This is an interesting question and one that is very difficult to answer...

The short answer is "as many as it takes to find a home for you".

The long answer is complicated and will likely change depending on your circumstances.

Purchasing a home will most likely be the single largest investment someone ever makes. As such, it is important to make sure you find a home that meets your current, and future, needs.

We tell our buyers to list home qualities and features into three categories:
1) Must Haves -- things you simply can not live without
2) Nice to Haves -- things that would be nice, but you could do without
3) Can't Haves -- things you simply can not live with.

Armed with a detailed list of these three items, a good agent can include and exclude many homes from your potential search. As more homes are visited, it becomes easier (most of the time) to refine the potential homes that may work for you. Be prepared, sometimes you may find things actually move around in your three categories!

Before you begin viewing homes it is important to discuss in detail with your agent the strategy and approach you will take to find, and view homes. There are agents out there that limit how many homes they will show someone -- an utterly ridiculous practice in my opinion.

I've heard some agents say "no one should have to look at more than 10 homes before deciding which one to buy".

Poppycock.

Everyone is different. We've helped people who bought a home after looking at 3 houses, and have other people we've shown over 100 homes to. It is important not to get into "analysis paralysis" and second-guess everything. It's also important not to pass up on a home you love "just in case" something better is out there. But by taking a systematic approach to looking at homes, keeping your priorities in order, and working closely with your agent, you can find the home that is perfect for you.

The answer to this *might* depend on what state you are in.

In Arizona, you do not have to be on the loan to be on title. I can't say for sure if that holds true in other states. You might try calling a title/escrowi company (if your state uses them) and ask. They should be more than willing to answer you with no cost/obligation.

This is the terminology currently used in the Phoenix area Multiple Listing Service (ARMLSi). They may be different than what is used outside of the Phoenix area, however it is likely that any large MLSi will have very similar terminology.

"Active": If a listing is active, then it is available for sale and there has not been an offer accepted. An offer may have been submitted, but it hasn't been accepted by the seller yet.

"Pending": This means an offer has been submitted and accepted, and there are no contingencies in the contract. Basically this means the property has been sold and is waiting for closing (although deals fall apart all the time between contract acceptance and close.) See AWC below for an explanation of contingencies.

"AWC": Stands for Active With Contingencies. This means an offer was submitted and accepted, but there are contingencies that must be settled before the deal can close. There are numerous possible contingencies, but by far the most common one is that the deal is contingent on the buyer's selling an existing property. The buyer needing to secure financing is also a common contingency. If a listing is in AWC status, additional offers can be submitted, but will be in "second position" to the original offer (ie: a backup offer). If the contingency can not be met, then the contingent contract would be cancelled and the backup offer moves into first (primary) position. Once the contingency is met, the listing should be moved to a Pending state, but most agents never seem to do that.

"TOM": Contrary to what a lot of people believe, TOM does not stand for Taken Off Market. It means Temporarily Off Market. This isn't a widely used category. A property may go TOM if a seller is going to be out of town for an extended period, or if the seller decides to do some repairs to the property and doesn't want it shown while repairs are being done. If you are an agent and you start calling owners who property is in TOM status to try and "relist" their home, then you are violating all kinds of listing and ethical rules and regulations. (And trust me, this happens all the time.) A property in TOM status is still under a signed listing agreement with the listing agent, hence any solicitation of a TOM property is a serious violation and you can lose your license if you pursue it!

"Sold": This indicates the property has been sold to a buyer. Sold in this case means the transaction has closed -- title/deed have been transferred to a new owner.

"DOM" on an MLSi stands for "Days on Market". Day 1 would be the day the listing was taken by the Realtor. Some area MLS's (including the Phoenix metro MLS) split up DOM into "CDOM" or Cumulative Days on Market, and "ADOM" meaning Agent Days on Market.

Most MLS's that use CDOM and ADOM work like this:

Day 1 for CDOM is the day the Realtor takes the listing. ADOM and CDOM are the same, unless the seller changes agents. If that happens, ADOM resets to 1, but CDOM keeps running.

Say a seller uses agent Joe for 10 days, and then switches to Agent Sue and Sue has listed the house for 18 days. Then CDOM = 28, and ADOM = 18. Make sense?

