AAR Winter Conference

Who Kissed the Pig?

2009-03-14T09:53:00.004-07:00

Thanks to everyone who participated - we raised over $13,000 for RAPAC!

There was a tie for 1st place between Holly Eslinger and Holly Maybery and a bonus - Bob Pierce got an opportunity too!

Take a look for yourself!

3 WCR Winter Conference Tips

2009-03-13T08:58:00.009-07:00

There are always great takeaways from a real estate conference. Here are three fun tips from this week's Arizona State Women's Council of REALTORS Winter Conference.

Design a great name badge! Check out Sandi Foree's badge ... the shape is the state of Arizona. She has glued various other pins to the face of her name badge.

Use pre-printed return address labels for long strings of raffle tickets. I bought lots of raffle tickets for the WCR Tech Bag raffle and spent time writing my name and number on each ticket. Joeann Fossland came to the event prepared (as always) with an easier solution.
Do you ever wonder how WCR survives and thrives even in the toughest times? Fund raising efforts at local Arizona chapters help raise funds and membership shared tips in Prescott. (See idea cloud.)

Tech Tools Highlights

2009-03-13T07:03:00.002-07:00

In the Cool Communication Tools breakout, there was an almost full room, even though we were the 4th and last technology presentation for the day. I think that says something about the thirst for information and direction. While several people asked me to tell them what they need in relation to buying their next cell phone or tablet computer, I find those choices to be overwhelmingly personal.

Knowing the good, the bad and the ugly about the choices IS a good thing, however there are lots of good and intriguing choices.

The first part of the session was all about tablet computers. I shared a YouTube Video showing A Day in The Life of an Agent with a Tablet. GoPaperLess Software is a great application to use with a tablet to enhance your security and storage and they offer good information on their site about tablets and the available models. The model I am currently using HP TX2500 is at Costco right now for $799. If you are in the market, this is one to get now before the price goes back up.

I also offered a few goodies: A free website for 3 months at Point2Agent will syndicate listings and give agents great exposure! And 2 months free as a Trulia PRO using the code 4JO4NN

On the topic of SmartPhones, over half the audience are using the Blackberry. A dozen or so, the TREO or Centro and a handful use the iPhone. The many apps that are becoming available for the phones sparked a great discussion. Several agents reported not needing their computers in the field during the day because of all the functionality of their phones. We are seeing a definite move to the phone being able to replace the email and websearching. As the different models start to offer lockbox compatibility, these are just a no brainer. I use my Centro as a modem instead of paying monthly aircard charges. The program that allows me to do this is called PDAnet and is a one time purchase.

We also talked about 2009 being the year of Video. Everyone needs an account at YouTube.com, a Flip Camera and www.TubeMogul.com and they will have amazing capabilities to communicate to clients and market their listings!

Joeann Fossland

www.Joeann.com

Steve Urie

2009-03-12T17:02:00.003-07:00

Steve Urie
Originally uploaded by aarwinterconference

Steve talking about Tech Tools for Property Managers

Janette Waller

2009-03-12T17:02:00.001-07:00

Janette Waller
Originally uploaded by aarwinterconference

From First American Title Insurance taking about Escrow and Foreclosed Properties

Gary Fenton

2009-03-12T17:01:00.001-07:00

Gary Fenton
Originally uploaded by aarwinterconference

Gary giving the group his Market Secrets

Frances Flynn Thorsen

2009-03-12T16:13:00.001-07:00

Frances Flynn Thorsen
Originally uploaded by aarwinterconference

Frances gave us a great presentations on Online Listing Exposure.

Tom Farley's Address to the AAR Winter Conference

2009-03-12T15:20:00.002-07:00

If you missed it...you can find it here - "Tom Farley's Address To the AAR Winter Conference"

RAPAC Winter Conference Fundraiser

2009-03-12T15:04:00.002-07:00

RAPAC's fundraiser was to "vote" for your favorite (or least favorite) AAR line officer to Kiss A Pig during the dinner! RAPAC does lots to keep REALTORs and Homeowners from being taken advantge of by negative legislation.

Mary Sand

2009-03-12T15:02:00.001-07:00

Mary Sand
Originally uploaded by aarwinterconference

Mary giving agents and update on Zipforms, one of the tech tools that will make you more productive.

