Now You’re In Escrow

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Unlocking a front door photoCongratulations!  You’ve found the perfect home to purchase, you’ve made an offer, the homeowner has accepted your offer, you’ve handed over earnest money and you’ve signed the contract.  Now you’re in escrow!  But what exactly does that mean?

According to Dictionary.com, Escrow refers to “a contract, deed, bond, or other written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfillment of some condition.”   In other words, escrow refers to the process where the buyer and seller deposit money and the real estate contract with a neutral third-party, the title company, until the conditions are met for a real estate transaction.  Here in Arizona, the escrow process is provided by a title insurance company, generally speaking, instead of an attorney as is required in other states.  So, in Arizona, title companies handle both the title and the escrow part of a transaction.

Once escrow is “opened”, the title company begins to “vet” or research the buyer, seller and the property itself so they can issue title insurance.   So, when the real estate transaction is “in escrow”, the real estate contract, along with any earnest money, has been presented to the title company.  Also, the title company has opened a file with the names of the parties in the contract.  This real estate transaction stays in escrow until it is “out of escrow” by closing the transaction according to the contract terms.  If something goes wrong such as the buyer doesn’t qualify for the loan, the transaction will fall out of escrow.

Why is escrow necessary?  Simply put, whether you are the buyer or seller, you want the assurance that no funds or property will change hands until all of the transaction instructions have been followed.  The title company (ie, escrow holder) has the legal obligation to safeguard all funds and documents during their possession, and to convey title and/or disburse the funds only when all provisions have been met.

The escrow process can range from a few days to several months, depending on the terms of the purchase agreement.  Generally speaking, the Deed of Trust is recorded within one business day of the title company’s receipt of loan funds, signaling the “close of escrow”.  The escrow officer will verify with the local records office that the documents have been recorded and legal transfer has been made from seller to buyer.

While this is a simplified description of the escrow process, I hope this has clarified a sometimes-confusing term in a real estate transaction.  Every transaction is different, and I look forward to helping you navigate your own process with clarity and ease.

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Why Buy in Desert Ridge?

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Aviano community entrance photoDesert Ridge is recognized as one of the most popular residential areas in North Phoenix.  There are many reasons for this area’s popularity.

First, as we say in real estate, location, location, location.   Desert Ridge has a very convenient location, as this community is literally minutes from both the Loop 101 and State Route 51 freeways.  These freeways will take you to downtown Phoenix, Sky Harbor International Airport, Arizona State University, or any of the outlying cities in the Valley of the Sun quickly and conveniently, while bypassing traffic on surface streets.   Desert Ridge is also conveniently located to dozens of restaurants, shopping centers and entertainment venues.

Namely, Desert Ridge Marketplace, a gorgeous outdoor mall with over 50 retail stores, over 25 restaurants, a grocery store, two drugstores, as well as a movie theatre, arcade and play center for kids, provides endless options for dining, shopping and entertainment.  Next door to Desert Ridge Marketplace is High Street, another outdoor mall with trendy restaurants, bars and shops, along with luxury loft-style apartments above the retail spaces.  The Scottsdale 101 shopping center is just minutes away and is home to several restaurants, a movie theatre, Whole Foods, and stores such as Bed Bath and Beyond, Babies R Us, and the Container Store.

Another factor contributing to the popularity of Desert Ridge as a place in which to live is its network of high-performing schools.  The A plus rated school district of Paradise Valley Unified serves the schools in the Desert Ridge area.  All highly-rated schools, Desert Trails Elementary, Wildfire Elementary and Fireside Elementary serve grades preschool through sixth, while Explorer Middle School serves seventh and eighth grade students.  Pinnacle High School is the high school for the Desert Ridge area, and is a nationally recognized school.  While PVUSD does offer open enrollment, the popularity of these schools has resulted in waiting lists for at least two of the elementary schools, unless the students actually reside in Desert Ridge.  Therefore, buying a home in Desert Ridge ensures your children will be able to attend these award-winning schools regardless of any wait list scenario.

