Short-Sale Incentives Start April 5

Daily Real Estate News

Potential buyers of short-sale homes may have heard that it will be easier to get a short-sale offer accepted after April 5. Before deciding to wait to make your offer, check with a seasoned Certified Short Sale Specialist familiar with your area.

On April 5, the federal government begins offering lenders financial incentives to hasten the short-sale process. According to the new rules, dubbed the Home Affordable Foreclosure Alternatives (HAFA), banks will seek a Broker Price Opinion before the property is listed for sale and let the sellers know a minimum number they are willing to accept. Theoretically, if the sellers bring a buyer with a good offer, the lender must accept it within 10 days.

However, in California, it’s not quite that easy. The banks have to abide by several conditions, including a maximum amount of $3,000 going to the bank on a 2nd TD. If that lienholder balks at $3,000, the HAFA program doesn’t apply.

In addition, not all sellers are eligible for the program, but the key decision point rests with whether the banks involved are willing to participate within the tight guidelines.

If you are concerned about the value of your home, the options you may have or are looking to buy a short sale, contact Brian Bean, a Certified Short Sale Specialist for California, 951-314-5402, shortsales@BigDreamInc.com.

Scott Chappell and Brian Bean
Real Estate Brokers
http://www.scott-brian.com/
http://www.orangecrestriversidehomes.com/

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