Buying Arizona Real Estate » Short Sale Listings http://buyingarizonarealestate.com/blog Everything real estate in Arizona, let's talk! Sat, 02 Oct 2010 15:29:52 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 What do you do if the homeowner just doesn’t want to sell their negative equity home? – Thomson Law PLC http://buyingarizonarealestate.com/blog/2010/10/02/what-do-you-do-if-the-homeowner-just-doesn%e2%80%99t-want-to-sell-their-negative-equity-home-thomson-law-plc/ http://buyingarizonarealestate.com/blog/2010/10/02/what-do-you-do-if-the-homeowner-just-doesn%e2%80%99t-want-to-sell-their-negative-equity-home-thomson-law-plc/#comments Sat, 02 Oct 2010 15:29:51 +0000 Tony Pomykala http://buyingarizonarealestate.com/blog/?p=373 What do you do if the homeowner just doesn’t want to sell their negative equity home?

I imagine this is rare, but it has come up more than once when a homeowner is faced with the point today where they can no longer afford their home or it no longer makes sense to keep paying on [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]>

What do you do if the homeowner just doesn’t want to sell their negative equity home?

I imagine this is rare, but it has come up more than once when a homeowner is faced with the point today where they can no longer afford their home or it no longer makes sense to keep paying on a negative equity home. They contact you, the Realtor and their Trusted Advisor, to explore options. For the most part those options have consisted of a Short Sale, trustee sale/foreclosure or loan modification exercise that ultimately fails to fix the problem. But, what if a homeowner could keep their home and owe no more than what its current resale value is? We are not talking principal reduction.

We are now late in the cycle of the mortgage crisis. First were the defaults of the sub-prime loans.  Then came the Alt A loans.  Now we are seeing the defaults of prime loans. With unemployment and underemployment high there is no relief in sight. At this point, these homeowners have tapped their savings and assets. The homeowner has run up their credit cards and now find themselves in dire financial straits. A short sale would be a great solution but they just do not want to or feel they cannot leave their property. Now there is a solution.

 The last resort, using the biggest hammer available, also has the greatest social stigma…Bankruptcy. At this point the homeowner feels sick but, we are not talking everyday consumer bankruptcy. Current bankruptcy laws allow, in a strategic fashion, for the stripping of any negative equity subordinate lien. In other words, releasing the second or third mortgage from the property so that it is unsecured. Next the bifurcation or splitting of the remaining first mortgage into a secured portion that is up to the value of the property and an unsecured portion that is above that value and lastly, the discharge of all unsecured debt including the unsecured portions of the mortgage. The result is that the homeowner may be relieved of the residue of this mortgage crisis. They now will own a home with what should be an affordable payment and owing only what the home is currently worth. They now have the ability to restore their credit or to get some time under their belt to re-establish their credit.

With HAMP a failure and the weight of short sales and the subsequent reductions in home values, tough solutions must be considered. Not every homeowner should consider the bankruptcy solution but, the option is available.

Thomson Law, PLC is a full service law firm and has added to its practices a Strategic Bankruptcy Practice focused on assisting homeowners in this situation. We believe that Bankruptcy should be the last option but should not be dismissed from the discussion of options. If you have a client that faces a point today that can no longer afford their mortgage and owes more than their home is worth please call Thomson Law today. We will sit down with them discuss their situation so that all of their legal rights and obligations are understood so that they can make good decisions for their family. 
 

For questions or comments about this or other articles please visit our
Doug Farnham (Central/Southern AZ)
(602)774-3753
 
