If you’re buying, or even thinking about buying a home, in Arizona then the Buyer Advisory is a document you CAN’T afford to ignore! Let’s take at how this one document could save you money and a lifetime of headaches on your next purchase. Let’s go!
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Are you thinking about buying a home in Arizona? If so, CONGRATULATIONS! Buying a home can be extremely rewarding but it can also be a very stressful time for some buyers. I am here to arm you with one of THE BEST resources, to help make the process of buying a home in Arizona as smooth as possible.
The Buyer Advisory is a standardized document created by the Arizona Association of REALTORS®. This 14 page document is HANDS DOWN my favorite resource to pass along to clients. Unlike some of the other documents you will sign when buying a home, this document is easy to read and it’s sole purpose is to help you be a savvy buyer, who has all the tools they need to make an informed decision. When it comes time to buy a house you will be signing what feels like a TON of documents, and I know, it’s easy to glaze over and just sign. But, I want you to promise me you won’t do that with the Buyer Advisory.
Say it with me, “I promise to read the WHOLE Buyer Advisory, cover to cover, and ask any questions I may have”.
Good! Now you might be wondering where can I get a copy of this super amazing Buyer Advisory? I’ve got you covered. We have a link to the full document at the bottom of this blog post, so you can grab it now, or you can grab it when you get to the bottom!
We are so lucky to have the Buyer Advisory in Arizona, many states don’t have anything like it! This one document helped us to get rid of a number of Addenda that we used to have to get clients to sign. The other great thing is that it’s updated regularly by the lovely folks at the Arizona Association of REALTORS® to ensure you always have access to the most relevant info. So, if you download a copy today, but don’t end up buying for a few months or longer, touch base with me and I will happily make sure you have the most up to date version.
I strongly recommend reading the Buyer Advisory before making an offer on a home because it highlights a lot of things you may want to consider doing or investigating during your due diligence period. Which, unless otherwise negotiated in the contract, ends 10 days after signing. You should be going into your due diligence period as prepared as you possibly can.
Let’s dive in to what you can expect to find in this VERY important document. The Buyer Advisory is split into 5 Sections. In this blog post I’ll give you a brief overview of the kinds of information you will find in each section, but you are going to have to read the full document to get all of the information. Nobody wants to sit here while I go through all 14 pages of text.
SECTION 1: Common Documents a Buyer Should Review
I love this section because it gives you links to a bunch of sample documents! Before you ever make an offer on a house you could read through the our standardized purchase contract, for example, then you would know exactly what you are agreeing to when the time comes to make an offer. It also walks you through all of the documents you should be reading when you make an offer on a home including the MLS Printout, Subdivision Disclosure Report, Seller Property Disclosure Statement, CC&R’s (which stands for Covenants, Conditions, and Restrictions), and so much more. There will be a lot of documents coming at you when you are buying a home, and the Buyer Advisory helps to highlight which ones are most important and why. Knowledge is power when it comes to buying a house so make sure you are as informed as you can be.
This section also stresses the importance of a home inspection. If you have more questions about home inspections you can always watch this video… here.
SECTION 2: Common Physical Conditions in the Property a Buyer Should Investigate
This section gives you really good insights about what you should pay attention to and it even gives you recommendations on when you should bring in a professional. For example, the Buyer Advisory tells you that if you are buying a home with a roof that is 10 years of age or older, you may want to consider getting a roof inspection. It even gives a link to where you can find a roof inspector!! Did I mention how much I love this document?!
This section also talks about soil conditions, pests, and other fun things like the fact that there is no liability for failing to disclose natural deaths, suicides, murders, or felonies on the property… CREEPY, right? That means that it is up to you to investigate these things on your own if they are important to you.
SECTION 3: Conditions Affecting the Area Surrounding the Property the Buyer Should Investigate
This section talks about researching Crime Statistics, the existence of Electromagnetic fields, and the potential for aircraft noise. I promise, this guide will bring up things you never would have thought about. If you do this research, just think how well prepared you will be when it comes to your due diligence period. You’re going to be a home buying superstar!
On a very serious note. One really important, and potentially uncomfortable part of this section is the presence of sex offenders in the vicinity. This is not something that the Seller or the Real Estate Agents are required to disclose, but worry not, because this AMAZING document gives you a link to a website where you can simply search by address and find out if there are any Sex Offenders in the area, and what the nature of their crime was. I cannot stress the importance of this enough, especially if you have or plan to have kids in the home.
SECTION 4: Other Methods of Getting Information about a Property
This is a really light section that encourages you to talk to the neighbors, drive around the neighborhood, and use tools like Google Earth to get a sense of your surroundings.
SECTION 5: Resources
This sections talks about things like the cyclical nature of the real estate market, Fair Housing & Disability Laws, and the risk of Wire Fraud in a real estate transaction.
So, that’s it! Most agents will have you sign the last page of this advisory simply acknowledging that you received it, but don’t forget that you promised ME you’d read it cover to cover! These 14 pages pack a wealth of knowledge and insights that are going to help you be a savvy, well informed buyer. So, if you haven’t already done so, don’t forget to download your copy of the Buyer Advisory using the link below.
See YOU, next Thursday!