What's a RASS?
It stands for...Â Request forÂ Approval ofÂ ShortÂ Sale. The RASS is a form used with the HAFA program. This form is used when you have a short sale in progress and have an offer on the property.I have used this form to jump start short sales I have had in progress and have not received a reply from the lender and feel it's stalled out.If the seller qualifies for the HAFA program the RASS will get your short sale back on the fast tract.Once the lender has received this form things start moving.The rules are they are to respond in 14 days. This is pie in the sky,but they do respond and within 3 weeks you should have a HAFA pre approval. The approval will state a net dollar the lender will accept.As more agents start to get on board with the RASS process we will start seeing moreÂ governmentÂ pre approvedÂ short sales. This will remove the"Â if "Â factor in the short sale.Buyer's areÂ hesitantÂ to write on short sales wondering"Â ifÂ " they will be approved.