Short Sale Lease Back Option v. a Standard Short Sale


I have a client who needs to short sell but wants to stay in the home and lease it back with option to buy back. Been denied for loan mod twice so we recently applied for HAFA. 

So does the short sale leaseback program work?  Since ultimately the client (homeowner) not only has to qualify for HAFA but the investor or MI company must elect to participate in HAFA this leaseback program appears to be an ingenious marketing technique to "entice" a homeowner to list with the clear understanding that in the end it may just end up selling as a standard short sale.

In the end how many of these close as a Short Sale Lease Back Option v. a Standard Short Sale? And how do you tie in the Non-profit Buyer? Before? After?

Personally I do not want to take on this new endeavor and found that Vanguard will take it on but I thought I'd ask here if any of you have had experience in negotiating short sale leasebacks?  And  what your thoughts and/or opinion on this are? 

http://www.vanguardhousingprogram.com/

Thank you,

Vianey Ojeda
Broker, REALTOR®
DRE # 01259267
(626) 650-0155

Hanover Properties
1340 E Route 66, Ste. 107
Glendora, Ca 91740

www.hanoverproperties.com
www.facebook.com/VianeyOjeda
www.facebook.com/HanoverProperties

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Permalink Reply by Keri Sweetland on April 18, 2012 at 8:58am

Vianey, I can tell you here in FL we have been hearing about the ideas of these lease back programs but as of now we haven't seen them come forward.  There has been more recent talk that BOA will be offering these but as far as I know the beta markets have not been disclosed yet.  It's going to be something that they need to try out etc. due to the high liability in being a landlord etc. and it will be very interesting to see how it turns out for sure but it's just too new to tell right now.  You may want to try to call the seller's lender directly and see if they are offering this option?  Let us know how it goes for sure! :)

Permalink Reply by Vianey Ojeda,TEST SELL YOUR HOME on April 18, 2012 at 11:15am

Keri

It's my "understangin" that the HAFA Short Sale Lease back is only currently approved in Arizona, California and Nevada. 

RE: BOA pilot read this press release.

http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=iro...

Permalink Reply by Vianey Ojeda,TEST SELL YOUR HOME on April 18, 2012 at 11:16am

I will check out the links thank you Brian I appreciate it.

Permalink Reply by Melvin Vy on February 22, 2013 at 5:10pm

Hi Vianey,

Thank you for brought up this topic. I would like to let every one in this forum know that we are also do a short sale lease back but not through HAFA.  This short sale lease back is offer by private company.  We've been doing it in the last 4 years in east coast.  There is Agent opportunity available.  please email me for more information

Melvin

[email protected]

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