Short Sale Legal Workshop:

Essential legal concepts for the real estate professional

This class is intended to educate and prepare real estate agents and other professionals to deal with the short sale process and the other complexities of the current real estate market.  Today, if you are not taking short sale listings, it is likely that you are not taking listings.  This class will delve into the specific laws and regulations surrounding current trends and strategies to protect your buyers and sellers, as well as you, the agent.  It has become apparent that well intentioned agents and sellers often lack the legal guidance needed to ensure a successful strategy.

Attorneys Adam Buck and Doug Edmunds combine detailed legal discussions with practical everyday examples.  They will walk you through the decision making process of multiple clients and help you understand the reason behind the chaos.  In addition to the discussion of the major topics highlighted below, each section will include answers to your questions in addition to an open question period at the end of the presentation.

This is a deal that simply does not come along everyday … get 2 attorneys for a total of 4 hours for less than you would pay for 15 minutes in their office. 

Topics will include:

·         Real client examples – run the numbers and understand the decision

·         Side-by-side comparisons of short sales, foreclosures and bankruptcy

·         In depth examination of the tax consequences

·         Examination of Arizona’s anti-deficiency laws – THERE ARE TWO OF THEM

·         Tips and Tricks for successful negotiations with the bank – know your leverage

·         PMI, VA and FHA obstacles – find out if short sales are even possible

·         Learn how to use a lawyer to maximize your profit and minimize your liability

·         Live question and answer period

Market Overview

Planning for the future often requires an examination of the past.  Find out where we are, and how we got here.

Learning To Talk To A Lawyer

Understand why so many agents and homeowners alike have a hard time making that first phone call to a lawyer.  Learn how to utilize legal and other professional help in processing your transactions and growing your business.

Not Just A Short Sale

A true loss mitigation strategy does not start and end with a short sale.  Distressed homeowners need to understand all their options in order to make the best possible financial decision for their family.  Assisting them to do so minimizes your risk.

Loan Modifications

A seemingly simple idea can be extremely complex.  Understanding the reality of a loan modification is critical to the process … will your modified loan payment be higher?

Arizona’s Anti-Deficiency Laws

The law changed in July of 2009, then again in September 2009 … when will it change again and just what is the state of the law?  The frightening reality of how and when the law applies to Arizona homeowners.

Foreclosure In Arizona

Understand the process.  How do I legally slow down a foreclosure or prevent it entirely?  What if it is a rental unit – what are the effects on landlords and tenants?

Deed-in-lieu of Foreclosure

What are the differences between a deed-in-lieu of foreclosure and a standard foreclosure sale?  Are there advantages, and why would a homeowner chose this option?

Short Sales

Almost all sales are short sales.  With only about 23% of short sale offers obtaining approval, find out how to maximize your time and ensure your client qualifies for the sale.  Learn how to limit your liability and avoid giving legal advice.  Understanding the consequences of a short sale is critical – is your client aware?

Taxes

Anytime a bank forgives mortgage debt, a tax liability is generated.  Understand how and when this affects your seller and why timing of a sale can be so important in eliminating tax obligations.

Bankruptcy

Sometimes bankruptcy is the best option.  Before you waste your valuable time, ensure that your client is not a candidate for bankruptcy protection.  There are options in Chapter 7 and 13 for homeowners to keep their home, eliminate a second mortgage and make up late payments over time.  The timing of a filing can mean the difference between saving and losing a home – be sure that your client is making informed decisions.