Think You’re Clever, Mr. Flipper, For Not Providing a Disclosure Statement

It’s not often that an idea developed after the second beer of happy hour stands up just as well in the light of day, but this is one of those situations. We were discussing the idea of the Sellers Property Disclosure Statement and the generally automatic verbiage in investor listings that the SPDS will not […]

The Contract is Black and White, Isn’t it?

There was a rather interesting thread this past week on Trulia Voices, all revolving around the concept of the earnest deposit. In theory, once a contract is accepted, the buyer (or their agent) opens escrow and deposits a check as the earnest deposit – essentially a good-faith deposit representing the buyers’ intent to purchase the […]

Quitting, Burfict Style

By all accounts, Vontaze Burfict quit Friday night. Quit on his teammates, quit on his coaches, quit on the fans who have made excuses for his hot-headed, bone-headed behavior on the field even as they cringed as the next penalty flag flew. Less than five minutes into the second half of Arizona State’s loss to […]

Channel 3 On Your Side – A Good Result In Spite of the Facts

If you happen to watch Channel 3, you may have seen this 3 On Your Side story last night about a couple who purchased a Fannie Mae home but had the appliances stolen from the house in the two days between the final walkthrough and the actual closing. According to the buyers and to Channel […]

A Successful Earnest Deposit Battle

Thanks to the prevalence of bank owned homes in the Phoenix real estate market, the rules are getting rewritten on a daily basis. And nearly all of these rewrites are to the detriment of the consumer. Take the case of the hijacked earnest deposit, which I’d written about previously here. The short version is my […]

Don’t Count on Escrow Companies Being Neutral Third Parties

In theory, escrow companies in Arizona are supposed to be neutral third parties who not only coordinate the escrow but also collect the buyers’ earnest deposit and then can assign that deposit in the event of a dispute based on the wording of the contract. Buyers and sellers, when they sign the Arizona Association of […]

“We’re Just Instruction Takers”

Why does it matter what escrow company you use for your purchase or sale? 3f. Release of Earnest Money: In the event of a dispute between Buyer and Seller regarding any Earnest Money deposited with Escrow Company, Buyer and Seller authorize Escrow Company to release Earnest Money pursuant to the terms and conditions of this […]

Arizona Administrative Code – Don’t Try This at Home

Real Estate brokerage ABC Realty has a contract to sell REO properties for a lender. This, in short, means that the broker/agent/transaction folks at ABC Realty, are little more than data entry people for the banks. In order to facilitate the entry of data (and making the business of real estate even less about the […]

Those Who Can Do, Part Two

Yesterday, we wrote about one university professor’s silly unique perspective on whether buyers need real estate agents, what buyers should expect and what they ought to do to test out the agents. It’s one thing to read somewhat off-base thoughts from someone who’s not actually in the business; what many think a real estate agent […]

A Brief Look at “Subject Tos”

This one’s dedicated to my Canadian readers, who usually are the ones to give me a list of “subject tos” for any offer they make. What’s a subject to? Things to which the offer is subject, friends. Or as we usually call them here in the States, contingencies. The Arizona Association of REALTOR’s Residential Purchase […]