Realty Executives Phoenix

Shelly S. Smith

Shelly S. Smith

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Do I Need To Register My Rental Property with Maricopa County?

(Published on - 10/17/2015 8:14:22 PM)

http://mcassessor.maricopa.gov/category/frequently-asked-questions/ 

 

The above link will be of assistance if you are a property owner who rents out any property you own.  Make sure you understand the rules and requirements of registering your property with the county so that it is appropriately classified for tax assessment purposes.

 

Pursuant to A.R.S. § 33-1902 any property that is used solely as leased or rented for residential purposes must register certain information related to the property and its ownership with the assessor in the county which the property is located.

 

Registered rentals occupied by a qualified family member as their primary residence per A.R.S § 42-12003 will be classified as a legal class 3, primary residence. Registered rentals occupied by non-qualified family members will be classified as a legal class 4.2, rental/leased residential.

 

Additionally, the property tax amount you pay may likely be higher as a rental.  To that end, it is important to check on your tax record to make sure you're in compliance if you do have a property leased to tenant(s) or, just as important, make sure that you're not paying a tax amount based on a rental property when you actually reside in the home (it's your personal residence).

 

Need to register?  Forms are available on the county's website!  Click here:  http://mcassessor.maricopa.gov/forms/

 

Be safe and register your rental properties!


Get Your Financing In Order Before You Do Your House Hunting

(Published on - 8/3/2015 6:15:27 PM)

I often get contacted by people who are anxious to look at a home they saw on Zillow, Trulia or on my own website that allows anyone to search property.  If you're going to be financing your purchase, interviewing and selecting a lender is really your first step.  I don't want to lose clients, obviously, but I am adamant about this step in the process.  The lending and underwriting environment is one that experiences changes constantly and it's important for you to have a qualified lender who is up on all industry changes and can competently advise you. 

 

Additionally, you need to know what your options are, for example, you may be able to lease out your current primary residence and purchase a new primary residence.  The 'reserve' requirements necessary to do so have recently been changed in favor of buyers, so you may have options you didn't have before.  It is suggested to obtain advice from tax and legal professionals as well to insure your short-term plans fit your long-term goals. 

 

Please refer to my 'Resources & Testimonials' tab and then 'Mortgage Professionals' link to get contact information for mortgage professionals with whom I am acquainted and whose expertise I trust!  Thank you for recognizing the importance of this piece of the 'purchasing' puzzle!  When you're armed with your lending professional we can then get in the car and shop!  You matter to me so let's be ready together!

 

 


June 2015 Phoenix Metro Area Real Estate Market Update

(Published on - 7/20/2015 6:26:09 PM)

ARMLS® STAT – July 16, 2015, ARMLS® COPYRIGHT 2015

 

“Supply tightens, demand holds steady” might not be the most glamorous headline but it perfectly describes the first 6 months of 2015 as our inventory numbers have declined every single month. STAT is currently reporting only 19,596 Active (excluding UCB) listings, down 20% from last year at this time. We currently have only 2.69 months of inventory. The low number of homes available for purchase, particularly listings below the $200,000 price level, has led to a significant increase in the median home price this year.

 

Check out the entire June 2015 report here and connect with me on Facebook to get these updates monthly.  Be in the know....


Negotiating For the Benefit of My Buyers!

(Published on - 7/7/2015 8:32:37 PM)

Each time I have the opportunity to work with a buyer I am reminded of the tools available to we agents.  Tools that help us do our 'best' job. 

 

I was recently fortunate enough to work with a wonderful young couple who were excited to purchase their first home together.  They were very instrumental in the hunt for their home engaging immediately with a portal I created in our multiple listing system.  The portal allowed them to look at all of the homes that fit their criteria; it included a number of different home searches.  Together we were able to find the perfect home for them! 

 

That transaction allowed me to:

  1. Negotiate to have all of the buyers' closing costs paid by the seller!
  2. Negotiate a sales price in the buyers' favor; a price that was BELOW the appraisal price!  That resulted in instant equity for my clients.
  3. Negotiate for repairs on the home based on the inspection.  The seller agreed to fix all of the items we requested!

Sometimes we'll ask for closing costs in the contract and sometimes we'll negotiate for that later depending on inspection results.  Or...maybe we've already negotiated closing cost assistance so we could ask for the replacement of a major item (i.e. A/C).  The key is having the tools in my toolkit. 

 

I would be pleased and would welcome the opportunity to represent you in the purchase of your new home, too!  I care a great deal about the quality of my work and the care with which I provide my service.  I look forward to representing you in your home purchase or that of a friend or relative!  Referrals are valued and appreciated.  Please visit me on Facebook for updates in the market.

 

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Financing A Purchase - Avoid Common Mistakes That Put Your Deal At Risk

(Published on - 6/30/2015 8:49:57 PM)

IN AN ESCROW UPDATE FROM VICKI VAN ZANEN, BRANCH MANAGER @ FIRST AMERICAN TITLE (6/26/15):

 

The latest lending requirements are designed to protect buyers, the lending industry and the real estate market.  This can mean a complicated loan application process for buyers of which they have very little control.  Understand the five most common mistakes that can put loan approval at risk.  Potential risks most often are uncovered right before closing and after everyone has loaded up the moving truck.  Here are some tips to read before we get in the car to look at homes!

 

  • DO NOT CHANGE YOUR MARITAL STATUS - How you hold title is affected by your marital status. Be sure to make both your lender and the title company aware of any changes in your marital status so that documents can be prepared correctly.

 

  • DO NOT CHANGE JOBS - A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.

 

  • DO NOT SWITCH BANKS OR MOVE YOUR MONEY TO ANOTHER INSTITUTION - After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.

 

  • DO NOT PAY OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT - If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

 

  • DO NOT MAKE ANY LARGE PURCHASES - A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.

 

If you have questions about any of the above recommendations please feel free to contact me or your preferred lender!  I look forward to representing you!


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