*Generally* speaking, newer listings (lower DOM) get more activity as interest tends to be higher when a home is first listed. The average DOM is a good indicator of market activity. Shorter average DOM means the area is in a seller's market and longer DOM means it's a buyer's market. It's important to understand that DOM stats really only apply to a local market. You can't (or shouldn't) compare average DOM in Phoenix to say average DOM in Dallas. Real estate markets are driven by local conditions and situations far more than most people realize.. And different MLS's have different rules and regulations on how long a home has to be off the market before the DOM resets to zero (good rules in this area prevent people from "cheating" and artificially making their listings appear new).

MLSi stands for Multiple Listing Service. This is a system, usually run and supported by the local Real Estate Board, that has details of almost every home listed for sale with a real estate agent.

It used to be a big giant notebook with paper printouts but today has been computerized in virtually every reaql estate market in the country. Licensed agents (who are current on their local board dues) can submit and search the MLS for homes listed for sale.

Just a few years ago, Realtors were the only people with access to the MLS. But now it's possible for anyone with an Internet connection to search the MLS. There are large national websites with MLS listings, but these are typically out of date. Finding a local Realtors web site is usually the best way to search the MLS. Many Realtors will require you to "register" before you search the MLS. This is a way for the Realtor to capture your name and email address (and maybe more) so they can then "work the lead" that you've just become. Some Realtors do not require registration to search the MLS. You can search the Phoenix area MLS, without registration on our main site (or search the MLS on our blog too!)

Simply put, a fixture is something that is permanently attached to real property (a house). Things such as ceiling fans, chandeliers, towel racks, built in shelves, carpet etc. Fixtures are always included in the sale of a home. The owner of a home can’t unbolt everything connected to a home before you take possession.

Granted, a ceiling fan isn’t really “permanent”. It could be uninstalled. But it IS an integral part of the home (unlike say, a piece of furniture) and is included in the sale of a home.

If you want to keep Grandma’s chandelier, you need to either remove it before the home is listed, or have your agent be VERY SPECIFIC in listing the home and their conversations with buyer’s agent that the chandelier does not convey with the sale. (It’d be best to remove it and replace it with another light fixture to avoid any possible hassles. People HAVE lost Grandma’s chandelier when they sold their home!)

What is and isn’t a fixture confuses a lot of people. One of the biggest questions that comes up frequently is window coverings. Here’s the scoop…. Curtains are not considered fixtures. Curtains rods however, are. Mini-blinds are fixtures. Screens (and screen doors) are fixtures.

The best way to remember what a fixture is is this: If it’s attached (via screws, nails, glue, etc) to the walls, floors or ceilings, it’s a fixture. When in doubt, ask your agent. Hopefully you have a good one! If not, you know who to call! :-)

Here’s a very detailed explanation of fixtures from Wikipedia.org: http://en.wikipedia.org/wiki/Fixtures

Generally speaking, only "livable space" is included in determining the square footage of a home. Garages, unfinished attics and basements for example are not included when calculating square footage.

"Livable space" is a bit tricky though. Hallways and closets are included when determining a homes square footage, and no one really lives in a hall or closet. However it'd be difficult to live in a home that didn't have closets and halls...

Additions to a home often cause a lot of difficulty in calculating square footage. The laws in your area may effect how additions are counted. In the Phoenix area, if a home addition is permitted, then that area can be included in a homes square footage. If the addition is not permitted, then it isn't included.

Square footage numbers are usually taken from previous sales data, tax records (which are often incorrect) or builders plans. An appraiser may be your best bet for determining the true square footage of a home as they are typically skilled in measuring square footage.

Question: The MLSi computer printout states that the home is 2,500 square feet. After the 10-day inspection period the appraisal comes in at 2,000 square feet. Is the buyer entitled to cancel the AAR (Arizona Association of Realtors) Contract based on the misrepresentation by the seller?

Answer: No. The AAR Contract states that, if square footage is material to the buyer, the square footage must be verified during the inspection period. Thus the buyer is not entitled to rely on the square footage set forth in the MLS computer printout.