Bob Verbic (Northern AZ)
(928)899-5765
 

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]]> http://buyingarizonarealestate.com/blog/2010/10/02/what-do-you-do-if-the-homeowner-just-doesn%e2%80%99t-want-to-sell-their-negative-equity-home-thomson-law-plc/feed/ 0 The Upside of Short Sales http://buyingarizonarealestate.com/blog/2010/05/18/the-upside-of-short-sales/ http://buyingarizonarealestate.com/blog/2010/05/18/the-upside-of-short-sales/#comments Tue, 18 May 2010 20:01:22 +0000 Tony Pomykala http://buyingarizonarealestate.com/blog/?p=359 Yet Another Related Posts Plugin.]]> note: I received this in an email, and thought it was worth sharing:
For the last few months we have been writing articles to keep Realtors informed on issues relating to short sales.  We have had comments from some Realtors that they are afraid to handle short sales because of the risks involved.  But lets look at the future of short sales and the potential benefits:
  • First, from the Realtor’s perspective, there isn’t much of an option.  Since REOs and short sales account for 59% of homes sold in April, Realtors must be willing to take these listings.  That percentage is expected to increase since there is a huge shadow inventory of homes that will be hitting the market in the next few months as lenders have stopped their moratorium on foreclosures after the beginning of the year.  JPMorgan Chase Warns Investors about Strategic Defaults. 
  • Short sales becoming more socially and ethically acceptable to homeowners because of government programs like HAMP and HAFA that have legitimized this option.
  •  For homeowners that face a potential deficiency liability, a short sale gives another opportunity to get a release from that liability.  If the lender will not allow the language necessary for this release, a short sale may still reduce the amount of that liability as opposed to a trustee sale.
  • If a homeowner knows there will be tax implications as a result of exiting a home, that liability may be reduced through a short sale as opposed to trustee sale that will typically fetch a lower price.
  • More and more homeowners are deciding to exit their property compared to a year ago when most were trying to keep their home through a loan modification.  The reality that loan mods are a failed exercise and that lenders are not doing as promised has seemed to reach consumers.  Here are 8 reasons that loan mods fail.
  1.  
    1. Lenders make promises and later deny or retract loan mod offers.
    2. Temporary mods are often required but 3 to 5 months later they are told they do not qualify for a permanent mod.
    3. Lenders continually request updated financial records.  This is not just a nuisance but is a method used by lenders to extract further payments from the homeowner and try to determine available assets for lawsuits.
    4. After following the lender’s instructions to make reduced payments as part of a temporary mod, when the lender later rejects that loan mod that borrower is now in default and the lender can file for trustee sale.
    5. Most loan mods are only a forbearance under which the missed payments, penalties and interest are added as a balloon to the end of the loan, further increasing the homeowner’s negative equity.
    6. Failure to disclose the investor and their NPV (Net Present Value) calculations to the homeowner make the decisions of the banks seem unreasonable and counter to financial logic.
    7. “Permanent” mods are not typically permanent.  In most cases the lower interest rates are only fixed for 3 to 5 years.
    8. If a borrower decides to exit the property after receiving a permanent loan mod, it may be too late to receive the benefit of the Mortgage Debt Forgiveness Act (through 2012) creating a tax obligation that the borrower may not have faced, if they made their decision earlier.
Based on the results of loan mods to date, it seems a reasonable assumption that the whole process is not to help the homeowner, but to keep the homeowner making some kind of payment.
 
In the last HAMP report released in December of 2009, it is easy to see why homeowners need alternatives to loan modifications.  In AZ only 4,137 homeowners have received a permanent modification.  Nationally, out of 3.5 million homeowners that should have qualified, only about 66,000 received permanent mods and about half of those homeowners had their monthly payments increase.
 
Here are some tools that may be able to help homeowners decide whether or not a short sale is their best option.
Last chance to register for the free “Short Sales Exposed – Insiders Tell All Seminar“ on May 19th, 9:00AM to 12:00PM at the Scottsdale Center for the Performing Arts.  Click here for more info or to register.
 

Doug Farnham (Central/Southern AZ)
(602)774-3753
 
Bob Verbic (Northern AZ)
(928)899-5765
 

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]]> http://buyingarizonarealestate.com/blog/2010/05/18/the-upside-of-short-sales/feed/ 0 New Fannie Mae Waiting Periods for Sellers of Distressed Homes http://buyingarizonarealestate.com/blog/2010/05/10/new-fannie-mae-waiting-periods-for-sellers-of-distressed-homes/ http://buyingarizonarealestate.com/blog/2010/05/10/new-fannie-mae-waiting-periods-for-sellers-of-distressed-homes/#comments Mon, 10 May 2010 18:31:06 +0000 RebeccaRoberts http://buyingarizonarealestate.com/blog/?p=353   from Rebecca Roberts, Mortgage Banker with The Lending Company, Inc.

