Buying a House in Phoenix??? Need advice.

[ronmexico]

Has anyone been through the process of purchasing a 2nd home in Phoenix? Im looking to take advantage of whats going on there right now and maybe make some $$$ in ten years time. I need some advice on someone who's 'pioneered' this already. Specific questions as follows:

1. Where is the best place to buy/exchange US dollars? (my banks rates suck - 2 points) thinking of exchanging 20-20k for down payment

2. Is it easy to get a mortgage down there? I know you need 30% down. What rates do they provide?

3. (probably most important) Where is the best place to get the best deal? I have read some of these foreclosure websites are the best place to get a deal rather than working with a real estate agent who go to these places anyways (cut out a middle man)

4. Are there any other things you would think i would need to know about?

Im looking in the Goodyear, Avondale area. Thanks in advance.

 

[Puba]

Mortgage in the states not worth your while you'll have to do it here in Canada.

Also there is a bit of a death tax clause you'll want to check out for your estate, don't die you cant leave it to anyone in your will.

Other than that it's a good investment.

 

[sledhead_2002]

I use custom house and global foreign exchange for my currency exchanges, better than banks.

 

[fat tire]

Has anyone been through the process of purchasing a 2nd home in Phoenix? Im looking to take advantage of whats going on there right now and maybe make some $$$ in ten years time. I need some advice on someone who's 'pioneered' this already. Specific questions as follows:

1. Where is the best place to buy/exchange US dollars? (my banks rates suck - 2 points) thinking of exchanging 20-20k for down payment

2. Is it easy to get a mortgage down there? I know you need 30% down. What rates do they provide?

3. (probably most important) Where is the best place to get the best deal? I have read some of these foreclosure websites are the best place to get a deal rather than working with a real estate agent who go to these places anyways (cut out a middle man)

4. Are there any other things you would think i would need to know about?

Im looking in the Goodyear, Avondale area. Thanks in advance.

I know a little about it..... best advice I can give to ya is to deal with a canadian bank here that does business in the usa..... at least you will have the option of where to shop for your mortgage.... sometimes the canadian banks will try and sell it that it would be more secure comming from them if your a canadian living in canada... the thig they don't tell you is the transfer fees there gonna charge ya on your mortgage that way.................My advice to you is contact a mortgage broker here that does not work for any bank but deals with every bank..... and ask lots of questions to them....let them work for your interests and not the bank ( again make sure you deal with a canadian bank that does business in the USA) as regards of the purchase you might want to think about getting yourself a US address in the state your thinking of purchaseing in ...it's easy just when you go down there open a mail boxes etc..account and prepaid postage box..... it will make for easy sleddin before and after the purchase.....of the home. other than that you can contact a realestate agent that does the whole foreign buyer program....... Remax will work as much as I hate remax......I hope this helps ya out.

 

[enis750]

I am not aware of any lenders in Canada that will borrow you money, to purchase in the USA (and I am a MTG broker)
they have to register the land title w ISC and thats not possible purchasing in the US

the easiest way to go about it (if you can) is to re-finance your existing home
take that equity and purchase the home "cash"
rates are better here anyways
up until April 18, you can borrow up to 95% of your homes appraised value
after the 18th, it will be 90% AND you will have to qualify on a much higher rate than today's

if you can't do that...you have to borrow from a bank in the USA
most have a program they can fit you under, like Wells Fargo
just like we can borrow to a US citizen, to mortgage a property here

if you have more questions about doing this, PM or email me @ : steelmtg@sasktel.net

hope this helps you

 

[ZRrrr]

Globex Foregin Exchange. Waaay cheaper than any bank (sometimes even free to change) but I think the min is around $20K.

 

[fat tire]

I am not aware of any lenders in Canada that will borrow you money, to purchase in the USA (and I am a MTG broker)
they have to register the land title w ISC and thats not possible purchasing in the US

the easiest way to go about it (if you can) is to re-finance your existing home
take that equity and purchase the home "cash"
rates are better here anyways
up until April 18, you can borrow up to 95% of your homes appraised value
after the 18th, it will be 90% AND you will have to qualify on a much higher rate than today's

if you can't do that...you have to borrow from a bank in the USA
most have a program they can fit you under, like Wells Fargo
just like we can borrow to a US citizen, to mortgage a property here

if you have more questions about doing this, PM or email me @ : steelmtg@sasktel.net

hope this helps you

so then there isn't a canadian bank that boes business in the USA.........what are you on man....maby I need to be a little more clear on that one but if a canadian bank that is located in the uas and you do business with that bank in canada then I'm pretty sure they can shore up a mortgage in the USA........are you sure your a broker....and you don't know this...... I'm in the wrong line of work here.

 

[bigdaddy35]

Here's what I learned in the housing market in Phoenix (just got back last night from a little trip down there with the family).

1. find a good realtor with experience in forclosures. Some don't have a clue.

2. learn the costs/benefits of purchasing a bank owned, pre-forclosure and a short sale. A forclosed property (bank owned) is typically listed very low and a bidding war starts driving the actual purchase price up. They can entertain multiple offers at the same time. A short sale doesn't mean a fast sale. It can take many months to close this and your $ is tied up until it does.

3. A canadian bank will not/can not mortgage a property in the US.

4. Cash is King. If you make an offer on a bank owned home with proof it is a cash deal, you're in the driver seat as the banks want their $ right away.

5. If you purchase the property with cash then approach a US bank for the mortgage, they're more than happy to help you.

6. Do your research on the areas. HOA fees, utilities etc can be a bit of a surprize.

7. If you're looking at the property as an investment, don't expect values to go up significantly for at least 5 years. Another round of forclosures has just started as the next wave of bad mortgages comes due.

