Due to the urginf of the National Association of Realtors (NAR), the Treasury Department is going to imrove the short sales process.
So, if you are trying to sell your house because it is worth less than your mortgage, or if you are trying to buy a property that is in this position…on April 5, new rules will make both of these desires EASIER>>>
HAFA which means Home Affordable Foreclosure Alternatives Program will help in the following ways:
- Standard procedures for documents and deadlines
- Provides incentives : $1500 for borrower relocation assistance, $1000 for servicers to cover administrative costs, up to $3000 in short sales proceeds to be distributed to subordinate lien holders
- Program requires deadlines for SHORT SALES….withing 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale to the servicer (bank)
- WITHIN 10 BUSINESS DAYS after the bank receives the RASS and all required attachments, the bank must APPROVE or DENY the request and advise the borrower.
We will see much faster action and more transparancy on Short Sales which have been a bain on our existance. Banks will have to make quick decisions so we can move on the sale of properties before they are foreclosed.
Both buyers and sellers should welcome this new development. Call me for further information. Call me if you want to sell your home or want to buy a great deal.