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Real Estate in Arizona

Down Payment Assistance With the HOME IN FIVE Program

by Brandon Hunt on February 5, 2013

Down Payment AssistanceThe Home in Five Advantage Program in Maricopa County is a limited time opportunity to get down payment assistance on your next home, up to 6%! Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders, such as the Tobias Team at Nova Home Loans.

Read on to find out if you’re eligible, or more details about this program.

Down Payment Assistance (up to 6%)

  • All homebuyers qualifying for down payment assistance will receive 5% of the original loan amount to be used for down payment and closing cost assistance.
  • Qualified United States Military Personnel will receive 6% of the original loan amount.
  • This assistance is a grant and does not require repayment.

Homebuyer Eligibility

  • Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
  • All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.

Program Eligibility

  • Homebuyers may purchase a home anywhere in Maricopa County, including in the City of Phoenix.
  • Buyers must occupy the home as their principal residence within 60 days of closing.
  • The program may only be used to purchase a home (i.e., no refinancing).

Income Limits for Eligible Borrowers

  • Maximum credit qualifying income may not exceed $90,000.
  • There is no income limit for qualified United States military personnel.

Purchase Price Limit

There are no purchase price limits in this program.

Special Incentives for Qualified United States Military Personnel

  • There is no income limit for qualified United States military personnel.
  • Down payment/closing cost assistance of an additional 1% for a total of 6%.
  • This assistance is a grant and does not require repayment.
  • “Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.
  • A “Qualified Veteran” is a person who served in the active military, naval, or air service, and who was discharged or released there from under conditions other than dishonorable (as provided in 38 U.S.C. Section 101.

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Ways to Take Title in Arizona

by Brandon on January 29, 2013

Community Property

  • Married? Requires a valid marriage between two persons
  • Ownership: Each spouse holds an undivided one-half interest in the estate
  • Partitioning: One spouse cannot partition the property by selling his or her interest
  • Convey or Encumber: Requires the signatures of both spouses to convey or encumber
  • Death: Each spouse can devise (will) one-half of the community property; and upon death, the estate of the descendent must be “cleared” through probate, affidavit, or adjudication
  • Taxes: Both halves of the community property are entitled to a “stepped up” tax basis as of the date of death

Community Property with Right of Survivorship

  • Married? Requires a valid marriage between two persons
  • Ownership: Each spouse holds an undivided one-half interest in the estate
  • Partitioning: One spouse cannot partition the property by selling his or her interest
  • Convey or Encumber: Requires the signatures of both spouses to convey or encumber
  • Death: Estate passes to the surviving spouse outside of probate, and no court action is required to clear title upon the first death
  • Taxes: Both halves of the property are entitled to a “stepped up” tax

Joint Tenancy with Right of Survivorship

  • Married? Parties need not be married; may be more than two joint tenants
  • Ownership: Each joint tenant holds an equal and undivided interest in the estate, unity of interest
  • Partitioning: One joint tenant can partition the property by selling his or her joint interest
  • Convey or Encumber: Requires the signatures of all joint tenants to convey or encumber the whole
  • Death: Estate passes to the surviving joint tenants outside of probate, and no court action is needed to “clear” title upon the death of joint tenant(s)
  • Taxes: Deceased tenant’s share is entitled to a “stepped up” tax basis as of the date of death

Tenancy in Common

  • Married? Parties need not be married; may be more than two tenants in common
  • Ownership: Each tenant in common holds an undivided fractional interest in the estate; and can be disproportionate (e.g. 20% and 80%, or 60% and 40%, etc.)
  • Partitioning: Each tenant’s share can be conveyed, mortgaged, or devised to a third party
  • Convey or Encumber: Requires the signatures of all tenants to convey or encumber the whole
  • Death: Upon death the tenant’s proportionate share passes to his or her heirs by will or intestacy; also, upon death the estate of the descendent must be “cleared” through probate, affidavit, or adjudication
  • Taxes: Each share has its own tax basis

Other ways to hold title

Title may also be held as Sole and Separate if the married person’s spouse executes a disclaimer deed to avoid the presumption of community property. Parties may also chose to hold title in the name of an entity such as a corporation, LLC, partnership, or trust.

Disclaimer: Each method has significant legal and tax consequences, so speak with an attorney and CPA to get professional advice on what makes sense in your situation. For additional information, check out Title 25 of the Arizona Revised Statutes.

Article courtesy of First American Title Insurance Company.

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New Homes in Peoria

by Brandon Hunt on January 15, 2013

Latest New Homes in Peoria

New Homes in PeoriaThere are a number of great neighborhoods and communities springing up in Peoria, AZ. All of the new homes in Peoria and communities are listed below, in alphabetical order. If you are in the market for a home less than 5-years-old in Peoria, click here to see the most up to date inventory.

