I thought I would share a couple of helpful tips that can ease our minds if evolved with a Short Sale.
1. Don’t be surprised when the timeframes HAFA outlines are not met by the Banks and Servicing Underwriters. Though effective on April 5th, there are anticipated delays in practice and accountability, as even at this moment, Freddie Mac and Fannie Mae have not even published their revisions to meet HAFA.
2. The initial steps normally taken to acknowledge a Real Estate Agency relationship with these properties converts more to a Borrower generated application format. Be acquainted with the 3 major forms for standard use.
3. You can take advantage to this SHIFT by stepping up your game prospecting distressed Sellers now, before they apply for their Short Pay approval prior to meeting an Agent. Once a Seller becomes pre-approved for a Short Sale through HAFA, the distressed Sellers MINSET is going to show up different to us as they suddenly become more selective about representation in a competitive way.
4. Don’t Stress, we have time to learn this, it is actually less complicated.
I hope these tips are useful to you as these sales will continue to be significant in our market and there are trainings out there that have value in helping us profit greater, help more people (Knowledge is power) and be the best we can be.
If you are interested in any of mine Short Sale Trainings, please reply to this e-mail for my upcoming events.
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