The best thing for buyers to do is do some research and determine if a home warranty plan is best for them.  Some buyers like the peace of mind a home warranty plan provides, while others would rather complete the repairs themselves.  Big ticket items like air conditioners can cost you thousands of dollars. If you feel you won't be able to set aside some money for future home repairs, you may consider a home warranty plan.

Remember to speak to the home warranty company and make sure you understand what is covered and what is not under the specific plans they have.  

Also, make sure you understand their service fees for sending out a technician and how any repairs will be handled.  Some homeowners have run into issues with not properly maintaining a home's system and then they don't understand why the home warranty company won't repair the item.  It is essential to understand your responsibilities of taking care of your home as a home owner to ensure an item will be repaired.

Have questions about home warranties or buying a home in general?  Don't hesitate to contact Cinda Rose at 623-252-9350.  I would love to help you experience a successful road to homeownership!  

Welcome back to The West Valley Home Team Buyer Empowerment University!  Last time we discussed tips for making an offer on a house.  Once an offer is accepted the next step is to complete a home inspection of the property.  A home inspection is an important part of the buying process.  So much so that a home inspection can be used as a contingency in a purchase offer to protect buyers.  Most buyers have questions about home inspections.  Here are the most frequently asked questions regarding home inspections.

Step 4:  Getting the Home Inspected

Should You Get a Home Inspection?

What is a Buyer's Home Inspection?

An objective, visual examination of the physical structure and systems of a home from the roof to the foundation to find items that are not performing correctly or items that are unsafe before you purchase the home.  The home inspection can point out non-working items that could cost you thousands in repairs.  Typically in Arizona, a buyer has a 10 day home inspection period that begins at contract acceptance.  If the buyer finds anything wrong with the property during the home inspection period they can elect to cancel the contract within the allotted time set forth in the purchase contract.  

What does a Home Inspection Include?

A standard Home Inspection includes an inspection of the condition of the heating system, central air conditioning system, interior plumbing, electrical systems, roof, attic, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement and structural components.

Why Should I Get a Home Inspection?

It is important to learn as much as you can about the condition of the property before you purchase it to avoid unexpected surprises.  A home inspection may identify the need for major repairs that may be out of your budget.  The home inspector can also offer preventative and maintenance tips to help avoid costly repairs in the future.  

When Do I Get A Home Inspection?

Unless the Purchase Contract states otherwise, the buyer's 10 day inspection period begins when the Purchase Contract is fully executed, meaning both the buyer(s) and the seller(s) have accepted and signed.  There are some exceptions, such as in the case of a short sale.  In a short sale, the inspection period typically begins when the seller sends the buyer a copy of the Agreement Notice, notifying the buyer that their lender has agreed to short sale the property and have issued an approval letter.

What Will Not Be Included in the Home Inspection?

The inspection is limited to readily accessible and visible areas.  An inspector cannot damage walls, flooring, move furniture, appliances, stored items and they cannot walk on inaccessible or steep roofs or excavate soil.  Latent and concealed defects and deficiencies are excluded from the inspections.  Cosmetic flaws and defects are also not part of most inspections. 

Will the Home Inspector Fix Any Problems Found During the Inspection?

No.  The code of ethics of The American Society of Home Inspectors prohibits its members from doing repair work on properties they inspect.  This assures that there will never be any conflict of interest by the inspector.  The purpose of the home inspection is to provide an unbiased, objective 3rd party report on the condition of the home.

Should I Attend the Inspection?

It is not required that you attend the Home Inspection, but most inspectors suggest you attend the last half hour so the inspector can go over any issues found at the house and physically show you the problem.  

Will an Inspection of the Pool be Included With a Standard Home Inspection?

Items such as detached buildings, docks, hot tubs, private wells, pools, septic systems, radon, mold, termite, and more can be arranged to be inspected for an additional fee.  

Do I Get a Written Report on the Condition of the Home?

Yes, a written report is provided summarizing any issues found with the home.  Most Home Inspectors also provide pictures of any issues that arise for easy reference.

