Boise Real Estate Source

head_left_image

HAFA Short Sales Program - Fabulous or Flop?

The HAFA short sale program has been going “strong” in Ada and Canyon County for nearly a year now and there is still quite a bit of fuss about it. Guidelines have been modified a bit effective February 2011. But no real changes have occurred. So what exactly is all this fuss about?

Seller’s are excited about the possibility of receiving up to $3,000 back for completing a HAFA short sale, the bank has to agree to release the borrower from any further liability, and the bank cannot ask the borrower to contribute any cash at closing or require the signing of a promissory note. These are all really great for a borrower – no doubt – if they happen.

Real Estate agents and other mitigation companies in the Boise area are advertising the heck out of the program – generally this presents itself with some marketing material that tells homeowners in default that they can get paid up to $3,000 to complete a HAFA short sale – nice marketing hook.

Real Estate related “trainers”, real estate related associations, companies that sell designations agents can tag behind their names, market area short sale “experts”, etc. are marketing seminars, conference calls, manuals, training programs, three and four letter designations, etc. – nice opportunity to talk like an expert, look like an expert, and sell the image of being an expert.

So is HAFA fabulous or a flop? Word on the street is in a grand total of 661 HAFA short sales total were closed in 2010. For all the racket it seems to be a flop.

Kasey Boles, Managing Broker

REALTOR®, CRS, ABR, ePRO, SRS, SFR, GRI

 

John Boles / 208.830.6185 / johnboles@boiserealtystore.com

James Gannon / 208.570.4048 / james@boiserealtystore.com

Kasey Boles 208.830.6186 / kaseyboles@boiserealtystore.com

 

Boise, Idaho Real Estate

Search Like An Agent at BoiseMeridanRealEstate.com

 

 

This is not intended as solicitation if you are in contract with another real estate agent. 

Equal Housing Opportunity.  

 

          

 

  

 

 

 

 

Comment balloon 2 commentsKasey & John Boles • April 02 2011 11:56PM
HAFA Short Sales Program - Fabulous or Flop?
share
The HAFA short sale program has been going “strong” in Ada and Canyon County for nearly a year now and there is still quite a bit of fuss about it. Guidelines have been modified a bit effective February 2011 But no real changes have occurred. So… more
4271 E. Palm St., Meridian ID 83646
share
SOLD 4271 E. Palm St., Meridian ID 83646 4 bedroom, 2. 5 bathroom, 2538 square feet, 3 car garage SHORT SALE - Pre Foreclosure -Hardwood, granite, and stainless, fully fenced backyard - Sale terms and price are subject to… more
Consider what your lease agreement says when you want to sell.
share
Lately most of the folks that are selling are upside down in their properties and need to do a short sale. Many of these sellers purchased rental properties and have landed themselves with a property worth 50% of its value during the boom. Times are… more
4246 N. Portage Ave., Meridian ID 83646
share
SOLD 4246 N. Portage Ave., Meridian ID 83646 4 bedroom, 2. 5 bathroom, 2625 square feet, 2 car garage SHORT SALE - Pre Foreclosure - Sale terms and price are subject to lender approval and property will be marketed until the… more
A Buyer's Quick Guide to Short Sales - Part 5 of 5
share
Approval and Closing Once the offer and proceeds are approved by the short sale lender they will issue an approval in writing. Once this approval is issued if you haven’t done the inspection this needs to be done ASAP – concerning the inspection –… more
A Buyer's Quick Guide to Short Sales - Part 4 of 5
share
Writing the offer Keep in mind that in most short sale situations here in Ada County the sellers are in a tough spot – while this can be a good opportunity to get a well priced property – be sensitive to the sellers situation. There are different… more
A Buyer's Quick Guide to Short Sales - Part 3 of 5
share
Make Sure that your Buyer Agent is on board with the short sale process. - Some agents in the Boise area don’t have the patience for short sales given the 4 week to 4 month time frame. -It is reasonable to expect your agent be willing to do the… more
A Buyer's Quick Guide to Short Sales - Part 2 of 5
share
Decide if you have the patience that will be required of you as a buyer in a short sale In being consistent with Ada County's real estate history, it will take between 4 weeks to 4 months to get a response from the short sale lender. This time frame… more
A Buyer's Quick Guide to Short Sales - Part 1 of 5
share
Preapproval Get Preapproved so you know how much you can afford and how much you feel comfortable paying for a house. This helps make sure that you are looking at the right houses and your agent can be sending you the right properties. When you see… more
3926 Basilica Way, Meridian ID 83642 - Short Sale
share
SOLD 3926 Basilica Way, Meridian ID 83642 4 bedroom, 3. 5 bathroom, 3353 square feet, 5 car garage SHORT SALE - Pre Foreclosure - Energy Star, Hardwood, Travertine, Granite, Stainless Viking Appliances, Dual Zone HVAC, 5… more