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Buyers
Looking to buy a home in the Tucson Arizona area? Here’s some information to get you started. Please don’t hesitate to contact us for a no charge consultation!
First Time Home Buyers
Getting ready to to buy your first home in Tucson?
Buying your first home is a big deal. But it can also be a bit frightening. It’s in your best interest to have an experienced real estate agent looking out for your best interests, and you’ll probably want some expert suggestions along the way. As an expert in Tucson real estate, we’re absolutely trained and qualified to aid you in purchasing your first home.
Not everyone with a real estate license is equally able to help you find a home. Our dedication to you, the buyer, as well as our certification as an Accredited Buyer’s Representative (ABR), is what really makes the difference. Here are some things you can expect when you use me for your first time home purchase. Let Rent Or Buy Tucson help you with your first home purchase in Tucson!
• The process of purchasing a house has several phases. We’ll be there for everything from locating the perfect house among all the homes available in Tucson, to providing guidance on your purchase and everything in between. We believe in “service beyond the sale”; as your agent for life we are always just a phone call away!
• We’re local area specialists, and can help you define a shopping list of features you want in your neighborhood, school district, and your home.
• We can walk you through the multiple mortgages and home buying plans at hand and the sometimes mind-boggling financial components of purchasing a home.
• You can count on us to keep an eye on all the new listings, and make sure we pass on all the homes that meet your needs.
• As your agent and Accredited Buyer’s Representative, we will do everything in our power to make sure your home buying process is as stress-free as possible.
When you are ready to start the home buying process, we are here and available to assist you in finding that right first home in the Tucson area! Contact Rent Or Buy Tucson today!
Loan Pre-Qualification
A number of factors determine the price range of homes you’ll want to preview – one of these factors is loan pre-qualification.
√ Know how much house you can afford.
√ Know how much cash you will need for the down payment.
√ Simplifies pre-approval.
As your agent, we will help you pre-qualify. Having a loan pre-qualified makes your offer to purchase a home much stronger. Items to be considered when pre-qualifying for a mortgage loan include:
- Employment History
- Credit History and Scores
- Monthly Income and Expenses
There are many different types of loans to consider – FHA, VA, Conventional and even Bad Credit Loans. With our connections in the Tucson mortgage community, we can put you in touch with local Loan Officers that can help you find the best loan for your situation.
Foreclosures
Interested in purchasing a foreclosure (REO) in Tucson?
Just as with any property purchase, your wisest move is to hire a professional real estate agent. Should you have questions regarding purchasing distressed properties in Tucson, Arizona, contact us!
What is an REO?
“REO” is an abbreviation for Real Estate Owned. These are properties which have completed the foreclosure process that the bank or mortgage company presently holds. This is different than a property up for foreclosure auction. Jasmine Realty has experience to share with foreclosures and bank owned properties in Tucson, Arizona
When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. The buyer must also be prepared to pay with cash in hand. To top everything off, you’ll accept the property 100% as is. That possibly will involve existing liens and even current denizens that may require expulsion.
A bank-owned property, by contrast, is a much cleaner and attractive deal. The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The bank will attend to the elimination of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.
Note that REOs may be exempt from typical disclosure requirements. For example, in Nevada, it is optional for foreclosures to have a Property Disclosure Statement, a document that usually requires sellers to make known any defects of which they are aware. By hiring Jasmine Realty, you can rest assured knowing all parties are fulfilling Arizona state disclosure requirements.
Are REO properties a bargain in Tucson?
It’s frequently believed that any foreclosure must be a good buy and a possibility for easy money. This frequently isn’t true. You have to be very careful about buying a repossession if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it promptly, they are also motivated to minimize any losses.
Jasmine Realty has experience to share with foreclosures and bank owned properties in Tucson, Arizona. When contemplating what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But, there are also many REOs that are not good buys and not likely to turn a profit.
All set to make an offer?
Most lenders have staff dedicated to REO that you’ll work with while buying REO property from them. To get their properties advertised on the local MLS, the lender will usually contract with a listing agent.
Prior to making your offer, you’ll want to contact either the listing agent or REO department at the bank and learn as much as you can about their knowledge about the condition of the property and what their process is for getting offers. Since banks almost always sell REO properties “as is”, you may want to include an inspection contingency in your offer that gives you time to check for unknown damage and cancel the offer if you find it. If, as a buyer, you can provide documentation proving your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This holds for any type of real estate offer.)
After you’ve made your offer, you can expect the bank to respond with a counter offer. Then it will be up to you to decide whether to accept their counter, or make another counter offer. Your transaction could be settled in a single day, but that’s usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don’t work nights or weekends) you could be looking at a week or longer.
