Couple Buy House and Live to tell about it!

August 12, 2008

With so much negativity surrounding real estate in all facets of the media, national and Phoenix area news headlines read like a Stephen King horror story.

Admittedly, these are some challenging times for homeowners and home buyers. Prices have dropped , sellers are losing equity in their homes, and many would-be buyers cannot seem to get a loan to finally make a purchase. buy home in arizona and live to tell about it

However, you may be surprised to know that things in Greater Phoenix are not as bad as the media seems to portray.

In fact, there are a lot of stories of real estate buyers and seller who are very happy; even ecstatic.

Let me tell you a little story about the….

“Couple who Buys Home in Scottsdale and Lives to tell about it!

Mr. & Mrs. Buyer (the “Buyers“) have been trying to buy a home in Scottsdale for some time. However, with the boom in real estate , a 3 bedroom, 3 bathroom home, with a private pool/spa in a golf course community with city light views was just too expensive.

Finally, as prices have declined, the dream home that the Buyers have been keeping an eye on was priced just right. Good news, the offer which was accepted.

Now, this dual income family has a great FICO score and enough income. However, with 2 children and the expenses that goes with raising and saving for them, they do not have a large down payment. Fortunately, the seller was cooperative (As sellers are know to be these days) and agreed to participate in a Down-payment assistance programs like Ameridream, Nehemiah , and Grant America Program.

The Buyers were fortunate (again) to take advantage of these charitable assisted down payment programs as they have been banned by the new housing stimulus package that was just approved by the President into law last week.

A Quick side note, take advantage of Down Payment Assistance Programs before they are no longer allowed October 1, 2008.

Things get even better , Mr. & Mrs. Buyer, are First time home owners and qualified under FHA Guidelines. FHA lending means a streamlined underwriting process , and a quite a favorable fixed interest rate.

Now , our favorite couple, the Buyers have moved into their Scottsdale dream home , with very low interest rate, and little money out of pocket. And , I should mention another happy person, the Sellers who are now able to move up and close on their dream home in nearby Fountain Hills, AZ.

Wait a minute, what about the news? prices are dropping. Are the Buyers going to be ok?

So I asked ? The told me that they are enjoying the new home and the many benefits of home ownership including the

  • ability to qualify FHA streamlined underwriting and low interest rates,
  • great purchase price due to value declines, they could own the Scottsdale home they could finally afford,
  • used down payment assistance (Ameridream) before its no longer allowed Oct. 1,2008
  • a a place to live, to use, to create memories, to enjoy, to raise a family
  • Low fixed Interest rate allowed the Buyers the ability to fix a monthly payment that will not change for 30 years; while inflation does rise (Inflation Hedge)
  • Tax advantages – they said they are deducting all mortgage interest from their income (speak with a CPA for tax advice) there are great tax advantages of home-ownership
  • they know that primary residence should not be purchased as an investment.However, history tell us if we stay in a home 5-7 years, or longer the real estate value will appreciate.

Mr. & Mrs. Buyer read the news. They know their house is probably worth slightly less than the price they paid.

Mr. & Mrs. Seller have still survived. In fact, more than survived.

They are enjoying owning their dream home and have many important reason to do so; including their children’s smiling faces.

If you are looking to take advantage of a positive time (for many) and buy a home, here are the names of a few true industry professionals who can help:

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Copyright © 2008 By James Wexler, All Rights Reserved. *Man Buys Home in Scottsdale and Lives to tell about it!*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.

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Written by James Wexler · Filed Under Articles, Buyers 

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