From Phoenix attorney Christopher A. Combs. Mr. Combs is a partner with the firm of Combs Law Group, P.C. Reprinted with permission. Copyright 2005, all rights reserved.

The "book definition" of earnest money is: "a sum of money given to bind an agreement, such as the sale of real estate, the advance of a loan or some other transaction requiring a deposit. Earnest money is forfeited by the donor if he or she fails to carry out the terms of the contract or agreement."

In other words, earnest money is money applied "up front" from a buyer to show a seller the buyer is serious about the purchase. The money is deposited in an escrowi account and held by the escrow company. Usually (but not always) the earnest money is applied toward the buyer's down payment.

We are frequently asked, "How much earnest money do I need?". This is a difficult question to answer. Earnest money is not required, though the vast majority of sellers expect it, and an offer without any earnest money attached will usually be rejected.

There is no "standard amount" for earnest money. The bottom line is the amount required is whatever it takes to convince the seller you're serious about making the purchase. That can be anything... a "typical" suggested amount is 1% of the purchase price, but this varies greatly.

Earnest money is released to the seller if the buyer defaults on the contract after it's accepted. If the contract fails due to no fault of the buyer, then earnest money is typically returned in full to the buyer.

Earnest money, like virtually any part of a real estate transaction, is a negotiable item.

The Arizona Residential Resale Purchase Contract includes verbiage commonly known as the "appraisal contingency". Simply put, this contingency says that if a home doesn't appraise for the purchase price the buyer may cancel the contract and have their earnest money returned in full.

The buyer doesn't have to cancel the contract if the home doesn't appraise. The buyer and seller can renegotiate the purchase price, or the buyer can provide additional cash to make up for the difference. If however, neither of these are possible, the buyer can cancel the contract with no detrimental effects.

An important question, and one I covered awhile back in my blog on this post on title insurance at The Phoenix Real Estate Guy...

It's difficult to say exactly what the first thing someone should do is... But a safe bet is understanding how much you can afford.

There are many "calculators" out there that can assist in this. But the best way to get a complete understanding of how much you can afford (and qualify to borrow) is to talk to a loan officer. Any good one will consult with you for free (If you find a lender that wants to charge you for an initial consultation, RUN, don't walk away).

The short answer is: Absolutely.

Home inspections are not required before purchase (at least not in Arizona). At least not contractually. However, in our opinion, every home should have a professional home inspection during the 10 day inspection period. The cost is dependant on the age and size of the home, but it's probably the best $200 - $400 you'll ever spend.

A good home inspector will be able to tell you many things about the home you are considering purchasing. You'll get maintenance tips, you'll get peace of mind, you'll get a great sense of the condition of the home. A good inspector can find structural problems, ensure the wiring and plumbing "meet code" and evaluate the condition of all the appliances included in the sale. They will check out the home from top to bottom and you'll walk away with a detailed report on just about everything in your home.

Getting a professional home inspection is one of the most important steps in the purchase of a home, whether it was built 100 years ago or yesterday.

Question: How long does the Arizona Residential Resale contract allow for an inspection period?

Answer: The "boilerplate" language in the standard Arizona Residential Resale contract allows for a 10 day inspection period. (FYI, Commercial transcations typically have a 30 day "inspection period") However, there is an area in the boilerplate language where a longer or shorter inspection period can be written into the contract.

As with any other contract provision, the terms must be agreed to by all the parties involved. So if a buyer requests a 15 day inspection period, the seller has the right to decline the offer, accept it with the 15 day insepction period, or counter the offer with changed provisions.

Likewise, just because the boilerplate language has a 10 day inspection period, that doesn't mean that any party is required to accept that boilerplate language.

Finding a good lender is as important as finding a good real estate agent. Without a lender on your side buying a home is impossible (unless you stash a BIG wad of cash in your mattress...)

Your real estate agent may be the best source. We deal with lenders every day and we know the good, the bad, and the ugly. Virtually every agent has their "favorite lender". Use caution though and ask the realtor why they recommend someone. A good agent will recommend the lender for YOU, not for THEM. There are lenders who are great at closing deals (which is good for the agent) but may not always find the best rates for the client. You don't want this lender. A good agent (like Jay and Francy Thompson!) will provide you a lender good for YOU (who will also close the deal--as that's critical for you too!).

