My sellers were told that they qualified for the HAFA program. An appraisal has been ordered by the bank. I know that HAFA will set the pricing guidelines. Since the home is currently on the market, should I accept any offers before the appraisal has been done and the bank gives us an acceptable price? I have heard that you can be disqualified for HAFA if you upload an offer before approval, not sure if that is a rumor or not. Thanks.
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What you have heard about is a Freddie Mac guideline. Freddie will drop kick your client out of the program if you submit an offer prior to an executed SSA.
If it's not Freddie, I would submit an offer as soon as possible since waiting for the servicer to set the price usually guarantees that is will be overpriced. At least that is what I have seen in New Hampshire.
Apply for HAFA after you already have a standard short sale going and an offer to submit. Banks' prices often come in too high.
If you have an offer that you think is within the market value of the home, there is no real reason to wait unless it's a Freddie Mac owned Loan.
Kevin, I have a listing that is going to have to go short sale since we can seem to get it sold at a price that would satisfy the loan.
I just found out it is a Freddie Mac loan. Does that mean I have to do a HAFA short sale? I don'tknow the options for a Freddie Mac loan