David Gilpatrick

2009-03-12T15:01:00.001-07:00

David Gilpatrick
Originally uploaded by aarwinterconference

David with a very timely talk about Damage & Environmental issues with Foreclosed and Vacant properties.

Diane Flannigan

2009-03-12T15:00:00.001-07:00

Diane Flannigan
Originally uploaded by aarwinterconference

Diane giving her presentation entitled "Prospecting in Today's Market"

Amy Chorew

2009-03-12T14:58:00.001-07:00

Amy Chorew
Originally uploaded by aarwinterconference

National Speaker Amy Chorew giving her presentation on Facebook.

AAR's Winter Conference - Where are the young people?

2009-03-12T14:38:00.003-07:00

So we're up here in Prescott AZ at the beautiful Prescott Resort and I'm realizing that there are very few agents in the, let's say "under 35" bracket. I'm very curious about why that is. I've mentioned it to a couple of people and haven't really got good answers.

One theory is that it's too structured. If you have been to a RE BARCAMP they tend to be more "learner driven," draw a younger cround and tend to focus on Technology. There is one coming up in Phoenix on April 23rd at Scottsdale Stadium, the Spring Training home of the San Francisco Giants.

What do you think? Why do the two groups - the young REALTORs and the experienced REALTORS - that have so much to learn from each other gravitate to two different events in such an oil and water kind of way?

Rob Gibbs
www.BleedingEdgeTech.com

A message from Megan Cummings, Director of Government Programs

2009-03-12T12:38:00.003-07:00

LIVE BLOG: Phillip Creglow on Obama's Housing Stability Plan

2009-03-12T09:47:00.011-07:00

I'll be live blogging a presentation at the Arizona Association of Realtors Winter Conference (at least until my battery holds up...)

Presenter Phillip Creglow is a Political Field Representative for the National Association of Realtors (NAR).

Phillip began his session with an overview of legislative issues facing the real estate industry.

* Banks in real estate brokerage - Bill yesterday prevents (and the crowd goes wild!)
* $8000 tax credit - No repayment provision, first time home buyer's only (which is not what NAR wanted -- they preferred it be open to all). NAR still feels 8K true credit is a win for consumers.
* Mortgage interest deduction - plans to reduce for those making > $250K. NAR is 100% against proposal. White Paper available on Realtor.org

On the Obama Housing Plan:

NAR's primary message to the administration is "focus on the consumer".

First aspect: Home Affordable Refinance.

Only includes GSE (Government Sponsored Enterprises -- Fannie and Freddie loans). 105% max LTV (loan to value)is not enough. Program ends in June 2010. Bowwers may refi using 30 or 15 year fixed rate loans.

Many consumers are asking if they have a Freddie or Fannie loan. Both have sites where consumers can find out (of note, I requested info on my own mortgage from both Fannie and Freddie's sites on March 4 and have yet to hear from either).

Second aspect: Home Affordable Modification Program

Designed to reduce mortgage payments to 31% of gross monthly income
Principal forgiveness has been discussed, and is available under this program but is not required.

There are incentives for loan servicers to participate.

Loan modifications under the program may be made until December 31, 2012.

US Treasury has committed $100 Billion to the GSE's.

Strong oversight will need to be watched carefully.

On Short Sales:

NAR pushing issues from a regulatory stand point -- GSE's need to streamline short sale process. (Editors note: A-freaking-men!)

There is no legislative fix for short sale process.

NAR hosted a forum for 50 Congressional staff members from major districts where short sale problems are worst.

Education resources for Realtors on Realtor.org (Here is the "Field Guide to Short Sales"

NAR is seeking feedback from agents and brokers on what they are seeing with regard to short sales.

Final Remarks:

Housing issues are competing with the entire economy.

As an organization, NAR and members must communicate with local, state and national legislation.

Audience Questions Comments:

Biggest problems with short sales is wide variety of processes, and LONG response times.

RE: loan mods - Incentives are available for lenders, what about mortgage investors?

NAR has discussed (with no resolution yet) that a short sale lister will lose the listing when the home moves to REO.

Fannie has announced that commissions will not be reduced on short sales. What is Freddie's stance on this? NAR is working it...

NAR has instituted a "Broker Involvement" program to improve legislative "calls to action". Allows Broker / Owners to sign up and allow NAR to use broker's name/logo for distribution to broker's agents. Program is free. I just tried to find info on Realtor.org and a search for "Broker Involvement Program" returned 1,710 results. I suspect details are in there somewhere... UPDATE: this page says to contact Erin Murphy at 202-383-1179 or emurphy@realtors.org.

