Relocation Expenses From a Menlo Park Short Sale
The owners of a home in Menlo Park just got a short sale approval from Aurora. They asked me the following: "The approval letter did not say anything about $3000 towards relocation expenses. On their web site they said we could get that money for our relocation. Do you know how we can get it?"
Here is the answer. If this were a HAFA short sale which is a short sale where the government makes the rules, the bank agrees to do certain things when they approve the short sale, including giving the borrower up to $3000 for relocation expenses. However this is not a HAFA short sale. In order to qualify for a HAFA short sale you must agree to stay in the home until the short sale closes. Since you have already moved you do not qualify for a HAFA short sale and got approved under a traditional short sale.
There are some advantages to doing a HAFA short sale over a traditional short sale, but not everyone qualifies. In this case the owners were no longer owner occupiers and therefore they do not get relocation assistance. They did however get short sale approval in 45 days with no seller contribution so I think they got a good deal.
Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E. 01191194
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