Advising Short Sale and Deed-in-Lieu Clients 2010

 If you are working with a client who has had a short sale or a deed-in-lieu in their past…or you are listing a home and your sellers may have the same issues…Fannie announced new waiting periods, as of July 1, [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]>   from Rebecca Roberts, Mortgage Banker with The Lending Company, Inc.

Advising Short Sale and Deed-in-Lieu Clients 2010

 If you are working with a client who has had a short sale or a deed-in-lieu in their past…or you are listing a home and your sellers may have the same issues…Fannie announced new waiting periods, as of July 1, 2010, before being eligible for another loan.  The waiting period is defined as “from the date of the pre-foreclosure to the date of application”.

  • Fannie defines ALL Pre – foreclosure events as any one of the following:
  • Deed-in-Lieu
  • Preforeclosure Sale
  • Short Sale
                                                                                     
  • Full Foreclosure retains a 5 yr waiting period

 New Waiting Periods Effective July 1, 2010

 Preforeclosure Event

Current Waiting Period Requirements

New Waiting Period Requirements
Deed-in-Lieu of Foreclosure 4 years

Additional requirements apply after 4 years up to 7 years

  

  • 2 years – 80% maximum LTV ratios
  • 4 years – 90% maximum LTV ratios
  • 7 years – Standard LTV ratios

 
Preforeclosure Sale 2 years
Short Sale No specific policy currently exists

For extenuating circumstances, for all 3 event scenarios, it’s a 2-year waiting time and 90% LTV.

Rebecca Roberts    Mortgage Banker
The Lending Company, Inc.
6910 E. Chauncey Ln. Ste. 220 Phoenix, AZ 85054
Phone: 602-791-6262                Fax: 866-559-9097
License: NMLS #231543 – BK0909441
rroberts@thelendingco.com
www.thelendingco.com
                                                         

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]]> http://buyingarizonarealestate.com/blog/2010/05/10/new-fannie-mae-waiting-periods-for-sellers-of-distressed-homes/feed/ 0 Strategies for Offers to Purchase Arizona Short Sales http://buyingarizonarealestate.com/blog/2010/04/21/strategies-for-offers-to-purchase-arizona-short-sales/ http://buyingarizonarealestate.com/blog/2010/04/21/strategies-for-offers-to-purchase-arizona-short-sales/#comments Wed, 21 Apr 2010 19:28:37 +0000 Tony Pomykala http://buyingarizonarealestate.com/blog/?p=331 The dynamics of short sales are very different from normal sales.  Because the seller’s bank must approve any buyer’s offer PLUS approve of the eligibility of the seller themselves for a short sale, the process of a short sale transaction takes many months from start to finish to consummate. We’ve seen them taking anywhere from [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]> The dynamics of short sales are very different from normal sales.  Because the seller’s bank must approve any buyer’s offer PLUS approve of the eligibility of the seller themselves for a short sale, the process of a short sale transaction takes many months from start to finish to consummate. We’ve seen them taking anywhere from 3 months* to as long as 10 months for approvals.

That said, the home is “always” available even after receiving a “seller accepted offer” because of the unknown status of whether or not a potential buyer (the first-position offer) will still be around by the time the bank makes their decision concerning the eligibility of the seller and the worthiness of the buyer’s offer.

The seller typically wants to have a couple of backup offers in place so that the best one can become the first-position offer if the current one has rescinded or gets rejected by the seller’s bank.

This happens very often, because buyer’s oftentimes make multiple offers on many different homes until one of them gets “approved”. Once they have an accepted, approved contract, they rescind all the other offers they put out – even first-position ones, because they probably only need one house!

It is purely a numbers game. The more offers the buyers put out, the more likely - and quicker – they will have a new home.

Even though a short sale home has a first-position offer being considered right now by the seller’s bank, it will usually whole-heartedly welcome strong back-up offers. It is a very smart thing to do if you really like that house.

* Approval time of 3 to 10 months is from the Seller’s perspective.  A shorter duration is possible from the Buyer’s perspective if the property you are offering on has already had a first-position offer approved, but the buyer rescinded/ walked away because of the scenario I pointed out above.  In this case, it is very possible you could close in less time if your Offer is similar to the earlier offer that was already approved by the seller’s bank.  If your offer is very different though, the approval process might have to be restarted all over again!

