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Rent vs Buy in Arizona : Real Estate Advice

  • All500
  • Local Info27
  • Home Buying288
  • Home Selling37
  • Market Conditions11

Activity 29
Fri Jun 21, 2013
Hector Olivera answered:
I have a lender that offers financing to Canadian citizens. Feel free to contact me.

Thank You,

Hector Olivera Jr.
Realty One Group
HOliveraJr@Yahoo.com
www.PhxHomes4u.com
480.359.5510 ... more
0 votes 16 answers Share Flag
Tue Apr 9, 2013
Jennie Miller, Pllc answered:
I just spoke with a client that will have a 4 bedroom rental home available for move in on June 1.
0 votes 3 answers Share Flag
Thu Feb 7, 2013
Jennie Miller, Pllc answered:
Are you looking to rent a home in Apache Junction?
0 votes 2 answers Share Flag
Fri Aug 9, 2013
Paul Paich answered:
Feel free to call me at 602 722 0026 and I will be happy to help answer your questions for you.

Kind regards,

Paul
0 votes 5 answers Share Flag
Fri Oct 5, 2012
Daniel Alvarez answered:
Hi Andrea,

Sounds like you'd be a good candidate for NACA's first time homebuyer program. Check out their site: www.naca.com. There is no down payment and no closing costs. They do, however, require that you have some savings (reserves) to ensure that you won't slip up on mortgage payments (along with unexpected repairs and other emergencies).

Rent to Own options are often loaded with stipulations that can appear "scammish" (i.e. option to purchase deposit will be forfeited if you're late on a payment). Most likely you'll be charged slightly higher than market average rent (which they will often times justify by saying a portion of it will go towards the purchase price.) Moreover, the option to purchase is often a price that is higher than market average. Its often times just a clever way for these property owners to generate extra income at your expense.

Your best bet is to check out that non-profit (NACA) and once prequalified, work with an agent to find something within your budget.

Good Luck. I think you'll do well in the long run by purchasing rather than renting. You stated you're in a bit of a pinch and need to find something quickly. If you have no choice, then please avoid the rent to own route. Put the extra money you'd be spending on that option into your bank account and work towards owning for less.
... more
0 votes 2 answers Share Flag
Mon Sep 24, 2012
Holly Brink answered:
Hello Kendra. There are 1,059 Single Family Homes Active For Rent in the City of Phoenix. There are 2,093 Single Family Homes Active For Sale in the City of Phoenix. This information changes frequently as agents get more listings, close on sales transactions, find rentals. Prices vary all over and of course there are many homes in nearby suburbs for sale or for rent. There are pros/cons to both. Is there a specific reason you ask? I'm happy to help. ... more
0 votes 4 answers Share Flag
Tue Sep 25, 2012
D. Elizabeth Vincent, AssocBroker answered:
Hi Andrea,
You will love Scottsdale. It has everything the SouthWest could ask for and more.
Excellent schools, fantastic shopping, resort-like atmosphere. You will fee like you're on
vacation 365 days of the sunshine year! I am a native of the valley and have seen it grow
tremendously. I have been in most of the nooks and crannies. We have beautiful new
subdivsions and land for those that want more space.
Elizabeth Vincent 602 885-2476
... more
0 votes 5 answers Share Flag
Tue Sep 25, 2012
Jeff Devorkin answered:
Hi Andrea, congrats on making the move to AZ ! Leave all your jackets behind ! I would love to send you and your husband some properties that are both for rent and for sale. Please send me an email to jeff@iGoUrban.com.

Thanks !
... more
0 votes 11 answers Share Flag
Thu Sep 18, 2014
Tim Moore answered:
It is always best to remove objections and a bad crack is just that. The problem is a buyer will see a crack and assume it will cost $1000 when you can fix it for $100. They will adjust their offer based on the amount of repairs they "think" it will cost so it is always better to remove the objection before they make it an objection. ... more
0 votes 7 answers Share Flag
Thu Feb 23, 2012
Steffy Hristova answered:
The rental market is pretty healthy - there is demand, and properties rent fairly quickly. Most proprieties bought in the recent months are cash-flowing.
Are you looking to buy or to rent? ... more
0 votes 3 answers Share Flag
Fri Nov 2, 2012
answered:
Cap rates vary from 5-9% cash on cash return, depending on what you buy, and where.

