House Keys

What Is a Multi-Family Home? In this episode of Terms of the Sale, Birdman sits down with Stephanie Crain of Mountain Retreat Realty Experts to clear up one of the simplest — and most commonly misunderstood — real estate terms: multi-family home. A lot of people think "multi-family" means multiple people or generations living under one roof. But Stephanie Crain of Mountain Retreat Realty Experts explains that in real estate, it means something very specific — a property designed with more than one living unit, like a duplex or triplex. In this quick-hit episode, Stephanie Crain of Mountain Retreat Realty Experts breaks it dow...

Duration: 00:01:18

Stephanie Crain explains the MLS system.

🔎 What is the MLS? • MLS = Multiple Listing Service It's a database created and maintained by real estate professionals that contains detailed information about homes for sale. • Local REALTOR® associations typically operate the MLS, and each region has its own. • It's not public in full form—buyers see MLS listings on consumer websites like Zillow, Realtor.com, and Redfin, but the back-end MLS that agents use has much more detail (history, showing instructions, commission offers, etc.).   ⸻   🏡 Why the MLS Matters to Sellers 1. Maximum Exposure • The MLS syndicates your listing to all major real estate websites, apps...

Duration: 00:03:41

Stephanie talks to Birdman about For Sale By Owner or FSBO   When you sell your home For Sale By Owner (FSBO), you're taking on the responsibilities that a real estate agent would normally handle. It can save you the listing commission, but it requires careful planning, knowledge of legal steps, and extra work on your part. Here's what you need to know:   ⸻   1. Pricing Your Home Correctly • Research recent comparable sales in your neighborhood. • Consider getting a professional appraisal to set a fair asking price. • Overpricing can scare off buyers, while underpricing can leave money on the table.   ⸻   2. Preparing the Home • Clean, declutter...

Duration: 00:03:10

 

💵 What is Earnest Money?

 

 

Earnest money (sometimes called a good faith deposit) is the money a buyer puts down when making an offer on a home to show the seller they're serious about purchasing.

 

It's like a security deposit for your offer — proving you're committed while the sale process moves forward.

 

 

 

📊 Typical Amount

 

 

Usually 1%–3% of the purchase price (but can be higher in competitive markets).

Example: On a $300,000 home, earnest money might be $3,000–$9...

Duration: 00:01:45

 

🏡 What is Due Diligence?

 

 

In real estate, due diligence is the period of time after your offer is accepted (but before closing) where you, the buyer, have the chance to fully investigate the property and make sure it's the right fit.

 

Think of it as a "check everything before you're locked in" window.

 

 

 

🔎 What Happens During Due Diligence?

 

 

During this period, buyers typically:

 

Home Inspection: Hire a licensed inspector to check the pro...

Duration: 00:02:15

 

🏡 What is a Down Payment?

 

 

A down payment is the initial amount of money you pay upfront when purchasing a home. It's your stake in the property, while the rest of the purchase price is typically covered by your mortgage loan.

 

Example:

 

Home price: $300,000

Down payment: $30,000 (10%)

Mortgage loan: $270,000

 

 

 

 

💵 Why Does it Matter?

 

 

Reduces the loan amount you borrow.

Shows lenders you're invested in the p...

Duration: 00:01:47

 

🏡 What is an FHA Loan?

 

 

An FHA loan is a type of mortgage that's insured by the Federal Housing Administration (FHA). It's designed to make buying a home easier for people who might not qualify for a conventional loan due to lower credit scores, smaller down payments, or higher debt-to-income ratios.

 

 

 

✅ Key Features

 

 

Lower Down Payment: You can buy a home with as little as 3.5% down if your credit score is 580 or higher.

Flexible Credit Requirements...

Duration: 00:02:34

Stephaine Crain of Mountain Retreat Realty Experts is back to talk about Debt-to-Income.   Debt-to-income ratio (DTI) is one of the most important factors lenders look at when deciding if you can afford a mortgage. It tells them how much of your monthly income already goes toward debt payments and how much room you realistically have left for a mortgage.   ⸻   What DTI Means • DTI = Total Monthly Debt Payments ÷ Gross Monthly Income • Expressed as a percentage.   👉 For example: If you make $6,000 a month before taxes and already spend $1,800 on debt payments (car loan, student loan, credit cards, etc.), your DTI is: $1,800 ÷ $6,000 = 30%   ⸻   Two Types of DTI Lender...

