Sun City Festival, with breathtaking views of the White Tank Mountains and the Estrella Mountains, is located about 25 miles west of downtown Phoenix. Sun City Festival is an exciting new community for active adults age 55 and better.

You’ll be able to focus on your health, wellness, and personal enrichment in new and exciting ways. From recreation centers to pools, clubs and classes, a championship golf course, and the unprecedented ASU Lifelong Learning Academy, this 3,100 acre community offers everything under the sun.

The 31,000 square foot Sage Center for Wellness and Higher Learning is action central. In addition to fitness amenities (with onsite instructors), there’s a large resort-style pool. Outdoors, Copper Canyon Golf Club is one of the Valley’s most scenic courses. The Indigo Grille is a popular spot for dining, holding events or sharing a glass of wine on the patio while gazing upon the White Tanks.

And to make the most of your community every day, rely on our Lifestyle Director as a friendly resource who can link you with activities, classes, and trips. Your calendar can be as busy as you like – it’s up to you.

Sun City Festival’s model home park is a busy one, offering 14 one to three bedroom homes from 1,099 to 2,849 square feet.

Source: Del Webb

Sun City Festival - Buckeye, Arizona

Overall, the Median and Average sales prices have remained relatively flat over the previous 12
months with only small monthly fluctuations. The market appears to be in a stable pattern
although it is prone to slight dips indicating that the recovery is still tentative and subject to
many outside economic factors. Click here for the full report

ARMLS staff provides this commentary on the market as fact-based analysis, not as opinion or edi-torial positioning. Your comments are welcome and opposing viewpoints on interpretation of the market trends identified in STAT are welcome. Send your comments to
communication@ARMLS.com .

Click here to view the full report!

A short sale in real estate is not always a pleasant transaction.

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.”

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties, qualify for short sales.

If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:

Obtain legal advice from a competent real estate lawyer

Call an accountant to discuss short sale tax ramifications

As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.

Call the Lender
You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the “real estate short sale” or “work out” department, you want the supervisor’s name, the name of the individual capable of making a decision.

Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:

Property Address

Loan Reference Number

Your Name

The Date

Your Agent’s Name & Contact Information

Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions. Your escrow officer or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.

Hardship Letter
This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or suffered in some other capacity, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.

Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.

Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it’s probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.

Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:

Active on the market

Pending sales

Solds from the past six months.

Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.

If everything goes well, most often the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.

At Monarch, Realtors we provide you will a full short sale package to help you through the process.  For more information please feel free to contact us.

Anthem Golf and Country Club

Anthem Golf & Country Club is a bloom in the desert nestled in the quiet beauty of the high Sonoran desert foothills at the base of Daisy Mountain. Tucked away within a gated, resort-style community, it was voted the Best Master Planned Community in America by the National Association of Home Builders when it opened in 2001. The Club is the heart of the country club community and consistently provides the private family club lifestyle that you can afford. Locally, Anthem is known as the Club with two of everything — two championship golf courses, two golf practice facilities, two spectacular clubhouses, two dining rooms, two state-of-the-art fitness centers, two heated pools, and two tennis gardens. Social Membership is an integrated part of the homeowner experience for residents of the country club community. For residents of Anthem Parkside and beyond, residents can request an invitation to a variety of memberships including Dining, Tennis, Off Season Golf and Full Golf Memberships. Anthem Golf & Country Club is a member of the ClubCorp family, the World Leader in Private Clubs.

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Purchasing a bank owned home can be a different experience than buying someone’s personal residence. These tips will help smooth the way.

Real estate is local except when it comes to bank owned homes where it suddenly becomes national. This is because the lenders selling these homes are neither aware nor concerned with local nuances, instead opting for standardized addenda designed to amend the purchase contract into one appropriate across multiple states.

Differences still remain from state to state but these tips generally will smooth the way for those who wish to buy a lender owned property:
Know the Local Market

Market conditions vary wildly not just from state to state but from city to city. In many areas and at many price points, bank owned homes are selling in a matter of a few days at full list price or higher. Knowing the state of the local real estate market up front is the key to knowing how quickly a purchase offer need be made and at what price.
Recognize Price Has Meaning

Depending on the condition of the property, what seems like a bargain soon came become quite pricey once the additional costs of even cosmetic items such as new paint and flooring is added to the list price. Buyers need to recognize up front that homes priced below comparable properties likely are priced lower for specific reasons.
Understand the Lenders’ Motivation

While it’s true lenders don’t want to carry real estate owned – REOs - on their books, it’s also true that they are not willing to give homes away for pennies on the dollar regardless of the local cocktail party chatter. Lenders generally only will sell at close to market value, or what they perceive as market value, even if this means they reject offers at price points now that they would be happy to accept later. Illogical, but true.

