HAFA Short Sales
A program by the Real Estate Buyer's Agent Council, Inc. of the National Association of REALTORS
The government's Home Affordable Foreclosure Atlernative program, HAFA, now INCLUDES Fannie Mae and Freddie Mac.
This makes a high percentage of owner occupied short-sale properties available for pre-approval and faster closings, but there are
significant differences between the 3 programs
Under HAFA:
- Short sales can be pre-approved within 30 days
- Purchase contract approval within 14 days
- Sellers must be released of all liability
- Sellers receive $3,000 in relocation expenses
- Listing the home is required
You'll learn:
- Seller & loan eligibility requirements
- How to qualify your seller
- Commission policies
- The HAFA required time-lines
- Incentives for sellers, servicers, investors and subordinate lien holders
- Required contract language for listings and purchase agreements
You'll receive:
- The NAR's 81 page HAFA Short Sale manual including all HAFA short sale forms
- All three HAFA Directives from Treasury, Fannie & Freddie to loan servicers
- Access to Fannie & Freddie's servicing guides
- The HAFA Matrix: a side by side comparison of all three programs
- Slides from Freddie Mac webinars presented to servicers on how Freddie Mac:
- Decides to approve a Short Sale or foreclose
- Instructs servicers to HAFA guidelines
- Manages Foreclosures
- FHA's Pre-foreclosure Short Sale Guidelines
- Fannie, Freddie and Treasury phone numbers and emails to escalate decisions on problem transactions
B of A has added 1,000 employees to ramp up short sales. Now that Fannie & Freddie are on board HAFA starting August 1st, you
need to get on board the HAFA train too!
Renewal Credit
ADRE 3 hours Contract Law Credit AND 3 hours RE Legal Issues Credit
Tuition
$99
Instructor
Singin' Jim Hogan, DREI, ABR, GREEN, SFR
A REALTOR® since 1971 and member
of the REBAC National Hall of Fame, Jim Hogan is known nationally for his innovative
teaching style and is often referred to as one the country’s leading educational
visionaries. As a Tucson educator and founder of Hogan School of Real Estate in 1973,
Jim has helped thousands begin and sustain successful real estate careers.
Jim Hogan and Curtis Hall developed the acclaimed “HAFA Short Sales: US Treasury, Fannie Mae
and Freddie Mac Programs”, course which is currently offered nationally alongside the
ABR® core course presentation. Jim is also a mortgage broker and investor and
was one of the first educators to be awarded the Real Estate Educators
Association’s Distinguished Real Estate Instructor (DREI) designation. Jim is a singer
and songwriter and has released two CDs.
Curtis Hall, ABR, CRS, SRS, GREEN
The “Frozen Faced” & The Country’s First ABR®
When taking the ABR® course, why not take it from the very person who
wrote the book? Curtis Hall co-authored the ABR® course in 1993 and is a full-time
real estate practitioner in Phoenix, Arizona. This ABR® course is a real-world learning
experience in which Curtis demonstrates his unique methodologies used in his own active
real estate practice to differentiate his services from the competition. Curtis has sat on
more than twelve local REALTOR Association and NAR committees and was awarded REALTOR
of the Year by his local Association. As a participant on several Professional Standards
committees and with his expertise in all aspects of risk management, Curtis is called
upon frequently by the legal community as an expert witness.
Important Reminders
- There is a 5 minute late rule. If you are more than 5 minutes late to class, you will not receive credit for attending the course. No exceptions.
- You must check in with the front desk prior to entering the classroom.
- You must sign in on the Class Attendance roster prior to the beginning of the course.
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