Noelle Blazevich Snoqualmie Valley Real Estate: March 2010

Change is in the Wind for Short Sales - HAFA Coming April 5th

New Short Sale Guidelines and Process for Qualifying Homeowners:

Coming up April 5th the short sale process will change for some homeowners who qualify for the HAFA  or Home Affordable Forclosure Alternatives Program

The goal of this progam is to make the process easier for homeowners and potential buyers. Homeowners who qualify for the HAFA program will be able to get preapproval from their bank prior to listing their house for sale as a short sale. Guidelines for bank response times after the purchase and sale documents are signed will also be changing in an effort to speed up the process.  This is good news for both beleaguered sellers and apprehensive buyers.

HAFA Brochure

What this means for the qualifying homeowner is that essentially instead of waiting to get bank approval until you have an offer on the table you are able to apply for a short sale with your bank and get bank approval prior to listing your property.  This should make your property a lot more appealing to buyers who are leery of the often lengthy short sale process. 

What this means for the buyer? A potential end to taking a stab in the dark and writing an offer then sitting back with your fingers crossed for 90 days or more hoping the bank is going to accept your offer. 

Personally I can't wait for this one to roll out. 

Noelle Blazevich
John L. Scott - North Bend
425-985-2334
noelleblazevich@johnlscott.com

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Comment balloon 9 commentsNoelle Blazevich • March 29 2010 11:33PM
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