Archive for the ‘Back Door’ Category

Finishing A HAFA Short Sale With Bank Of America – Part 1

Tuesday, October 25th, 2011

Hello, Jason Zweigle right here with, we’re considered one of California’s leading short sale teams. I wanted to talk today concerning the Bank of America HAFA short sale. Many of us on the market do not really know what a HAFA short sale is, and it’s principally a federal government backed short sale plan that lots of the banks that participated in TARP also take part within the HAFA program. The HAFA program follows some federal pointers, some bank or servicer tips, and some investor guidelines. So, it will possibly get a little bit complicated. In general, 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 think it is a large mistake, and it’s why the HAFA short sale has such a bad name out there. Mainly a consumer or agent goes to the bank and tells them they would like to do a short sale. The financial institution thinks that is nice and requests some financial data and they’ll ship out their mortgage agent or appraiser to offer a fair market worth for the home. There’s the issue proper there. They need to set up the price of the house and they aren’t the principle in the transaction, so that they shouldn’t be dictating the sale worth of the home. They will ship someone out and more often than not, they are going to tack on 20% on top of that list price or that instructed list worth after which provide you with a hundred and twenty days to sell the home. In case you do not sell it, then they’ll do a deed in lieu of foreclosures or foreclose. This is not a very good option.

The best way we strategy a HAFA short sale with Bank of America, is that we go in the back door. We’ll initiate your short sale with Bank of America as a traditional short sale. We’ll sign a list agreement with you, and we’ll establish honest market value on your house and then checklist the property. Then as soon as we’ve an offer, we’ll submit that offer to the bank and request a HAFA short sale approval. The wonderful thing about the HAFA short sale approval is each lenders need to agree to the short sale and has to comply with forgive you of any remaining stability or deficiency.

On top of that, they may also provide $three,000 to you the vendor for transferring expenses at close of escrow that’s paid right from the title company when the deal closes. We’re, one in every of California’s main short sale teams. I am going to increase extra on this in my part video. Thanks lots and have a fantastic day.

Get more help from short sale Realtor, Jason Zweigle, at

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