Short Sales can be great buys if you have a lot of time and patience! We have several short sale listings in the Sarasota and Bradenton area. I receive calls daily from clients who have questions regarding the process of a short sale transaction. Well finally have good news with respect to the short sale process. Mortgage Servicers participating in the Hafa program effective April 5th, 2010 will allow borrowers to receive pre-approved short sale terms, such as the minimum acceptable net proceeds, before listing the property. The program requires borrowers to be fully released from future liability for the first mortgage debt with no deficiency judgments. Mortgage servicers participating in the program will be required to use standard processes, documents, and deadlines. This will definitely speed up the process quite a bit. This new program also offers financial incentives such as: $1,500 to the borrower to assist with moving costs, $1,000 for servicers to cover administration costs, and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to go to subordinate lien holders.
We work with a company called Foreclosure Prevention Pros. They negotiate the short sale with the bank for us. They have a team of experienced negotiators. Please contact us today for more information on selling your home as a short sale or if you are looking to purchase a short sale property. We have the knowledge and the experience to assist you with this process. 941.404.4737.