Finally, the beautiful common areas and parks in the Desert Ridge community also make this a place both the fitness-minded and families will enjoy.  From the miles of walking paths throughout all of the neighborhoods, to its multiple common areas and community clubhouses with fitness centers, Desert Ridge is a community that is enjoyed on a daily basis by its residents.  Desert Ridge is also a magnet for families thanks to Cashman Park with its newly-remodeled shaded playground with top-notch play equipment, Aviano Community Park with its extra-large adventure playground complete with zip line and spider web climber, as well as Fireside Community Park with its two shaded playground areas and a climbing wall.

If Desert Ridge is on your list of communities to consider, I will utilize my extensive knowledge of the home values, as well as the market trends in Desert Ridge to help you find the best home for you and your family.

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What is the Mortgage Quiet Period?

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Scottsdale home photoYou’ve made the exciting decision to purchase a home.  Deciding where you want to live, and what you want your home to look like are the fun part.   Figuring out all of the ins and outs of obtaining a mortgage is the not-so-fun part.   After you’ve gone through the loan process and have been approved for a loan, it’s time to celebrate, right?  Not so fast.

The time between the original check of your credit which led to your loan being approved to the loan actually closing is called the mortgage quiet period.  This time is even more critical nowadays in this tighter economic climate, with loan writers being even more vigilant about financial activities that may affect your original credit score.   From the loan writers’ point of view, financial activity during the quiet period in the mortgage origination process can sometimes be a warning sign of fraud, particularly when an unscrupulous borrower attempts to take out more than one loan on a property in a scam known as “shot gunning.”

Unfortunately, then, even if you’re not an unscrupulous borrower, any financial activities you undertake during this quiet period will be subject to scrutiny.  Borrowers who take on any type of installment debt may adversely affect their credit score at closing, as these debts will affect borrowers’ debt-to-income (DTI) ratio.  Therefore, signing up for a store credit card as part of a promotional offer, or financing new furniture or a vacation on a credit card may jeopardize your pending loan.

Other actions include withdrawing cash from any accounts that were used to verify funds for the loans, or changing jobs may be considered signs of financial instability, and are strongly discouraged during the mortgage quiet period.  Even making large deposits into these same accounts could cause issues as lenders are required to source all funds in a transaction.  This means they need to prove the sale of items and verify financial gifts, which can delay the loan process significantly.

If any of these changes must be made, be sure to notify your loan officer so they can be properly documented, and the loan officer can be assured of your good faith.  I’m available to answer any questions you may have about this process.  I look forward to working with you in your home search!

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Top Five Best Hikes in Scottsdale Arizona

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Pinnacle Peak TrailWhether you’re itching to get outside during Arizona’s temperate winter season, or to enjoy the cooler early summer mornings, heading out for a hike in Scottsdale is sure to be a fun adventure.  With over 120 miles of trails and almost a dozen trailheads in the city of Scottsdale as well as the McDowell Sonoran Preserve, there is a trail or a hike suitable for any fitness level.  In no special order of importance, here are five of the best hikes in Scottsdale, Arizona.

Brown’s Ranch, located at 30301 N. Alma School Parkway, is one of the city’s newest trailheads.  Featuring trails that are friendly to hikers, mountain bikers, horseback riders and rock climbers, this trailhead connects to many miles of trails in the northern part of the McDowell Sonoran Preserve.  The variety of different trails makes Brown’s Ranch one of the most popular areas to hike in Scottsdale.  A shorter hike is the Jane Rau Interpretative Trail, which is a half-mile loop suitable for all abilities and ages, named after a Scottsdale conservationist.  A longer hike with mountaintop views is the Brown’s Mountain Trail.  This trailhead has restrooms, a covered gathering area, hitching rails and water trough for horses, as well as drinking fountains (for both people and canines).

Gateway Trail, located at 18333 N. Thompson Peak Parkway, is a popular option for beginner and intermediate hikers.  This loop trail is 4.4 miles and offers fantastic scenery, with views of Thompson Peak and Camelback Mountain.  From this trailhead are several other trails.   The Bajada Trail, a short nature loop, is a perfect hike for children.    More advanced hikers can join the Windgate Pass Trail from the Gateway Loop, to link up to the Tom’s Thumb Trail.  The trailhead has shade ramadas, an amphitheater, and restrooms.  The trailhead is also equestrian-friendly with horse-trailer parking and hitching rails.