Tony Pomykala, REALTOR, ePro
602-290-6217
Sunrise Investments
http://www.HomeListingsArizona.com
http://www.BuyingHomesAZ.com

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]]> http://buyingarizonarealestate.com/blog/2010/04/21/strategies-for-offers-to-purchase-arizona-short-sales/feed/ 1 Loss Mitigation Programs http://buyingarizonarealestate.com/blog/2010/02/10/loss-mitigation-programs/ http://buyingarizonarealestate.com/blog/2010/02/10/loss-mitigation-programs/#comments Wed, 10 Feb 2010 16:35:59 +0000 Tony Pomykala http://buyingarizonarealestate.com/blog/?p=282 An interesting email I received from Stan Van Dyk of Cash Funding Options:

Hi All: Today, I’m going to show you how the government’s moratoriums and loss mitigation programs have affected foreclosures and shadow inventory.  

Shadow inventory is made up of all the properties that are in foreclosure or headed toward foreclosure that haven’t hit the market yet. There are 7 [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]> An interesting email I received from Stan Van Dyk of Cash Funding Options:

Hi All:
Today, I’m going to show you how the government’s
moratoriums and loss mitigation programs have affected
foreclosures and shadow inventory.  

Shadow inventory is made up of all the properties that are
in foreclosure or headed toward foreclosure that haven’t
hit the market yet. There are 7 million homes in this shadow
inventory category.  What the government isn’t telling you
is that their moratoriums and loss mitigation programs
created a huge surge of foreclosures that are about to pop.

Their effort to decrease foreclosures has backfired.

According to the National Association of Realtors, there
were 3.6 Million unsold homes in September. You think there
are a lot of homes on the market now? There are 7 Million
more coming that the government has created in this shadow
foreclosure inventory. That’s 2 times the amount of homes
that are currently on the market now!

The government’s Making Home Affordable (MHA) modification
program and FHA’s Hope for Homeowners refinance program DO
NOT WORK for borrowers that are too wealthy or owe too much
on their homes. The number of foreclosures for high end and
luxury homes in increasing and there are a ton of luxury
homes in this shadow inventory.

So what does all of this mean to you as a real estate
investor?

Opportunity, a lot of opportunity to help high-end
homeowners by offering them a short sale while making a
killing in the process.

So when can we expect to see the surge in foreclosures from
this shadow inventory?

We are in the first phase of shadow inventory right now and
it will continue into 2010. The second wave will start in
2010 and will continue into 2011 because the national
foreclosure moratoriums ended in March and the government
intensified its HOPE NOW Alliance program as well as its
Home Affordable Modification Program (HAMP). These programs
were released in the first week of March but the problem
was that the servicers and lenders did not receive training
until the middle of June. Then, the programs had to be
updated because they weren’t effective and they became more
complicated to implement effectively.

This created a huge amount of people that have not paid
their mortgage and their houses have not been taken back by
the lenders yet. Basically the government only delayed the
inevitable foreclosure process but they made it worse
because all of the homes will be entering foreclosure at
the same time and with more debt owed on the mortgages.  

This is the ultimate short sale environment. These homes
are ripe for the picking. Many of these homeowners have thrown
their hands up and have vacated the houses. These vacant
houses are gold for you as a real estate investor.

The third phase of shadow inventory will be borrowers that
have exhausted their options on long term government
sponsored payment plans, forbearances, and failed
modifications. These will show up in 2011 and continue into
2012 as their foreclosure timelines were delayed or reset
by the latest HAMP efforts.

As you can see, the biggest mass of foreclosures hasn’t
even hit us yet!

Call us to see how you can help and profit from the the credit and housing crisis.

Thank you,
 
Stan Van Dyk  – Managing Partner
Cash Funding Options
4625 S Lakeshore Dr Tempe, AZ 85282
888-341-3802 Toll Free    602-314-1025 Office   480-516-4364 Cell
480-240-1316 e-Fax
Stan@CashFundingOptions.com  http://www.cashfundingoptions.com/

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]]> http://buyingarizonarealestate.com/blog/2010/02/10/loss-mitigation-programs/feed/ 0 The Phoenix Real Estate Weekly 11/20/09 http://buyingarizonarealestate.com/blog/2009/11/20/the-phoenix-real-estate-weekly-112009/ http://buyingarizonarealestate.com/blog/2009/11/20/the-phoenix-real-estate-weekly-112009/#comments Fri, 20 Nov 2009 22:03:22 +0000 Barb Savoy http://buyingarizonarealestate.com/blog/2009/11/20/the-phoenix-real-estate-weekly-112009/ Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS Keller Williams Arizona Realty

