Great Arcadia Home

Check out HomeInArcadia.com

This is a beautiful home in a great neighborhood. It features a lush yard which is perfect for entertaining. This one is not to be missed.

Rite-Way Realty is looking for new agents

The Rite Team
The Rite Knowledge
The Rite Leadership
The Rite Experience
The Rite Values

The RITE-WAY

- Tuition Reimbursement
- Every associate has a Personal Mentor available 7 days a week
- One-on-One Training
- Free New Associate Fast Start Training
- Free Signs
- Free Business Cards
- Free Lead Generating Website with free home listings
- Free Lockboxes
- Free Technology Training
- Free Marketing Resources
- Free Weekly Coaching Sessions


We are a Learning-Based company where we help you start a career not just a job. Our focus is to help you develop your business. Due to our unique mentor program only a limited number of candidates will be accepted.

We are proud to offer a recruiting bonus of up to $1500 for each new associate you refer to Rite-Way Realty.

Call today for a confidential interview.
Tracy Thompson 623-326-0597 Director of Career Development and Training

http://www.AgentFastStart.com

Development Opportunity Available

Development parcel available near the Cardinals new stadium in Glendale. Fantastic opportunity for a luxury townhome development.

Photos and details:

7111N83rdAve.azhomebuyerhelp.com

Closing Cost Assistance Available

New Home Closing Cost Assistance

We are excited to announce our Closing Cost Assistance Program Rite-Way Realty is excited to announce our Buyer's Closing Cost Assistance Program.

We will contribute up to 2% of the purchase price of your new home toward your closing costs. For example: Purchase a $500,000 home and Rite-Way will contribute up to $10,000 toward your closing costs. Purchase a $800,000 home and Rite-Way will contribute up to $16,000 toward your closing costs.

What is the catch? This offer is only valid with certain new home builders and certain existing homes. The list of builders changes constantly. All you need to do is email or call today for an updated list of builders and communities. Some lenders place restrictions on the amount we can contribute.
Fairly simple rules to save a huge amount of money.
What are you waiting for? visit http://NewHomes.AZHomeBuyerHelp.com Rite-Way Realty, 2200 N. Central Ave. Phoenix 623-326-0597 Tracy Thompson http://www.AZHomeBuyerHelp.com

Tartesso Buckeye Update

Although this master-planned development's name is derived from an ancient Phoenician cultural center, Tartesso aspires to be among the most modern of communities. The sprawling 12,000-acre development has been approved for 40,000 homes.

The first phase, located at Sun Valley Parkway and Tartesso Parkway (Indian School Road), will include sites for 17 elementary schools and three high schools. Open space will be abundant in Tartesso, with plans for 26 parks in the works. The largest of these parks will feature full-size baseball fields, lighted basketball courts, facilities for smaller children, and picnic areas. A Tartesso golf course has not been planned. Commercial or mixed-use sites in Tartesso potentially could encompass 717 acres, or more than 10 million square feet. Tartesso will be accessible from Interstate 10 by two existing interchanges at Sun Valley Parkway and Miller Road. Three additional interchanges eventually will be installed at Johnson Road, Bruner Road, and Wilson Avenue.

Tartesso's main thoroughfare will be Sun Valley Parkway, which historically has been called the "Road to Nowhere" after development dreams turned sour in the 1980s. Developers are ready to fill the 160 square miles of desert with 300,000 new homes in one of the last large pieces of undeveloped land in the metro area. Buckeye's Sun Valley area will be metro Phoenix's next big growth corridor. Planners are projecting that 500,000 to nearly 1 million people will move to the area in the next 40 years.

More development along the Sun Valley Parkway is on the way. Stardust Development is partnering with Sterling Centre Corp. to build Tartesso Town Center, a 3.5 million-square-foot project planned for the entrance to the community. Developer El Dorado Holdings is partnering with Sonoran West Properties to develop Douglas Ranch, the state's biggest planned development. Douglas Ranch will cover 35,000 acres, more than twice the size of Manhattan. Douglas Ranch will eventually have 84,000 homes, 250,000 residents, four freeway interchanges, and dozens of office parks and malls.

Pulte bought or bought options on several parcels of land totaling about 4,100 acres east of the Sun Valley Parkway between Missouri and Northern avenues. The new community will be part of the Sun Valley area of Buckeye. Pulte will build one of its signature all-ages Anthem communities there. Pulte is building Sun City Festival in the northern part of the Sun Valley area. Pulte also is developing property in Tartesso.