Duration: 00:01:52

Stephaine is back to talk about Conventional Mortages

 

A conventional mortgage is a type of home loan that isn't backed by the government (unlike FHA, VA, or USDA loans). Instead, it's offered by private lenders such as banks, credit unions, or mortgage companies and usually follows guidelines set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that help standardize mortgage lending.   Here's a breakdown:   ⸻   Key Features of a Conventional Mortgage • Down Payment: Often requires at least 3–5% down for first-time buyers, but many lenders prefer 20% down to avoid private mortgage insurance (PMI). • Credit Requirements: Borrowers typically ne...

Duration: 00:01:47

Stephanie Crain talks about a Home with a Contigent Sale   How it Works • A buyer makes an offer and includes contingencies to protect themselves. • The seller accepts the offer, but the home doesn't officially change hands until those contingencies are resolved. • While the property is listed as contingent, the seller may still accept backup offers in case the first contract falls through.   Example   A home might be listed as contingent on financing. That means the buyer must secure their mortgage before the sale can close. If they fail to get approved, the deal can be canceled, and the seller is free to m...

Duration: 00:02:04

Stephanie Crain talks about Common Contingencies in a Home Sale     1. Financing Contingency – The buyer must be approved for their mortgage. If financing falls through, the buyer can back out. 2. Inspection Contingency – The home must pass a professional inspection to the buyer's satisfaction. If major issues come up, the buyer can request repairs, a price reduction, or walk away. 3. Appraisal Contingency – The home must appraise for at least the agreed purchase price. If it doesn't, the buyer can renegotiate or cancel. 4. Home Sale Contingency – The buyer must sell their current home before closing on the new one. 5. Title Contingency – The property must have a...

Duration: 00:01:54

Stephaine is THE expert when it comes to selling Cabins in the Arizona White Mountains, take a listen as she talks about the things you'll need to know.

1. Know Your Buyer Type   Cabins often appeal to three main groups: • Vacation home buyers looking for a weekend retreat • Investors seeking short-term rental income • Full-time residents who want a quieter lifestyle Tailor your marketing and pricing to attract the right audience.   ⸻   2. Seasonal Timing Matters • In mountain areas, the spring through early fall is prime selling season — roads are clear, and the property shows best in good weather. • Winter sales are possible but requ...

Duration: 00:06:38

Stephanie digs into the real facts about living in the Arizona White Mountains.  

The Pros

1. Stunning Natural Beauty & Outdoor Recreation

The Arizona White Mountains are surrounded by pine forests, lakes, streams, and open meadows. If you love the outdoors, you'll find year-round activities — fishing, hiking, mountain biking, skiing at Sunrise Park Resort, and even elk watching in the fall.

2. Four Seasons Without Extreme Desert Heat

Unlike much of Arizona, the White Mountains have all four seasons. Summers are mild (often in the 70s–80s), and winters bring snow — perfect if you...

Duration: 00:12:48

Closing day is the finish line in a home purchase—it's when all the documents are signed, money is exchanged, and ownership officially transfers from the seller to the buyer. Here's what happens step by step:   ⸻   🗓️ What Happens on Closing Day?   ✅ 1. Final Document Signing   You (and the seller) will sign a stack of legal documents, including: • The closing disclosure (confirms all final costs) • The mortgage agreement and promissory note • The deed (transfers ownership from seller to buyer) • Tax documents and any local/state disclosures   You'll usually sign these with a closing agent, escrow officer, title company rep, or attorney, depending on your state.   ⸻   💰 2...

Duration: 00:02:26

Closing costs are the fees and expenses—beyond the down payment—that buyers and sellers pay when a real estate transaction is finalized ("closed"). These costs cover everything from lender fees to title services, and they typically range from 2% to 5% of the home's purchase price.

