AAR Updates

Arizona REALTOR® Magazine - July 2010

• Broker/Manager Risk Management Conference
• Short Sale Seller Advisory Updated
• Short Sale “Flopping”
• NAR Social Media Policy Template for Brokers
• Industry Partners Conference

Broker/Manager Risk Management Conference

August 12 | Chaparral Suites (Scottsdale)
$79 (early-bird rate; includes lunch) | Register Online | View Event Flyer | CE: Pending

Learn what to expect when you have a claim brought against you—directly from insurance company executives, an E&O insurance broker and a defense attorney. A panel of experts will address:

1. What happens with a claim
2. The impact of a claim on your account
3. What is needed to report a claim
4. When to settle vs. defend
5. And more!

Speakers include Michelle Lind, AAR General Counsel; Rick Mack, Mack, Drucker & Watson, PLLC; Lisa Robinson, Pinnacle Insurance; Marianne Kingman, Kingman & Winslow; representatives from OneBeacon Insurance; and Andrew Wooten, nationally recognized security expert.

Roundtable discussions will focus on topics such as assessing your risk, understanding your E&O coverage, working with a defense attorney and using alternative dispute resolution.

Can you afford to miss this?

Short Sale Seller Advisory Updated

The following updates were made to the Short Sale Seller Advisory in June:

PAGE ONE
Be Aware of Predatory “Rescue” Scams & Short Sale Fraud
New Fannie Mae link: www.efanniemae.com/utility/legal/antifraud.jsp
Added Financial Fraud Enforcement Task Force link: www.stopfraud.gov
Added HUD/Loan Modification Scam Prevention Network link: www.PreventLoanScams.org

PAGE FOUR
Home Affordable Foreclosure Alternative (HAFA) Program
New link to NAR brochure: here
New link to Fannie Mae HAFA program: here

To ensure you and your clients access the most up-to-date version of the Short Sale Seller Advisory, always use this linke: www.aaronline.com/short-sale-seller-advisory.

Beware Short Sale “Flopping”

In June, Bloomberg Businessweek covered the issue of short-sale flopping: “[Two Connecticut real estate agents’] crime involved persuading lenders to approve the sale of homes for less than the balance owed—known as a short sale—without disclosing that there were better offers. They then flipped the houses for a profit.”

The act of purchasing a short sale property and selling it quickly for a profit isn’t a crime. It becomes a crime when valuations are unfairly influenced, relevant information is purposefully withheld from the lender and so forth. The best way to minimize risk in these situations? Disclose, disclose, disclose!

NAR Social Media Policy Template for Brokers

Is there a social media policy in place for your organization? NAR’s Risk Management Committee has created a template to help brokerage firms design a social media usage policy. As with most templates, the document will need to be customized to reflect a specific firm’s business practices. The template includes sections on blogging, Facebook, photo sharing and more.

Thanks to Arizona’s own James "J.T." Tsighis, chair of NAR’s Risk Management Committee and member of AAR’s Risk Management Committee, for his leadership in developing this document!

Industry Partners Conference

September 22 | Chaparral Resort (Scottsdale)
$79 (by August 20; includes lunch) | Register Online | View Event Flyer | CE: Pending

This year's Industry Partners Conference focuses on Risk Management in Today's Market! Learn from REALTORS®, mortgage lenders and escrow agents sharing their expertise in roundtable discussions on topics such as:

• short sales
• cancellation disputes
• foreclosures
• E&O insurance/claims
• GFE/HUD
• contract/LSR
• social media

"As a designated broker, the information from this conference is invaluable.
I use the scenarios as a teaching tool at my agent office meetings."

This event is sponsored by the Arizona Association of REALTORS®, Arizona Mortgage Lenders Association and the Arizona State Escrow Association. Don't wait, mark your calendar AND register today!

 
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