Property Sales 480.600.6001    Property Management 602.614.0993
FAQ's

Professional, Personalized Services You Can Trust...Valley of the Sun Real Estate™

We have compiled a collection of questions that we frequently receive pertaining to purchasing and selling of homes as well as our property management service.

Please contact us if you do not find the answers to your questions or concerns on this page.

FREQUENTLY ASKED QUESTIONS ABOUT PROPERTY SALES AND PURCHASES.


Q. Is it necessary to obtain a Loan Pre-Approval prior to making an offer on a property?

A. Yes. The Arizona Association of Realtorsrequires that a buyer have a Pre-Approved Loan as evidenced by the form entitled “Pre-Qualification Form”, which may be obtained from any Arizona-licensed lender.Valley of the Sun Real Estate works with several mortgage companies including our vendor of choice:

BBVA Compass Bank, Warren Potter, Mortgage Banking Officer, 480.694.6444, warren.potter@bbva.com

If the purchase is to be financed by cash, it is expected that the buyer provide proof of funds via a bank statement or a Letter of Credit from a bank officer.

Q. Which party reserves the right for naming the Title Company to handle the escrow?

A. The buyer always reserves the right to name their own Title Company.

Valley of the Sun Real Estate has worked with the same Title Officer for the past several years and highly recommends:

Driggs Title Agency, Connie Hopper, Senior Escrow Officer, 623.680.9270 connieh@driggstitle.com.

Q. How much earnest money is required to open an escrow?

A. If the buyer is using a bank loan to close the escrow, it is customary that the Buyer put 1% of the purchase price down as the earnest money. If it is an all-cash transaction, it is expected that the Buyer put at least $5,000.00 down as good-faith earnest money.

Q.When does the buyer’s earnest money become non-refundable?

A.If the buyer is using a bank loan to close the escrow, his/her earnest money remains refundable until the day of closing. If the buyer is paying cash, the earnest money becomes non-refundable upon conclusion of the Inspection/Due-Diligence Period, which in most cases is 10 calendar days.

Q.Does theBuyer need to have the property inspected by a professional home inspector during the Inspection/Due Diligence Period?

A.
It is always advised to have the property inspected by a professional

home inspector during the Inspection/Due Diligence Period. Real estate agents are neither trained nor qualified to perform a home inspection.Valley of the Sun Real Estate has used the same home inspection company for over a decade.That firm is:

Expert Property Inspections, Mark Koebbe, Home Inspector, 602.861.0603.

Q.How much will I pay for typical home inspection cost?

A.The average cost of a Professional Home Inspection is about $250 - $300 for a 2,000 square-foot, single-family home without a pool. Condominium inspections start at $200, with luxury homes beginning at $500.

Other factors such as swimming pools, spas, termite inspections, second stories, out-buildings, lot size, etc. can affect the inspection price.

Q.Is it necessary to have a Home Warranty?

A. home warranty is absolutely recommended but not required. A home warranty is like having a health insurance policy on yourself. Home Warranties protect most of the important components of your home, such as appliances, heating and air conditioning, plumbing, and water heaters.

Annual home warranty prices start between $300-$500. Normally, it is the seller who offers to pay for a home warranty for the buyer at the close of escrow. Optional coverage may be available for pools, spas, luxury appliances, etc.Valley of the Sun Real Estate has selected an Arizona-based home warranty provider that has on-staff technicians for same-day response for critical occurancessuch as an HVAC unit going out. We recommend:

American Home Guardian, Josh Guzowski, Account Executive, 602.790.1602,Jguzowskiahguardian.com.

Q.How long does a typical escrow take to close?

A.Typically 30 calendar days from the date of contract acceptance. FHA and VA loans can take up to 45-60 calendar days to close the escrow.

Q.Can the seller cancel the escrow after the contingencies for condition and finance have been met?

A.No. The only way for a seller to cancel the escrow after all contingencies have been met would be for the buyer to materially breach the purchase contract.