Tom’s Thumb, located off 23015 N. 128th Street, is a challenging hike with a reward of a phenomenal viewpoint at Tom’s Thumb, a 114-foot granite spire.  Hikers can access the thumb via Windgate Pass Trail from the Gateway Loop (an 11-mile round trip) or via this trailhead, about 4 miles round trip.  The Marcus Landslide Trail can also be accessed via this trailhead, for those wanting a flatter hike.  There are restrooms and shade ramadas, as well as ample parking.  There is no water at the trailhead, so be sure to take plenty with you.

Lost Dog Wash, located at 12601 N. 124th Street, is a very popular trailhead within the Preserve.  The main hike up to the overlook and back is approximately 4.25 miles round trip.  This is a good hike for beginner and intermediate hikers, and is a good option for children and dogs.  The Lost Dog Wash Trail also provides access to the nearby Taliesin Overlook.  The trailhead has restrooms, shade ramadas, water, and horse-trailer parking.

Finally, check out the Fraesfield Mountain and Granite Mountain trailheads, located at 13400 E. Rio Verde Drive and 31402 N. 136th St, respectively.  As the most recent trailheads in Scottsdale, they are more limited in amenities, with parking but no water or restrooms.  However, Fraesfield connects to great trails north and east of Fraesfield Mountain, including the Black Hill trails, and the Black Hill and Whiskey Bottle trails.  The Black Hill trail is an old Jeep road and is 2 miles each way.  The Whiskey Bottle trail is 2.9 miles each way with 210 feet elevation gain.   Granite Mountain offers access to the Granite Mountain Loop Trail, a 4.2 mile round trip hike, with a scenic lookout offering views of the Superstition Mountains and Red Mountain.

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Home Security Improvements

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Unlocking a front doorHome security is a home upgrade that may not have any flash or cosmetic appeal as upgrades such as new kitchen counters or flooring, but it is an upgrade that matters in the long run.  The most comprehensive upgrade one can make to increase home security is a good alarm system.  The mere presence of such a system is a visible deterrent to any home intruder.

Other improvements that can be made to your home security include rekeying your exterior door locks.  If you’re moving into a brand-new home or an older home, taking the time to rekey the locks is a smart move as dozens of other people had access to your home during the sale of the home and before you moved in.  Previous babysitters, housecleaners and neighbors could have keys to the home without your knowledge.  Even if you moved into your home years ago, rekeying your home provides an extra layer of security.  Rekeying averages $125-$150 for a home with two to three exterior doors.

However, if your door locks are more than a few years old, you may want to consider getting your locks replaced to prevent lock bumping.  Newer technology in locks prevents this tactic by home burglars who insert special keys into locks, striking them with a hammer which causes the pins in the lock to move slightly and permitting the door to be opened.  Consult your local locksmith to determine whether your current door locks are bump-proof.

The garage door to your home is another access point for home burglars.  Savvy burglars will force open a small crack between the garage door and frame of the home, or break a window in the door, and will use a wire hook to grab the manual door-release cord hanging down from the electric garage door opener.  To foil this maneuver, consider either removing the opener cord completely or tie it to the opener frame with a zip tie (which can be cut if you need to access the cord later).  If the burglar is able to get into your garage another way, be sure to keep the door into your house dead bolted to make unauthorized entry even more difficult.

Source:  Romero, R. (2015, December 12). Easy, affordable ways to secure your mail, home. The Arizona Republic, p. 1.

 

Active Adult Communities

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active adult community - ParkWith its year-round sunshine, the Valley of the Sun is an ideal place in which to enjoy one’s retirement years.  Seniors who don’t want to worry about the upkeep and maintenance of a home, and who are in good health often want a community where they can focus on pursuing their personal hobbies and interests.  An active independent living retirement community may be the perfect fit for these individuals.  Whether it’s renting an apartment or purchasing a condo or single-family home, the Valley of the Sun has multiple options from which to choose.

When considering which community to choose, focusing on the proximity of shopping centers and grocery stores, local health-care providers is a good start.  One such community is Sun City (Del Webb) which is the original and the largest active adult 55+ community in the Valley of the Sun.  With 46,000 homes including single family, townhomes and duplexes, Sun City also is home to 7 recreation centers, 16 shopping centers, 8 golf courses and 2 lakes.  Pursuing hobbies and interests will be a snap with Sun City’s more than 200 clubs and interest groups.