The choice of a lender is ultimately up to you. Look for recommendations from your realtor, and your friends and family. TALK to the lender--interview them--before you decide. You can tell a lot about a person just by talking to them. And contrary to what some say, lenders are people too (well, most of them...)

If you are considering moving to a new neighborhood, whether it's across the street or across the country, we recommend doing three things:

1. Use the Internet! You can find almost anything on the Internet....population demographics, crime rates, home sale trends, data on schools, satellite pictures of the area, the list is endless. The Internet is a great place to begin your research. For some tips and tricks on using the Internet to research a home or neighborhood, please visit our Real Estate & The Internet page.

2. Ask an agent. A good real estate agent knows the area. We drive around neighborhoods, we read the news, we talk to people. A good agent can tell you a lot about a neighborhood. You should know however, that real estate law prohibits us from discussing certain things. We can't tell you if a neighborhood is "good" or "bad". YOU have to decide that. We can't discuss racial, religious or economic status of a neighborhood. But we can point you to places to find answers and can provide you a lot of great info on potential neighborhoods. We just have to stick to facts, not opinions.

3. Drive around! We strongly encourage our clients to simply drive the neighborhoods they are interested in. (Obviously this may be impossible if you are relocating from a significant distance.) Try to drive the area at different times of day, during the week, and on weekends. Doing this can give you an excellent understanding of what an area is like. Sometimes nothing beats seeing the neighborhood in action...

If you do all three of these things, you find yourself a neighborhood expert in no time!

Given that I am a real estate agent, it's difficult to answer this question without looking biased. But you asked, so here's my opinion...

Yes, you should be represented by an agent if you are buying a new home. And no, I'm not saying that just because I'm a real estate agent...

Consider this. That smiling, sharp dressed young man or woman that greets you in the builders office is a licensed real estate agent. Who do you think they work for? The builder, that's who. Who's best interest do you think they have in mind, yours, or their employers? I don't believe I need to answer that for you.

No, the builder's agent won't cheat you. But they certainly aren't going to negotiate for you. You're not going to save a nickel by representing yourself, and the builder pays your agent's commission. So why not have professional representation from someone working for you and your interests?

The buyer must first furnish a five-day written notice for the seller to move out. If the seller still refuses to move out, the buyer must file an eviction proceeding in Superior Court, not Justice Court.

Provided by Christopher Combs. Phoenix attorney Christopher A. Combs is a partner with the firm of Combs Law Group, P.C. Reprinted with permission. Copyright 2005, all rights reserved.

NOTE: this should not be considered a substitute for legal advice. ALWAYS seel appropriate legal counsel.

Homeowners Can Amend CC&Rs to Prohibit Residency to Registered Sex Offenders

Question: A registered sex offender was recently arrested in our community in North Phoenix. No one had any idea that our neighbor was a registered sex offender. We had an emergency meeting of the homeowners, and we want to amend our CC&Rs to prohibit registered sex offenders from purchasing a home in our community in the future. We would do a background check on every potential purchaser under the website for registered sex offenders Would this CC&R provision be enforceable?

Answer: First, registered sex offenders are not a “protected class” such as race or religion under the Fair Housing laws. Second, unless protection under Fair Housing laws is involved, the homeowners in a community can adopt CC&Rs that reasonably restrict ownership. For example, CC&Rs can require approval of new homeowners by the HOA board of directors. Therefore, the provision of the CC&Rs prohibiting registered sex offenders as homeowners is probably enforceable. In 2001 a New Jersey appellate court upheld an HOA bylaw that prohibited condominium ownership by Tier 3 registered sex offenders. 766 A.2d 1186. In New Jersey, as in Arizona, Tier 3 is reserved for registered sex offenders who are classified as a “high” risk level to the community. Tier 1 and Tier 2 registered sex offenders are not considered as “dangerous” as Tier 3 registered sex offenders. In New Jersey there were only eighty Tier 3 registered sex offenders out of a total of 11,000 registered sex offenders. Inasmuch as there were only eighty Tier 3 registered sex offenders in New Jersey, the New Jersey appellate court had no problem upholding the HOA bylaw. The New Jersey appellate court stated, however, that if the HOA bylaw or similar restriction included all registered sex offenders, there would be stronger arguments that the HOA bylaw or similar restriction would not be upheld.

