.floatimg-left-hort { float:left; } .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 12px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 12px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 12px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;}
Carolyn Helmlinger started selling homes during the real estate slump of 1980.

She finds herself as the head of a major realty firm at another tough time, the present.

Was she intimidated then? No. Is she intimidated now? No.

“We were still selling houses then and we’re still selling houses now,” said Helmlinger, president of Coldwell Banker Mid-America Group, Realtors. “I’ve been doing this for a lot of years and it always works its way out.”

Besides an overall slump that saw home sales drop about 20 percent in May compared with the same period last year, local real estate agents are dealing with a glut of properties left on the market when Regency Homes shut down at the end of April.

Since that time, nearly 300 properties have been targeted by foreclosure actions and more than half of those are under the control of receivers.

Some of the properties are completed homes that didn’t sell; some are completed homes that had buyers who backed out of their deals because of problems with warranties and liens against the property; some are foundations and some are partially finished.

In other words, it’s difficult to tell where things stand.

Iowa Realty Co. Inc, which held a large number of Regency properties when the company ceased operating, continues to sell the builder’s homes that have a clear title. It is determining the extent of the remaining inventory, said Mike Knapp, head of Iowa Realty.

Helmlinger and Knapp know that the recent appointment of receivers is a good thing for the future of the properties.

The receivers are charged with preserving the value of the property and that can include everything from shoveling snow to completing a home.

And, Helmlinger said, local banks are showing some flexibility in that they will factor in the cost of homeowner insurance that might not otherwise be available in order to sell a Regency property.

The first year of that insurance typically would be the builder’s responsibility. However, Regency stopped providing the coverage soon after it shuttered operations.

In addition, at least one of the receivers is providing a five-year homeowner’s warranty, Knapp said.

With receivers in place and contractors gradually releasing mechanic’s liens filed against Regency properties, Helmlinger’s message to her agents is to sell.

She concedes that hurdles remain.

“This is all new to everyone,” she said. “We’re just taking everything step by step.”

Helmlinger noted that some banks with a security interest in Regency properties are foreclosing on properties through the courts or using a process called non-judicial foreclosures to stake their claim.

“It’s a mixed bag. There are so many banks involved that each one is in different stages,” she said.

At the time Regency closed, Coldwell Banker had about 16 of the builder’s properties at various stages of being sold. Some of the properties closed; buyers walked away from other deals.

In addition, Coldwell Banker was selling properties at the Michael’s Landing development in West Des Moines. That property is under receivership.

Knapp said Iowa Realty listed about 200 Regency properties when the company said it was going out of business.

Iowa Realty hopes to work with receivers to determine exactly how many properties and homes are available. That number wasn’t available last week.

“We’re attempting to allow them the time to really identify specifically what inventory they are handling,” Knapp said. “At that point, we’ll establish a progress point and work to complete the homes.”

Meanwhile, ATEC Inc., which was appointed receiver for Regency properties mortgaged to Regions Bank, has launched a Web site – www.regencyreceiver.com – with information for creditors and potential homebuyers.