I took a trip out to Tartesso in Buckeye, AZ this weekend to update my photos and get an update on progress. I was able to preview homes with 4 builders. Trend Homes is not open on Sundays. Keep this in mind when planning to visit the community.

Unlike the past few years, builders were happy to have a REALTOR visit and were very friendly and helpful. If you are planning on visiting any new home community, you really can and should have a real estate agent with you. Builders will not give you a discount because you don't use an agent. It will NOT cost you extra if you use one and it might just save you money if you do as many builders are offering incentives to REALTORS which might not be advertised to the general public. You are also protecting your best interests by having an agent act as your fiduciary.

Back to Tartesso....
As evidenced by the photos on my site, there are a lot of homes already built and many under construction. Parks are in place as well as tennis courts. Almost every subdivision has a playground area with grass and jungle gym. There is signage for future schools.

The biggest negative was the lack of a central sales center. Recent master-planned communities like Verrado and Estrella Mountain Ranch have a central area with a map of the entire community and directions to individual builders. A feature such as this would be extremely helpful at Tartesso as I found some of the signage and round-abouts confusing.
Contact me today if you would like more information on builders, floor plans and pricing available at Tartesso. Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com http://www.azhomebuyerhelp.com/

West Valley Phoenix Growth

West Valley Phoenix Happenings

According to the City of Avondale, the widening of McDowell road is to be complete by mid-September. Yesterday I was surprised to find the lanes on the west side of Avondale Blvd. open. There are still cones everywhere, testing my skills at serpentine driving but, at least there is now a road with pavement. Progress is being made.

Let’s travel down the road to Gateway Crossing at 99th Ave. and McDowell. Although there were still barriers and cones and those yellow flashy light things all over the place, pavement spans almost the entire width of McDowell Road and there is substantial development on the south-side of McDowell at 99th Ave. Claim Jumper already has their sign up and is advertising a September 25 opening date on their web site. If you have never eaten at Claim Jumpers, just a tip, the portions are HUGE.

Signage at Gateway Crossing indicates the Best Buy, Hobby Lobby, and Old Navy stores are all underway. Also in that same area will be an Islands Fine Burgers & Drinks, Rack Room Shoes (anticipated opening October 2006), Paradise Bakery, and more.

Recently I had an interesting conversation with a client about the lack of shopping and dining alternatives in the South West Valley. We both had a good laugh about having to choose between JCPenney and Kohl’s when faced with a shopping emergency. It is nice to see some new choices on the horizon.

Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com http://www.azhomebuyerhelp.com/

West Valley Traffic Update

West Valley Update

What a wonderful rainy morning we had today. Having spent my childhood in Ohio on the shore of Lake Erie, I will freely admit to having days where living in the dry, rain-free desert can be somewhat depressing. I look forward to Monsoon season and the occasional wind and rain that come with it.

It always seems the eastside gets the best storms. Now I am fully aware there are many of you who hate Monsoon and the accompanying destruction but rain and wind can be such a refreshing change of pace. That is until you try to drive in it. The traffic on I-10 into Phoenix was miserable this morning. Actually, it is miserable every day but today was exceptionally bad. We get rain so infrequently that the combination of ‘weather fear’ along with the road slickness thrown in with the miserable West Valley traffic were a recipe for disaster.

The good news is what the Arizona Department of Transportation plans to do with the West Valley I-10 situation. The widening of I-10 was scheduled to begin in 2014 but the Arizona DOT has announced an accelerated fall 2007 date for Phase I of the project.

Phase I will involve the creation to two inside lanes from the existing median. This expansion will occur from the Loop 101 to Sarival Road. With the lanes being added to the existing median, the Arizona DOT does not anticipate the need for road closures.

Once Phase I is complete, the project will move to Phase II. This will add an HOV lane and another regular lane from Dysart to Sarival creating a total of 5 lanes from the Loop 101 to Sarival Road.

Hopefully this will mean I will enjoy my rain and my commute just a little more and all of us will be able to reach our destination just a little faster with a little less frustration.

Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.azhomebuyerhelp.com/

You don’t know what you don’t know until you know you don’t know it

You don’t know what you don’t know until you know you don’t know it

Yes, the title is a mouthful but I mean well. I recently had the opportunity to present on 1031 Exchanges to the American Society of Women Accountants. They were a great group of women from all walks of accounting. Self-employed, non-profits, small companies, retired, Fortune 500’s. You name it, it was represented.

