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Welcome to ArizonaHomes1.com |
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Welcome to ArizonaHomes1.com, the luxury home & condo affiliate website of Condo Living Realty in Scottsdale, Arizona.
Whether you are in the market to sell or buy, our mission is to provide you with the service, tools and resources to allow you to achieve all of your Arizona real estate and investment goals.
We look forward to hearing from you soon!
Jeff Tallman, Broker/Owner Office: 480-543-7007 Cell: 602-315-6333 |
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Thinking about selling your Scottsdale home? List with us and we’ll feature your property right here! |
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Arizona real estate BLOG
We Specialize In:
Sonoran Heights Condos Second Homes Vacation Homes Resort Properties Senior Housing Out-of-State Homeowners Internet Marketing |
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Mortgage Rates At Record Lows:
Fixed mortgage rates have dropped to record lows, sinking well below 5% on 30-year rates.
SOURCE: Wall Street Journal |
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Terms you should be familiar with:
Anti-Deficiency Statute
Mortgage Debt Relief Act
HUD
HAMP-HAFA
Short Sale
Deed-In-Lieu
Condo Certification
Lender Approved Condominium Association
Owner Occupied
Investor Owned
Rental Property Statutory Assessor Registration |
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What is a 1031 exchange? A 1031 exchange is a tax-deferred exchange of “like kind” INVESTMENT property which is held for investment or for productive use in a trade or business. Section 1031 of the Internal Revenue Code provides one of the best tax strategies for deferring the capital gain tax that would ordinarily be assessed on the sale of investment property. By utilizing an exchange to defer the capital gain tax, the property owner has substantially more equity to reinvest in a replacement property. Rental or investment property owners can accomplish virtually any investment objective with tax deferred exchanges including: 1) greater leverage, 2) diversification, 3) consolidation, 4) cash flow, 5) management relief, and 6) increased depreciation.
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OVERVIEW OF THE TAXPAYER RELIEF ACT OF 1997: Primary Residence, Internal Revenue Code 121 (Replaced IRC code 1034):
· Couples filing a joint tax return can exclude up to $500,000 of gain on the sale of their principal residence, and single filers can exclude up to $250,000 · New rates and rules effective for dispositions on or after May 7, 1997 · Home must have been the primary residence of both spouses for 2 of the last 5 years · $500,000 exclusion available once every 2 years · Vacation homes and second homes do not qualify
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Featured Subdivision:
Sonoran Heights 126th Street & Via Linda Scottsdale, AZ 85259 |
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CLICK HERE to go to the Desert Mountain Football website |
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Frequently asked questions regarding short sales
Q: My home is worth less than I paid for it 3 years ago. Am I eligible for a short sale? A: No. To be eligible for a short sale, you must be delinquent on your mortgage payments and demonstrate a real hardship to your lender (ie, loss of job).
Q: I am delinquent on my mortgage payments and have received notice of foreclosure. Am I eligible for a short sale? A: Possibly. Why are you delinquent on your mortgage? Loss of job? Loss of income? If you can demonstrate your hardship to your lender, they may accept a short sale vs foreclosure. Most lenders would prefer not to foreclose as this is time consuming & expensive.
Q: Are there tax ramifications on a short sale? Should I get professional tax advice? A: YES! In a short sale, the lender and the homeowner agree to sell the property for less than the mortgage balance. The IRS treats this difference as income to the homeowner. The lender will issue a 1099 which shows the amount of loss. However, the federal government currently has a law in place known as the “mortgage debt relief act” which may allow a homeowner tax relief on the loss reported on the 1099.
Q: If my lender agrees to a short sale, will they attempt to “collect” the difference from me personally? A: It depends. Arizona has a law known as the “anti deficiency statute.” If you qualify, the lender is not allowed to pursue you for the debt. Also, the terms between you and the lender regarding the short sale should be carefully reviewed regarding the lenders intent to either pursue or not pursue further collection efforts.
Q: Does a short sale affect my credit? A: YES! A short sale is a significant “hit” on your credit. Generally though, it is not as severe as a foreclosure.
Q: Are short sales more time consuming than non short sales? A: Yes. It can easily take 45-90 days for a lender to make a final decision regarding a short sale. That is one of the reasons why you should communicate clearly with the lender regarding all details and what may or may not be acceptable to them and how their decision process works.
Q: Where can I get more information regarding short sales? A: On this web page, just above this “frequently asked questions” section, there is another section called “sample forms library.” You can find the “short sale seller advisory” form there which contains detailed information regarding short sales.
Q: Can you help me with a short sale? A: Yes, we can help. Give us a call or send us an email at the contact information located at the top of this web page. |
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Sample Forms Library
Buyers Inspection Notice & Sellers Response
Consent To Limited Representation
Counter Offer...New 2/11
HOA Condominium / Planned Community Addendum
Loan Status Update (LSU)...New 2/11
Multiple Counter Offer...New 2/11
Multiple Offer/Counter Offer...New 2/11
Pre-Qualification Form...New 2/11
Real Estate Agency Disclosure & Election
Residential Purchase Contract...New 2/11
Short Sale Addendum-Purchase...New 2/11
Sellers Property Disclosure Statement (SPDS)
Unfulfilled Loan Contingency Notice
THINK GREEN, PRINT ONLY IF NECESSARY
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Northsight Office 13847 N Northsight #101 Scottsdale, AZ 85260 Business: 480-624-3149 Fax: 480-315-8378 |
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McCormick Ranch Office 7975 N Hayden Rd #C280 Scottsdale, AZ 85258 Business: 480-607-0200 Fax: 480-607-3370 |
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Enhance your Home’s exposure! By using multiple, targeted websites to increase our internet presence, your HOME will be in front of millions of potential buyers who may not have seen it otherwise.
In addition to www.ArizonaHomes1.com, we operate 4 additional high traffic websites to feature your Scottsdale Property. Check them out!
Your CONDO will also be featured on |
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Jeff Tallman-Experience & Qualifications
Arizona State University, W.P. Carey School Of Business, B.S., Business Administration, 1983, With Honors
Licensed Real Estate Broker, State Of Arizona
PepsiCo, Business Development Manager: Phoenix, Southern California, Las Vegas, Seattle, Hawaii, Alaska
Affiliated with:
Scottsdale, Arizona & National Association of Realtors
Life Member, Arizona State University Alumni Association, Sun Angel Foundation, Sun Devil Club
25+ years experience in Valley Real Estate
Specializing in Scottsdale Condos, Town Homes, Vacation Homes, Second Homes, Resort Properties, Senior Housing, Investor Property, 1031 Exchange, Out-of-State Homeowners, Short Sales, Bank Owned and Foreclosures
Protecting And Promoting Our Clients Interests In All Their Arizona Real Estate Transactions!
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Did you know that….
According to the National Association of Realtors, 48% of 2nd home buyers pay cash
84% go online to find properties & brokers
Scottsdale is in the top 10 for 2nd home ownership |
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2011 Season Season
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DMHS @ Highland Thursday, October 6, 7:00pm kickoff |
Scottsdale Time