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2015 HAFA Short Sale Update | 951-217-6745 | Realty Works Temecula
2015 HAFA Short Sale Update.
Starting Feb 1st 2015 short sales being processed via the HAFA program will allow the seller to walk away with $10,000 at the close of escrow. This $10,000 is for the seller to use for relocation costs. Prior to this change relocation assistance was caped at $3,000.00
Also, current HAFA guidelines state that first lien holders will also provide $8500 from sale proceeds to junior lien. This has now been changed to $12,000.
Why are Temecula Short Sales confusing.
Maybe because of the many types of short sales that lenders have created.
Sidney Kutchuk broker at Realty Works Temecula attempts to explain the
short sale process here in this YouTube video.
2013 is going to be a good year for homeowners needing to short sale their home.
Program Updates Effective February 1, 2013
however, Servicers may implement changes immediately
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the U.S. Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure,specifically through short sales or deeds-in-lieu of foreclosure.
You should talk to a Temecula Short Sale Agent if…
You can no longer make your mortgage payment.
Need to sell your home but can’t due to current market values.
Have to relocate due to job change or military service.
Your near retirement and need to downsize.
Due to divorce or court order you must sell your home.
You have given up on real estate and want out.
Bottom line if you need to sell your Temecula home for most any reason in todays market
you should talk to a Temecula Short Sale Agent at Realty Works Temecula.
I am a Certified Temecula short sale specialist
and I make it easy for you to talk to me. Call me direct on my cell at 951-217-6745
How long will it take to complete your Temecula Short Sale?
The fact is the time-line from start to approval on a short sale has NOT been getting any shorter as many lenders have promised. It still takes about 90 days for short sale approval. Your lender and our government have put many systems and incentives in place to help you avoid foreclosure. But even with their promises of quicker approval times its just not happening.
One of the biggest issues is closing. Once you have you short sale approved your lender will give you 30 days to close.
This should now be the easy part. You have your short sale approved and we close right? Wrong! Once you have the approval
letter in hand a copy needs to go out to the buyers agent. The buyer has been waiting 90 days for this short sale approval letter.
Now they have 30 days to close and have to scramble to get the appraisal,inspections and final loan approval.This is were many
short sales blow up! If your short sale fails due to the buyer it’s a redo,no matter what your lender says expect a 30 day
delay to get back to approval and you have to get a new approval letter as when the lender issues a short sale approval letter that letter
is buyer specific. It has the buyer name in the body of the approval.You can not just move on to a backup buyer.
How long will it take to complete your Temecula short sale? I quote 4 months. 90 days to get approved and 30 days to close if your buyer does not fail to perform. Thats a whole other short sale subject. By Sidney Kutchuk,Temecula Short Sale Agent.
FORECLOSURE TRENDS ARE MIXED July 2012 California Foreclosure Sales were up 10.4 percent over last month, while still down 41.7 percent vs. July 2011. California Notice of Defaults were basically flat showing an increase of 1.4 percent vs. June 2011, and a 12.3 percent increase vs. July 2011. In Arizona, July 2012 Foreclosure Filings were down 29.2 percent vs. June 2012 and down 28.2 percent vs. June 2011. Arizona Foreclosure Sales saw an increase of 27.5 percent vs. June 2012, and a decrease of 41.7 percent vs. 2011. It is normal to see monthly fluctuations in both directions on a month-to-month basis, thus it is critical to look at the monthly trends over time to get a clear picture of the Foreclosure marketplace.
Data Source… Foreclosure Radar
Highest and best. The Highest Short Sale Offer is not always the best offer. $$$,$$$
Today I was reviewing multiple offers on one of my Temecula Short Sale listings. I thoroughly review all offers for my clients and advise them which one to accept. One offer stood out as it was written for $15,000.00 over the listed price. That offer was not accepted. Why…..?
Well we tend to focus on price,but in a short sale were the seller nets ZERO the goal is to get them to closing before the bank forecloses on the property. So in reviewing all offers I have to strategize and select the short sale offer I think has the best chance of closing.
OK so here is why the highest offer may not be the best and I had to learn this lesson the hard way.
If you get impressed by the highest offer and submit it to the bank for short sale approval and they approve it, your safe if the offer is cash and the buyer closes. If the buyer is not a cash buyer the headaches begin.
Will the property appraise, if not, does the buyer have the funds to bridge the gap? What happens if the buyer walks and many do. Now you have to re-market and chances are the next offer or your backup will be for less.
Trying to now convince the lender that they should take a lower offer is a up hill battle and you may run out of time to recover.
Think it through and don’t focus on Highest and Best offer. In a short sale the highest offer is not always the best offer.
Bank of America HAFA Short Sale process improvements.
Bank of America sent out a letter today that as of Dec 1 2011 they made changes to the short sale process that will reduce the time needed to complete a short sale.
” When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.”
This is a good step forward and can cut weeks off the time currently needed to complete a short sale.
Currently our Temecula short sales with Bank of America are taking about 100 days to get full short sale approval.
If you have a home loan with Bank of America and want to know if a short sale is an option for you,call or email me.I have 16+ years of short sale experience and there is never a fee for my short sale help.
Chances are you already know the answer but need to rationalize it out
in your head before you go forward with a short sale.Let go over a few of the reasons a short sale may be the correct solution for you.
These are just a few of the facts that may answer your question,”should I short sale my house?”
I have been helping local Temecula sellers for over 16 years and have earned the title Short Sale Specialist and I’m a certified *HAFA short sale agent.