SEARCHING FOR A PROPERTY

Why should I use a buyer’s agent?

As a buyer you want to walk into a transaction with your eyes wide open, knowing the facts and aware of your rights, obligations and the best strategies to negotiate on price. Local representation gives you the inside edge to find the very best property at the price that matters to you. Only local representation can provide with neighborhoods insights, an intimate knowledge of area architecture and interior spaces and a feel for individual city and neighborhood lifestyles. And when all of this local knowledge, follow-up, research, previewing, negotiating, escrow management and professional services coordination doesn’t cost you, the buyer, a dime “going-it alone” just doesn’t make good sense.

Can you help me make a good decision?

Expect nothing less. We’ll first try to limit our geographic search to the area amenities, lifestyle, investment value, proximity to current friends or family – whatever factor is important to your purchase. We then comb each and every address that fits your specific ideas of architecture, layout, budget and target only those properties with the best features, locations and purchase value that will appeal to your unique interests. We do the hard work of sifting the thousands of current listings to find the select few that you would be proud to call yours.

Can I buy furnished a furnished residences?

From condos to large detached homes, we can help you select a furnished home, a furnished model or even negotiate with sellers to make your new home move-in ready. We can also set you up with experienced and talented interior designers to start from scratch or to furnish your space from dishes to furniture in a wide range of styles.

I’ve heard about active-adult and retirement communities. Can you help me there?

Yes. There are a wide range of older and new communities for the empty-nester or retiree. From Mesa in the east Valley to Sun Lakes to the south, Anthem to the north and Sun City West in the west Valley the Phoenix metropolitan area is a top destination for the middle-age and older buyers with a wide selection of community amenities and home price and size ranges. Alternatively we can suggest many in-fill locations within Phoenix, Scottsdale, Mesa, which can perhaps offer many of the features and lifestyle you desire but in a location closer to the city centers.

So let me understand. You work on my behalf to find the best property, in a great Valley location at a price I won’t believe and you handle the entire transaction from drafting the offer to helping coordinate utilities at close of escrow and this doesn’t cost me, the buyer, a thing?

Correct.

FINANCING

Is financing available for Canadians?

Yes. Several banks are available to lend to Canadians wishing to purchase a home in Arizona. Typically these banks will lend with a 20-30% downpayment. Another solution to those looking to finance an Arizona purchase will be obtain financing in Canada through a Canadian source. If the loan originates in Canada you are protected from any potential currency fluctuations through a locked exchange rate. As the exchange rate changes your monthly payment remains the same. Either way, for credit-worthy Canadian buyers, financing is readily available for your next Arizona purchase.

CLOSING THE SALE

Escrow explained.

Escrow describes the process where a title company works with the seller and the buyer to facilitate the transaction. After the contract documents, instructions and buyer funds have been provided to the title company escrow will be opened. The title company operates as a neutral third party securing the proper transfer of funds, signatures and documents. Once the title company verifies that title is clear and that all obligations have been met by all parties then ownership of the property is transferred to the buyer through recordation of the deed at the County Recorder.

Will you help me with the escrow?

Every single step of the way. We pride ourselves on providing the very best service to our clients from first search to final close. The escrow is the “glue” that brings the entire transaction together and Durnford Group will coordinate all the events needed to insure a successful transaction. We monitor your financing, inspections, appraisals, and obligations while working directly with you to set up utilities, improvements, property management or any other service or task. And all of this work can be accessed 24/7 through our online Client Management Center so you’ll never be in the dark on exactly where you stand, what to expect next and when you can plan to close.

AFTER THE CLOSE

What happens to my home when I’m away?

From property managers to caretakers to maintenance services we’ll have the contact needed to service your home while your away. Property managers can rent your home on a short-term basis. Caretaker services will visit the home for routine inspections, caretaking and whatever other service you need attended to. Our long list of contractors will take care of routine service calls or race out to your home if you get notice of a bigger problem while you’re back in Canada. Whatever it is, we have you covered.

Can I rent out the home when I’m not using it?