Note: You can search for registered sex offenders in Arizona here.

This material has been prepared by Combs Law Group, P.C. for informational purposes only and is not to be considered legal advice. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information provided is general and is not updated or revised for accuracy as statutory or case law changes following the date of first publication. Internet subscribers and online readers should not act upon this information without seeking professional counsel. REPRINTED WITH PERMISSION.

Sorry, but I need more specifics to give you a good answer. What fees are you referring to?

There are a lot of fees involved with the purchase or sale of real estate. Many are dependent on whether you are the buyer of the seller.

If you can let me know what fee you are talking about (title fees, lender fees, real estate agent commissions, etc) and whether you are the buyer or seller I may be able to help more.

There are two main ways to establish a home listing price:

1) Get a full blown appraisal: A certified home appraiser will give you an estimated market price for about $300.

2) Get a "CMA" (Compartive Market Analysis): A CMA can be provided by a real estate agent. The agent will look at recent sale "comparables" and determine the market price for your home. A comparable is a house similar in size, age and condition that is physically located near your home and has sold recently. Comparable sales are the best indicator for what your house could sell for. (And actually, this is pretty much exactly what a certified appraiser will also do.) The advantage of a CMA over an appraisal is cost--A CMA is free.

Ultimately the market decides what your home is worth. The true definition of "market price" is what an able and ready buyer is willing to pay.

Having a swimming pool built is not cheap. If you spend $20,000 on a pool, it will not add $20,000 to the value of your home. Sadly, it may add nothing to the value of your home. Don't add a pool to your home if you expect to recoup the cost upon sale. It just doesn't work that way. Add a pool to your home because you want a pool. A pool is an outstanding investment in terms of recreation, fun, enjoyment, enhancing the appearance of your back yard and it provides great exercise. (In Phoenix, having a pool may mean being able to survive the summers comfortably!) There are dozens of great reasons to have a pool, but adding value to your home isn't one of them.

(I should note that what I say above pertains to the Phoenix area. The reason it's this way here is because so many homes have pools. In some parts of the country, a pool is rare and does add a premium to a home.)

What a pool can do is help you sell the home when the time comes. MANY people home shopping in Phoenix want a pool. We've had clients look at homes they loved but didn't buy because there wasn't a pool. Having an existing pool appeals to many home buyers. But note that there are some who don't want a pool and won't look at your house because it has one.

This question is difficult (actually, impossible) to answer. A good real estate agent can tell you the Average Days On Market (DOM) for your area, but it's just that--an average. Some homes will sell faster than the average DOM, some will take longer.

Houses sell based on three primary factors:

* Condition
* Location
* Price

The interaction of these factors, combined with the overall market conditions in your area is what determines how quickly your home will sell. A properly priced home, in good condition in a desirable location will always sell--in any market. An overpriced home, regardless of condition or location may never sell. A home in poor condition or a poor location has to be priced accordingly in order to sell.

Unfortunately, it's impossible to say for certain how long it will take to sell your home. A good agent can give you an estimate, but it's just that. There are simply too many factors to accurately predict how quickly a home will sell.

An important question, and one I covered awhile back in my blog on this post on title insurance at The Phoenix Real Estate Guy...

Signature of Warranty Deed Before Closing Not Required

Question: We are scheduled to close on the sale of our home in three weeks. The escrowi company handling the transaction has sent us paperwork for signing, including a warranty deed to the buyers. We are concerned about signing a warranty deed to our home three weeks prior to closing, but the escrow company says that this warranty deed will not be recorded until closing and, if the sale does not close, this warranty deed will be destroyed. Should we sign this warranty deed now?

Answer: In order to timely close a transaction, much of the paperwork for both the seller and the buyer is typically signed at the escrow company before the actual day of closing. If you have concerns about signing this warranty deed now, however, you should contact the escrow company and, if you tell the escrow company that you approve of the form of this warranty deed, the escrow company should permit you to sign this warranty deed at the time of closing. Note: In many states, especially back East, the tradition has been for the seller and the buyer to sit around a table at the same time for “closing” of the transaction. Even in those states, however, the practice now is for the seller and the buyer to sign the documents before the actual date of closing.

