Welcome to ASUlisings.com.  We help Students, Parents of Students, Faculty, as well as the Everyday Buyer purchase real estate in the Downtown Tempe and Arizona State University Area.  Our experience with this unique market is what has helped us personally create this website.  We hope that you will find it useful while exploring the many options that are in this area.  If you aren't familiar with the buying process here in Arizona we wrote an 8-part Guide you can find by clicking here.  Please take a moment to register with us here:
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Arizona Buying Process

Step 6 - The Inspection Period

The first day of the Inspection Period is the day contract is executed.  The standard Inspection Period in Arizona is 10-days but is negotiable.  This is your chance to perform your "due diligence" by investigating any aspect of the property that is of concern to you.

The most common investigation that is performed is a Home Inspection. The home inspector will evaluate the structural condition of the home along with the condition of most of the components on the property.  Following the actual home inspection the inspector will discuss any defects that were found and explain any foreseeable future maintenance issues that the property might have.  Typically, a full-color narrative report will be provided by the inspection company that details everything that was inspected and what condition those things were found to be in.  This report serves as a valuable tool in negotiating any repairs the buyer wishes to ask the seller to make to the property.

We work with an excellent inspection company if you do not already know of a reputable one yourself.  You can view a sample of one of their Inspection Summary Reports  in PDF format by clicking Clicking Here (this is the smaller version of the full report that shows only items in need of repair)  The home inspection does not cover termites but the inspection company we work with can take some of the work out for you by getting the termite inspection ordered for the same day with a pest control company that they associate with.

The Inspection Period is also a time for you to further research the neighborhood and the surrounding areas. The title company will order and provide you with a copy of the Community CC&Rs and the HOA Rules and Regulations if there is a home owners association .  This is also a good time to further research the nearby schools, if of importance to you.  Please refer back to the Arizona Buyer Advisory for a more detailed description of everything you want to be mindful of during this 10-day period.

Once all inspections have been complete, and if the property is not being purchased AS-IS, the buyers must decide if they would like to request any repairs to be made by the seller.  This request is covered in a standard 2-page form used in conjunction with the purchase contract known as the Buyer Inspection Notice Seller Response (BINSR or pronounced BINZER by most real estate agents).  Certain items are known as "warrantable items" and must be repaired by the seller per the original purchase agreement and are listed in a special section on the BINSR.  Other items that are not covered as warrantable, should the buyer decide to request them to be repaired, are also listed on the BINSR for review by the seller.  Once the form is submitted to the seller they can either agree to make the repairs, disagree to make the repairs, or respond with a description of the repairs that they are willing to make along with which ones they are not.  Once the BINSR comes back to the buyer they have only two choices; either accept the seller's response or they cancel the contract.  There is no going back and fourth like there can be in the initial contract negotiations. It is, therefore, very important to work with an agent that stays involved and keeps an open line of communication going with the seller's agent in order to better negotiate throughout the escrow period.  This is exactly where we come in. 

Another thing to be mindful of, if you are using financing to purchase the property, is that the contract only has a 5-day appraisal contingency period.  We work closely with lenders to make sure they receive a copy of the executed contract right away so they can get the appraisal ordered.

If you have any questions regarding the inspection period or anything else, please Contact Us. You may also complete the Buyer Form by clicking here and providing your information so that we can start working to get you a great deal on a solid property.

Step 5 - Opening Escrow

The "escrow period" is the time between which the contract is "executed" and the time that the property is officially transfered to the new owner or the "close of escrow date."  Once a contract (and any subsequent counters) are signed by both parties the contract is then considered "executed" and escrow is then considered to be "opened".   It is at this time that the initial deposit from the buyer (earnest deposit), which is collected at the time the buyer signs the offer, is deposited with the Title Company, also knows as the Escrow Company.  The escrow officer, as they are called, will then issue a receipt and open up the file to start facilitating the transfer of the property.

