Phoenix AZ | Scottsdale AZ Real Estate

When it comes to buying a new construction home from a new home builder there it is a detailed process that requires time , patience and understanding.

In Metro Phoenix, you have a nearly unlimited city choices in the area of Chandler, Gilbert, Glendale, Mesa, Peoria, Scottsdale and Tempe and even Paradise Valley.

The builder process is further complicated by the large number of choices in new home communities within all of these Phoenix area cities, a dizzying amount of amenities and the large amount of quality new home builders.

Large builders like, Toll Brothers, Pulte Homes, KB Homes, DR Horton, Shea Homes and smaller local builders like, Camelot Homes and Cachet Homes.

Some of the steps to new home construction are research, shopping, negotiating, model choices, lot selection, buying, interior design, building, construction, electrical and drywall checklist, final inspection, walk-through, and closing, ...

New Home Construction can be intimidating.  However, it can also be very very rewarding.

Once you have found the builder and community, and have negotiated a price that is affordable....

Make sure you follow these 11 steps of the building process.

1. Lot selection
2. Model/Floor-plan choice
3. Interior design - fixtures, finishings, paints, options, upgrades, etc..
4. electrical/mechanical
5. pre-construction
6. drywall/framing/roof
7. Inspection of workmanship, materials, measurements, electrical
8. Pool/ landscaping - completion
9. walk-through - inspection of Interior fixtures, finishings, paint, appliances, etc...
10. Independent Inspection of entire new construction
11. Final walk-thru and Close of Escrow

This is just a quick summary. Each step of the process is quite detailed.

I highly recommend you always speak with a one of the many real estate industry experts on Active Rain.

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Copyright © James Wexler,  *10 Key Steps to New Home Construction*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.

John McCain or Barak Obama ??  I am from AZ, so by default, a McCain Supporter.

However, the economic crisis is not a political issue. This is a national security issue and something we all need to work towards.

We desperately need a plan that will directly help housing.

Otherwise, foreclosures continue to mount, causing prices lower, and losses even greater to lenders, wall street and main street forcing us deeper into a recession.

Under the John McCain plan to help housing, if elected, would order the government to buy up bad mortgages to cut homeowners' monthly payments and as a result keep more homeowners in their homes.

For example, the government could buy a $200,000 subprime mortgage on a home now worth just $100,000, give the homeowner a 30-year, $90,000 loan with a 5 percent interest rate, and essentially eat the $110,000 difference.

That would effectively bail out the banks and lenders at 100% with taxpayer money.

Many experts believe that this may be the only solution to a spiraling housing market. However, Mr. Obama argue that the plan would cause the government "to massively overpay for mortgages in a plan that would guarantee taxpayers lose money and put them at risk of losing even more if home values don't recover,"

In my humble, but strong, opinion, we need to do anything and everything to get liquidity back in the banks. If not, real estate prices could drop drastically further with no end in sight.

However, we must own equity (shares) in these banks, lenders, etc... If the bailout works to avoid the catastrohpe that is threatened, then we need to share in the profits.

We cannot take all the risk for (much of which) has been bad lending practices and Wall Street greed.

We cannot let Wall Street and lender off the hook completely for much of which is their mistakes?

Let me know what you think?

I am a real estate broker/agent. I make my living helping people buy and sell Real Estate in the greater Phoenix and Scottsdale area.

The first rule of Real Estate 101 taught to new agents is to ask "Why Rent when you can own?"

Traditionally, and especially in the past 10 years, following this home buying advice has proven lucrative and accurate.

However, the last 2 years has proven that this is not a hard fast rule to follow for every potential home buyer.

I have read so-called experts claim that if home prices do not rise, then you are doing little more than renting from a bank.

Since, as we have seen recently, real estate prices do not always go up, you need to follow a better guideline in your decision making than answering the age-old question of "Why Rent when you can own? and "renting is throwing money away!"