This material has been prepared by Combs Law Group, P.C. for informational purposes only and is not to be considered legal advice. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information provided is general and is not updated or revised for accuracy as statutory or case law changes following the date of first publication. Internet subscribers and online readers should not act upon this information without seeking professional counsel. REPRINTED WITH PERMISSION.

Open Houses - you see the signs everywhere, typically on the weekends. In an "Open House" the selling agent will be at a home and answer questions and show the home to anyone who happens to stop by. Sometimes dozens of people will drop by an open house, sometimes no one shows up.

Does holding an open house help sell a home? In all honesty, not very often. It's extremely rare for someone attending an open house to actually purchase that home. Having an open house does increase the visibility of the listed home, but that visibility is typically limited to neighbors (who already know your home is for sale, trust me) and people who happen to be driving by.

Realtors like to hold open houses because they are a great way to find potential buyer clients. Many times potential buyers will attend an open house without a Realtor, and this gives the Realtor holding the open house to become that buyer's agent.

Many attendees at open houses are what we call "looky-loos"--neighbors that have always wondered what the inside of your home looks like, and even "professional" open house go'ers who just like to attend open homes to get decorating ideas and see different things.

Opening your home to anyone that walks in the door is something that should be considered carefully. Personal items have been taken from open houses, and we always recommend removing small valuables and prescription medications. Theft is very rare, but it can happen.

Simply put, a fixture is something that is permanently attached to real property (a house). Things such as ceiling fans, chandeliers, towel racks, built in shelves, carpet etc. Fixtures are always included in the sale of a home. The owner of a home can’t unbolt everything connected to a home before you take possession.

Granted, a ceiling fan isn’t really “permanent”. It could be uninstalled. But it IS an integral part of the home (unlike say, a piece of furniture) and is included in the sale of a home.

If you want to keep Grandma’s chandelier, you need to either remove it before the home is listed, or have your agent be VERY SPECIFIC in listing the home and their conversations with buyer’s agent that the chandelier does not convey with the sale. (It’d be best to remove it and replace it with another light fixture to avoid any possible hassles. People HAVE lost Grandma’s chandelier when they sold their home!)

What is and isn’t a fixture confuses a lot of people. One of the biggest questions that comes up frequently is window coverings. Here’s the scoop…. Curtains are not considered fixtures. Curtains rods however, are. Mini-blinds are fixtures. Screens (and screen doors) are fixtures.

The best way to remember what a fixture is is this: If it’s attached (via screws, nails, glue, etc) to the walls, floors or ceilings, it’s a fixture. When in doubt, ask your agent. Hopefully you have a good one! If not, you know who to call! :-)

Here’s a very detailed explanation of fixtures from Wikipedia.org: http://en.wikipedia.org/wiki/Fixtures

This is the terminology currently used in the Phoenix area Multiple Listing Service (ARMLSi). They may be different than what is used outside of the Phoenix area, however it is likely that any large MLSi will have very similar terminology.

"Active": If a listing is active, then it is available for sale and there has not been an offer accepted. An offer may have been submitted, but it hasn't been accepted by the seller yet.

"Pending": This means an offer has been submitted and accepted, and there are no contingencies in the contract. Basically this means the property has been sold and is waiting for closing (although deals fall apart all the time between contract acceptance and close.) See AWC below for an explanation of contingencies.

"AWC": Stands for Active With Contingencies. This means an offer was submitted and accepted, but there are contingencies that must be settled before the deal can close. There are numerous possible contingencies, but by far the most common one is that the deal is contingent on the buyer's selling an existing property. The buyer needing to secure financing is also a common contingency. If a listing is in AWC status, additional offers can be submitted, but will be in "second position" to the original offer (ie: a backup offer). If the contingency can not be met, then the contingent contract would be cancelled and the backup offer moves into first (primary) position. Once the contingency is met, the listing should be moved to a Pending state, but most agents never seem to do that.