Pebble Creek, a Robson Community in Goodyear, Arizona, is another 55+ adult community located 17 miles west of downtown Phoenix, and is close to shopping, medical and golf facilities.  The community features two championship courses, the Eagle’s Nest and Tuscany Hills.  With green spaces, tennis and fitness centers, recreational and social activities, Pebble Creek and its energy efficient homes may be the perfect choice.

Queen Creek, Arizona is a beautiful desert city and is home to Solera at Johnson Ranch (Del Webb), with its active adult gated community of single family homes, with an exclusive clubhouse and amenities.  As part of the larger Johnson Ranch master planned community, active adults can access of all of the amenities available.  Sunland Springs Village (Farnsworth) in Mesa, just off the Superstition Freeway, is a 55+ adult community with 2,890 homes near popular shopping and dining destinations.  With 27 holes of golf, tennis and volleyball courts, and 2 outdoor pools, Sunland Springs and its single family, townhouse and golf course condo options offers something for everyone.

Located south of the 202 (San Tan Freeway) in Gilbert, the 55+ adult community of Trilogy at Power Ranch, a Shea Homes development, features 2,035 single family luxury homes.  With shopping and medical facilities close by, as well as a golf course and a center for higher learning, this gated community is worth a look.

I will be happy to help you explore your options and navigate this exciting period of your lives.

Proximity to Good Schools equals to Most Important Amenity

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rancho solano school photoAccording to the National Association of Realtors ®, “Of all the local neighborhood amenities that can influence a buyer’s decision to purchase a home, proximity to good quality schools is one of the most influential.”

Homes in proximity to good schools have higher property values, plain and simple. Homes in neighborhoods with highly-rated public schools often are priced higher than homes that are not.  Home buyers seek out good schools, which increase property values for everyone.  Whether or not you have children, or your children are no longer school-aged, good schools in good school districts are an amenity that any parent wants, which strengthens and increases the value of the homes in those neighborhoods.

The good news for those seeking to buy or sell homes in the Northeast Valley, including Paradise Valley, North Scottsdale and Fountain Hills, is these high-performing school districts featuring “good schools” are already in place.  The schools in Northeast Valley are part of the Paradise Valley Unified School District, the Scottsdale Unified School District and Fountain Hills Unified School District.   While some of these schools permit open enrollment, if a particular school is not accepting new students, residing in that school’s zoned neighborhood may be required before your student may be enrolled.

While I can help you narrow down your school choices when searching for your next home, you can also get started researching these districts.  Websites such as www.greatschools.org break down the test scores as well as the community ratings of each school district, as well as the schools themselves.  Another website, www.schooldigger.com, ranks the schools using criteria such as student to teacher ratio and test scores.  Then you can rest assured that your decision to buy a home, if based on proximity to a good school is important, is a sound one.

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Paradise Valley Unified School District

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Fireside elementary schoolParadise Valley Unified School District is the seventh-largest school district in Arizona, with 31 elementary schools, eight middle schools and six high schools.  This district’s schools are located within an 98-mile area in Phoenix and North Scottsdale, from 7th Avenue east to Pima Road, from Jomax Road south to Northern Avenue.  Given the large size of the district, the tax base for the schools is larger.  The 2014 Auditor General’s report indicates that PVUSD schools outperform the state average and the district average for the percent of funds spend in the classroom.

PVUSD is also known for many programs, some of which are exclusive to this district.  For example, four different elementary schools offer gifted preschool programs:  Fireside, Desert Trails, Desert Cove and North Ranch elementary schools.  These accelerated curriculum and tuition-based programs target 4-year old students who have been identified as gifted on an IQ test.

Foreign language immersion is featured at two different schools in Paradise Valley Unified.  Sandpiper Elementary focuses on Spanish immersion, while Whispering Wind Academy centers on Mandarin immersion.  Three schools offer a K-12 IB (International Baccalaureate) program:  Quail Run Elementary, Vista Verde Middle School and North Canyon High School.  The popular CREST (Center for Research, Engineering, Science and Technology) program is offered at Paradise Valley High School.