This was an exceptionally eye-opening experience for me. At least twice a week I have the occasion to say to a client “You need to discuss this with your CPA”. That quote sums up how much interaction I have with those in the accounting profession other then dealing with my own accountant.

I made the same assumption about accountants that many make about real estate agents. I assumed all would be familiar with 1031 Exchanges and know the basics at the very least. What I learned that night was I knew very little about accountants and accounting in general. Accountants have specialties just like real estate agents. Most that I encountered had little, if any, knowledge on tax-deferred exchange.

Ironically, I began my presentation explaining the lack of education requirement for real estate agents in 1031 Exchange and how it could be very likely that the account would be the most knowledgeable individual in the transaction. What I know now is very few accountants specialize in real estate and even fewer specialize in business or investment real estate.

The point of my story is to emphasize just how important it is for the seller, the real estate agent, the accountant, and the intermediary to familiarize themselves with the level of knowledge and experience of the other parties in the transaction. You never know what you don’t know unless you ask.

If you are interested in learning about the advantages of a 1031 Exchange, please visit www.MyAZ1031.com for an overview and to request more information. If you or your organization would like a presentation on 1031 Exchange, feel free to contact me. Programs vary in length from 50 minutes to 3 hours.

Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com http://www.azhomebuyerhelp.com/

Smoke Alarm Batteries

Smoke Alarm Batteries

Arizona does not change their clocks for daylight savings time. I’ve never bothered to research why but I would have to guess it has something to do with Arizona having enough daylight and no need to save any. Until 3:30 this morning, I never really gave it much thought other then having to do a little extra math to determine the time in other parts of the country.

Traditionally, consumers are advised to change their smoke alarm batteries when they change their clocks for daylight savings time. Well, what if you don’t do daylight savings time? You become me. You totally forget to change your smoke alarm batteries until the smoke alarm starts chirping at 3:30 in the morning. The dog goes a little nuts and the husband has to dig the ladder out of the garage. Navigating the kitchen ‘junk’ drawer at 3:30 in the morning to find a 9-volt battery is a challenge.

All of this was a little dose of reality. Don’t become me. Enjoy your sleep. Go buy some batteries. Go check your smoke alarm. Go on. What are you waiting for?

Visit http://www.AZHomeBuyerHelp.com

Arizona Cardinals...no longer without a home

Are You Ready For Some FOOTBALL?
Pathetic. A word frequently associated with the Arizona Cardinals. Not just because of their record as a football team but because their home stadium was, to be blunt, pathetic. Sun Devil Stadium is a great stadium for a college football team. Bleacher seats, no cup holders, blazing hot sun. For a college student, it creates the perfect combination of reasons for have another adult beverage. For the Arizona Cardinals, it created another reason to call the team pathetic.

Not Anymore!

Seven days from now the Arizona Cardinals will host the Pittsburg Steelers at the new Cardinals Stadium in Glendale, Arizona. Honestly, the most highly anticipated event to happen to the West Valley and possibly all of Phoenix. The Cardinals now have a permanent home. The positive effect this has on the West Valley of Phoenix is hard to quantify. The destination retail, dining, and residential spaces planned at the Westgate City Center is nothing short of impressive. The electronic billboards and signage will represent the largest grouping of media outside of New York's Times Square. Glendale, Arizona coming in second to New York City, who would have thought?

Yesterday I visited the new stadium. The team shop is open and very impressive. I was floored by the level of customer service displayed by the staff and security. I was even able to get an interior picture of the stadium with the field in place.

This signals the next chapter for the West Valley of Phoenix. We will finally be able to compete with other major residential areas as far as shopping and amenities are concerned. This bodes well for our property values and for our futures.

Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com http://www.azhomebuyerhelp.com/

Creative Reasons for a 1031 Exchange

Creative Reasons to use a 1031 Exchange
Deferring capital gains tax is the primary reason most investors use a 1031 Exchange. Who can argue with that? It really is a great reason, but it is not the only reason to use a 1031 Exchange.

Maybe the investor is hoping to put their equity to work for them and desires to own multiple income producing properties. One way to achieve this is to use the equity from a single relinquished property and replace it with 2 or 3 income producing properties. Not only is there the possibility of multiple income streams but this also reduces the exposure should an issue arise (high vacancy rate, etc.) with one of the properties.