Bank Owned Home Sales are As Is

Purchases of bank owned homes are nearly universally as is sales – what a buyer sees at the time a purchase offer is written is what they get at the close. Some lenders will make repairs required by the buyers’ lender in the case of FHA or VA loans but not all, leaving many foreclosed homes ineligible for those types of financing.

Home Inspections are Critical

While lenders won’t make repairs to bank owned properties, it’s still vitally important for buyers to have a professional home inspection conducted to determine the home’s true condition. An up-front cost of a couple hundred dollars can save thousands in repair bills later.

While the basics of the transaction on a bank owned purchase are similar to buying a traditional resale home, there are distinct differences that can cost the unprepared buyer time and money. Buyers should take care to check with a local real estate professional who can guide them through the slightly more complicated bank owned purchase process.

Always optain proper legal counsel

The good news for people contemplating a short sale of Arizona real property is that the Arizona Department of Real Estate  and the Arizona Association of Realtors have worked together to publish an excellent Arizona short sale help booklet called the “Short Sale Seller Advisory.” The introduction to the booklet states

“A short sale involves numerous issues as well as legal and financial risks. This Advisory is designed to address some of these issues and risks . . . .”

Here are the topics covered in the “Short Sale Seller Advisory:

• Understand a Lender’s Options upon Loan Default

• Be Aware of Predatory “Rescue” Scams & Short Sale Fraud

• Contact a free HUD-approved housing counselor or contact your lender directly

• Utilize free services available to Arizona residents

• Obtain Legal Advice

• Obtain Tax Advice

• Be aware of the Consequences of Committing “Waste”

• Consider All Options such as:  loan workout, loan modification, refinance, deed in lieu of foreclosure, work out sale, bankruptcy and foreclosure

• Contact a qualified real estate professional

• Investigate documentation and eligibility

• Determine the amount owed on the property

• Determine the estimated fair market value of the property

• Consult legal counsel

• Understand that a short sale may not discharge the debt

• Obtain tax advice

• Be aware of the impact on your credit score

• Understand that there may be a waiting period before you can buy another home

• Review the Arizona Association of REALTORS® (AAR) short sale forms

I note that the booklet recommends consulting an experienced attorney twice, which I obviously agree with.

Live, Work, Play!

Anthem By Del Webb

Whether they’re part of a smaller, more intimate setting or a large resort-style community, amenities are one way that Del Webb encourages residents to realize their full potential as individuals and as members of a community. Amenities are more than buildings and pools and fitness centers; they are invitations to meet your neighbors and explore new interests.  Anthem, Arizona was Del Webb’s Flag Ship for Resort Style Communities and winner of numerous national awards.  With homes ranging from $100,000 to $700,000 + you are sure to find your dream home here.  Anthem, AZ is located 15 minutes north of the Interstate 101 and right on the way to the North Country.
Where Family and Fun Go Hand in Hand

Located in the heart of the Valley of the Sun,  Anthem Parkside and Anthem Country Club is a family-friendly Master Planned Community that is perfect for those longing for a fun-filled, community-oriented lifestyle with easy access to recreation, entertainment, top-notch schools, and plenty of high quality amenities.

Just minutes from beautiful Lake Pleasant and all of the activities of nearby Phoenix, this area offers families an abundance of recreational and cultural activities year round. From skiing and boating, to camping, hiking, and musical events at the America West Arena, you’ll have a hard time deciding what to do with your free time.

Anthem by Del Webb, presents residents with everything Anthem has to offer-and then some! From access to golf courses, clubhouses, organized social clubs, and sports teams, to Big Splash Water Park, and much, much more, it’s no wonder Anthem has become a highly sought after location for families at all stages of life. Think about it-with everything you could ever imagine right here in your own back yard, why would you ever consider calling anywhere else home?

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Active Adult Community in Peoria, Arizona

Trilogy at Vistancia

Trilogy at Vistancia is located among the foothills of Peoria, in the Northwest Valley of Phoenix, Arizona. The setting for your life’s next amazing adventure is the serenity of the Sonoran desert surrounded by a dramatic mountain backdrop — a world of possibilities. From the minute you arrive, you’ll see how an exciting, liberating, and joyful life is literally built into Trilogy at Vistancia. Whatever your interests or goals or hopes — some of which you might not even be aware of yet — it’s easy to start living them here. In fact, the toughest part of the day may actually be deciding how to spend it.

At most Trilogy communities, you’ll find a diverse group of people age 55 and up (though some of our communities are for all-ages)—people with a colorful track record of making the most out of life. Whether they live here full-time or some of the time, they all share a passion for creating an environment built on wellness, exploration, freedom and connection. If that sounds like you, then welcome home.

Squeeze MORE HOME out of your dollar and every drop out of life.

Trilogy’s superior homes are designed around how you want to live. From features that enhance comfort and healthier living to eco-friendly materials and energy-efficient systems, superior living is literally designed and built into every aspect of the community and every inch of your home. That’s what makes them such a great value.

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