A Little Secret about HAFA Short Sales in Sacramento

By
Real Estate Agent with RE/MAX Gold DRE #00697006

hafa short salesWhen HAFA short sales first hit the scene in Sacramento, it was not uncommon to get many of these short sales rejected. That's because there were really no hard rules published about what will qualify a seller for a HAFA short sale. There were general guidelines for eligibility, but being eligible and qualifying are two different things. People get all excited when they are told they are eligible and they think it means they qualified for it, but that's not the case. If you are breathing, you might be eligible. You don't have to live in the home to qualify for a HAFA. There is no debt ratio required, like there used to be.

When I saw that Bank of America was leaning toward pushing HAFA short sales several years ago, I had to ask myself why. Especially when the bank seemed to prefer to do the HAFA short sales over the Cooperative short sales, or perhaps that was just their third-party vendors' opinions. But in any case, you've got to wonder about this if you do a lot of short sales as this Sacramento short sale agent does.

Read more in my personal blog today about A Good Reason To Do HAFA Short Sales in Sacramento.

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Real Estate Best Practices
Location:
California Sacramento County Sacramento
Groups:
California Short Sales, REO's, and Foreclosures
Posts to Localism
Short Sales Specialists
Short Sale REALTORS®
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Tags:
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Rainer
403,740
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

Elizabeth, you are correct, we all often wondered why the HAFA would be beneficial for the banks.  But in some cases, they have been good, but still far and few in between.  Especially, when there is a 2nd lien holder that wants the ability to take recourse on the debt.  Since CO is still a recourse state.  Many will just sell their notes to a debt collector to bug the heck out of the borrowere.

Mar 29, 2013 01:29 AM #1
Rainmaker
2,882,271
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

I wonder Ms. Elizabeth the people who make up these rules have they had anything to do with real estate or do they just take a subject and run with it?  Makes one wonder.

Mar 29, 2013 08:20 PM #2
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Rainmaker
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