Here is my Scottsdale Market Stats screen capture for January:

http://screencast.com/t/ju47lzNEW8J

Terry S. Smith
46 year Arizona Resident
Grew up in Scottsdale
... more
0 votes 6 answers Share Flag
Mon Jan 9, 2012
Bob Movin-On answered:
Here you go straight from the underwriting guidelines published on the Fannie Mae web site;

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Want to get your life back in order and into a home? Want to live in your future home while we get you approved? We have a program that does just that “gets you approved”. “Start Now”, we can have you in a home in as little as 6 months. Visit www.MortgageTrainingProgram.com for more information.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have or will loss their home get back into another in as little as 6 months
... more
0 votes 2 answers Share Flag
Sun Jul 28, 2013
Bob Movin-On answered:
Here you go straight from the underwriting guidelines published on the Fannie Mae web site;

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Want to get your life back in order and into a home? Want to live in your future home while we get you approved? We have a program that does just that “gets you approved”. “Start Now”, we can have you in a home in as little as 6 months. Visit http://www.MortgageTrainingProgram.com for more information.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have or will loss their home get back into another in as little as 6 months
... more
0 votes 9 answers Share Flag
Mon Mar 26, 2012
Jeanne (Genie) Barfield answered:
You first need to find out if you can sell your house at a net acceptable to you. If you can do so, you can put your house on the market, (remember if time is of the essence le lowest you can price it at with seller's concessions, the better off you'll be). If you do not need to move right away, you can wait until you close to do so. Then the question is will you stay at your new location for a while? I mean a few years. If so there is no harm looking into purchasing a home, the prices are low, the bargaining power for buyer is good, and the interest rate is great. If you want to contact me I'll glad to talk to you and answer more questions you might have. I can't personally help you by listing or selling you a home, but Keller Williams realty has over 80,000 real estate agents, operating in approximately 690 market centers (offices) across the USA and Canada. I can help you through my referral network. I hope my answer helped a little bit. ... more
0 votes 5 answers Share Flag
Tue May 31, 2011
Phil Rotondo answered:
It's possible.
You may want to check out what's available on places like Craig's list or local newspapers.
0 votes 4 answers Share Flag
Fri Jun 24, 2011
Jon Hegreness answered:
Regardless of credit you should be able to find a place to live in Phoenix. I cannot imagine that credit will cause you to become homeless. You will find that one landlord or another may have different standards and in some of many cases there are owners that will not rent to someone for one reason or another. Will you be able to rent something? Yes. Will you be able to rent everything you like? Possibly not. Put together a letter to a landlord detailing why you were not able to meet you debt obligations. Prepare bank statements showing a reserve. Prepare paycheck stubs showing income sufficient to pay rent. Look only at rentals that are 30% or less of your income and within your budget. Keep in mind that Pets, Inside Smoking and other situations can make things harder as well. Combine too many seeming negative factors and you might find renting very difficult. ... more
0 votes 4 answers Share Flag
Sun Sep 23, 2012
answered:
Dear Lynn:

It is best to contact a local C.P.A. for tax consequences.

Here is the company that I recommend.

Steven Adolson
Dobbins Financial
(602) 279-5464

Terry S. Smith


Scottsdale Luxury Specialist

45 Year AZ Resident

DPR Realty LLC

8341 E. Gelding Drive

Scottsdale, AZ 85260

Contact me Direct (602) 763-1858

Office (480) 994-0800

ScottsdaleForeclosures@Gmail.com

www.ScottsdaleLenderForeclosure.com
... more
0 votes 6 answers Share Flag
Sat Sep 9, 2017
Anna M Brocco answered:
Yes, but much will depend on the individual landlord; you can consider offering additional security deposit, possibly pre-pay some of the rent, etc.
0 votes 31 answers Share Flag
Thu Feb 24, 2011
Mark Sumstine answered:
Hi Rosemary,
There are a few other questions that would help this process along, well, quite a few actually.
There are a lot of properties in Scottsdale that meet that broad description. I would start by asking what kind of monthly fee are you comfortable with for a condo? This is critical if you are on a fixed income as some fees in Scottsdale can be quite high.
There are a host of other questions besides the price point your of the monthly fee and the cost of the unit itself. What activities to you enjoy? Do you have a pet? Are there friends or services you want to have easy access to? What kind of amenities are important for you? Do you want a ground floor unit? Does the garage have to be attached to the unit?
As you can see there is a lot to consider. If you feel up to browsing on your own please feel free to use www.HomeValuesInArizona.com or if you prefer just give me a call at 602-828-0684 and I'll be glad to offer whatever level of assistance you need.
Warm Regards,
Mark Sumstine
The Williams Real Estate Company
Scottsdale, AZ
... more
0 votes 9 answers Share Flag
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