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Dan Mullarkey, ABR's Blog

By Dan Mullarkey | Agent in Scottsdale, AZ

A True Arizona HAFA Success Story; 2 Weeks From Foreclosure to $3,000!

Back in Fall of 2011 we learned the story of "J", a home owner in Phoenix that had grown increasingly frustrated with Bank of America after a failed loan modification. J did everything that he was supposed to, and yet couldn't convince his lender to modify his mortgage to an affordable level. This inevitably led J to facing foreclosure, a road he didn't want to go down but had no other choice.

By the time IncentiveShortSale.com took the listing, J was only 2 weeks away from his Trustee Sale date. Now, at this point J did not care what happened to the home as he already had written it off and moved to another property. The HAFA short sale program with the $3000 incentive and "no deficiency" was just what he was looking for, and J agreed to give it a shot. Now, 2 weeks is not much time to list, market, and secure a buyer before a Trustee Sale, but we still felt that we had a chance. The tight timelines do tend to bring out 110% effort from everyone.

When we took the short sale listing, we knew that pricing had to be very attractive yet supportable by the comparables, which was a challenge in itself. Price it too low, and the short sale servicer rejects the offer; price it too high and you risk valuable days on market with a foreclosure sale approaching. Fortunately, our pricing strategy was right on the money, and we secured a cash buyer at full price during the first weekend of listing. This would turn out to be very critical in the HAFA short sale approval process and in securing our client's $3000 incentive.

Now, one thing to keep in mind with a HAFA short sale is that it will take some time. Like most government sponsored programs, the process is long and arduous. But, with a $3000 HAFA incentive for a short sale client on the line, the wait is worth the reward. During the HAFA short sale process, this transaction went through numerous negotiators and was almost cancelled completely several times (through the HAFA short sale department, through no fault of our own), but we stayed diligent. We were told that we would receive HAFA short sale approval at numerous points but through the countless negotiators that were assigned and reassigned to the file, the actual Approval Letter took almost 6 months to receive. It is no secret that there were many different components and people involved in this transaction, and if everyone didn't work together as well as we did the HAFA short sale approval would have never happened.

This HAFA transaction was recently closed, and J is very happy to have received his $3000 cash incentive. From foreclosure anticipation to cash in hand, J was very appreciative of the work we did. J should be ready to purchase a home again in a much shorter timeframe than if he let the home foreclose, yet another huge advantage of the HAFA short sale program. For more information on HAFA, please visit http://incentiveshortsale.com/hafa-home-affordable-foreclosure-alternative-program/




 
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