What is the Difference Between a Home Inspection and an Appraisal?

A Home Inspection evaluates the condition of the structure and systems of a home.  An appraisal determines the fair market value of a property based on its size, location and recent sales of like houses in the area.  Some appraisals, such as FHA and VA, however, have requirements for the condition of the home.  For example, they look for broken windows, broken stairs and if there is a spot for a built-in appliance, then the appliance must be present on the spot.  They also check to make sure the electrical systems is safely working and that the heating and cooling systems are operational.   An FHA or VA appraiser does not provide you with a report of these nonfunctioning items nor do they offer maintenance tips.  They are merely trying to make sure the home meets the conditions set by FHA and VA appraisal guidelines.  Generally summed up, the property can't be in bad repair, and must be livable. 

While the home inspection is being completed your mortgage professional will continue the loan approval process.  Your lender will order an appraisal of the property and may ask for additional documents.

SPECIAL NOTE:  Many buyers have questions about the Seller Property Disclosure Statement which should be provided by the buyer within 5 days of contract acceptance (unless otherwise specified in the contract), so check out our West Valley Home Team Buyer Empowerment University post discussing the Seller Property Disclosure Statement (SDPS).  The SPDS goes hand in hand with the home inspection report and is an important document in the home buying process.

What's next?  The next post in The West Valley Home Team Buyer Empowerment University blog series will discuss Closing on Your New Home

Missed the last post?  Check out Step 3:  Making an Offer

BUYER EMPOWERMENT UNIVERSITY FAQ's

What Type of Homes Will I Find on the MLS?

Welcome back to The West Valley Home Team Buyer Empowerment University! While searching for a home in the West Valley, it is important to keep in mind the different types of houses that are listed on the MLS for sale. Do we mean one-story vs. two-story? Manufactured homes vs single family residences? Maybe it is better if we say it is important to keep in mind the different types of sellers on the MLS today.

Step 2: Finding a Home

Types of Sellers on the MLS

Here's who you are going to encounter:

The Traditional Equity Seller: This is the largest portion of the market since more people are finding they have equity in their home. Inventory has increased over the last year which gives buyers more options. The typical closing period is 30 days in order to allow the buyer's lender to complete the loan process. Cash buyers can usually close quicker.

The Short Sale Seller: This section of the market has decreased significantly over the last few years. A short sale is similar to a traditional sale however a third party, the seller's lender, is thrown into the mix so it changes the process. With a short sale you still submit your offer to the current owner initially, and the purchase contract has your name and the owner's name on it. However, the entire sale is dependent upon the owner's lender approving your offer. The owner's lender also has to approve the seller for the short sale and agree to sell the home for less than the owner owes. It is important to keep in mind that the short sale process may take months. If you are looking to move in right away, a short sale may not be the best choice for you. If you are willing to wait it might be a good option as they can be priced lower than traditional sales.

The Bank Owned Property: Also known as a foreclosure. The number of foreclosures on the market has also decreased over the last few years. The typical closing time for a bank owned property is 45 days, however it can vary and depends on the bank that owns the property. Each bank has their own process of selling a foreclosure and some use an online bidding system.

NOTE: There are seven different property statuses on the Arizona MLS:  Active, UCB, Pending, Temporarily Off Market, Closed, Expired, and Cancelled.  To learn more view our blog post about the Arizona MLS Property Status.

Welcome back to The West Valley Home Team Buyer Empowerment University!  Hopefully by now you have analyzed your finances, determined a payment you feel comfortable with and spoken to a mortgage professional to be pre-approved.

If you have completed these important steps, it is time to start searching for your next home!  Buying a home is an important decision that can make an enormous difference in your lifestyle. And as you know, it is also the biggest financial transaction you will make. There are some specific things to consider when looking for a home.  Let's take a look at Step 2 in the 5 Steps of Buying a Home.

