AAR Updates

Arizona REALTOR® Magazine - March 2010

HAFA Short Sale Guidelines Take Effect April 5, 2010
On November 30, 2009, the Obama administration released guidelines and uniform forms for its Home Affordable Foreclosure Alternatives program (HAFA). HAFA, which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides incentives in connection with short sales and deeds-in-lieu of foreclosure. Here are a few highlights:

• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses a standard process, uniform documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders.

HAFA takes effect April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012. To learn more, click on the source link below.

SOURCE: NAR’s HAFA Information Packet

Tax Credit Promotion & Nationwide Open House
To help get the word out about the first-time and move-up homebuyer tax credits, AAR is running a statewide tax credit awareness campaign in March and early April 2010. The campaign will culminate with a Nationwide Open House weekend April 10-11, 2010. This is the first time that REALTOR® associations across the country are joining together for a national open house event.

Join thousands of REALTORS® around the nation and hold an open house that weekend! Consumers will be encouraged to look for the blue balloons signaling homes participating in the Nationwide Open House. Consult with your local association about picking up the signature blue balloons. (Agents should check with city and neighborhood ordinances before using balloons.) And look for additional resources from AAR, including website banners, customizable flyers and more, coming your way soon.

AAR Offers Four SFR Classes in March
AAR is now offering NAR’s Short Sales & Foreclosure Resource (SFR) certification courses through local associations around Arizona. Designed for real estate professionals at all experience levels, SFR gives you a framework for understanding how to: 1) direct distressed sellers to finance, tax, and legal professionals; 2) qualify sellers for short sales; 3) develop a short-sale package; 4) negotiate with lenders; 5) tap into buyer demand; 6) safeguard your commission; 7) limit risk; and 8) protect buyers. Learn more about the SFR program.

To register for one of the four March classes, click on the links below:

• March 12 - Santa Cruz County
• March 15 - Bullhead City/Mohave Valley
• March 16 - Kingman/Golden Valley
• March 25 - Western Pinal
  

Free AAR Webinar: "RESPA Reform and Your Business"
Find out how RESPA changes, including the new Good Faith Estimate and HUD-1 forms, affect your business. This webinar is taught by Amy Swaney, CMB, one of only nine individuals who hold the residential “Certified Mortgage Banker” (CMB) designation in the state of Arizona. Listen now! Did you know that AAR webinars are free in 2010? View a full list of available webinars.

The ABCs of Well Information
March 18, 2010 | 8:00am – 12:00noon
Meridian Building | Verde Conference Rooms, 2nd Floor
3550 N. Central Avenue | Phoenix, AZ 85012
FREE! | To register, email drwallace@azwater.gov or call 602-771-8500.

Due to staffing reductions, the Arizona Department of Water Resources has developed online tools and information to assist REALTORS® and the public in understanding well information and how to find this information online using the Wells 55 online search wizard. Topics include:

• Understanding and locating Township, Range and Section /Legal Land Descriptions
• Determining and understanding Cadastrals from Township, Range and Section information
• Relationship on the sale of property and well information
• What water rights are attached to the property (Grandfathered, Surface Water Rights, Statement of Claimants)
• Split Land Parcels – Where to locate information on Maricopa County Assessor Records
• Information on shared wells
• Learn the difference between Wells 55 and GWSI databases
• How to utilize the Wells 55 Search Wizard to locate information about a well or wells in a specific area.