In this market we are actually starting to see some homes not appraising for purchase price, which might sound strange since the prices have dropped considerably in the last 2 years. If for some reason the appraisal amount does not come back at purchase price or above there are a couple of options:

• The buyer may re-negotiate with the seller asking for a reduction in the sales price to match the appraised value.

• The buyer may come up with the extra cash to subsidize the amount from which the appraisal price is vs. the sales price. (I wouldn’t recommend that in this market)

• The buyer may cancel the contract and have their earnest money returned to them.

A “normal” close of escrow usually takes between 30-45 days from time of contract acceptance. In this market some are taking close to 60 days depending on if it is FHA, VA or Conventional loan and if any conditions are required by the lender such as repairs to the home.

Everyone’s idea of “Safe” are different. The best resource is to check with the local police department and talk to neighbors in the area. The buyer’s advisory is a wonderful document that provides websites to satisfy any question or concern you may have when buying a home. You can find this document at www.aaronline.com. I would suggest checking out www.faxnet1.org for crime statistics and http://az.gov/webapp/offender/main.do for sex offenders in the area.