**Note: Latest version of the video has been uploaded…Thank-You Jeff for your efforts!
National Association of Realtor’s Jeff Lischer, Managing Director for Regulatory Policy released this video….consider this a MUST WATCH NOW video.
Mr. Lischer does an excellent job explaining the new Obama Treasury Departments HAFA Short Sale Program.
HREU recognizes (and sincerely appreciates) the hard work the NAR has put forth to help agents and homeowners stream line the Short Sale process. The National Association of Realtors is our voice in D.C. This needs to be said: The NAR has kept Realtor’s in the game. We need to do whatever it takes to support our association. If the National Association of Realtors wasn’t standing up for us…we would be toast.
(On a personal note, Thank-You Mr. Lischer for doing this…saved me from having to create our own HAFA video…we are inviting Mr. Lischer to join us for an upcoming HREU Superstar Interview…)
Few important points that you will learn when you watch this video:
* NOT every Short Sale will be a HAFA Guidelines Short Sale. Remember, these are guidelines not laws.
* A borrower does NOT have to go through the HAMP Loan Mod process to qualify for a HAFA Short Sale. In other words, they can simply request a Short Sale (or DIL)
* Virtually ever lender is participating.
* There will be standardized, uniform forms..otherwise known as ‘the package’. We anticipate that these forms will be virtually identical to the forms you receive as a ASD Short Sale Secrets student.
* Lender will tell you the NET they need upfront.
* Borrowers MUST list with an agent. No FSBO’s doing a HAFA short sales.
* Commission Rules. As you will learn in this video…NAR is working hard to protect our 6% commission structure. In the updated (03/12/10) HAFA Guidelines the commission is set by the lender. Expect this to change in the next couple weeks…if not sooner.
* Lenders have 10 days to approve/ accept or request and extension to all offers. Mr. Lischer suggests that lenders will waffle on this provision. We 100% agree.
* If the lender (servicer) doesn’t accept your Short Sale offer they have to tell you IN WRITING why.
* Fannie and Freddie HAFA Guidelines are coming. Stay tuned.
After you have watched this video…you will understand why we have been calling ’2010 The Year Of The Short Sale’. Its important that you understand that your sellers will be asking you about this new HAFA program. As we have been reporting on this blog the number of underwater homeowners is only increasing. Many expect that by the middle of 2011 nearly half of all U.S. homeowners (with mortgages) will be upside down in their home loans. Knowing how to do a short sale is now considered mandatory. We have made it easy for you. Watch our FREE Harris Real Estate University ASD Short Sale Secrets video…and then grab your FREE Short Sale Secrets book. <– watch the video after this NAR Video.
This is great to know.
Thanks to Tim and Julie for keeping all their students up to speed.
Thank you for sharing Tim, very informative video
Come join ‘streamlined and uniform short sale forms’ Fannie May and Fredie Mac
I am looking to downloading the new agreed upon ‘standardized short sale forms,’ on 04/05/2010, from Realtor.com/shortsale as they aren’t currently available …
This is a great post!
This is really helpful breakdown of the changes. Thanks!
Jack Carlsbad Homes For Sale in Carlsbad Village
Tim & Julie,
We are excited to see a cohesive video that clearly and explicitley explains the benefits of the HAFA program to Home Owners.
We look forward to educating homeowners to the beneftis of this Government endorsed program.
Imagine that…The Government is Advertising Short Sales!
Does it get any better than that?
Best,
K & K
The VULTURES are still not doing the right thing! Why are investors being ignored. It seems like a crime to be a landlord. I guess we all have to flat on our faces for the powers that be to realize that a lot of the loans in foreclosure are investor owned homes. It is unrealistic to ignore honest, decent hardworking landlord who has done the right thing. Most of the money landlords/investors receive as income go to the bank, then to city, insurance company, homes supply stores and workmen. Landlords are small business people and do not deserve to have their livlihood taken away only to go live on the street and become a burden to the government.
I wish NAR would use its influence to convince the Government that there needs to be some help for landlords who did not do anything wrong, unless owning more than one home is considered a crime and antisocial.
AND if it weren’t for landlords where would all the folks live who can’t (or won’t) buy a home?
Hi Tim and Julie,
Thank you for keeping us so well informed.
Great video… lets get this out to as many clients and agents as we can!!!
Kemery
I can’t believe this has been out since 4/5/2010! I have done so many coaching and educational programs however none compare to the “real world” coaching benefits of Tim and Julie Harris.