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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693

Jonathan Dalton
ePro, SFR

AAR Purchase Contract

The Most Significant Change to the Arizona Real Estate Contract

Once upon a time, there were certain items that a seller warranted were in working condition when a home went under contract using the Arizona Association of Realtors’ Residential Purchase Contract, items that weren’t subject to the usual repair negotiations that take place during most escrows. If these weren’t working, the seller had to disclose that information and the buyer would have to say they were fine with the knowledge. The short version of the list was all of the major systems of the house except for the roof. For those who like detail, here was the actual rundown from […]

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 be provided because the owner never lived in the property. Not that living in the property has the slightest thing to do with the SPDS, but that’s a slightly different conversation. In any event, when a buyer adds the language “buyer understands no SPDS will […]

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 home. Amazingly enough, though, the AAR Residential Resale Purchase Contract is extremely vague as to when the earnest deposit needs to be deposited into escrow. Some agents on the thread argued that there’s a 48-hour rule, or that 48 hours is the accepted practice. I […]

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 California on Friday, Burfict started jawing with a Cal player. On the next play, to the surprise of no one, he was called for unsportsmanlike conduct. As he walked off the field, according to the Sun Devils sports network, he took off his gloves, his […]

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 3 reporter Gary Harper, the sellers tried to get Fannie Mae to replace the stolen oven, microwave and dishwasher but were rebuffed. Lorenzetti and Cowand believe Fannie Mae is responsible. They claim the burglary happened when Fannie Mae still owned the house and before the […]

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 buyer at the beginning of august cancelled a purchase contract on a bank-owned home in accordance to the terms of the contract and requested the earnest deposit be returned to him. This should have been cut and dried but it wasn’t. The asset manager working […]

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 Realtors’ Residential Resale Purchase Contract, even give the escrow companies that power and agree to hold the companies harmless for their decisions: 3f. Release of Earnest Money: In the event of a dispute between Buyer and Seller regarding any Earnest Money deposited with Escrow Company, […]

“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 Contract in its sole and absolute discretion. That’s what the contract says. Unfortunately, the past couple of days have been spent in discussions with an escrow company that does not believe that paragraph applies to them. As I was told this morning “we’re just instruction […]

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 very people at the core of the business) ABC Realty sets up a website where buyers’ agents can fill out an entry screen and upload documents. In so doing, the folks at ABC Realty don’t have to spend their time entering the data they’re being […]

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 does and what we really do are more than a little bit different. But it’s another when those ideas come from a company who is trying to work in concert with agents, in part to help those agents build their business, but mostly to build […]

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