WARNING: Before you even attempt a HAFA short sale you need to watch what this video uncovers as the biggest cluster in short sales since Bank of America.
That is kind of a joke but… you do need to watch this overview of the new Home Affordable Foreclosure Alternative (HAFA) program that has been dictated by the US Treasury Department. This video does not simply explain the basic process flow of HAFA. It dives into the in depth information that you need in order to avoid a HAFA disaster. In many cases, HAFA is going to be a massive train wreck waiting to happen.
If you need professional assistance with HAFA or any other short sale services please feel free to give us a phone call.
Matt Side
Alliance Short Sales
www.AllianceShortSales.com
Follow Me on Twitter: http://twitter.com/MattSide
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Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, Maryland, Kansas and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com.
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HAFA, which was viewed originally as the short sale’s salvation is finally showing its true colors. Now that Fannie Mae and Freddie Mac are actually participating, banks are starting to process some files. There are several problems with the process but the newest one is that the total amount of costs outside of real estate commissions can not exceed 3%. In some markets that is not a problem I am sure. In Washington State, our transfer tax alone is 2%. Add in title, and escrow fees and you are pretty darn close. If you have any other costs planned or not, it is game over. Watch the video for a list of items that have a high likelihoo
The new HAFA program aside from not necessarily being the best strategy for your short sale is also posing some other concerns. Simply getting a seller to qualify for HAFA is challenging. Not that this should be a surprise to anyone. The entire foreclosure prevention program has been filled with problems. The primarily issue is people not getting approved in the program.
http://www.allianceshortsales.com/
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