Q.
When does the home officially become the property of the buyer?

A.Once the new Deed has been recorded at the County Recorder’s Office. The buyer typically will be notified by their Real Estate Agent and their Escrow Officer within minutes of this occurring.

FREQUENTLY ASKED QUESTIONS ABOUT PROPERTY MANAGEMENT


Q.Should I be searching for a Professional Property Manager?

A.Today, Arizona Real Estate still remains one of the best investment opportunities available. A professional Arizona property manager is a problem solver on a daily basis. They know how to fix situations based on past experiences and education. The wise investor spends time building a portfolio and hires the property management professional to employ expertise and time to protect their investments.

Q.What type of rentals qualify for Property Management Services?

A.Valley of the Sun Real Estate Property Management.  Professionals will provide you with full-service management expertise to meet your specific needs. We specialize in Professional Property Management of furnished or unfurnished rental properties in Arizona.

Rental properties we manage include single-family homes, apartments, town houses, and condominiums in the Phoenix metro area.

Q.Do you help screen and select Tenants?

A.Yes. This is the biggest fear in having a renter! Valley Of The Sun Real Estate & Property Management puts all applicants through an extensive credit check, background check, employment check, and past-landlord verification. If something looks questionable we're going to check into it!

It is important to know that if we put the best-qualified tenant into your rental property it will definitely minimize the chances of having the property returned in poor condition. Also, we have found, through many years of experience, that a person with good credit will apply that type of responsibility to other areas of their life and have less likelyhood of damaging your property. We found that quarterly inspections of the property help prevent damages!

Q.Do I need to maintain any money in my bank account as a reserve?

A.Yes. For general repairs, the requested reserve in your account is $300 per single-family home and $150 per condominium or apartment in your property management account.

Q.Will I be asked to preauthorize the repairs?

A.Yes. Depending on the cost of the repair and the emergency behind it, Valley Of The Sun Real Estate, per our contract, will contact the owner for all repairs. This reduces questions and problems that may arise.

Q.Must I be present to sign a lease on my property, and how long is the usual lease duration?

A.No. Valley Of The Sun Real Estate has full authority to sign a lease on behalf of the owner, once the Residential Property Management Contract is signed. The tenant’s lease on the property is usually for one-year minimum unless the owner requests otherwise. A one-year lease is standard in the industry.

Q.How does Valley Of The Sun Real Estate & Property Management market their rentals to prospective tenants?

A.We advertise through many resources, which may include the Multiple Listing Service, Rentals.com, Hotpads.com, signage at the property, realtors in the industry, Craigslist, PropertyNut.com, and Homerentals.net as well as through this website and social media.

Q.At the end of my agreement with Valley Of The Sun Real Estate & Property Management can they either sell my property to the tenant or put it on the market to sell?

A.Absolutely! When you are ready, at any time during or after your Property Management contract, Valley Of The Sun Real Estate & Property Management will help you sell your property. We are licensed Real Estate agents and will be happy to cancel your Property Management agreement, and work with you to sell your property.

Q.Will Valley of the Sun Real Estate issue a 1099 and a Year End Statement to me?

A.Yes. You will receive a 1099 at the end of the calendar year that includes a full breakdown of the Profit and Loss on your account.

Q.What steps do I take to have my property managed by Valley Of The Sun Real Estate & Property Management?

A. 1. Call the office to set an appointment with a manager to do a walk- through of the property with you to determine rentability and the monthly rental rate.

2. Read over and complete the management agreement.

3. Make arrangements for keys, remotes etc. to be delivered to the office or picked up from you by our property manager at the property.

4. Determine a rent-ready date so leasing can start a.s.a.p.

5. Your property must be cleaned and made ready to rent as soon as vacated. We can help you with that too.

If you are interested in entering your property into management with Valley Of The Sun Real Estate & Property Management, please call us at 602-614-0993 or email: CherylBeydler@aol.com today. We look forward to hearing from you and making your experience as a landlord the best.

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Valley Of The Sun Real Estate
290 S. Alma School Rd. Suite 15 • Chandler, AZ 85224
Property Sales 480.600.6001 • Property Management 602.614.0993



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