ACE Realty is assisting Home Purchasers, no matter whether you are a First-time buyer, an experienced Investor, or looking for a second home or Business. We are specialized in any aspect of Residential properties in all price ranges, and all common types like
Single Family residences incl. Town- and Patiohomes, Condominiums, Co-operatives
Land/Lots with or without Manufactured or Mobilhomes
Duplexes, Triplexes & larger
Fix-up properties
Foreclosure Sales
.... and more!
Besides our own Company's listings in the local "Multiple Listing Service", we have access to ALL listings that are available in Tucson & vicinity, and we can do expansive research on all properties, even FSBO's (For-Sale-By-Owner) to determine a fair value! Let us know if you would like to set up a FREE automated search for your property; it will be updated by email as soon as a property that fits your criteria comes on the market!
All our clients are in good hands since our Team of Specialists will educate them about all aspects of the homebuying process. Whether you don't know where & how to get started, plan an 1031 tax deferred exchange, a property trade, want to rehab a fix-up, or need recommendations about financing sources, you will be at the right place.
HOMEBUYING PROCESS
BUDGET, PRE-QUALIFICATION & PRE-APPROVAL
Budget: You will need to find out your very own budget. How much "home" can you afford and what kind of monthly payment you feel comfortable with. If you are paying rent already, you will have a good idea how to plan ahead.
Pre-Qualification: Usually it is a lender (either a bank with a mortgage department, or a mortgage lender/ broker) who will provide financing. They also have access to assistance programs to support buyers with financing difficulties. The pre-qualification is easily done - you call a lender, give him/her an overview about your financial situation (your income/ expenses), and he/she will be able to give you an approximate loan amount that you will qualify for right over the phone. *** We work with a lot of different lenders and financial institutions, other financial assistance sources as well as "private or alternative lenders". Call us toll-free at 1.866.496.0813, and we'll get you started! ***
Pre-Approval: This is a piece of paper that you will receive as a confirmation of the pre-qualification. After your initial contact with the lender, they will need your permission to pull your credit report, and you will have to provide proof for all your income and expenses, payments for car, other liabilities, tax returns, etc. The lender will then figure out what maximum loan amount they can "approve" you for. It will depend on different aspects, but assuming you have a "bad" credit shouldn't prevent you from trying. Thinking you might have "no credit" might not be the fact either. The lenders sometimes have a way to find "alternative credit" that you didn't realize you migth have had! *** And again, we work with a lot of different lenders and financial institutions, other financial assistance sources as well as "private or alternative lenders". Call us toll-free at 1.866.496.0813, and we'll get you started! ***
DREAM HOME
Location: Did you already think about where you are looking for your new home? There are quite a few things to consider. Should it be in a particular school district? Close to a hospital? How far of a commute to work or school should you plan? What is important to you? What is important to your spouse? You will need to figure out the "best location" for you, but also alternatives but also have an idea about alternatives.
Amenities: There are "needs" and "wants". What do you really need? Think about the "minimum" number of bedrooms, bathrooms, the minimum square footage, parking facilities, a pool, A/C instead or combined with evap cooler? Does it matter? Write down the MUST HAVE! We can provide you with a convenient checklist, just let us know. The shorter the list of NICE TO HAVE is, the better. As you will start to look at homes, you will get more ideas. OUR TIP: The more homes you will look at, the less likely the chance to find the perfect property since your expectations will grow. -- We also represent buyers at new construction sites. A new built home has many advantages but also some disadvantages that first-time buyers might not be aware of. Remember that the site sales person is always representing the builder/seller!
YOUR REAL ESTATE AGENT
A lot of Homebuyers and Investors, as well as sellers are hesitant to work with a Real Estate Agent. They had an unpleasant experience, or they search online, attend seminars or read books and magazines, and feel competent enough to dive into the frenzy. It might be the case for a few of them that they won't run into problems but most of them will be left out in the cold. Here are some reasons to ponder:
Your Agent will represent YOUR interest
The commission is commonly financed through the Seller (no out-of-pocket for Buyer)
REALTORS work under a strict Code of Ethics
The Buyer might not be aware of the huge number of Disclosures that are essential
Your Agent will be your Advisor, Researcher, Assistant for the Purchase
How do you choose your Agent?
You can find names of agents online, in almost every real estate office, thru advertising, maybe in your own private circles, yellow pages,.... You can browse the ads in real estate magazines (be aware that listing agents represent the seller!), or you can call us! We provide FREE seminars, mainly on an individual basis since we can concentrate on YOU, your situation, your personal real estate & financial needs, and your questions. We really listen, we do our due diligence, we don't charge extra fees like quite a few other agencies, we will make you feel comfortable so you'll loose your fears, and we really care! We will assist you from the beginning, thru the entire process until you'll receive the key to your new home. We'll also keep you updated and informed.
PREVIEWS & RESEARCH
After you chose your real estate agent, received your lender's pre-approval for a loan, and decision of the location of the new property, you are ready to start the actual search for the property. Your agent can help you with the available properties thru the MLS and thru other re/sources. Sometimes it is possible to assist with FSBO's (for-Sale-by-Owner) as well. We will set up the parameters of your area, and print a list of addresses of available homes for you. Most buyers prefer to take their time and drive by all these "active" properties by themselves to get a feel for the neighborhoods and various subdivisions. They take notes of the ones they would like to preview, and the agent will coordinate the showings. Sometimes, homes are still occupied, or they don't have a keysafe for access, or the owner needs to be present because of a large dog. There are all kinds of senarios. Anyways, after you have been on your home-tour, you will get a better idea which home you really liked. The agent can give you a lot of information upfront about this particular property, like the existance of an HOA (home owners association), possible presence of LBP (lead-based paint), possible flood-zone status, possible unpermitted additions, etc. After the basic research is completed, you want to go to the next step: writing an offer to purchase with the assistance of your representative.
