Considerations For Canadians Prior to BuyingDale Henry

Financial NeedsPresently, mortgage financing in the US for Canadians (and all foreign nationals) is very limited, and the availability of such loans and rates changes frequently. When available, it is often quite expensive. Our Canadian buyers to date have found it advantageous to secure their financing in Canada. However, we can recommend a limited number of brokers who may provide financing to Canadian buyers. Unless you are paying cash, it is mandatory that you get prequalified with a lender in the US, prior to looking for property. This will help you understand the lender requirements, acquire an estimate of your payments, and thus determine what you can afford or wish to spend.

Fee Land vs. Lease LandBefore purchasing a home in the greater Phoenix or Scottsdale areas, it is important to know that there are two types of land here – Fee Land (you own it) and Lease Land (you lease the land upon which your house sits and you make a monthly lease payment directly to the owner of the land, or to the management company representing the owner).

Condo HOA Fees (Strata Fees)Homeowner Association fees (HOA in the US, Strata in Canada) will vary per property– they range from less than $200 up to $600 or higher. The size, services, and amenities of the complex will dictate the amount of monthly fees.

Property Inventory in Scottsdale, Paradise Valley, and Phoenix

Even though the number of short sales and foreclosed lender or investor-owned properties, called REO’s (real-estate owned) are decreasing, let’s take a look at the different categories and what each one may offer and the opportunity each may present. WARNING! Short Sales, and REO (lender- owned) purchases are not for everyone. They require a great deal of patience, and the lender is in total control. They set the final purchase price, they respond on their own schedule, and in many cases they set the close of escrow date. You must be prepared to wait several months and in some instances walk away from the purchase at the end.