Industry Partners Conference

Transactions in Today’s Market

AZR September 2009

Arizona REALTOR® Archives
2003 - 2010

Arizona REALTOR® Publication Information

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Experience interactive roundtable discussions between REALTORS®, mortgage lenders and escrow agents. Tables are hosted by experienced practitioners and address real-life scenarios on topics like auction property, short sales, earnest money disputes, REO management and more. Each roundtable lasts an hour, so you’ll be able to cover several hot topics in one day.

Table Topic: Financing
Scenario – Lender & Flipped Property
You have received the Loan Status Update from the lender. It states, among other things, that the buyer has been approved for the loan and that the appraisal has been received at the sales price. The loan is submitted to underwriting, and the underwriter reviews the documents, including the title commitment with the 24-month chain of title included. The underwriter notices that in the past 18 months, this home has sold three times. This will be the fourth. The lender denies the loan based on the fact that they believe this “flipped” property may have an inflated and unjustifiable value.

Discussion
Is this a legitimate loan denial?
Should the buyer get the earnest money back?
What can a listing agent do to minimize the chance of this happening again?

Table Topic: Foreclosure
Scenario – Lender Right of Possession
The foreclosure sale is scheduled for November 15. The owner of the home has listed the home for sale. Although the home is not occupied, the listing broker visits the home almost daily and the home is in good condition. On September 30, the lender’s representatives force entry into the home by breaking the locks. The lender’s representatives refuse to permit the owner or the listing broker access to the home.

VIDEO: 2010 AAR President Holly Eslinger shares her thoughts on the value of the Industry Partners Conference.

September 15, 2009
9:00am – 4:00pm
Orange Tree Golf Resort |Scottsdale

Only $79 (includes lunch) | $89 Sept. 1-12 | $109 at door
Every conference since 2001 has sold out. Register early!
Register Online

C/E Credit: Pending

Discussion
Is the lender permitted to forcibly take possession of the home prior to the foreclosure sale? Would the decision be different if the listing broker makes visits twice a month? What if the property had suffered from vandalism prior to the lender’s forced entry?

Table Topic: REO
Scenario – REO Listing Occupied
You are the listing agent for a new REO property. You visit the property and find it occupied.

Discussion
Should you approach the occupant or call the lender?
What protections are afforded to an owner occupant? To a tenant?
What is “cash for keys”?

Get guidance on these scenarios and many more at the 2009 Industry Partners Conference!

“This conference was everything and more that I had anticipated. What a fantastic concept. In our respective businesses, we all must work together. The networking and sharing was invaluable.”
Lori Dee Doerfler, ABR, e-PRO, GRI, SRES
RE/MAX Prestige Properties, Lake Havasu City

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