What is a HAFA Short Sale?
In short, it is a government program specifically designed to help sell your home through an approved short sale process in lieu of a foreclosure.
But what is a short sale anyway?
A traditional short sale is designed to help borrowers who are unable to afford their mortgage and want to sell their home to avoid a foreclosure, even if the sale price of the home is less than they owe on their mortgage. A short sale may have less severe effects on your credit than a foreclosure.
A standard short sale can sometimes be a cumbersome and lengthy process. First the mortgage holder must be contacted and the short sale process started, to include financial information, and reason why you cannot pay your mortgage. Once this is done the home is listed for sale. The sale price is set by the owner with the help of the real estate agent but the bank must give the final approval (3rd party approval) on the sales price of the home. This is the part of the transaction that can be time consuming, frustrating and where most buyers are lost.
The (HAFA) short sale on the other hand has already been pre-approved by the mortgage holder. The potential seller must contact their bank and apply for the program. Once approved the bank will then have the home appraised and they set the sales price. This takes some of the guess work out of the process as the sale price is usually an attractive one. All offers presented to the bank will have an answer back within 10 business days.
In addition to the quick response the program also offers up to 6% of the unpaid principal (not to exceed $6000) to pay off additional liens such as second mortgages and home equity loans. Also, you may be eligible for a cash incentive of up to $3000 to help cover your moving expenses.
The home may be listed by a licensed real estate agent who will be compensated with a 6% commissions. If the home sells during the 120 day program period the mortgage will be paid in full and the seller will be left with no outstanding balance.
Pre- Approved (HAFA) Short Sale... A Great Opportunity
This gracious southern home is located on a corner lot with pond views. Built with impeccable style and attention to detail the home boasts 12' ceilings, custom 12" crown molding, pewter light fixtures, hardwood floors throughout, granite and stainless steel kitchen with gas cooking and energy rated appliances - upgrades galore. Choice of two master suites - first or second floor. Porches include two pond view on the front and one screened in the back of the home. This beautiful home is located in Coosaw Point and premier waterfront community on Lady's Island. Coosaw Point offers numerous amenities including an exquisite 8000 sq. ft. club house and pool with breath taking views of the Morgan River. The club house features large informal recreational room, fitness center, gourmet kitchen, lounge and bar and more all available to Coosaw Point members and guests. Residents also enjoy a crab shack and crab dock, walking trails, community dock, park and ponds as well as tennis courts. This is a rear opportunity on a truly magnificent southern home with an APPROVED (HAFA) bank short sale.
Realtown Blog: What is a HAFA Short Sale?
EXIT Realty of Beaufortagent specializing in retirement and second homes. Expert service for Port Royal, Burton, Lady's Island,Saint Helena Island, Dataw Island, Harbor Island, Fripp Island, and Beaufort SC. Put my local knowledge to work for you with the Beaufort SC Best Home Search. All the tools and information you will need for local real estate. Ask his customers...Cell 843-812-3487
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