Up next: Amy Swaney, CMB from Peoples Mortgage Company. Understanding Logistics of Homeowner Affordability and Stability Program

"Details" were released on March 4. There is still much confusion. Remember that media sound bites never tell the whole story.

(editor's note: the battery is down to 11%, I won't be able to get all of this)

Amy is explaining the role of the Secondary Mortgage Market. It's a difficult thing to understand -- some mortgage brokers don't get it.

Mortgage BROKERS facilitate lending, they don't have the money. Mortgage BANKERS have the money to provide funds short term. The banker does not want to hold the actual note -- here's where the secondary market comes in. Loans are either packaged or sold individually to servicers, GSE's or individual investors. Wall Street will then take the loan package and slice the pool into smaller pieces ... mortgage backed securities (MBS) (and Jay says, "my reporting is GROSSLY oversimplified").

Freddie and Fannie are for all practical purposes the only remaining purchasers of MBS'.

Home Affordable Refinance Program:

Fannie and Freddie are two distinct entities -- competitors in fact.
If you have a Freddie loan:
* Must be current on loan
* First mortgage must be 105% or less of current market value.
* Second must agree to subordinate to first (can not be rolled into first).
* Must go through current servicer (who you pay)
If you have a Fannie loan:
* all of the above.
* PLUS: you can refinance from ANY originator or servicer.

Amy reports she emailed Freddie and got a reponse within 48 hours on whether she has a Freddie loan. (Maybe I better check my spam filter. I've been waiting a week)

If the original loan didn't require mortgage insurance, the new loan will not require it. If the original loan had insurance, you will continue to carry it at original level.

Loan level price adjustments (Risk based cost)is cut almost in half for adjusted loans.

Appraisals - AVM/drive by appraisal may be acceptable.

These mods are for all types of properties -- primary residence, 2nd home, investment -- *IF* the refi is for the same type of loan.

Issues:
2nd lenders are not required to participate.
No determination on secondary market pricing.
Still a liquidity problem - lack of funds to loan.

On Home Affordable Modification

Eligible - mortgages owned by Fannie or Freddie, owner occupied ONLY.
Borrowers MUST provide affirmation of financial hardship and proof of current income.

New payment 31% of household income (including association fees and current shortages). You have to PROVE you can make these payments.

Borrowers can receive principal reduction of up to $1K/year for five years. (if they stay current on modified loan). Servicers are also incentivized.

In loan modification, interest rate can be adjusted down and term extended (up to 40 years) to get to 31% LTV.

Jay Opines:
Will these plans help? Maybe. But maybe not. Many in Arizona are far more underwater on their first mortgage than 105%. These plans are confusing to the average home owner (and probably the average real estate agent and lender). I suspect the lenders are going to get bombarded with questions -- will they be able to handle the influx? Only time will tell...

Best Social Media Sites for Agents...

2009-03-12T09:35:00.002-07:00

I get this question a lot...and I found a great a post from www.NewsGen.us on the topic. For full details visit their post "Best Social Media Sites for REATLORS", but here is the list...

10) www.Plaxo.com

9) www.BrokerAgentSocial.com

8) www.inman.com/community

7) www.RealTown.com

6) www.LinkedIn.com

5) www.RealEstateWiki.com

4) www.YouTube.com

3) www.ActiveRain.com

2) www.Twitter.com

1) www.Facebook.com

Interesting that they didn't mention www.Trulia.com. I know a lot of people have had some great success answering questions there.

What's your #1 SM Site?

Rob the Tech Guy
www.BleedingEdgeTech.com

SURPIRSE

2009-03-12T08:16:00.002-07:00

John Stih - SEVRAR CEO
Originally uploaded by aarwinterconference

John Stih - SEVRAR CEO - ready for the morning session.

Up and At it EARLY!

2009-03-12T07:44:00.004-07:00

Barb Freestone
Originally uploaded by aarwinterconference

Barb Freestone AAR's Senior Vice President, Professional & Business Development was one of the first people I saw this morning getting the registration table ready!

The President's Forum started at about 7:00a with a breakfast and lively discussions about the state of our industry.

