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Short Sale Info

Four Things Santa Maria Home Sellers Should Know About the HAFA Short Sale Program

HAFA stands for Home Affordable to Foreclosure Alternatives and it is a government program designed to help home owners who are in danger of losing their home to foreclosure. •1) You must apply for a HAMP (Home Affordable Modification Program) loan modification to be eligible for HAFA. If offered a modification, you can turn the loan modification down, or even if you are turned down under HAMP, you can request a short sale under HAFA if a short sale is the best answer for your situation.
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Santa Maria Real Estate Update: Can Investors Purchase Short Sales?

Yes, investors can purchase short sales. There are pitfalls though, such as if the property has a notice of default filed on it. In that case, specific disclaimers MUST be provided to the seller. California law seeks to protect sellers from unscrupulous equity strippers, and as ironic as it may sound, those disclaimers still apply when the property is a short sale. So, even though there is no equity, investors much make sure sellers are aware of their rights.
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Can I offer less than the asking price on an approved short sale?

The answer to this is, yes, definitely. An approved short sale is a short sale where the bank has already indicated acceptable price and terms. As the HAFA program comes into greater usage, we will supposedly see more approved short sales on the market. The HAFA program provides a way for sellers to get an approved price on their short sale before listing it on the market.
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How to Sell A Home with Tenants: 3 Tips

Make sure you know when the lease will end, and when the tenants will begin a month to month tenancy. These are important facts to relay when selling a home with tenants. Investor buyers willl want to know, and other buyer will want to know when the tenants can vacate the property. Also, make sure you know how much notice the tenants are entitled to for showings - a well written lease will include a provision about notice.
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Short Sale Alert: One Loan? No More Deficiencies After a Short Sale in California.

I think this is probably the most significant development for short sale sellers since the housing bust began and frankly it makes me proud to be a Californian. In my mind it was the right thing for the legislature to do. California Senate Bill 931 prevents first lien holders who approve a short sale from then turning around and pursuing the homeowners for the deficiency.
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Top 5 Short Sale Myths

Myth #1: I have to be an owner occupant to qualify for a short sale. Where did this myth come from? I’ve done short sales for investors and non-owner occupants. They happen all the time. I just listed a home where the lender told the owner to do a short sale on their rental property. You can sell your investment or rental property via short sale.
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Santa Maria Real Estate: Tips for Buying Santa Maria Short Sales

1) Be prepared for an “as-is” purchase. Many times there is deferred maintenance on short sale listings. Often owners in financial distress stop performing maintenance on the home either willfully and because they lack the funds. You can ask a short sale seller to make repairs, but often they are unable or unwilling to do so since they are losing their home. You can also approach the short sale lender and ask that they allow the cost of the repairs to be deducted from their “net” but often the answer will be no, even if the repairs are required by your lender in order to originate your new loan.
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