Have you looked at it? It doesn’t look like a good deal at all to me. Yes, not a good deal for the homeowners is what I mean.

The property has to be their personal home. That’s normal. But they must also still be living in it. It is also very possible they may have to be making payments to the bank during the 120 days they give the homeowner to find a buyer on a short sale for a set purchase price the bank has per-determined.

UGH! That who paragraph sounds like a lot of “ifs” and a bad deal to me.

Also, when the homeowner signs up for the HAFA program, yest there is an Opt In Form, they agree to do a Deed-In-Lieu in 4 months (120 days) if the house doesn’t receive the desired short sale offer.

Does that stink? In today’s market I’m guessing that the bank will price the house higher than it will really sell for. And with the First Time Home buyers Credit gone, buyers are looking for deals. So if the bank is pricing the houses high – no buyers will appear and the homeowner will automatically get a DIL on their credit.

OUCH. That doesn’t look or feel near as good as a short sale or as easy to recover from. Good job HAFA. Really helping the homeowner.

We talk about all this and more on my weekly coaching call with short sale students all across the country. You should be on there too!

That’s all for now

Deb McMillan

The Short Sale Queen® and Coach