What about the investor who no longer desires to be a landlord. A 1031 Exchange would provide the opportunity to exchange an apartment complex for a large parcel of raw land in a high growth area. Another benefit of a 1031 Exchange is to allow the owner of a single investment property to purchase multiple investment properties for his or her heirs avoiding a possible family eruption if a single property was to be divided among multiple individuals.

When making the decision to sell an investment property don't hesitate to ask your REALTOR for creative suggestions on the replacement purchase. If you are interested in learning about the advantages of a 1031 Exchange, please visit http://www.myaz1031.com/ for an overview and to request more information. If you or your organization would like a presentation on 1031 Exchange, feel free to contact me. Programs vary in length from 50 minutes to 3 hours.
Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.azhomebuyerhelp.com/

1031 Exchange Basics

1031 Exchange Basics
1031 Exchange Basics
The rules for a 1031 Exchange are complex. This is a basic overview with the understanding that each transaction is different. When assembling your 1031 Exchange team, a CPA is a must to ensure your individual situation is accurately addressed. That being said, the basic rules are always the same.
1) Only investment properties qualify for 1031 exchanges, not personal residences. 2) You have 45 days from the date of transfer of the relinquished property to identify replacement property. No exceptions. 3) The exchange must be completed within 180 days or the tax due date. For this reason, exchanges initiated after October 15 require exceptional vigilance.
Once you have decided to sell a qualified property, contact your CPA and a REALTOR with 1031 Exchange experience. Both are vital to a successful transaction. The CPA will be able to advise you of your current financial situation and help you chart a path for the future. The REALTOR will be able to assist you with the proper documentation and guide you through the steps involved. He or She can also help you select a 1031 Exchange Qualified Intermediary (QI). Replacement PropertyThere are no limits on the value or number of properties that may be relinquished in an exchange.
There are limitations on how many replacement properties may be identified. One of the following three rules must be adhered to.
Three Property Rule
A maximum of three properties may be identified without regard to the fair market value (FVM) of the replacement properties.
200 Percent Rule
Any number of properties may be identified as long as the aggregate value does not exceed 200% of the relinquished property.
95 Percent Rule
Any number of properties may be identified if, by the end of the exchange period (180 days), the aggregate market value of acquired property is at least 95% of the aggregate market value of all properties identified.
Properties for replacement must be identified in writing on or before the end of the 45 day identification period. I will discuss more about documenting your exchange and holding periods in the next post.
If you would like more information on 1031 Exchange or the current Phoenix real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com

What is a 1031 Exchange?

What is a 1031 Exchange
What is a 1031 Exchange?
Tax Code Section 1031 allows real estate investors to sell property that has been held for investment or productive use in trade or business and defer capital gains and depreciation recapture taxes if they acquire “like-kind” property of equal or greater value and reinvest all of their equity. The fundamental principle is to permit the property owner to continuing investing and defer taxes that would normally be due on the gain from the sale.
Advantages of a 1031 Exchange:
- Properties that have been held for an extended period of time and are “tax-locked” can be freed up.
- Deferred capital gains tax
- Money available for reinvestment instead of going toward taxes
- Heirs can receive a stepped-up tax basis equivalent to fair market value
Basic Rules of a 1031 Exchange:
- Properties must be exchanged for ‘like-kind’ property
- Property must be held for investment or productive use in trade or business
- Replacement property must be identified within 45 days
- Exchange must be completed within 180 days or the tax dues date, whichever is earlier
In the next post, I will describe the basic steps to a 1031 Exchange.

If you would like more information on 1031 Exchange or the current real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com