Here are the questions to ask yourself if home buying is right for you

• Do you need the flexibility of renting? or can you afford to stay in your home for at least 5 years or longer?
• Can you afford a 20% down payment?
• Can you afford a monthly payment on a 30-year fixed mortgage?
• ask your CPA ... Does the tax benefit of home ownership offset a potential decline in home value?
• Have you reduced other real estate debt before you add more on this home purchase?
• Does a fixed monthly mortgage payment for the next 15 years outweigh the likely inflation of rents during that same time (called an inflation hedge)

These are broad questions that can have many variations for each individual situation. However, it is a good foundation from which to start your home buying process.

You do not need the Real Estate boom to enjoy the many benefits of owning a home.

However, you do need to the answer the right questions of whether or not real estate ownership is right for you and your family.

I always recommend you speak with respected on of the many industry professionals here on Active Rain to get the best answers for your personal situation.

Related Posts

• 1031 Exchange Opportunities in Phoenix
• Dear Mr. Bernanke, Phoenix Real Estate needs an interest rate cut
• Top 5 reasons to buy a home

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Copyright © James Wexler *Don't Buy ! Rent !*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs

Camelot Homes , the #1 ranked Arizona small volume builder (by Ranking Arizona) is in demand new home builder based in Scottsdale is one of the most respected luxury home builders in Arizona.

Camelot Homes is offering 2 beautiful homes in Sonoran Mountain Ranch in Peoria, AZ that are well worth taking a look.

Sonoran Mountain Ranch is located in the Northwest (of Phoenix) Valley at 67th Avenue just north of Jomax Road. and is a spectacular gate guarded hillside community with luxury homes and majestic mountain views.

If you are looking to live in the Northwest Valley, go take a look at these 2 opportunities.

28633 N 68th Dr. Peoria , AZ - $475,900 ~~~ originally listed at $781,000

• 5 Bed/ 3 bath
• 3,644 sq/feet

28570 N 68th ave. Peoria, AZ - $475,900 ~~~ originally listed at $821,000

• 5 Bed/ 4 bath
• 3,829sq/feet

Both homes feature large open gourmet, stone, brick and impressive patios and foyer and wonderful mountain views.

These same new build homes were listed at $781,000 and $821,000 respectively.

**I need to point out that I am not the listing broker agent.

**I have received no compensation for this information.

I encourage you to speak with your real estate experts and industry professionals for detailed information before any buying decision.

Ask for Kellen Britt at the sales office and tell her James Wexler sent you.

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• 10 Key Steps to New Home Construction
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Home ownership can be a personally and professionally rewarding endeavor where most Americans can raise a family, call a house a home and create wealth.

However, often  real estate professionals, mortgage brokers,  friends and family will tell you things like

•  Don't wait, buy now.
•  renting is a waste of money.
• Taking on debt is always o.k.
• real estate prices are going up
• you don't need a down payment

Now,  these advisers likely have your best interest in mind. However, they do not know your personal situation.

I am a big believer that home-ownership can be a great thing. However,

Here are 5 Home Buying Rules to live by to help you decided whether now is the right time for you.

1. Do you want to own a home. - there is no reason to buy just because everyone else says you should. Home ownership can be expensive, can tie up your money and can be filled with upkeep headaches.
2. Do you love the home. - Make sure you will be happy in your home for a long time. There is no reason to work hard to pay a mortgage on a home you do not enjoy.
3. Do not buy until you have at least 10%; however, I recommend 20%. - you will get the best fixed mortgage rates available and have no PMI (private mortgage insurance)
4. Buy a home you can afford - just because a lender will give you a mortgage does not mean you can afford the home. Make sure that there is extra money for utilities, bills and unforeseen events (job loss, health and medical bills, clothing, school, etc..) - you will not enjoy or last in a home if you take on additional debt just to pay your mortgage
5. Pay off debt, improve credit score, obtain best mortgage - the cost of money (your mortgage) can be as important as the price you pay. - take a little extra time to improve your health to obtain the cheapest mortgage

If you are planning to buy a home in Phoenix, Scottsdale , Paradise Valley, Peoria or any of the towns in Maricopa County, ...

make sure you take your time, make prudent decisions, and follow these 5 important rules of home buying, ...

you can have wonderful place to live, enjoy and call home; you will receive tax advantages, a hedge as a safeguard against inflation and build equity as you contribute towards your nest egg.

please speak with your personal and professional advisers before any decisions. However, also remember...  you are the best expert of your own money and personal financial situation.

