"Update:
The lender says they will not pay the 6% towards the HOA lien because it is considered a "superior" lien and is not "subordinate". Luckily this only amounts to about $150....."
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Suzetta Crawford replied to Suzetta Crawford's discussion Received an offer on my HAFA Shortsale Listing! HOA lien and HOA Disclosure question??? in the group HAFA Short Sale Program
Andrew Sawyer replied to Suzetta Crawford's discussion Received an offer on my HAFA Shortsale Listing! HOA lien and HOA Disclosure question??? in the group HAFA Short Sale Program"As far as closing costs, I can never get them paid by HAFA either. I usually tell my sellers they will have to pay the disclosures."
Joe Beauchamp replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"Well, it says "sell your house" I'd say get on the phone asap to get an extension. HAFA seems to be very very disorganized. If you get a pinhead who says no, try again, get to someone else.
I cannot tell you who to escalate to - I…"
Suzetta Crawford replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"The Shortsale Agreement from the Lender states:
"YOU HAVE UNTIL 10/8/2010 to sell YOUR HOUSE. AFTER THIS DATE, THIS AGREEMENT TERMINATES, UNLESS IT IS EXTENDED BY US"
I received an offer on my listing the other day. I am wondering that…"
Suzetta Crawford added a discussion to the group HAFA Short Sale Program
Received an offer on my HAFA Shortsale Listing! HOA lien and HOA Disclosure question???
Hello I received an offer on my listing last night. The listing recently fell through escow. The HOA requires payment upfront for the HOA Disclosures. The Sellers Lender will not pay for the HOA Disclosure upfront. Title has advised me that each transaction requires disclosures, so I can not use the previous HOA Disclsorues that the previous buyer paid for (was approx $506) about a month ago. Will I have to ask this new potential buyer to pay this Disclosure fee upfront? Also there is a HOA…See More
Joe Beauchamp replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"My take on this is that you can market the place as you are but expect the SSA to die next, then when the BPO expires you can start with a reasonable price.
On the other hand, since you are sure you have it overpriced, reduce it to get that buyer…"
Suzetta Crawford replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"Thanks for all of the responses.
The initial list price on the HAFA Shortsale was overpriced to begin with, so I was fortunate to get a buyer that was willing to offer full asking price. I was recently "allowed" to reduce the list price…"
Joseph C. Alfe replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"Hafa approvals are not buyer specific. As long as you get a new buyer with the same terms, you can close with the original approval."
Julie Vrigian CSSG, CSSP replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"I am not possitive on this, but I believe there is also a strict closing date associated with HAFA approved short sales. Under this circumstance, you might want to notify them to see what you are allowed to do. It seems to me that an approval of a…"
Karin Christa replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"Suzetta, I don't know who thelender is in your transaction - but BofA and Wells both will require a new submission from a new buyer - starting from scratch. I agree with Joe, I just lost a buyer the day of the approval, had to submit my backup…"
Joe Beauchamp replied to Suzetta Crawford's discussion Buyer walked after Approval of HAFA ShortSale Issued... in the group HAFA Short Sale Program"I have not looked at special rules for HAFA on this. With most banks, if you lose the buyer, you lost the short sale and must start all over. That means that your approval is fine for putting up on your wall but not much else.
It is possible that…"
Suzetta Crawford added a discussion to the group HAFA Short Sale ProgramBuyer walked after Approval of HAFA ShortSale Issued...
The SSA expires 10/1/2010, but the HAFA Approval of Shortsale states that the final HUD must be received by 10/28/2010 (Lost the buyer a day before closing - 9/15). I am working on trying to get the SSA extended, but meanwhile, I am wondering if I can continue marketing the property beyond the 10/1/2010 date since the Approval states that the deadline for settlement is 10/28/10? See More
Suzetta Crawford joined Mike Linkenauger's groupHAFA Short Sale Program
This is a group to discuss the HAFA (Home Affordable Foreclosure Alternatives) Program, which is to streamline the short sale process.
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