Well located and furnished detached homes, townhomes, patio homes and condos can be rented out for you on a weekly or monthly rental with the high season running from October though May. If your property is located within HOA (Home Owner Association) community you will need to review your local CC&R’s (Covenants, Conditions and Restrictions) to insure compliance with what renting restrictions may be in force. We then work with you to coordinate with one of our referrals specializing in the preparation, management and accounting of these rentals.

INVESTING

Tell me more about investing in residential real estate.

Much of the residential real estate in Phoenix can be considered an excellent long-term investment. Phoenix is seen as one of the most dynamic metropolitan growth markets in the nation yet currently offers fantastic pricing on a wide range of well-located residential homes. Prices are down significantly from their market high in 2007 yet homes, in a growing range of price levels, are seeing stabilization and even an increase in their levels due to the growing buyer demand. For the Canadian investor the Phoenix area market offers a once-in-a-lifetime opportunity to purchase great properties, at huge discounts, in a growing metropolitan market (with the added side benefit of really enjoying your trip down to visit your home "investment"!). If ever there was the perfect time to move your money into a solid income and equity investment – this is it.

REOs and foreclosures. I’ve heard about them – tell me more.

The term foreclosure is sometimes used as a catch-all for all the terms which surround a “distressed property”. The bottom-line is that distressed properties typically follow the arc from the owner first trying to sell, then attempting a short-sale, to the actual foreclosure of a property (legal repossession and sale) if the loan is not modified or the property is not sold earlier. When a property is owned directly by the bank it is then “bank-owned” or REO. The banks, not in the business of managing real estate, then try to dispose of this unwanted inventory. If a lot of banks all try to sell inventory at the same time then it has a huge affect on market pricing with REO’s typically 10-15%+ less than comparable non-REO listings. The homes are usually in reasonable shape with many fixed up after the foreclosure to prepare it for the market. But the homes are usually sold “as-is” with no warranties, repairs or seller obligations. Typically for REOs selection can be an issue yet recent market developments have keep a steady supply of properties at a wide range of prices and styles in the market. Understanding market conditions, the inventory of foreclosed homes and how to negotiate in a heated up buyer market is key and that is where the experience of Durnford Group can make all the difference. For more on REOs check out our REO FAQs section or contact us today.

If I buy residential real estate as an investment who will manage it?

We’ll set you up with a property management company that will take care of everything start before the day of your closing. As we coordinate your close of escrow our closing specialists will help set up the utilities, generate quotes for any improvements or repairs to take place after your close and liaison with the property management to set up management services. Once closing occurs our closing team will insure that repairs are started and that your new property management company receives the keys and is ready to take over your investment.

TAXES & FINANCIAL PLANNING

Arizona and taxes – what do I need to know?

Arizona is very tax-friendly including to Canadian buyers. Many other states have real estate transfer taxes that are assessed to foreign buyers – Arizona does not. Many other states have significantly higher property taxes including other Canadian destinations such as California, Texas and Florida. And Arizona has a low property tax as measured against other states. So for Canadians, Arizona is not only a great destination, your tax paperwork goes down and the your hard-earned money - stays in your pocket.

What are local property taxes?

Property taxes are low and range city-by-city throughout the Valley. Taxes are assessed every 24 months in Maricopa County (including Phoenix and the surrounding cities) and range from .8 - 1.5% of the assessed value of the property.

How do I get the best exchange rate?

When purchasing such a large transaction it is imperative to get the best exchange rate for the money you bring to the closing and for your ongoing expenses as you travel back and forth from Arizona. Too often Canadians let their banks fully handle the transaction at rates costing hundreds or thousands of dollars to the client. An alternative is a foreign exchange company which will tailor the exchange transaction to the best exchange rate for that day or at a price you determine. With complete control of your exchange transaction you can be assured of getting the very best market rate, with professional and attentive service, for your currency exchange.

ANYTHING MORE?

What do I need for medical coverage in the U.S.?

It is prudent to have reasonable travel insurance while traveling in the U.S. As everyone is now well aware of, medical expenses in the U.S. can be higher so insurance, even with a high deductible, provides important piece of mind for your stay here. For longer stays, insurance coverage can rise significantly so be sure to contact us for more information on all your alternatives to keep health and covered for your stays in the Valley. And be sure to fill prescriptions in Canada before heading down.

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