Only you can decide if home ownership is right for you.

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Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale AZ Real Estate needs.

I wanted to share this message I received from a motivational email from the local Coldwell Banker Designated Broker, Connie Windahm

Too often, people are frightened of asking for referrals. Is it the fear of rejection, or are they concerned about annoying their prized clients?

If you're providing truly exemplary service, you shouldn't be ashamed to ask for the opportunity to provide that same service to other people your clients know!

In fact, it should be the next natural step after asking a client how the service was.

The way you ask this question, however, is very important. Open-ended questions help people to brainstorm, instead of giving them the chance for a simple "Yes" or "No" answer.

Instead of asking, "Do you know anyone else who could use my services?" ask, "Who do you know who could use my services?" The difference in how they respond is amazing!

It's also critical to expect the referral. When your tone or facial expressions show that you don't really believe your client will have a good answer, they won't have one! Don't let your body language change your question into, "I don't suppose you have any referrals for me, do you?"

Instead, expect the referral like it's the most natural thing in the world. With enough practice, it will be!

If people seem tentative, or they say they'll think about it, tell them you'll get back to them, and set a specific time to do so. Keep the appointment, even if it's just a phone call. Remind them that this is the way your business model works.

You "get buys" with a little help from your friends

A quick post for my fellow real estate professionals in Arizona;

as well as home buyers and home sellers who may be in escrow and should be aware of the AAR (AZ Association of Realtors) legal opinion on...

‘Appraisal Contingency' and how it affects buyer & seller rights, time frames and earnest monies.

Please note, this opinion pertains only to the AAR Purchase Contract used in Arizona.

Neither the AAR or myslef is offering any opinion in other states.

However, I encourage all Real Estate Agents and Brokers to examine rules in their respective states.

In the past there has been some confusion on whether or not,

according to AAR Purchase Contract ..... as it pertains to cash buyers,

Can Cash Buyers ** cancel a contract if the home fails to appraise for the purchase price anytime during the escrow period??

In essence,

does the appraisal for sales price contingency runs the life of the contract??

According to the newsletter this month from AAR, This is NOT TRUE!

"Cash buyers can only cancel a contract within the inspection period, if a home fails to appraise.

Lines 59-61 (of the AAR Purchase Contract) only apply if financing is involved.

I hope this helps! and Good luck to all of you!

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Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs.

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When it comes to buying a home or investing in real estate, there are two matters to always consider.

The price of Real Estate versus the price of money.

In the last couple weeks, interest rates and long-term mortgage rates have risen.

30-year Fixed mortgage rates have risen above the the 6% level a few weeks ago.

Wall Street thinks the FED is done cutting rates for the time being as a result of inflation fears, the election outcome and to see how the Housing Rescue bill will take effect.

why is this important when it comes to buying real estate?

On one hand, as Lewis Corcoran, a very talented mortgage broker points out , "We can never expect people to buy homes simply because, as the National Association of Realtors keeps saying and has been saying for 2 years now: "now is a great time to buy a home." as we do not know for sure when and where the bottom will be found.

However, one must also take into consideration that if the experts are correct and interest rates do continue to rise  into 2009, then, ...

No matter how you cut it, even if home price remain level or even decline slightly, the actual cost of the home is rising. (Please see Home Prices down Price you pay is Up)

Again, how you finance your home can be as important as the price you pay. The price of money is steadily rising. If we have hit a bottom in real estate prices, then the cost of your home is going up. Period!

If you are in the market to buy and believe that the market has neared a bottom in Phoenix or Scottsdale or Fountain Hills or any town in your area; If you find a home that is a good value for you and your family that offers you a place to live, favorable tax treatment and you can lock in an affordable 30-year or 15 year fixed monthly mortgage payment , then consider making an offer on that home you have been watching.

Again, every situation is different, so please speak with mortgage and real estate professional to help evaluate whether now is the right time to buy.

Related Posts

• Dear Mr. Bernanke, Phoenix Real Estate needs an interest rate cut
• 5 Reasons to Buy a home in Phoenix
• Is Alan Greenspan to blame for the Housing crisis? 