"TOM": Contrary to what a lot of people believe, TOM does not stand for Taken Off Market. It means Temporarily Off Market. This isn't a widely used category. A property may go TOM if a seller is going to be out of town for an extended period, or if the seller decides to do some repairs to the property and doesn't want it shown while repairs are being done. If you are an agent and you start calling owners who property is in TOM status to try and "relist" their home, then you are violating all kinds of listing and ethical rules and regulations. (And trust me, this happens all the time.) A property in TOM status is still under a signed listing agreement with the listing agent, hence any solicitation of a TOM property is a serious violation and you can lose your license if you pursue it!

"Sold": This indicates the property has been sold to a buyer. Sold in this case means the transaction has closed -- title/deed have been transferred to a new owner.

Setting a rental rate is similar to determining a home sale list price (see this FAQ). You'll need to determine the going market rental rate for your home. Much like a home sale price, if a rental rate is set too high, you'll never find a tenant. If it's set too low, you'll rent your property but you won't be maximizing your investment.

A good real estate agent can show you what homes in the area are renting for. Another excellent, albiet low-tech, method is to simply look at the "For Rent" ads in the local paper.

Rental rates in a neighborhood don't really vary all that much. Once you know what a couple of homes have been rented for, you'll have a good idea of what you can rent your property for. Just remember to adjust for any "amenities" that your property may include such as pool or yard maintenance that other homes may not have.

This question is difficult (actually, impossible) to answer. A good real estate agent can tell you the Average Days On Market (DOM) for your area, but it's just that--an average. Some homes will sell faster than the average DOM, some will take longer.

Houses sell based on three primary factors:

* Condition
* Location
* Price

The interaction of these factors, combined with the overall market conditions in your area is what determines how quickly your home will sell. A properly priced home, in good condition in a desirable location will always sell--in any market. An overpriced home, regardless of condition or location may never sell. A home in poor condition or a poor location has to be priced accordingly in order to sell.

Unfortunately, it's impossible to say for certain how long it will take to sell your home. A good agent can give you an estimate, but it's just that. There are simply too many factors to accurately predict how quickly a home will sell.

The buyer must first furnish a five-day written notice for the seller to move out. If the seller still refuses to move out, the buyer must file an eviction proceeding in Superior Court, not Justice Court.

Provided by Christopher Combs. Phoenix attorney Christopher A. Combs is a partner with the firm of Combs Law Group, P.C. Reprinted with permission. Copyright 2005, all rights reserved.

NOTE: this should not be considered a substitute for legal advice. ALWAYS seel appropriate legal counsel.

This is the terminology currently used in the Phoenix area Multiple Listing Service (ARMLSi). They may be different than what is used outside of the Phoenix area, however it is likely that any large MLSi will have very similar terminology.

"Active": If a listing is active, then it is available for sale and there has not been an offer accepted. An offer may have been submitted, but it hasn't been accepted by the seller yet.

"Pending": This means an offer has been submitted and accepted, and there are no contingencies in the contract. Basically this means the property has been sold and is waiting for closing (although deals fall apart all the time between contract acceptance and close.) See AWC below for an explanation of contingencies.

"AWC": Stands for Active With Contingencies. This means an offer was submitted and accepted, but there are contingencies that must be settled before the deal can close. There are numerous possible contingencies, but by far the most common one is that the deal is contingent on the buyer's selling an existing property. The buyer needing to secure financing is also a common contingency. If a listing is in AWC status, additional offers can be submitted, but will be in "second position" to the original offer (ie: a backup offer). If the contingency can not be met, then the contingent contract would be cancelled and the backup offer moves into first (primary) position. Once the contingency is met, the listing should be moved to a Pending state, but most agents never seem to do that.

"TOM": Contrary to what a lot of people believe, TOM does not stand for Taken Off Market. It means Temporarily Off Market. This isn't a widely used category. A property may go TOM if a seller is going to be out of town for an extended period, or if the seller decides to do some repairs to the property and doesn't want it shown while repairs are being done. If you are an agent and you start calling owners who property is in TOM status to try and "relist" their home, then you are violating all kinds of listing and ethical rules and regulations. (And trust me, this happens all the time.) A property in TOM status is still under a signed listing agreement with the listing agent, hence any solicitation of a TOM property is a serious violation and you can lose your license if you pursue it!