To view property for sale, or for additional information visit www.PacellaGroup.com

Inventory is still varying dramatically in different areas of the Valley. It is very much a seller’s market in the West and East Valley (between 3 to 4 months of supply in those areas), and very [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]> Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Keller Williams Arizona Realty

To view property for sale, or for additional information visit www.PacellaGroup.com

Inventory is still varying dramatically in different areas of the Valley. It is very much a seller’s market in the West and East Valley (between 3 to 4 months of supply in those areas), and very much a buyer’s market elsewhere, although we are finally seeing that Scottsdale and Fountain Hills are having some melting of inventory (between 9-10 months of supply, currently).

According to the Cromford Report, “both trustee sales and new notices of foreclosure are down sharply in the first half of November and we can be confident that the totals for the full month of November will be far below the peak levels set in July and March respectively.”

Current Conditions in the Phoenix Market:

• There are 26,150 single family detached listings currently active in MLS.
• There are a total of 33,682 active listings, including all dwelling types.
• Foreclosures account for approximately 14% of the active inventory, and approximately 44% of the closings for the past month.
• Shorts sales account for approximately 38% of the active inventory, and approximately 20% of the closings for the past month.
• Traditional sales account for approximately 48% of the active inventory and approximately 36% of the closing for the past month.

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]]> http://buyingarizonarealestate.com/blog/2009/11/20/the-phoenix-real-estate-weekly-112009/feed/ 0 Concerning Short Sales http://buyingarizonarealestate.com/blog/2009/07/20/concerning-short-sales/ http://buyingarizonarealestate.com/blog/2009/07/20/concerning-short-sales/#comments Tue, 21 Jul 2009 03:32:48 +0000 Tony Pomykala http://buyingarizonarealestate.com/blog/?p=35 Yet Another Related Posts Plugin.]]> by Tony Pomykala, REALTOR, ePRO
Sunrise Investments
Concerning Short Sales, some great information concerning them can be read at www.ShortSaleArizonaHomes.com in an article I wrote, based on our experiences dealing with them from a buyer’s agent perspective.
 
Short Sales are extremely frustrating, and tend to take a very long time to acquire.  If you have a definitive timeframe in which you want to move here, Short Sales are probably not the answer. They can take anywhere from 3 months and longer, and often times no amount of “staying on top of it” can expedite the process.  A short sale is a sale in which the seller owes more than the asking price/market value of the home. Not only must an agreement be made between the buyer and seller, but the lien holder must also agree to the sale, in writing, before the purchase contract can become executable.  This is the part that requires the long wait.  Banks are so far backed up with the glut of foreclosures, loan modifications, and short sale requests that it can take months for a definitive answer back from them.  Many buyers have found something else by then, and simply walk away from/rescind the original offer.
The seller’s bank must receive a distress package from the seller (with a purchase offer) before the bank will begin consideration of allowing the sale to take place. Then at the bank, a Loss Mitigator must be assigned. They consider whether or not the seller is a candidate who meets the criteria for allowing a short sale to take place. If approved, then an appraisal or broker price opinion (BPO) must be ordered. The Loss Mitigator must then determine whether appropriate value is being received in the purchase offer. If it is deemed adequate, then the offer is presented internally within the bank and its investors. Then if approved, signatures must be obtained and the transaction can be executed. This might seem easy on the surface, but it is a lot of red tape and hoops to jump through from their perspective, going from desk to desk. It also makes it hard for us to track down where in the bank the offer is at, and who do we talk to keep it moving along. Now imagine if a counter-offer is involved….
 
Pricing of Short Sales:  Because a short sale listing needs an offer before a bank will begin the process of approval, many Listing Agents of short sale properties tend to under-price the listing in an effort to get any offer they can. They’ve coached their seller to accept any reasonable offer, fully knowing that if the offer is too low, it will be rejected by the bank, thereby voiding the “acceptance” by the seller. Also, since Arizona is a non-deficiency state, even if the bank accepted the low offer the sellers often times would not be held to the difference (eligibility varies by circumstance). In many cases the seller simply sees the remaining balance of the mortgage “wiped away” without further indebtedness or taxability. Due to the nature of short sales, the sellers will not make any money on the sale of their home. They must make zero from the proceeds. Obviously however, the canceling of the debt is motivation enough.
 