Special Limited Time Deals in Peoria

AltaVista at Vistancia Homes

Aria at Vistancia Homes

Blackstone at Vistancia Homes

Blackstone Summit Collection Homes

Caletas at Blackstone Homes

Canyons Edge at Sonoran Mountain Ranch Homes

Cibola Vista Homes

Enclave at Rock Springs Homes

Encore at Sunset Ranch Homes

Estates at Blackstone Homes

Horizon at Cabrillo Point Homes

Mountain Gate at Vistancia Homes

Regency at Cibola Vista Homes

Regency at Colina Del Sur Homes

Regency at Melton Ranch Homes

Reserve at Rock Springs Homes

Sonoran Mountain Ranch Homes

Tierra Del Rio Cactus Series Homes

Tierra Del Rio Canyon Series Homes

Vista Montana Homes

New Home Builders Peoria

  • TW Lewis: AltaVista at Vistancia, and Blackstone at Vistancia
  • Meritage: Aria at Vistancia, and Cibola Vista
  • Shea Homes: Caletas at Blackstone, and Vista Montana.
  • Taylor Morrison: Blackstone Summit Collection
  • Rosewood Homes: Mountain Gate at Vistancia
  • K Hovnanian Homes: The Estates at Blackstone, Regency at Cibola Vista, Regency at Melton Ranch, and Regency at Colina Del Sur.
  • Courtland Communities: Enclave at Rock Springs, and Reserve at Rock Springs
  • Camelot Homes: Canyons Edge at Sonoran Mountain Ranch
  • Cresleigh Homes: Sonoran Mountain Ranch
  • Pulte Homes: Tierra Del Rio Cactus and Canyon Series
  • Woodside Homes: Encore at Sunset Ranch

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Buying an Arizona Home as a Foreign Buyer

by Brandon on December 27, 2012

What is FIRPTA

Foreign Investment in Real Property Tax Act

Foreign Buyer Wire Transfers

All funds deposited for escrow must be via wire transfer. International (out-of-USA) transfers are executed through SWIFT (Society for Worldwide Interbank Financial Telecommunication), and there is an additional charge for this type of transfer. Typically this charge is deducted from the wired funds and varies from bank to bank. The charge is usually a flat rate and does not exceed $50, so it is a good idea to wire an additional $50 when wiring from outside the USA.

IRS Withholding

When a foreign owner gets ready to sell, they could be subject to a 10% (of the sales price) withholding unless the transaction is exempt from FIRPTA.

FIRPTA Withholding Exemptions

  • Most common: sales price is not more than $300,000, the foreign buyer (or a member of their family) must have plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods after the sale.
  • Seller to provide a certificate showing they are not a foreign seller
  • Seller receives a withholding certificate from the IRS excusing withholding

Applicable Forms

  • Application for IRS individual taxpayer identification number: Form W-7
  • Application for withholding certificate for Dispositions by Foreign Persons of Real Property Interests: Form 8288-B and Instructions

This article is courtesy of First American Title Insurance Company.

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Guest Post: 3 Ways You Can Buy a Home WITHOUT a Down Payment

September 3, 2012

It’s hard today to buy a home – especially in an area as hard hit as the Arizona real estate market. The financing market has tightened up considerably since the housing crash in 2008, and it hasn’t loosened the purse strings much over the last four years. Right now to arrange a mortgage on a [...]

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Guest Post: Top 3 Mobile Apps for Real Estate Agents

August 20, 2012

Open Home Pro – A Must Have For Real Estate Agents (iPad) ($3.99) This app is highly recommended for all realtors or may even get you to start thinking about investing in an iPad. Just to give you some context this app used to be priced at $0.99 in January 2011. By the $3.99 price [...]

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FHA Collections and Disputed Accounts New Guidance

August 8, 2012

As of July 1, 2012 the US Department of Housing and Urban Development issued new guidance to all FHA insured loans in the handling of disputed accounts, and collections. The Old Guidance FHA does not require that collection accounts be paid off as a condition of mortgage approval. But court ordered judgements must be paid [...]

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Home Prices On The Rise!

May 15, 2012

Word on the street is that home prices are surging in metro Phoenix.  According to the W.P. Carey School of business at Arizona State University (ASU), the median price of a house in the area went up to $134,900, with an increase of 8 percent in March alone.  Overall, prices have gone up 20 percent [...]

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HOA Information And Fees for Chandler, Arizona (S-W)

April 24, 2012

Here we are – at the end of our HOA list for Chandler.  Following are the remainder of the Homeowners’ Associations with their contact information and fees.  See HOA information for communities A-F (here), and F-O (here) and O-S (here). Silverton Ranch HOA Lepin & Renehan Management PO Box 11330 Tempe, AZ 85284 Phone: (480) [...]

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Guest Post: Insurance and Liability Coverage When You Are Moving

April 17, 2012

One of the most important parts of the moving process is making sure that the moving company you choose is properly insured and has the right amount of liability coverage. Your belongings are important to you, and so you are going to want that peace of mind in knowing that your possessions will be shipped [...]

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