Finally, for those fifth-twelfth grade students who are interested in focusing on the performing and visual arts, the North Valley Arts Academy is offered at Desert Cove Elementary, Shea Middle School and Shadow Mountain High.  This program combines the arts with a rigorous academic curriculum.

Even if you don’t live within the PVUSD boundaries, open enrollment gives your student an opportunity to attend any of the schools.  Applications are typically accepted in the district office until January 21st of the previous school year, with Early Bird applications due by December 1st.

Getting Ready for Showing Your Home

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granite-luxury-kitchenYour home has been prepped and is ready for listing in the MLS.  Now what?  There are some steps that will make it easy to get ready for all of those showings that will be coming your way.

First, maximize all of the light in your home by turning on all of the lights in your home and open all of the curtains and blinds on your windows.  Buyers love to see bright, well-lit homes, and these quick steps will show off your beautiful home in the best light (pun intended).

Second, highlight your curb appeal in your back and front yard.  Do a quick sweep of your front entryway, and turn on any water features you may have in your backyard, to show off your pool and/or spa.  This will help the buyer visualize how to enjoy these spaces in the future.

Third, do a clean sweep throughout your home to remove clutter from floors and countertops.  Buyers want to be able to envision themselves in the spaces in your home, so removing distractions of your personal items is the best way to facilitate this.  Keep a laundry basket handy before showings, to corral any clutter quickly and to stash in a closet.

Finally, do a quick wipe of your bathroom counters, toilets and mirrors (Windex wipes are fantastic for this), to make these areas sparkle.  Again, the goal is to have buyers imagine living in your home, so keeping these personal areas sparkling clean will go a long way toward this goal.

Your realtor can give you more tips to maximize showings, but this checklist is a good start.

Cave Creek Schools

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100747999-2Cave Creek is one of the most family-friendly communities in Arizona, and a big reason for this is its amazing schools.  The schools are all part of the Cave Creek Unified School District, which the Arizona Department of Education has designated an “A” rated district.

The high school in Cave Creek is Cactus Shadows High School.  With its motto “A world class high school for the 21st century” Cactus Shadows services grades 9 through 12.  With an average class size of 32 students in a school of 1750 students, 87% of Cactus Shadows students pursue higher education post high school.  While this high school has an extensive roster of extracurricular and sports activities for its students to enjoy, academics are at the forefront of Cactus Shadows with its International Baccalaureate program, Advanced Placement and Honors classes, as well as Dual Enrollment and the Early College Program in partnership with Paradise Valley Community College.

Middle school students who live in the Cave Creek area attend Sonoran Trails Middle School.  Sonoran Trails is a World Language School, and as such, offers its students the opportunity to learn Spanish, French or Mandarin Chinese as a core class.  The school also features a Spanish Immersion program for its students.  Sonoran Trails also offers many extracurricular activities such as band, drama, cheerleading, volleyball, football, basketball, and many others.

Cave Creek has five public elementary schools within its boundaries.  First, Black Mountain Elementary School has an advanced academic Core Knowledge curriculum, and also features a drama program for all of its students.  Black Mountain follows a Whole School Cluster Grouping Model, and has very active parental involvement.  Desert Sun Academy also follows a Core Knowledge curriculum, and offers music, art or PE to its students daily.  Along with teaching Spanish to all of its students, Desert Sun Academy teaches its students through Project Based Learning.

Desert Willow Elementary School is an International School and is known for its Spanish immersion program which begins in preschool.  Desert Willow also offers Extended Kindergarten, as well as various after school programs.  Horseshoe Trails Elementary School is a Confucius Language School, sponsored by ASU, and offers its students Chinese language instruction beginning in kindergarten.  Its signature program is TRRFCC Horsemanship and Horseshoe Trails also offers gifted learning opportunities.  Lastly, Lone Mountain Elementary School is a STEM school, which highlights instruction in science, technology, engineering and math.  Lone Mountain offers all-day kindergarten as well as differentiated instruction for its students.

Cave Creek Unified School District does offer open enrollment, permitting students to apply to schools regardless of their neighborhood. Your realtor can help you to navigate these requirements in your home search.

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