Home Buying in 20136>Question Details

Trudytalbot, Home Buyer in 20136

I offered 5% less than approved HAFA price on short sale. Is this reasonable and will it be considered?

Asked by Trudytalbot, 20136 Mon Jan 23, 2012

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The path of least resistance is certainly going with the HAFA approval. You have to keep in mind that the Sellers have to accept the offer before the bank gets it. The incentive with a HAFA approval is $3,000 in relocation money to the Seller and no deficiency judgment to them either.

If the marketing period of 120 days has run out, the Sellers are more likely to push for a traditional Short Sale and skip the HAFA incentives to avoid foreclosure.
1 vote Thank Flag Link Mon Jan 23, 2012
Janet, thanks for the response. I am surprised our offer would be considered aggressive as the home has been on the market for 135 days with no offers and several price reductions. Guess we thought 5% was within the realm of possibility. If we are rejected outright, I will know I was wrong.
0 votes Thank Flag Link Tue Jan 24, 2012
Trudy,

What does your Realtor say? Your offer is on the aggressive side and probably will not be accepted by the Seller. If the Seller accepts it, the bank will probably reject it and not even offer to negotiate.

At this time of year when inventory is so low, most buyers searching for a home to purchase are very serious and are more than likely to offer a more reasonable deal to a seller to get the property they want. If you are a serious buyer, your offer will reflect that.

If you have any questions, please do not hesitate to give me a call.
0 votes Thank Flag Link Tue Jan 24, 2012
Hi Trudy.
With HAFA there can be some negotiating. If you can support your offer with market information you might be able to get the short sale price reapproved. I currently have a HAFA short sale in Counter Offer situation with Bank of America and they have come down from the original asking price that was approved.
The key to buying a short sale is to offer market price. If the approved price was higher than market, there is a chance you will get it approved. It is at or below market, they may reject the offer.
Best of luck to you.
Regards,
Lisa Jones
ERA Tom Grizzard
0 votes Thank Flag Link Mon Jan 23, 2012
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