In a standard transaction, where homeowner is the seller of the property, the buyer will usually  have the ability to choose the title company.  There is a section in the purchase contract where the buyer will name the title company when writing the offer.  This is negotiable, however, and sometimes the seller will name a different title company within a counter offer.  In bank owned transaction the bank pretty much ALWAYS names their title company of choice in a counter offer.

The title company acts as the neutral third party throughout the escorow period and handles the exchange of money between the buyer and seller.  They are responsible for researching the title on the property and making sure it is free and clear of any leans and other hindrances.  Once the title is found to be clean the title comany that will issue the title insurance on the property.  If the property is governed by a Home Owners Association then the they will also handle the transfer with the HOA management company from seller to buyer.

We work with a great team of escrow officers who are very friendly and helpful and always willing to answer any questions you may have at any point during the purchasing process. There are several ways in which a buyer or buyers can hold title in the state of Arizona. Here is a brief explanation of each. If you have any further questions please feel free Contact Us or fill out the Buyer Form by going here.

Ways that you can Hold Title:

Sole Ownership

  • A single individual who has not been legally married. An unmarried individual who was married and is now legally divorced.
  • A married individual who wishes to acquire title in his or her name alone.
  • At the time of closing, the spouse of the buyer will be required to specifically disclaim or relinquish his or her right, title and interest to the property.

Holding Title with Others:

Tenancy in Common

  • Enables each partner in the property to sell, lease or will to his/her heirs that share of the property belonging to him/her.
  • Who can take title? Any number of individuals.
  • Ownership Division: Any number of interests, equal or unequal.
  • Who holds title? A separate legal title to his undivided interest is held by each co-owner.
  • Possession: Equal right of possession.

Joint Tenancy

  • Property owned by multiple individuals where if one of the owners dies, the remaining owners acquire the share of the deceased owner automatically.
  • Who can take title? Any number of individuals.
  • Ownership Division: Interests cannot be divided.
  • Who holds title? There is only one title to the whole property.
  • Possession: Equal right of possession.

Community Property

  • Property owned equally between a husband and wife. Each must sign all agreements and documents of transfer.
  • Who can take title? Only a husband and wife.
  • Ownership Division: Interests are equal.
  • Who holds title? Similar to title being in a partnership, title is held in "community."
  • Possession: Equal right of possession.

Additional Ways to Hold Title:

Corporation

  • A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having essentially the same as those of an individual.
  • The entity has continuous existence until it is dissolved according to legal procedures. Land owned by a corporation cannot be attached for personal debts or judgments rendered against any of its shareholders.

Living Trust

  • A living trust is created while an individual is alive and gives the individual control of the distribution of his or her estate.
  • The individual transfers ownership of his or her property and assets into the trust.

Partnership

  • A partnership is an association of two or more persons who can carry on business for profit.
  • A partnership may hold title to real property in the name of the partnership with partners having an equal or an unequal interest in the property.

Trust

  • A trust is an arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called beneficiaries.

 

Step 3 - Viewing Properties

Once we have worked together to narrow your search down to a particular area (or areas) and then further down to a set of properties, it is then time to start viewing homes.  We make sure that you not only get to view each property thoroughly but that you get a firm grasp on the area surrounding each home as well.  This way you can be sure the location is up to your standards and that it has all the amenities you desire.

Whenever possible we preview and/or research properties before we show them to our clients, especially if our clients are from out of town and are limited on time.  The day of showings we will provide you with full-color, in-depth, printed reports of the properties that we will be viewing. Once we have located some properties of interest to you, we then prepare a report on comparable properties, which includes information on other homes currently for sale in the area as well as recently sold properties.  This will allow you can get to an early understanding for how competitively, or non-competitively, the property is priced before you decide on an offer price.

Using our digital keys we have access to almost every property that you will see on our website, or anywhere else you might look, as long as it is in the MLS System.  Typically, if a home is being lived in then the current owner or occupant does not need to be there for us to gain access to the house.  Most of the time the current occupants are not there giving you the opportunity to give the home a very thorough review without anyone looking over your shoulder.

We have been able to show clients as many 25 homes in a single day.  It can be an exhausting experience but it always proves to be worth the effort once we walk into the right home.

