HAFA is being canceled. If you ever had tried to start a short sale with HAFA & let it get as far as for BofA, for example to tell you what to list the property for, maybe you noticed that it was totally out of whack! Some super high list price that YOU know would NEVER procure a buyer!
Do NOT let the banks tell you what to list properties for. They are not Realtors! Go with the Traditional Short Sale route. When the bank sends out their appraiser or BPO, BE THERE, do not let them into the house alone! Do your homework, have your comps in a neat package. Know the comps (literally) inside & out & present your case for fair market value.
Has anyone else seen BofA do anything at all FAST or QUICK when it comes to short sales? I haven't. Fast or quick in my book would be when we're all getting short sale approvals in under 3 weeks.
If they still come back with a price that's too high, list it for that price, when the price doesn't procure a buyer, drop the price, you still have a 2nd shot at appraised value when the buyer is in escrow.
Realtor Since 1996
Short Sale Expert
There is no "Standard Short Sale". Every file is different. When they refer to a government short sale, they may be referring to the investor on the file, whether it is Fannie Mae or Freddie Mac. There are some guidelines on those files. Although, even with those guidelines, every file is different. You really would be best off to hire a professional to negotiate for you to get the file closed.
We are a professional short sale service and would be happy to explain the process to you. We have been closing short sales since 2007. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Emily is right, I would take it one step further, they should require by law a time limit for banks to either approve or decline short sales. The answer could be no, that is fine. But this is just one of thethe actions by the banks are destroying our housing markets.
Instead the banks undermine the colateral of the mortgages and then want to be bailed out with tax dollars.
If I were you and you had a distressed property? I'd be quickly looking for private sector solutions. Get yourself an experienced REO or short sale professional agent/broker ASAP and save yourself a lot of grief.
there are many valuable answers below. I second Emily in the Government failed us yet again...HAFA, real similar to HAHA, when i text, they hold about the same weight when it comes to short sales, ps I have closed dozens of HAFA short sales but they took 6 months to get the approved price, I have closed over 100 short sales none HAFA....
Here is a blog i wrote about short sales and foreclosures...
best of luck to you.
The first lien had to of been originated on or before Jan. 1, 2009
The mortgage is delinquent or default is imminent
First lien balance is equal to or less than $729,750 (one unit property)
Borrower can prove genuine hardship
If you sign an agreement to take care of the property while the HAFA short sale is taking place you could qualify for $3000 at the close of escrow.
If you do not qualify for a HAFA short sale a traditional one would have to take place if you qualify for that one.