Indian Inspiration - A Tale of Two Wolves

2009-03-12T04:58:00.005-07:00

Women's Council of REALTORS featured a What Is Working? panel where top agents shared tips and techniques showing results in today's market. Moderator Joeann Fossland shared some classic Indian inspiration on that panel yesterday:

Two Wolves

One evening an old Cherokee told his grandson about a battle that goes on inside people. He said, "My son, the battle is between two 'wolves' inside us all.

"One is Evil. It is anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.

"The other is Good. It is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith."

The grandson thought about it for a minute and then asked his grandfather, "Which wolf wins?"

The old Cherokee simply replied, "The one you feed."

AAR and WCR Join Ranks Hosting Winter Conference

2009-03-12T03:57:00.006-07:00

Hundreds of Grand Canyon State REALTORS are assembled in Prescott, AZ, for two full days of networking and education provided by the Arizona Assn. of REALTORS and the Arizona State Chapter of the Women's Council of REALTORS. AAR and WCR Winter Conferences are held in back-to-back meetings at the Prescott Resort Conference Center and Casino. (Top right: Arizona State WCR line officers shown.)

AAR Vice-President Barbara Freestone (at left with WCR Lifer and national speaker Joeann Fossland) was hailed by WCR leadership for her role in facilitiating and orchestrating an event with bells and whistles and programs that leave attendees with a plan and empowerment to greet a challenging real estate market.

Grant @ the Bar in the Prescott Resort

2009-03-11T21:10:00.002-07:00

Grant @ the Bar in the Prescott Resort
Originally uploaded by aarwinterconference

Grant was wondering why the heck I was taking his photo. He's a great bartender! Catch him on Thursday night from 4 - 11 (or later if you're partying hard!)

Lake Havasu WCR Techie Twittering on Her Ipod

2009-03-11T17:51:00.002-07:00

Lake Havasu REALTOR Mary Roberts is following the WCR/AAR Winter Conference Twitter stream on her Ipod. How cool is that?

Leading Foreclosure Specialist Outlines REO Risk Management for Real Estate Agents

2009-03-11T14:50:00.017-07:00

Lenders are shifting liability of REO (real estate owned) sales to listing and selling agents with addenda that pose greater risk than ever before for buyers of bank owned properties, according to Holly Eslinger, broker of Exclusive Homes and Land, and 2009 president-elect of the Arizona Assn. of REALTORS.

Eslinger was featured luncheon speaker for the Arizona State Women's Council of REALTORS Winter conference today in Prescott, AZ. She has specialized in sale of bank owned properties since the 1980s and issued strong words of caution for agents who represent banks and agents representing buyers. Lenders sell their properties "as is" and create additional liability for brokers and agents who represent buyers in sale of foreclosed real estate, she said.

"There is no recourse for buyers after closing," warned Eslinger, pointing to the importance of sharing bank addenda and disclosures before writing a contract.

Checklist for REO Buyers

Buyer Advisory. Documents describe a process that leaves banks free to sell foreclosed assets without property disclosures, and outlines a best practices for buying a bank owned property.
SPDS. There is no Seller Property Disclosure Statement available to buyers of bank owned properties and listing agents are urged to collect all inspection reports gathered during the term of the listing contract and make them available to prospective buyers.
All Lender Addenda. Purchase agreement addenda prepared by lenders' attorneys favor lenders/sellers and shifts the burden of liability to designated brokers. Paperwork changes from lender to lender and it is important for real estate agents to obtain copies of bank addenda so that prospective buyers can review the documents prior to writing a contract. Eslinger pointed to her own company policy about posting bank addenda online for easy access to these documents by buyer agents and consumers.

Bank addenda supersedes the Arizona Assn. of REALTORS standard contract boilerplate, she said, underscoring the importance of reviewing lender documents prior to writing a contract, including language about:

(a) mold
(b) "as is" condition of property
(c) purchase contract addendum
Inspections. Eslinger encouraged buyer agents to recommend that buyers tap all inspection resources possible prior to advancing with an REO sale.
Walk through. It is imperative to conduct a walk-through inspection of the property. This gives buyers an opportunity to address substantial changes in property condition and function that happen between contract signing and close of escrow.

Send Us Your Photos!

2009-03-11T11:13:00.001-07:00

If you take photos from the conference, send them to Photos@AARWinterConference.com and we'll post them!