Already have a property in mind that you would like to view?  -Or- do you want to get set up with detailed search results so that you can be on your way to viewing homes? All we need is a little bit of info, which you can easily provide on our Buyer Form by clicking here.  Also, feel free to Contact Us anytime with any questions about a particular property or any general questions that you might have. In Addition, remember, our services are FREE for all buyers.

Step 4 - Negotiating the Offer

Arizona is like the majority of states, in which it is not standard to involve a lawyer in a residential real estate transaction. We do advise that if you have any legal questions concerning the contract, other forms/documents involving the purchase of a home, or any other concerns that you do seek legal council.

Arizona sets the standard in the development of a clear, concise, and overall easy to understand real estate contract. Some buyers feel more comfortable getting familiar with the purchase contract early on in the buying process. If you wish to review a blank copy of the contract then please feel free to contact us so that we can send you one.

The following forms are typically required to be provided/signed by the buyer before submitting an offer:

  • Arizona Real Estate Purchase Agreement
  • LSR or Proof of Funds (explained in step 2)
  • Home Owners Association Addendum (if applicable)
  • Real Estate Agency Disclosure and Election
  • Signed acknowledgment of having received the Arizona Buyer Advisory (view here)
  • AS-IS Addendum (typical in bank owned and short sale transactions)
  • Short Sale Addendum (if applicable)
  • Various other disclosures/addendums when applicable

The Offer is written up on the 9-Page Purchase Contract and is then sent to the seller for their review. If the Seller decides to accept the offer as written they will sign the acceptance on p9 and the contract is then considered "executed."  The Seller may also choose to reject the contract or sign and return it to the buyer along with a counter offer. If they do counter the offer it is then up to the buyer to either accept, counter back, or cancel.  This process can go back and fourth several times.  If the offer does become "executed" at any point it is at that time that the "escrow period" then begins.  This also signals the beginning of the "inspection period," which is a standard 10-days in Arizona.  Both the "escrow" and "inspection" periods are further described as you continue on below.

We have recently adopted a new electronic signature technology known as DocuSign.  With DocuSign we are able to coordinate an entire real estate transaction without ever printing out a single document.  The best part for our clients is that they also don't have to worry about printing and faxing.  It is now possible to execute an entire purchase contract using just your email and the internet.  This has made things so much easier for ourselves and our clients, especially our long-distance clients who sometimes even purchase properties sight-unseen, which is a another type of transaction we also have of experience in.

We try diligently to stay ahead of the crowd when it comes to adapting in this ever changing.  We are constantly bring on new technology and acquiring new skills.  We have also written special sections for bank owned and short sale properties.

Please Go Here to Register with Us so that we can help you begin the process of finding the right home and purchasing it at a great price.

If you have any questions at all please don't hesitate to Contact Us.

Step 2 - Research Financing Options 

Often times this is put well ahead of actually searching for a home. If you have not yet begun to look into the financing of your home then this will be the next step.

If you are planning to use lender financing when submitting an offer we are required to attach a standardized form known in Arizona. as an "LSR" or a "Loan Status Report."  This is essentially what is called "conditional loan approval" in most other states.  To view a copy of an LSR click here.

If you are planning to pay with CASH then we are required to attach a "Proof of Funds."  Typically a letter from a financially institution or an account statement showing that you have enough funds to cover the purchase price of the property is sufficient.

We work closely with lenders who have been in the business for several years. Whether you have purchased a home (or homes) in the past, are a first-time-home buyer, an investor we have knowledgeable people who can help.  We also know of some special programs that allow for parents to co-sign for their college student son/daughter so that they can get an early start on building great credit.

We would suggest that you interview at least a few different people within the mortgage profession so that you can learn about as many different programs and options as possible.  Rates are back down to record lows and that definitely can be used to your advantage in the purchase of you home.

We can provide you the contact information of several different Lenders. Please Contact Us or fill in the Buyer Form by click here and select, "Yes, Need to Be Prequalifed."

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