Home Selling in Charlotte>Question Details

Lovelylady, Other/Just Looking in Chico, CA

my house is up for a short sale they said that i will get 3000 relacation money at closing it set on dec15 but my sale date is dec20 ?

Asked by Lovelylady, Chico, CA Fri Nov 11, 2011

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Therese Winnington’s answer
As a former Short Sale Specialist with a major bank I will say that the only time a seller would receive a $3,000 relocation credit is when they have gone through the HAFA program and gained approval by the US Treasury, and then the lender. The seller usually has to prove that they have lived in the subject property for at least 6 months (depending on the state), so investment properties are generally excluded. This process is not quick. If your agent submitted you into this program you would have completed a Dodd Frank form and you would receive your check from the US Treasury. I hope this information is helpful.
0 votes Thank Flag Link Tue Nov 15, 2011
The Lender sets a date in the future that they would like the sale closed by that they feel all parties can live with, and yes the $3000 should show up on line 509 of the Hud or in the 500's section of your HUD which is prepared by the title agency that is handling the closing for the sellers and the buyers and the lender who is allowing the Short Sale. Hope this clears up how you find out. Ask your Title Agency..
0 votes Thank Flag Link Fri Nov 11, 2011
The sale date is usually deferred when you are in escrow. You should have received papers from the bank saying that they will pay the $3000 relocation fee, talk to your agent...
0 votes Thank Flag Link Fri Nov 11, 2011
I closed a short sale earlier this year and the sellers received $3,000 dollars for doing the short sale. I am not sure why you have a deadline. It could be that you have moved out of the house and the home has to close within a specified time of that, say 12 months. If you are still in the house, then I do not think there should be a deadline at all. Call your lender and find out why there is a deadline of December 15th.

Good luck with getting the money!
0 votes Thank Flag Link Fri Nov 11, 2011
Sounds like 'cash for keys' from Fannie Mae.
I would check with a lawyer or call Fannie Mae yourself.
Probably the management company that gave you that amount is connected to the lawyer in charge of the transaction. You should call him.
Much luck--Mary!
0 votes Thank Flag Link Fri Nov 11, 2011
Make sure your lender term sheet is also updated. The listing agent should review the term sheet and contact the negotiator involved if time needs to extended.
0 votes Thank Flag Link Fri Nov 11, 2011
Have your Realtor contact the Title Company:

The Closing date is set by the Title Company.

Good luck and may God bless
0 votes Thank Flag Link Fri Nov 11, 2011
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