Foreclosures

Facing Foreclosure?
Foreclosures
I receive a lot of calls from people wanting to purchase foreclosure properties. For me, I cannot hear the word foreclosure without feeling a pang of sadness. Homeownership embodies the American Dream. Although the “white picket fence” is a rare find in the desert, those wishing to achieve the American dream, are not. Today we are going to take a quick look at the foreclosure process. There is no way I can possibly explore everything about foreclosures, so this will be a very brief overview.
Foreclosure is the legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. The foreclosure process in Arizona starts with the Notice of Trustee's Sale (NTS). When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower. The Trustee shall give written notice of the time and place of sale legally describing the trust property to be sold by each of the following methods: Publication of the notice in a general circulation newspaper, posting of the notice on a conspicuous place on the property to be sold, recording of the notice with the county recorders office. By the time the NTS is advertised in the newspaper, you are already six weeks into the foreclosure process.
Prior to the actual trustee’s sale, the borrower has options to explore that could prevent the foreclosure process and potentially keep their credit from being permanently damaged. For most homeowners, facing the loss of their home is devastating and many choose to ignore the situation rather then explore the avenues available to avoid foreclosure.
Selling a home is an alternative for borrowers that are unable to reinstate the loan and face eminent foreclosure. This option allows a home owner to try to salvage his or her credit, pay off the loan, and retain any remaining equity in the home. By informing the lender of this option, the lender may delay the foreclosure proceedings in order to allow sufficient time to sell the home.
In certain cases, the lender may allow the borrower to sell the home when the proceeds from the sale are not sufficient to pay off the existing loan. This is known as a short sale. A borrower should check with his or her lender to discuss this option. Furthermore, the borrower may have to pay taxes on any loss the lender writes off from the short sale. A borrower should consult his or her tax professional before agreeing to a short sale.
If Keeping Your Home Is Not An Option -- Call Your Lender

Sale: If you can no longer afford your home, your lender will usually agree to give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to obtain the services of a real estate professional who can aggressively market the property.

Pre-Foreclosure Sale or Short Payoff: If the property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed. This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer. Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.

Assumption: A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable.

Deed-in-lieu: Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt. Although this option sounds like the easiest way out for you, generally, you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option. Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens.

If you would like more information about foreclosures please contact Tracy Thompson 623-326-0597. Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.AZHomeBuyerHelp.com

Before You Buy a Home in Arizona

Phoenix, West Valley, Interest Rates

I was contacted by a buyer who had expressed serious interest in purchasing one of my listings. Numerous emails and phone calls over a 10 day period assured the buyer he was making a great choice for him and his family. I had held off telling the seller there was serious interest as experience had me cautious enough to know better. The buyer made an offer. I had spoken with his loan officer the prior week and felt very comfortable with his financial situation. I was prepared to present the offer to the seller I just needed one little thing. The LSR.

Here is where the happy story falls apart. Of course, had this been the summer of 2005, the buyer would have had 10 Phoenix minutes to decide while the seller was fielding offers from five other buyers.

The Arizona LSR is a Loan Status Report. It is basically a form that gets filled out by the loan officer which states how much the buyer is qualified for and if there are things hinging on the qualification (sale of another property, for example). Most good agents won’t even drive a buyer around without one. More on why later.

I call the buyer’s loan officer and leave a message. He does not get back with me that day. The next morning comes and goes, no phone call. OK, maybe he is busy, sometimes I get really busy. I call him. He is not excited. This is about to become a sad story. Two things happened during the 2 weeks the buyer was thinking. Two Very Bad Things (good movie by the way). The buyer, excited about the prospect of moving, purchased a new car to park in his new garage, and interest rates went up. A Perfect Storm (also a good movie if you are into disasters).

Lesson number one: DO NOT buy anything when shopping for a home. Nothing. I advise all my clients of this but unfortunately this one chose to have selective hearing. Lesson number two: A home is probably the largest purchase you will make. You should take your time and make the right decision. You should also know that while you are taking your time, interest rates change everyday and one little change can be enough to keep you from qualifying for the home of your dreams. OUCH.

Why won’t I show homes to people without LSR’s? This is pretty straight forward. Until the buyer knows exactly what they are qualified for, it is unfair to both of us to look at properties. It is unfair to the buyer because they might qualify for more and could be looking at homes that are larger or that have other amenities. The buyer might also qualify for less. Few things are more depressing then driving a Porsche only to find out you can afford a used Yugo. The situation is pretty unfair to the agent also. Real Estate agents are almost never paid by the buyer and almost never get paid until a successful close of escrow. By expecting an agent to show you homes without a loan approval, you are asking them to provide their services absolutely free with little hope of ever being compensated.

The moral of my story? I have strange taste in movies. OK, that is true but not the moral. If you are planning to purchase a home speak to a loan officer first. Find out exactly where you stand financially. Don’t make any purchases or do anything strange with your credit without speaking to your loan officer first. Don’t get upset with real estate agents who won’t show you homes without a loan qualification. Most of us are independent contractors, we pay huge sums of money to our brokers and to maintain our licenses, and we do not get paid unless a transaction closes.

Contact me today for more information on loan qualifications, the Phoenix and West Valley real estate market, or to talk about bad disaster movies. Tracy Thompson 623-326-0597 tracy@talktotracyhomes.com