National Association of Realtor’s Jeff Lischer, Managing Director for Regulatory Policy video….consider this a MUST WATCH NOW video.
Mr. Lischer does an excellent job explaining the new Obama Treasury Departments HAFA Short Sale Program.
NAR (National Association of Realtor’s) has put forth to help agents and homeowners stream line the Short Sale process. The National Association of Realtors is our voice in D.C. This needs to be said: The NAR has kept Realtor’s in the game. We need to do whatever it takes to support our association. If the National Association of Realtors wasn’t standing up for us…we would be toast.
Few important points that you will learn when you watch this video:
* NOT every Short Sale will be a HAFA Guidelines Short Sale. Remember, these are guidelines not laws.
* A borrower does NOT have to go through the HAMP Loan Mod process to qualify for a HAFA Short Sale. In other words, they can simply request a Short Sale (or DIL)
* Virtually ever lender is participating.
* There will be standardized, uniform forms..otherwise known as ‘the package’. * Lender will tell you the NET they need upfront.
* Borrowers MUST list with an agent. The Kurt Real Estate Group Can Help. No FSBO’s (For Sale By Owner) doing a HAFA short sales.
* Commission Rules. HAFA Guidelines the commission is set by the lender. Expect this to change in the next couple weeks…if not sooner.
* Lenders have 10 days to approve/ accept or request and extension to all offers. Mr. Lischer suggests that lenders will waffle on this provision. We 100% agree.
* If the lender (servicer) doesn’t accept your Short Sale offer they have to tell you IN WRITING why.
* Fannie and Freddie HAFA Guidelines are coming. Stay tuned.
After you have watched this video…you will understand why we have been calling ‘2010 The Year Of The Short Sale’. It’s important that you understand that your sellers will be asking about this new HAFA program. As we have been reporting on this blog the number of underwater homeowners is only increasing. Many expect that by the middle of 2011 nearly half of all U.S. homeowners (with mortgages) will be upside down in their home loans. Knowing The Kurt Real Estate Group is Certified in California Distressed Sales…. We have made it easy for you
watch the NAR Video below.
watch the NAR Video. Short Sale Video
On your team,
Kurt Galitski
Orange County Distressed Properties
Vice President, Weichman Associates- Realtors
714-957-6677
Ca Broker- 01348644
