As of April 5, 2010 HAFA is effective. HAFA (the government’s Home Affordable Foreclosure Alternatives program) promises to streamline short sales. But whether it does or doesn’t remains to be seen.
Here are some of the HAFA basics.
o Short sales can be pre-approved within 30 days of a request
o Purchase contracts must be approved or denied within 14 days
o Forms are standardized
o Sellers must be released of all liability
o Seller’s receive $3,000 in relocation expenses
o Properties must be listed and commissions are protected
HAFA details are in Supplemental Directive 09-09 Revised as of March 26, 2010.
It is much too early to know how effective the HAFA short sale program will be but loan servicers now have specific procedures that they must follow and we real estate agents know what those procedures are.
