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So, What is a HAFA Approved Short Sale ???

Follow this link for an explanation from the National Association of Realtors website….and come see our listing at 3768 Hoen Ave, Santa Rosa,Ca…. coincidentally,an approved HAFA short sale. $262,650. 3/2 1276sqft. Open 11/06/2011 from 1-4pm.

When a HAFA (Home Affordible Foreclosure Alternative )short sale is advertised as APPROVED, it means the homeowner has already approached the bank, may have tried a HAMP loan mod, but was un-succesful, or did not qualify, and has received a HAFA agreement from the bank with the acceptable terms of the short sale agreement spelled out….including a move out agreement of up to $3000 at close of escrow, $6000 to settle any junior liens (junior lien holder(s) must also agree to the terms of the HAFA short sale, which includes accepting the proceeds from the sale of the house as the sole remedy to settle the seller’s debt)….and has approved the sale and settlement of the sellers lien at a pre-determined dollar amount.

This dollar amount is determined by a HAFA appraisal done by the lien holder (the bank) The price may be right on, or it may be high….at which point a lower offer can be accepted by the seller and submitted to the bank for approval. If an offer is accepted at the HAFA suggested price, an escrow can more forward quickly….a lower offer will take longer. But, either way, the fact that there is HAFA acceptance to begin with is a real boost to the process.

For more information about the HAFA program, follow the link above, shoot us an email at NoDumbQuestion@gmail.com, or give us a call 707-799-3617

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