OFFER & PAPERWORK
You've decided to write an offer on a certain property. Your agent will fill out the form sheet as you tell him/her, and they explain all the details on the contract form as well. There may be more contract forms to be used, depending on the circumstances. Sometimes, there are disclosure papers necessary to accompany the original offer, right from the beginning. If you offer is being accepted, you can go on to the next step. --
If your offer was rejected, you will most likely need to find a another property since the seller didn't even counter your suggestions = no more room for negotiations. --
In case your offer was countered, the seller didn't agree to particular items of your offer, and he/she gives you a chance to "rethink" or change these items. Now it's up to you to either counter or reject. This procedure could go on for a while - counter & re-counter the counter. At some point of time, you will either have a "meeting of the minds" and agree, or you don't.
INSPECTIONS
After the "meeting of the minds", an accepted offer will call for the opening of an escrow account, usually at a Title company. Sellers and Buyers need a third "neutral" party during the pending sale. At the time of acceptance, the Buyer's inspection period starts, for local residential properties it's customarily 10 calendar days. It is up to the Buyer which kind of inspections he wants to conduct with the help of licensed & bonded contractors.
Home Inspection: This is a general inspection of the property, especially focused on health and safety issues, and the quality of the home. An experienced home inspector will have a long checklist with detailed topics and remarks. We recommend that the buyer be present during the inspection to observe, ask questions, and get a first impression of whether this property seems to be in a "good" shape. The inspector will hand a summary of necessary repairs or problems to the buyer, and he also wants to be paid at the end of the inspection (by the buyer). The next day, the Buyer will have a detailed report (usually with pictures) for his review.
Wood Infestation Inspection: A lender will require this type of inspection to ensure the stability of the structure. Termites and dry rod can cause a lot of damage, and the lender won't grant a loan on a house that will fall apart.
There are a lot of different Inspections that a Buyer can order for his own protection. Examples are Lead-based Paint, Mold, Structural Engineering, Environmental, Land Survey, Radon, Asbestos, etc.
An Appraisal is usually ordered thru the lender to investigate whether the value of the home is or isn't lower than the loan amount. If the value should be lower, the seller might lower the asking price, the buyer might pay the difference, or they re-negotiate (or cancel the contract)....
After the buyer's inspection period is up, the buyer will write a "buyer's response" to the seller to inform them whether the buyer accepts the property as it is, or - if the buyer found reasons to change the previously accepted offer - maybe certain repairs need to be done, or due to reasonable reasons, the selling price should be changed/ lowered. Then, the seller has some time to re-think, and either accept or not, or counter. If he the counters won't go nowhere, the buyer might have to start from the beginning again. If the seller and buyer have another "meeting of the minds", both parties will wait for the day of closing.
THE CLOSING & YOUR KEYS
The COE (close of escrow) will be a short procedure. The seller and the buyer will separately meet with the escrow officer at the escrow or title company to sign their papers. The buyer's paper pile is higher since the lender will require a lot of signatures or initials. Unless there are any problems, the signing should take about one hour. Your agent should be with you to handle unforeseen questions or problems.
Sometimes the lender, or underwriter, will require a few more days to get the funding done. Then all the transfer from the previous to the new property owner needs to be officially recorded. After all this is done, the buyer's agent is able to pass the house keys on to the Buyer, ready to move into their new "home sweet home". Finally!
DISCLAIMER: THESE SCENARIOS ARE JUST A SUMMARY OF SERVICES & DUTIES, ACTIONS & THINGS-TO-DO. DURING A CONSULATION THE BUYER SHOULD BE ABLE TO GATHER ALL THE INFORMATION HE NEEDS. THERE ARE A LOT MORE DETAILS TO THE HOME BUYING PROCESS THAN WE ARE POSSIBLY ABLE TO PUT DOWN ON THIS WEBSITE. WE ALSO HAVE TO MAKE THE DISCLAIMER THAT YOU ARE HOLDING HARMLESS ALL BROKERS AND AGENTS OF ACE REALTY FOR ANY ADVICE OR INFORMATION GIVEN HEREIN, WITH NO WARRANTIES EXPRESSED OR IMPLIED.
ASSISTING THE INVESTOR
YOUR INTERESTS ARE OUR SERVICES!
Buying Fix-ups?
Reselling Properties after Fix-up or Conversion?
Bidding for government re-acquired Homes (HUD/VA)?
Bidding at Real Estate Auctions?
Acquiring Shortsale Properties?
Attending Foreclosure Sales?
Standing in Line at the Courthouse?
Considering a 1031 Tax Deferred Exchange?
Thinking about easily trading a property for another? In another State?
Looking for Residential Income Property/ Rentals?
Searching for Commercial Property?
Thinking of small or large parcels of Land?
Working with a Developer?
Investing in Commercial Property or Business?
Problems with Financing?
Need a Network of Contractors?
Need a competent & reliable Team for Property & Area Search and Research? No need to search anymore!