Jennifer Srock - Your Casa Grande REALTOR®

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First Time Home Buyer Secrets To A Successful Purchase- Phase 1

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Buying your first home is a big decision. Knowing the process will help you have a more enjoyable experience. Here’s a core guide to each phase of the home buying process.

Phase One: Deciding If It’s The Right Time For YOU To Buy Your First Home.

Buying_A_Home_in_Arizona

Buying Your First Home in Arizona

Smart buyers decide to buy when it fits into their plans for…

  • Family. Are they planning to get married, have children or empty their nest?  Will any of these plans compromise their space needs or location priorities?
  • Career. Is there job security? Is there possibility for relocation or will they be working in the same area for the foreseeable future? Are there plans to start working less or start their own business in the months or years to come? [Read more…]

Renovation Financing On Your Home Purchase – FHA 203K

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Are you trying to find a home to buy and finding that many need work to be up to your standards of living? So what do you do if you find the perfect home but you also find yourself calculating the cost of work it will take to make it YOUR home?

What if you were offered a solution? It is called an FHA 203k and it features: [Read more…]

FIRPTA on Arizona Real Estate Owned By A Foreigner

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Foreign_Investment_Real_Property_Tax_Act

Foreign Investment Real Property Tax Act

Since FIRPTA has no impact on a foreign citizen’s home purchase many foreigners don’t become aware of the possible tax implications until it comes time to sell their property. For the Foreign purchaser there really isn’t a difference in the purchasing process.

Selling a property is when a United States Foreigner would have to have an ITIN or meet one of the exceptions to FIRPTA withholding.

ITIN, An Individual Taxpayer Identification Number  is a tax processing number issued by the Internal Revenue Service (IRS) to individuals who must have a federal taxpayer identification number but who don’t have or aren’t eligible for a Social Security Number.

Individuals who need ITINs include non-resident aliens and US resident aliens who need to file a federal tax return and are not eligible for a Social Security Number, dependents and spouses of a US citizen or resident alien, and dependents and spouses of non-resident alien visa holders.

ITINs are used solely for the purpose of helping individuals comply with federal tax laws and to provide the means to efficiently process and account for tax returns and payments for people who are not eligible for Social Security Numbers. ITINs do not authorize work in the United States or Social Security benefits and are not valid outside of the tax system.

FIRPTA, the Foreign Investment Real Property Tax Act, is a law enacted in 1980. Under FIRPTA,  If a seller of real estate in Arizona is a non-U.S. citizen the buyer, real estate agent, escrow officer and/or attorney MUST insure approximately 10% of the sales price is withheld to be applied to the seller’s potential tax obligations pending a decision from the IRS. (unless an exemption applies). 26 U.S.C. § 1445(a) [Read more…]

Pay A 3.8% Sales Tax On The Sale Of Your Home

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Did you know if you sell your home after 2012 you will pay a 3.8% sales tax on the sale of your home? 

3.8% sales tax

Where’s The Money?

This is a common email forward going around today. Email first and ask questions later. That seems to be how this subject is being addressed. Is this true? False? Somewhere in between? Everyone seems to have their opinion. A debate isn’t going to spell out the truth about this rumored 3.8% sales tax on home sales.

So, what is the truth? [Read more…]

Reverse Osmosis Systems (RO)- Drinking Water

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A Reverse Osmosis (R/O) system is a filtration system most commonly used for drinking water by removing sale and other substances from the water molecules.  I encourage you to do some research into the subject if you decide to use R/O for your main source of drinking water. The following are some reasons why.
[Read more…]

What is a USDA Loan? $0 Down payment…

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USDA_LoanA USDA Loan Is A Government Insured 100% Purchase Loan

Under the terms of the USDA Loan Program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment. Since a common barrier to owning a home for many  people is the lack of funds to make a down payment, this program can help make home ownership a reality. [Read more…]

Buying Foreclosures

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A foreclosure, also known as an REO or Real Estate Owned by a lender, has been acquired by a lending institution through the foreclosure process. The buyer will present their offer to the seller who is whichever lending institution owns the property.

The lending institution will present a multiple page Counter Offer and/or Addendum that the buyer will be obligated to accept in order to purchase the subject property. [Read more…]

Termite Inspections and Warranty for Termites

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In addition to any home inspection, you may want to have a termite inspection done on your home. Arizona homes are a common food source for termites. Take a look at the Office of Pest Management (OPM) publication, “What You Should Know about Wood-Destroying Insect Inspection Reports“.

To obtain a termite history report on a property, visit the OPM website or call 1-800-223-0618.Termite warranties are usually good up to 5 years. You may want to contact the most current company to have treated the property to see if they have a warranty on it as well. [Read more…]

Arizona Home Inspection and Inspectors

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Home InspectionA Home Inspection Gives Buyers Answers

I always advise my clients to get a home inspection as soon as their offer has been accepted. A newly  constructed home is no exception. Did you know you can hire your own inspector to coordinate multiple smaller inspections throughout the different building stages and again near the end of the builder’s first year warranty?

Wether you’re purchasing a newly constructed home or a resale, a good home inspector can help you make an educated decision on whether to move forward with the purchase before your inspection period is over.  A home inspection is a bargain compared to buying a home in need of huge repairs. Plus you’ll have peace of mind that your new home will be safe to move in to.

You are more than welcome to shop around the Yellow Pages to find an inspector you will be comfortable with. You may also want to check out my highly recommend and equally respected Inspectors I listed below.

  •  CDC Home Inspections by Licensed Home Inspector & Property Damage Insurance Adjuster, Darrell Penn. 800-298-4250
  •  Southwest Home Inspections by Licensed Home Inspector and Arizona native with 30+ years as a sub contractor with an extensive understanding of the way buildings are built here in Arizona, Lynn Reber. 480-201-3579

For the reason that termites are prominent in Arizona, you may want to consider having a termite inspection done during your inspection period as well. Termite inspections are an inexpensive peace of mind as well. Both of the above inspectors are able to help you make such arrangements to get a termite inspection done. The Structural Pest Control Commission (SPCC) regulates these inspectors. The SPCC can also provide you with information regarding past termite treatments on a property.

Additional information about termites may be obtained at https://agriculture.az.gov/pestspest-control/termites.

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