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George Kenner, Broker Associate San Diego, Ca. 619-723-5714 The Governments New Short Sale Rules g.kenner@yahoo.com
READ THE NEW FREDDIE MAC GUIDELINES HERE HERE ARE THE FANNIE MAE HAFA RULES THE BIG BANKS EMBRACE "HAFA" SEE THEIR LINKS HERE Bank of America Chase Indy Mac E Mail or Call Me to find out if your loan belongs to Fannie Mae or Freddie Mac
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Page Two Answers Questions 5 to 9 Question 5. It is my understanding that I can get a Pre Approved Sales Price for my home under this program before any marketing for the property is done?
Answer: The answer to this is yes that is true. This is covered on page 5, half way down the page in bold print is the title "Minimum Acceptable Net Proceeds". This means the bank will evaluate the sale price of the home in advance of the time the property is marketed by a Real Estate Agent. Reading this section of the HAFA Program could be confusing, this may be one of the questions you would like to have clarified on the toll free number or talk to one of the HUD approved counseling agencies about.
Question 6. Selling a home is very difficult, I don't think I could do it by myself. Where do I go for help? Answer: This has already been thought of in advance. On page 2 (pdf page 8 ) the last paragraph on the pages reads. “Short Sales and DILs are complex transactions involving coordination and cooperation among a number of parties including, but not limited to, servicers, appraisers, borrowers (sellers) , buyers, and real estate brokers and agents, title companies and often mortgage insurance companies and subordinate and other lien holders.” This is a list of people that will help.
Question 7. If I don't have any money to make my mortgage payment how am I going to pay a Real Estate Broker?
Answer: I think the best place in this booklet to go to cover this question is into the “Forms Section” on page B-2 This lays forward a substantial part of the agreement that you will be signing with the Servicer. Remember this is a standard form and the exact wording could change. But in section 1 d. Titled “ Real Estate Commissions it states “We will pay real estate commissions as stated in the listing agreement between you and your broker, not to exceed six percent (6%) of the contract sales price, to be paid to the listing and selling brokers involved in the transaction” There are other references to qualifications of the Real Estate Broker and things they must do on pages 6 and 7.
Question 8. I have been told that I will get $1500.00 dollars in move out money when the transaction closes, is that true?
Answer: Yes that is what the program says, it is mentioned in may places in the booklet. Lets look at page 11, half way down the page in bold print Borrower Relocation Assistance. And I will quote “ Following the successful closing of a short sale or DIL, the borrower shall be entitled to an incentive payment of $1,500 to assist with Relocation expenses. In an Improvement the Program changed the 1500.00 to $3000.00 click here to see the improvement
Question 9. Can I sell my home to my brother?
Answer: Sorry but the answer to that is NO. On page 7 Notice that the sale must represent an arm’s length transaction and that the purchaser may not sell the property within 90 calendar days of closing, including certification language regarding the arm’s length transaction that must be included in the sale contract.
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g.kenner@yahoo.com with
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