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.
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.
John L. Scott - North Bend