HAFA does it, and now Bank of America is trying it. What is it? In a short sale the seller owes more to the bank than their home is worth. In order to sell the home the bank or banks have to agree to accept less than property is worth to satisfy the loan. The problem is that no one knows what the bank will accept until they get an offer and that offer is analyzed by the lenders. Since this often takes many months it can often lead to foreclosure at worst, and incredible frustration at best. HAFA short sales which were started by the Obama administration can give you the amount the bank will accept ahead of time so that the seller, agent, and buyer know how to structure the offer in order to get it approved. The seller still needs to qualify, and having a vacant home eliminates the qualification. Bank of America is now beginning to try this method as well, and it should cut down the amount of time it takes to do a short sale, which in most cases is anything but short. As a Silicon Valley/Bay Area short sale specialist I can help you buy or sell a short sale property. Feel free to contact me for help. Marcy Moyer Keller Williams Realty www.marcymoyer.com marcy@marcymoyer.com 650-619-9285
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