 

[Cyle]

Someone I know just did it bought a forclosed 1500 sq/ft house for $110,000, on a 2 year old house Paid cash for it, so very easy and got it for nothing from the bank.

 

[scorpio]

Time to refresh this thread.

I have made the decision to buy a house in the USA in the next few months.

Because I am going to rent it out, the location doesn't have to be somewhere that I want to spend my winters at, I just want to get into the depressed market while the prices are so low and then either sell in 10 - 15 years and buy elsewhere or take the cash and do something else with it.

So, Phoenix area seems to be a good bet. Lots of houses to choose from. I am thinking Gilbert, Chandler, Mesa, or Scottsdale as I want something upper middle income. Anybody own in these areas? Any other areas to suggest?

Is there anybody here that is renting out a place for vacations. Meaning short-term periods where you have furnished the house yourself? How are you advertising?

Any other comments are appreciated.

Thanks

 

[JoHNI_T]

Time to refresh this thread.

I have made the decision to buy a house in the USA in the next few months.

Because I am going to rent it out, the location doesn't have to be somewhere that I want to spend my winters at, I just want to get into the depressed market while the prices are so low and then either sell in 10 - 15 years and buy elsewhere or take the cash and do something else with it.

So, Phoenix area seems to be a good bet. Lots of houses to choose from. I am thinking Gilbert, Chandler, Mesa, or Scottsdale as I want something upper middle income. Anybody own in these areas? Any other areas to suggest?

Is there anybody here that is renting out a place for vacations. Meaning short-term periods where you have furnished the house yourself? How are you advertising?

Any other comments are appreciated.

Thanks

keep us posted,,, I would like to do the same but I have heard mixed thoughts,,


first go touch the place before you buy ,,,there are many decieving things going on in realestae down there dont trust the pictures,,,
second,, dont believe some of the pre rented deals,, after 30 days nobody can be found and no rent being paid except the first month buy the guy who sold it to ya....
also be careful I heard of a guy buying 2 condo units and then he learns 2 months later that out of the other 40 units 32 are vacant and the condo has no income and the whole place is about to crumble

but I also hear about these 40grand places in decent spots easy to rent,,

so keep us posted pls.

 

[steveo10]

We purchased a brand new house in Florence (1hr southeast of Phoenix and 45min from the airport) in the neighborhood called Anthem start of Feb. The realtors husband is a retired cop and he checks up on all the houses in the hood when all the snowbirds are gone. The house also came with a security system which is a peace of mind.

Utilities and all the neighborhood fees are low (compared to canada anyways) and we were able to get a loan from our bank in Canada in a blink of a eye

 

[steveo10]

keep us posted,,, I would like to do the same but I have heard mixed thoughts,,


first go touch the place before you buy ,,,there are many decieving things going on in realestae down there dont trust the pictures,,,
second,, dont believe some of the pre rented deals,, after 30 days nobody can be found and no rent being paid except the first month buy the guy who sold it to ya....
also be careful I heard of a guy buying 2 condo units and then he learns 2 months later that out of the other 40 units 32 are vacant and the condo has no income and the whole place is about to crumble

but I also hear about these 40grand places in decent spots easy to rent,,

so keep us posted pls.

Best thing to do is go check it in person, esp if you have that kind of money tied into it.

If you want a trustworthy realitor PM me.

Houses are cheap as borscht and the exchange is great, now is the time :d

 

[JoHNI_T]

Best thing to do is go check it in person, esp if you have that kind of money tied into it.

If you want a trustworthy realitor PM me.

Houses are cheap as borscht and the exchange is great, now is the time :d

thx,, that is the point our dollar is golden right now to do this....

I have a trip to vegas coming,, i was going to sniff around while I was there,, that place will have to come back alive again one day,,

 

[steveo10]

Enjoy your trip im sure you will!!

Ill be at the Hard Rock Hotel off the strip on the 24th before heading further south. Room is $80/night taxes in. Last time i stayed there a few years back i paid $300/night.

 

[JoHNI_T]

Enjoy your trip im sure you will!!

Ill be at the Hard Rock Hotel off the strip on the 24th before heading further south. Room is $80/night taxes in. Last time i stayed there a few years back i paid $300/night.

just for the day? you going for business or just on tour?

16th to 19th for us,, staying at the Wynn Encore,, landed a sweet deal so had to do it....

pretty sure the Wynn is alright

 

[shan]

a lady i know bought a house in maricopa in a gated community. they used a realtor, and what they did was open a bank account at a global bank (i think it was) - put money in it from canada and withdrew it while there. the realor also put her in touch with a company that stage houses and bought all furniture (dishes included) from the company at half the cost.

 

[steveo10]

Nothing wrong with the Wynn. Fancy!

We have to get a vehicle due south so we are driving down. Picking up some friends that are flying into Vegas, staying a couple of days, then continue to Florence for a few days. Getting warm down there already. Better tell coors to bulk up on the originals!

 

[JoHNI_T]

Nothing wrong with the Wynn. Fancy!

We have to get a vehicle due south so we are driving down. Picking up some friends that are flying into Vegas, staying a couple of days, then continue to Florence for a few days. Getting warm down there already. Better tell coors to bulk up on the originals!

nioce,, so ya import vehicles too?

yup looking HOT for sure, then get home for summer, well I was hoping to sled may 20th when i got back:d

 

[steveo10]

Nope. Im grinding it out in the oilpatch. We purchased a vehicle here. Gonna go for a little roady