Short Sale Issues
Home Affordable Foreclosure Alternatives (HAFA) requires that buyers provide clear and marketable title and maintain the property in good condition for the duration of the Short Sale Agreement (minimum of 120 days). Common impediments to clear and marketable title include:
- Delinquent property taxes
- Delinquent HOA Dues or HOA liens
- Code violations or mechanic’s liens
- IRS liens
- Outstanding 2nd loans or Home Equity Lines of Credit
Obviously it’s important to continue to pay HOA dues and taxes, and work with any secondary lenders to negotiate a pay-off.
Home Affordable Foreclosure Alternatives (HAFA) requires that borrowers (sellers) must also agree to cooperate with the listing broker to actively market the property and provide access to other real estate professionals and their buyers.
The short sale must be an “arm’s length” transaction, so you can’t sell to yourself, your corporation or a relative. Pertinent affadavits must be signed by all parties.
Debt forgiven under HAFA could have tax and credit rating impact for the borrowers. They are advised to get financial, tax and legal advice.
If you want to know more about HAFA short sales, Contact Vickie Nagy by e-mail! or call (925) 407-7987 to request your free, no-obligation consultation today!
Vickie Nagy concentrates on helping sellers reach a successful short sale in San Ramon CA, Dublin CA, Danville CA and Pleasanton CA.
Vickie Nagy is HAFA Certified, a CDPE Certified Distressed Property Expert and PSC Pre-Foreclosure Specialist Certified.
Vickie Nagy concentrates on helping sellers reach a successful short sale in San Ramon CA, Dublin CA, Danville CA and Pleasanton CA.
BMC Real Estate | 4115 Blackhawk Plaza Cir, Suite 100 | Danville, CA 94506