Step 2:  Finding a Home

1.  Be realistic:  There are no absolutely perfect homes and you might not be able to get everything you want. Decide what is important to you, and make sure you find a home that has the features you require. Be prepared to compromise on some of the items on your wish list. Make a checklist of these items and bring it with you when you view homes.  While viewing homes write down the pros and cons of each home.

2.  Choose carefully:  Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in both utilities and/or repairs. Consider factors that would affect the resale value of the home in the future.

3.  Be aware of the current market:  The current state of the real estate market in the area that you are looking for will play a big role when purchasing a home.  Low inventory and investor competition can make it more of a challenge to find the right home. Your Realtor can keep you up to date with current market trends. Keep in mind what is going on in the local market when placing your offer on a property. 

4.  Do your homework:  Make sure you understand the home buying process and the financing process. Speak to your Realtor and mortgage professional about the steps involved. Being prepared and educated helps to avoid issues and conflicts during the process. 

5.  Search for homes on the MLS: Today it is easier than ever to search for homes on the internet.  Our website,  www.TheWestValleyHomeTeam.com, provides an easy way to do a personal search on the MLS.  You can save your search, keep track of favorites, request more information or request a showing.  In addition, you can sign up for email alerts that let you know when properties within your search criteria are added to the market.  

6.  Know the types of sellers on the MLS:

The Traditional Equity Seller: This is the largest portion of the market since more people are finding they have equity in their home. Inventory has increased over the last year which gives buyers more options. The typical closing period is 30 days in order to allow the buyer's lender to complete the loan process. Cash buyers can usually close quicker.

The Short Sale Seller: This section of the market has decreased significantly over the last few years. A short sale is similar to a traditional sale however a third party, the seller's lender, is thrown into the mix so it changes the process. With a short sale, you still submit your offer to the current owner initially, and the purchase contract has your name and the owner's name on it. However, the entire sale is dependent upon the owner's lender approving your offer. The owner's lender also has to approve the seller for the short sale and agree to sell the home for less than the owner owes. It is important to keep in mind that the short sale process may take months. If you are looking to move in right away, a short sale may not be the best choice for you. If you are willing to wait it might be a good option as they can be priced lower than traditional sales.

The Bank Owned Property: Also known as a foreclosure. The number of foreclosures on the market has also decreased over the last few years. The typical closing time for a bank owned property is 45 days, however, it can vary and depends on the bank that owns the property. Each bank has their own process of selling a foreclosure and some use an online bidding system.

7.  Property Status on the MLS:  There are seven different property statuses on the Arizona MLS:  Active, UCB, Pending, Temporarily Off Market, Closed, Expired, and Cancelled.  To learn more view our blog post about the Arizona MLS Property Status.

What’s next? The next West Valley Home Team Buyer Empowerment University post will discuss Making an Offer on a Home.

Missed the last post?  Here's the link to Step 1:  Qualifying for a Home

BUYER EMPOWERMENT UNIVERSITY FAQ's

What's the difference between Pre-Qualification and Pre-Approval?

Many buyers needing or wanting financing call their lender seeking information. In the process, they become pre-qualified based on the information provided on the phone. A pre-qualification gives a buyer a good idea of what they can afford, or more accurately, what loan amount they qualify for and it allows them to place offers on properties. Sometimes the lender will pull their credit to assess their situation, sometimes they do not.

In order to strengthen your offer, you should take it one step further, however, and ask to be pre-approved. When you become pre-approved, you actually apply for a loan. The lender checks credit, verifies employment, and often verifies that you have sufficient funds to close. Then once you find your dream home, just about the only thing left is the appraisal.

The reason savvy buyers obtain loan approval before shopping for a home is that it strengthens their negotiating position when they make an offer. All sellers want to sell their home to a pre-approved buyer. Pre-approval can also cut days, even weeks, off the closing process. And it can save the seller and the buyer from the unpleasant snags in financing that can occur and threaten a transaction from closing at the last minute.

If you don't have a bank or mortgage professional that you are working with, please email me at cinda@wvhometeam.com and I can forward the names of some local mortgage professionals.