Wondering what your thoughts were on the short sale lease back program that is starting gain traction in the short sale arena.
Short sale lease back programs have been around for quite some time now. In an SSLB program, the homeowner short sells their home and subsequently rents from the new owner upon closing the sale.
Do you think this is a good idea for the homeowner? What have you seen? Any other thoughts?
Full Article: www.seattleshortsaleblog.com
I do not know enough about this yet to give you a good answer on that. I would check with HAFA and see what they say about it. I will have more information after March 10th and will post it then. I have been told that this is new, it requires certification and that only one has been completed so far. They also say that they are looking for more agents to get involved since one of the requirements is that you use an agent/broker
There are certain programs which allow homeowners to stay in home and either rent or buy back. A new supplement to the HAFA guidelines "amends this restriction to allow servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met."
The problem is that it has to be a legitimate and approved non-profit organization. I believe that the lease can be up to 3 years long and afterward they could sell it back to the original owner.
I see every post in here talking about short sale lease back program offer by HAFA. Today, I will introduce a short sale lease back option provide by private real estate investment company. We have been working on it in the last 4 years in east coast.
Agent opportunity is available. If you are interesting to know more about our program, please email me, i will send you more information.
Before you start the program, you better make sure that you are not in violation to the short sale agreement. They have a clause in them that does not allow a lease back. Unless you are an approved not for profit organization, you cannot get around this clause.
Any lease back to the original owner when this terminology is part of the purchase would be subject to fines and penalties, if not court action. The number of qualified lease back situations are going to be far and few between and it would be a disservice to hold that carrot out to a property owner.
Could anybody recommend a non-profit that has a leaseback program in Arizona.