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Copyright © 2008 By James Wexler, All Rights Reserved. *The Price of Real Estate vs. The Price of Money*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

I have been hearing more and more stories of buyers approaching sellers with offers that include "Cash-Back". Why is this white collar crime and mortgage fraud making a re-occurrence? - Buyers are taking advantage of 'desperate' sellers hoping they will cross the line to do anything to sell a home.

Let me be clear that it is illegal. Period! In fact, on June 19th, the FBI charged More Than 400 Defendants Charged for Roles in Mortgage Fraud Schemes as Part of Operation "Malicious Mortgage.

A cash-back transaction scenario is where a buy pays more than a home is worth with the extra money being paid from the seller (outside of escrow) back to the buyer

Wikipedia defines Mortgage Fraud Cash-Back Schemes:

"The buyer and seller or the buyer and real estate agent collude to deceive the lender as to the true sale price of a property. The seller or the real estate agent gives the buyer a cash rebate which is not disclosed to the lender. As a result the lender lends too much, and the buyer and/or seller pocket the overage. This scheme usually requires appraisal fraud to deceive the lender. "Get Rich Quick" real-estate gurus' courses frequently rely heavily on this mechanism for profitability"

Here is a Cash-back Scenario"

1. Homeowner lists home for $320K
2. Buyer approaches seller and offers to pay$400K and ask for $80K extra paid back to the buyer after and outside the escrow.
3. Seller agrees as still receives the $320K net they had hoped
4. Buyer is able to put down 20% on $400K ($80K) and receive a 30-year fixed mortgage with no PMI (private mortgage insurance)
5. Buyer then receives the $80K back after the close of escrow; thus, getting a fixed rate, no PMI mortgage with no money down.
6. other situations are buyers putting down $40K and getting $40K cash back in the buyer's pocket.
7. Buyers are committing fraud.
8. Buyers and sellers are inflating home prices which as the recorded sale becomes a 'Comp'.
9. Houses usually go into foreclosure further hurting the housing market.
10. Banks and shareholders take the losses.
11. Losses are passed on to fair dealing consumers in higher rates and fees and stricter lending guidelines.
12. All of these prevent buying; Lack of buying causes prices to fall or prevent recovery.

The Land 'Gold-rush' in Phoenix of the last 10 years saw the unfortunate proliferation of many unscrupulous brokers , appraisers, mortgage brokers, buyers and sellers who participated in cash-back schemes which hurt the honest majority and contributed to the large amount of foreclosures in metro Phoenix and many of the surrounding towns including Scottsdale, Tempe, Peoria, Gilbert, etc...

If you are approached with such a cash back deal or know of participants email: px_cashback@ic.fbi.giv

Thanks for helping the 99% who are contributing to your housing market and national economy.

For further details ask your local experts on Active Rain:

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Related Posts

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• What Does Credit Crunch Really Mean to Phoenix Home buyers
• Don't Go out and look at Real Estate

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Copyright © James Wexler, All Rights Reserved. *'Cash-Back' Deals and Mortgage Fraud*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale Real Estate needs

More than 100 Million people tuned in last night to watch Sarah Palin (let's be honest here). Most watched with the morbid fascination of auto-racing (no offense to nascar fans) to see if she would get in the proverbial car crash.

First, let's call last night what it was, a glorified press conference. Most definitley, not a debate.  We watched well-rehearsed answers to previously know questions.

And, no matter what you think of the performances, we learned little new about the candidates or their policies.

Today, the spin-makers worked hard to declare their respective candidates victors in the vice presidential debate.

and 'who won the debate ?' , like everything else in politics, the answer depends on who you ask...

CNN Poll (think left wing media) claimed Biden Won , but Palin exceed expectaions.

However, of interviews with those watching the debate agreed that, Biden may seem more prepared to lead the country. However, Americans much better identified with Sara Palin's folksy charm and would me more inclined to vote for her.

If it is any indication of interest, internet search phrases for Palin and phrases and terminology used in her speech, oh, I mean debate, were of greater number and interest.

Who do you think won the debate? and more importantly, will it have any impact on the vote for President??