⸻

🧾 What's Included in Closing Costs?

🔹 For Buyers:

Buyer closing costs often include a loan origination fee charged by the lender for processing the loan, and an appraisal fee to have the home professionally valued. You may also pay for your credit report, title insurance, and a title search...

Duration: 00:02:01

💵 So, How Much Do You Need to Buy a Home?   The amount depends on several factors: the loan type, the purchase price, your credit, and closing costs. Here's a breakdown:   ⸻   🔑 1. Down Payment Options   You can buy a home with as little as 0% to 5% down in many cases: • Conventional Loans: • Minimum down: 3–5% (depending on income and loan program) • 20% down eliminates mortgage insurance but isn't required • FHA Loans (government-backed): • Minimum down: 3.5% • VA Loans (for veterans): • 0% down • USDA Loans (for rural areas): • 0% down   🔔 Note: Putting less down means higher monthly payments and mortgage insurance, but it allows many buyers to enter the market sooner.   ⸻   🧾 2. Closing Costs • T...

Duration: 00:03:07

 

🔍 What Is a Home Appraisal?

 

 

A home appraisal is a professional, third-party assessment of a property's market value. It's typically required by lenders during a home purchase or refinance to ensure the loan amount doesn't exceed the value of the property.

 

 

 

🧑‍💼 Who Performs the Appraisal?

 

 

A licensed or certified appraiser—who is neutral and independent—is hired by the lender (but paid for by the buyer or homeowner).

 

 

 

📝 What Factors Affect an Appraisal?<...

Duration: 00:02:51

An Adjustable-Rate Mortgage (ARM) is a type of home loan where the interest rate can change over time, usually in response to changes in a financial index (like the 1-Year Treasury rate or SOFR).   ⸻   🏠 Key Features of an ARM:   1. Introductory Fixed Rate Period • You get a low fixed interest rate for a set number of years (commonly 3, 5, 7, or 10). • Example: A 5/1 ARM means your rate is fixed for the first 5 years, then adjusts once per year afterward.   2. Adjustment Period • After the fixed period, the interest rate adjusts periodically (usually annually). • The new rate is based on: • A benchmark index (e.g., SOFR or LIBOR) • Pl...

Duration: 00:01:57

🔍 What "As-Is" Really Means: • The buyer gets the property exactly as it stands, with all its flaws—visible or hidden. • The seller makes no guarantees about the home's condition. • The seller won't fix any issues found during the home inspection. • The buyer still has the right to inspect the property, and can walk away or negotiate based on what's found—but the seller isn't obligated to fix anything.   ⸻   🛠 Common Reasons Homes Are Sold As-Is: • Distressed property or fixer-upper. • Estate sales or inherited homes. • Seller is financially unable or unwilling to make repairs. • Investor-owned property.   ⸻   ⚠️ Important Notes for Buyers: • Get an inspection—even if the seller won't fix...

Duration: 00:03:04

 

🔑

Typical Buyer's Costs in a Real Estate Transaction

 

 

 

1.

Loan-Related Costs

 

 

Origination fee: Charged by the lender for processing the loan (0.5%–1% of loan amount).

Credit report fee: $25–$50.

Appraisal fee: $300–$600 (paid to confirm the home's market value).

Underwriting fee: Charged by the lender for evaluating the loan application.

Discount points (optional): Paid to reduce your mortgage interest rate.

 

 

 

2.

Title and Escrow Fees

 

 

...

Duration: 00:04:05

Welcome to the first episode of House Keys

 

HOUSE KEYS is your go-to podcast for unlocking the world of real estate with clarity and confidence. Hosted by Rob "Birdman" Hephner and featuring trusted real estate expert Stephanie Crain of Mountain Retreat Realty Experts, this series breaks down the complex terms, processes, and decisions involved in buying and selling homes. With over 20 years of industry experience and a reputation for unmatched integrity, Stephanie brings practical insights, real-world examples, and straight-talk explanations that empower listeners at every stage of the real estate journey. Whether you're a first-time b...

Duration: 00:01:00