In most cases, when seeing Short Sale listings in the property lists REALTORS send you, if the listing is:
“Active” it usually means no offers have been accepted yet on the property.
“AWC-Seller Written Instructions” (Active With Contingencies) usually means there is at least one offer on the property that has been accepted by the seller, and is being presented to the seller’s bank for consideration.
Remember though that in Short Sales these days, the majority of these offers fail or are rescinded, so if you don’t mind waiting many months should you find “the perfect house”, then placing a backup offer can place you in a position to assume the first position if that happens. Also remember that if you found a different home during the interim, you can rescind the offer and focus on the new home. It also isn’t a bad idea to have multiple offers out there until you finally get one of them accepted and executable. Then the others can be rescinded.
 
Of course, this is just a snapshot. Volumes more can be learned and observed on the topic, and the genre is still evolving as some banks learn to streamline their processes, while still others grow further behind and slower.  One thing for certain though is that there is no such thing as an “easy” short sale, at least for now.

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]]> http://buyingarizonarealestate.com/blog/2009/07/20/concerning-short-sales/feed/ 0 SB 1271 – Anti-Deficiency Legislation Update and More http://buyingarizonarealestate.com/blog/2009/07/19/18/ http://buyingarizonarealestate.com/blog/2009/07/19/18/#comments Mon, 20 Jul 2009 04:25:35 +0000 GregsGold http://buyingarizonarealestate.com/blog/?p=18 Reprinted from an Email Blast sent to members of the Arizona Association of REALTORS® from an Email Article By Tom Farley, CEO Arizona Association of REALTORS®   Read the FULL article at  http://www.rallinow.com/issues/show/60

Request for the Governor’s Assistance

On Friday, the Arizona Association of REALTORS® (AAR) had a preliminary conversation with Governor Brewer’s staff regarding the impacts of SB 1271 and [...] No related posts. Related posts brought to you by Yet Another Related Posts Plugin.]]> Reprinted from an Email Blast sent to members of the Arizona Association of REALTORS®

from an Email Article By Tom Farley, CEO
Arizona Association of REALTORS®   Read the FULL article at  http://www.rallinow.com/issues/show/60

Request for the Governor’s Assistance

On Friday, the Arizona Association of REALTORS® (AAR) had a preliminary conversation with Governor Brewer’s staff regarding the impacts of SB 1271 and the need for an immediate fix to this legislation that becomes effective on September 30, 2009. AAR requested that the Governor amend her current Call for Special Session to include a fix to SB1271 with an emergency clause. Governor Brewer called the legislature into Special Session to deal only with the historic budget deficit. The Governor’s staff was receptive to our request and voiced a wiliness to work with AAR, but requested that we provide specific examples of legal issues resulting from SB 1271’s passage and how the bill would impact Arizonans if left unfixed. The Governor does not have to amend her Call for Special Session to include this issue, so the burden is on us to demonstrate the need for immediate action. If the Governor agrees with our request, our next job is to convince the legislature to fix the statute.

Early next week, AAR will deliver a letter outlining the issues as requested to the Governor’s office and formally make the request to amend the Call for Special Session to include this issue. Our goals are to narrow the bill’s impact, clarify the statute’s intent and to include an emergency clause in the legislation so that the AAR’s amendments would take effect and overwrite the amendments that SB 1271 made to the Anti-Deficiency statute before it goes into effect on September 30, 2009.

SB 1271 – Frequently Asked Questions (FAQ) Document in the Works

We have received numerous emails and phone calls asking several different questions regarding SB 1271’s interpretation. We are doing our best to provide those answers in an FAQ document. But because of several different views by attorneys across our state on how the changes to the statute should be interpreted, AAR is having difficulty providing those answers.

Keep up with the current issues and UPDATES posted on www.rallinow.com, AARNews, AAR’s FaceBook page and in our upcoming electronic association newsletter. Follow the Arizona Association of REALTORS on Twitter!

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