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It is part of the new HAFA program coming out for Wells Fargo, they will be designating agents in larger cities to meet with homeowners that are 30 days late on payments......GREAT way to get listings!!!!!
It is part of the new HAFA program coming out for Wells Fargo, they will be designating agents in larger cities to meet with homeowners that are 30 days late on payments......GREAT way to get listings!!!!!
HAFA -- that is a gov. program that Sellers must first qualify for. I do not like it b/c it requires Sellers to send in cash....my opinion, at least in this area, it makes NO financial sense (owners lose more money through this program versus not sending in any more money)
Could you explain how HAFA makes sellers send in cash? I don't remember reading about that but don't claim expertise on this program. Just the basics.
Ben Benita said:
HAFA -- that is a gov. program that Sellers must first qualify for. I do not like it b/c it requires Sellers to send in cash....my opinion, at least in this area, it makes NO financial sense (owners lose more money through this program versus not sending in any more money)
You also said:
Organizations -- I know Indy Mac and others now have 3rd parties they contract their short sales out to.....thus far from what we have experienced, it is HORRIBLE. Many of these REQUIRE the Seller or Buyer to pay them 1% or more at closing and it has just made for an additional step in the short sale process.
Of the third party referring programs I have seen so far, they do just what they do for REOs. The listing agent pays a referral. Typical program split has been a total 6% commission with 3% to buyer agent, 2% to listing agent and 1% to third party referring the listing. A variation on this is a straight percentage of the listing side that works out to about the same (30-35% of a 3% commission).
Haven't seen anyone suggesting that buyers or sellers pay this. At least not yet.
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