Hi, Jason Zweigle right here with ShortSaleSlayerz.com, we’re considered one of Roseville’s leading short sale teams. I wanted to speak today about the Bank of America HAFA short sale. Many people on the market don’t really know what a HAFA short sale is, and it is principally a federal government backed short sale plan that many of the banks that participated in TARP also take part within the HAFA program. The HAFA program follows some federal pointers, some financial institution or servicer tips, and a few investor guidelines. So, it will probably get just a little bit complicated. On the whole, there are two methods to do a short sale with the Bank of America HAFA program.
The buyer or the agent can apply to get a pre-accepted HAFA short sale, and I feel this is a enormous mistake, and it’s why the HAFA short sale has such a bad name out there. Principally a client or agent goes to the financial institution and tells them they wish to do a short sale. The bank thinks that is great and requests some monetary information they usually’ll ship out their loan agent or appraiser to provide a good market worth for the home. There’s the issue right there. They need to set up the price of the home and so they aren’t the principle in the transaction, so that they shouldn’t be dictating the sale price of the home. They’re going to send anyone out and as a rule, they are going to tack on 20% on top of that list value or that suggested listing value and then offer you one hundred twenty days to sell the home. For those who do not sell it, then they’ll do a deed in lieu of foreclosure or foreclose. This isn’t a very good option.
The way in which we approach a HAFA short sale with Bank of America, is that we go within the back door. We’ll initiate your short sale with Bank of America as a conventional short sale. We’ll sign a listing settlement with you, and we’ll establish honest market worth in your residence after which listing the property. Then once we have now a proposal, we will submit that offer to the financial institution and request a HAFA short sale approval. The beauty of the HAFA short sale approval is both lenders need to agree to the short sale and has to comply with forgive you of any remaining balance or deficiency.
On top of that, they can even offer $three,000 to you the vendor for moving expenses at close of escrow that’s paid proper from the title company when the deal closes. We’re ShortSaleSlayers.com, one in all Roseville’s leading short sale teams. I’ll expand extra on this in my half two video. Thanks quite a bit and have an incredible day.
Do you need to sell you home or are you underwater and can’t make your mortgage payments? Jason Zweiglye and the Short Sale Slayerz can answer your short sale questions. We are California Short Sale Specialists.
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