By Joe Szabo, Scottsdale Real Estate Team Applying for a loan is different from getting prequalified for a loan.  Getting prequalified involves going to a lender and having the lender analyze your financial situation and come up with an approximate amount you can borrow. You have to apply for a loan to get preapproved.  The lender will want to see documentation and proof that you actually have the assets and debts you say you do. You should have some key pieces of information to speed up the process.  These include copies of bank statements for the last three months, copies of all account statements including stock accounts, copies of your most recent pay stubs, and your W2 forms for the past two years.  If you are self-employed you will need the past two years of tax returns and a profit and loss statement for the year to date.  If the money you are using to buy the house is a gift from a friend or family member have a gift letter as well. You will need to make some other important decisions at the time of your application. These include what type of mortgage you should choose, if you should float the rate or lock it in, and how many points (if any) do you want to pay. Keep all of this in mind and go in to a lender prepared, it not only speeds up the process but shows the lender you are a serious buyer. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo.  Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at  480.688.2020         480.688.2020 or visit www.scottsdalerealestateteam.com for more information.

By Joe Szabo, Scottsdale Real Estate Team When you close your escrow is a negotiation point between you and the seller.  Timing is everything. You should set the closing date according to when your current lease ends.  If you close at the beginning of the month and your lease doesn’t end until the end of the month you will be paying double rent for nothing. This only works if you have work to do on your new home and need somewhere to stay in the meantime. In addition if you close at the beginning of the month the lender will require you to prepay the interest from the day of closing until the end of the month.  If you close closer to the end of the month, the less money you will pay out of pocket. Remember that you get to take deductions for your house in the year that it closes, even if it closes on the last day of the year.  But make sure your deductible costs will be greater than the standard deduction allowed by the IRS. You may want to contact your accountant to find out how this may affect your situation. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo.  Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020         480.688.2020 or visit www.scottsdalerealestateteam.com for more information.

By Joe Szabo, Scottsdale Real Estate Team In the movie The Money Pit, the homeowner, played by Tom Hanks, throws much of his life savings into renovating his new home.  Maintaining a home can feel much the same way.  Calculating the cost of home ownership appears easy at first.  After all, if you can afford the mortgage, insurance, and real estate taxes you can afford it, right?  Unfortunately that is not always the case.  Some costs of home ownership can lighten your wallet or break the bank.  Calculating these costs can be difficult as there are the fixed costs such as the mortgage payment and taxes and semi-fixed costs such as utilities, and then there are the variables which include repair and maintenance of the interior and exterior of the home and landscaping and maintenance.  These costs can vary greatly. The extent of repairs needed and their cost will vary with the condition the house is in when you buy it.  Utility bills can vary based on the season and usage. In order to avoid breaking the bank it is a good idea to save up at least 6 months of expenses so that if a major repair is needed you have the funds available. Don’t let your house become the “money pit”. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo.  Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020         480.688.2020 or visit www.scottsdalerealestateteam.com for more information.

The most important thing you can do when go to a showing is to step back and view the home objectively. Don’t get caught up in the moment. Look at every nook and cranny, open every closet and look at the carpets and floors. Look at the house as if it were empty. Try to picture the house as it would look like without the grandfather clock in the corner or the paisley sofa.  Realize that even though the house may not be decorated the way you would decorate it does not mean it doesn’t have potential. Don’t miss out on a great home because you don’t like the way the walls are painted. When scheduling your first showing, look at your basic needs.  Is it within the right distance to work, family, and friends?  Does it have enough bedrooms and bathrooms?  Is there enough storage space? Is there parking? Is it safe? Is it in the right school district?  If the home meets these basic requirements then see if it has some of the items you would like. For example, is there an extra bedroom or bathroom, is there a garden or a deck, is the garage attached, and what is the overall condition of the house. Keep in mind those things that you cannot live without in a home and those things that aren’t as important.  Look at every house to see how well it fits your needs and look at the house’s potential to not only be a house but a home. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo.  Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at               480.688.2020         480.688.2020 or visit www.scottsdalerealestateteam.com for more information.