"Sold": This indicates the property has been sold to a buyer. Sold in this case means the transaction has closed -- title/deed have been transferred to a new owner.

This is a great question!

Simply put, a Mortgage Banker lends their own money to you to purchase a home. A Mortgage Broker works with many different lenders to find the money for you to purchase a home.

Here are the book definitions:

Mortgage broker: One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker.

Mortgage Banker: A company providing mortgage financing with its own funds. These funds are usually borrowed and the financing is either short term or, if long term, the mortgages are sold to investors within a short time.

There are advantages to both. A Mortgage Banker, since they are lending their own money, MIGHT be able to get you better terms or lend you money if you've got marginal credit. Might is the key word. You'll need to shop around if that's what you need.

And shopping around is exactly what a mortgage broker does. They work with multiple lenders, so often they are able to find the best terms and conditions. Many brokers (and bankers) specialize in areas such as "sub-prime" loans (think marginal credit) or second mortgages, commercial lending, etc.

Just remember, the promise to get you the lowest rate isn't the only thing that makes for a good loan/lender. Your lender can promise you zero interest, but if they can't fund the loan, it does you zero good. That 5% loan may sound better than a 6% loan, but after paying points, fees and who know what else, is it really a better deal?

The best thing to look for in a mortgage banker or broker is just what you look for in any service person--somone who is professional, who will work hard for you and knows what they are doing. That holds true for lenders, real estate agents and the paper boy.

The specifics for getting a real estate sales license varies by state. Generally speaking, it involves two things:

1. Education: Most (probably all) states require a certain level of education in order to get licensed. I'm not talking traditional college or vocational school. You'll need a certain number of specifc state and national real estate class hours, typically received at "real estate school". In Arizona, the requirement is 90 classroom hours. There are several real estate schools in the Phoenix area (and in almost every metropolitan area). Cost varies but expect to pay around $350.
2. Examination: You'll have to pass a licensing exam. Again the specifics vary by state. In Arizona the exam is two parts, state specific and general. The exam is not easy, but if you pay attention in your real estate classes, pass the school exams and study, you can pass the state exam. Cost (in AZ) is $90 to sit for the exam, and you need proof of completing the required educational courses.

In addition to education and examination, there are applications to complete (more fees...) and most states require a background/fingerprint check to be completed. Your real estate school and broker can assist with getting these done.

Getting your real estate license is only the first step. You'll need to find a broker, join your local, state and national real estate associations, and get MLSi access and a lockbox key (and yes, there are fees associated with all of this!). Many states, including Arizona, also require continuing education courses in order to renew your license.

This is probably a matter of personal opinion, but you asked, and I'll always provide my personal opinion!

A good real estate agent needs to be a "people person". An agent has to interact with many people in a transaction, not just their client. There's the other party, the other parties agent, brokers on both sides, title companies, appraisers, inspectors and loan officers. Many times their are multiple buyers or sellers, and even the buyer and sellers families to deal with.

A good agent needs to be an excellent negotiator. Negotiation skills come in to play in all aspects of a real estate transaction.

A good agent needs to be accessible to their client, as well as everyone else involved in the transaction. This may seem like a no-brainer, but you'd be amazed at how difficult it is to reach some agents. Unanswered phone calls is one of my biggest pet peeves.

A good agent needs an in-depth understanding of the real estate sales contract and other paperwork (and trust me, there is a TON of paperwork involved in a real estate transaction.)

A good agent needs to be "tech savvy". This industry is sometimes stuck in the dark ages. A good agent needs the technical skills that will allow them to work in the 21st century. This may not seem like a big deal, but it is. I know agents that can't use email or a fax machine, much less market a property on the Internet....

A good agent needs to be a hard worker. Contrary to popular belief, selling real estate is a real job and it's not an easy thing to do.

There's more, but if you can find an agent with these six traits, then you've found a great agent! (or if you're thinking about becoming an agent, do these six things well and you'll be ahead of about 95% of your competition!)

You may find my blog post "On Bad Real Estate Agents" interesting...