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Permalink Reply by Edwin Baloloy on September 7, 2012 at 6:36am

Sounds like another negotation is needed here.

To protect the interests of your buyer and make him/her comfortable, this is how I'd bridge the gap:

"You're getting a great deal on this home and you still want it, right?

The seller needs more time after closing. Escrows are usually 30 days and +3 for possession. 9 days is not enough time for someone to find a place and move out. Would it to you?

What can we do to reduce your risk? Because....technically, you'd be a landlord."

1. I can find out if the seller is willing to rent back for an amount of $___ per day.

2. They're receiving a HAFA allowance. We might be able to have them use that as a security deposit.

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Permalink Reply by Kevin - Greenville, SC on September 9, 2012 at 12:27pm

HAFA allows the Buyer 45 days to close. Have whoever is negotiating the Short Sale for the Seller escalate.

'The servicer may require that the sale closing take place within a reasonable period following 
acceptance of the RASS, but in no event may the servicer require that a transaction close in less 
than 45 calendar days from the date of the sales contract without the consent of the borrower.'

https://agentresources.bankofamerica.com/content/document/SS_HAFA_P...

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/mhahand...

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Permalink Reply by William F Griffin Jr on September 10, 2012 at 5:12am

I do a post occupancy on every short sale we do to avoid that situation.  Sellers use the HAFA funds to move and secure a rental. 

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