The HAFA short sale program has been around for some time now, but many East Bay homeowners still are not choosing the right HAFA short sale real estate agent for the job of listing their home for sale. HAFA is the government short sale program that most major lenders such as Bank of America, Wells Fargo, Chase, and Indymac offer which can provide the homeowner up to $3,000 in relocation assistance at close of escrow. The process is pretty simple (although not necessarily short); the East Bay homeowner is wanting to do a short sale so they contact their lender to send them the HAFA short sale application package. The homeowner fills it out and sends it back to their lender for review. This HAFA review process can take anywhere from a couple weeks (Bank of America), to a couple months (Chase, Indymac), or anything in between (Wells Fargo).
Once the lender has approved the homeowner for the HAFA short sale program, they then ask the homeowner to find a HAFA short sale real estate agent who will list their home for the price that was pre-approved by the lender. At this point we list the home for sale on the market and can list it as a “pre-approved” short sale. Once we have an offer to purchase we then send in the offer along with some updated paperwork to the lender. It can then take an additional 2-6 weeks for the final HAFA short sale approval to be issued. After that final approval has been received, we can then close on the buyer’s financing which typically takes 30 days.
Here are some changes in HAFA guidelines coming up on June 2012:
At East Bay Short Sale Group, we have closed many HAFA short sales, and understand how the process works and what is involved. We are also HAFA Certified real estate agents, and have undergone extensive training in the process. If you are thinking of selling your home through the HAFA short sale process, contact us for more info on how to get started. Or simply contact your lender and get the application sent to you. Once you are approved, we will be ready to list your home for sale. We can also provide plenty of references for sellers who we have acted as East Bay HAFA real esate agents for. For more information on the HAFA program, please watch this short 2 minute YouTube Video which explains more about the process.
We look forward to serving you!
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